Korea Update: Amended KFTC Merger Control Rules Take Effect

Specific Size-of-Transaction Test Established and Scope of Simplified Review Expanded.

On Dec. 30, 2021, amended merger control rules went into effect in Korea. These amended rules are codified under four separate sets of legal provisions: the Monopoly Regulation and Fair Trade Act (MRFTA), the Enforcement Decree of the MRFTA (Enforcement Decree), the KFTC Merger Filing Guidelines (Merger Filing Guidelines), and the KFTC Merger Review Standards (Merger Review Standards). The amended Enforcement Decree and the amended Merger Filing Guidelines establish specific rules on determining the “transaction size” and the presence of a “substantial local nexus” while also providing for online filing for certain few qualified “simplified form” notifications. The amended Merger Review Standards, on the other hand, expand the types of transactions for “simplified review.”

By Yulchon, Korea, a Transatlantic Law International Affiliated Firm. 

For further information or for any assistance please contact korea@transatlanticlaw.com 

Disclaimer: Transatlantic Law International Limited is a UK registered limited liability company providing international business and legal solutions through its own resources and the expertise of over 105 affiliated independent law firms in over 95 countries worldwide. This article is for background information only and provided in the context of the applicable law when published and does not constitute legal advice and cannot be relied on as such for any matter. Legal advice may be provided subject to the retention of Transatlantic Law International Limited’s services and its governing terms and conditions of service. Transatlantic Law International Limited, based at 42 Brook Street, London W1K 5DB, United Kingdom, is registered with Companies House, Reg Nr. 361484, with its registered address at 83 Cambridge Street, London SW1V 4PS, United Kingdom.