KFTC Proposes Statutory Amendments and Regulatory Guidelines for Voluntary Antitrust Compliance Program

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2024.03.08.

The Korea Fair Trade Commission (the “KFTC”) has released draft regulations consistent with recent amendments to the Monopoly Regulation and Fair Trade Act (the “MRFTA”) that are set to take effect on June 21, 2024 and establish a legal basis for conferring benefits, including fine reductions, to a company successfully implementing a voluntary antitrust compliance programs (“CP”). Specifically, the KFTC has proposed amendments to the Enforcement Decree (the “Proposed Amendments”) to establish the CP evaluation criteria and procedure, set the scale for fine reductions (up to 20%), and designate entities to be charged with CP evaluation, including the Korea Fair Trade Mediation Agency. Concurrently, the KFTC has released draft Regulations on the Operation and Evaluation of Compliance Programs (the “Draft CP Guidelines”) that specify the CP evaluation criteria, the costs associated with CP evaluation, the degree of fine reductions, and other details essential for providing CP-related incentives and conducting CP evaluation effectively. The Proposed Amendments and the Draft CP Guidelines are open to public comments through April 15, 2024 and March 25, 2024, respectively.

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Attachment KFTC Proposes Statutory Amendments and Regulatory Guidelines for Voluntary Antitrust Compliance Program.pdf

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