Recent Developments

Lee & Ko held the ‘Room for Debate II’ seminar on 31 October 2023.

In this seminar, Lee & Ko invited arbitration practitioners from a variety of geographical locations to host a debate on some of the most topical and contentious issues in international arbitration.  Positions for and against each topic (in the form of resolutions) were randomly assigned to participants, with a total of three topics being debated by six participants.

In the first session, Mr Mike McClure KC from Herbert Smith Freehills spoke in favour of the resolution that “all institutional awards ought to be made publicly available in anonymized format”.  Mr David MacArther opposed the resolution.  Mr McClure argued that the publicization of awards had already become a common practice in investment arbitration, and that it would invite more transparency and consistency in the rendering of arbitral awards.  Mr MacArthur pointed to the potential increase in inefficiency and administrative costs for arbitral institutions, as well as the ways in which the publicization of disputes would undermine the parties’ conscious preference for confidentiality.

In the second session, Professor Keechang Kim and Mr Hock Keng Chan from Wong Partnership debated the resolution: “That there are too few dissenting opinions in international arbitration.”  Professor Kim contributed to the debate by offering his valuable insights as an arbitrator and commented that minority opinions could shed more light on the deliberative process of tribunals.  Mr Chan suggested that based on recent court cases, minority opinions could instigate further controversy and compromise the enforceability and credibility of arbitral awards.

In the last session, Mr Sui-Hang Hui of Sidley Austin and Ms Lexi Takamatsu of Mori Hamada & Matsumoto argued over whether “the hot-tubbing of fact witnesses should be more widely adopted to encourage efficient evidence gathering at the merits hearing.”  Mr Hui gave an account of the varied and frustrating issues of cross-examination, the currently predominant method of fact-gathering in international arbitration and argued that hot-tubbing for fact witnesses could prove to be immensely beneficial for all parties involved.  Ms Lexi Takamatsu focused on the problems posed by cultural and communicative factors that could rather make it more difficult for the Tribunal to make clear findings of fact.

‘Room for Debate II’ was the second such event to be hosted by Lee & Ko after the inaugural debate held last year and was attended by a variety of practitioners such as counsel, arbitrators, and forensic and legal experts in international arbitration.

Lee & Ko hosted its 9th M&A Forum on October 19, 2023, marking another successful year of this annual event. Since its inception in 2015, Lee & Ko M&A Forum has been a platform for introducing the latest issues in the M&A field and sharing Lee & Ko's extensive expertise with professionals in the field. This year, the event received an overwhelming response, with nearly 700 M&A practitioners and professionals from domestic companies participating, both online and offline.

In the session 1 of the Forum, Partner Attorneys Kim Sung-min and Park Ji-hye from Lee & Ko delved into the topic of "Practical Issues Related to Representations and Warranties in M&A Contracts." They provided a comprehensive understanding of the significance and function of representations and warranties, highlighting common challenges that arise in M&A practice. The session emphasized the importance of clearly defining the provisions related to representations and warranties in M&A contracts.

Session 2 featured Partner Attorneys Lee Seung-hwan and Hong Hyoung-geun from Lee & Ko, who presented "Revisiting Tender Offers - Applications and Key Issues in M&A." Their insights were well-received, as they gradually introduced key considerations for practitioners when using tender offers from an M&A perspective. This included an overview of the main components of the tender offer system, key issues associated with tender offers in both friendly and hostile M&A scenarios, and an exploration of the mandatory tender offer system, which is currently the subject of legislative discussion.

The impressive attention and response garnered by Lee & Ko M&A Forum, which is exceptional for an event organized by a domestic law firm, are a testament to the dedication of Lee & Ko M&A team lawyers. They commit months of meticulous preparation each year to deliver high-quality analysis and timely information in alignment with M&A trends.

Looking ahead, Lee & Ko M&A Forum is set to celebrate its 10th anniversary next year. Lee & Ko Corporate Practice Group is determined to enhance the Forum's value for M&A practitioners and professionals, ensuring that it remains a valuable resource for years to come.

Lee & Ko held a seminar on the “Analysis of Key Competition Law Precedent” focusing on key Korean competition law court precedent from the second half of 2022 to the first half of 2023. Lee & Ko’s experienced competition law attorneys analyzed key court case law and its legal and practical implications for companies and related industries. 

In Session 1, Mr. Byong Ki Chung presented collusion cases such as the alternator collusion and currency swap bid rigging cases, discussing issues such as the Supreme Court’s attitude towards the scope of bid rigging and whether the timing of leniency applications to foreign competition law authorities is considered the cessation of the illegal conduct, among others.

In Session 2, Ms. Jong Youn Han presented abuse of dominance and unfair trade practices precedent including cases on the abuse of SEPs in the telecommunications market, the tying of sales of patent licenses and engineering services for LNG carriers and self-preferencing by an online platform, and examined issues such as the Supreme Court’s position on the legitimate exercise of patent rights and the application of competition law and the unreasonableness of restrictive trade practices, among others.

In Session 3, former High Court Judge, Ms. Su Jin Jung, presented precedent involving unfair inter-affiliate support and benefits, discussing important precedent from the Supreme Court and Seoul High Court on whether indirect transactions through 3rd parties constitutes unfair inter-affiliate support and the provision of unfair advantages, among others. 

In Session 4, former Korea Fair Trade Commission official, Ms. Ju Eun Shim, presented cases on subcontracting and other laws such as the Supreme Court’s decision on the scope of damages for providing false and exaggerated information on the rate of profitability for franchise businesses and examined the criteria for determining the misappropriation of technology and methods for calculating penalties under subcontracting laws.
 

On October 10 (Tuesday), the Vietnam Team of Lee & Ko participated in the 2023 Counterfeit Product Identification Briefing in Hanoi, Vietnam, jointly hosted by the Korea Intellectual Property Office (KIPO) and the Korea Trade-Investment Promotion Agency (KOTRA), and provided speeches on the current status of counterfeit products of Korean brands in Vietnam and how to respond such IP infringement. 

Together with the Korean Intellectual Property Office and the Korea Trade-Investment Promotion Corporation, the Vietnam Team of Lee & Ko conducted online market research through major Vietnamese e-commerce sites, Lazada and Shopee, and also conducted on-site market research focusing on major Vietnamese cities such as Hanoi, Danang, and Ho Chi Minh City to understand the current status of Korean companies being infringed on intellectual property rights due to counterfeit products in Vietnam. In addition, by analyzing the types and methods of infringement, how to respond to intellectual property infringement through counterfeit products and what to pay attention to in practice in the local business filed, the Vietnam Team of Lee & Ko provided in-depth legal investigation & analysis to Korean Intellectual Property Office and the Korea Trade-Investment Promotion Corporation.

At the 2023 Counterfeit Product Identification Briefing, Nguyen Ngoc Sang, a Vietnamese lawyer of Lee & Ko Hanoi office, introduced some IP infringement cases regarding counterfeit products of Korean brands found during the process of the above IP infringement investigation & analysis service, and explained in detail the grounds for infringement of intellectual property rights and legal remedies to.


Prior to the 2023 Counterfeit Product Identification Briefing, Vietnam Team of Lee & Ko invited key figures of Vietnamese officials who work for IP related authorities such as the Vietnam Directorate of Market Surveillance, Anti-Smuggling and Investigation Department, General Department of Vietnam Customs, and IPVIETNAM(Intellectual Property Office of Viet Nam), to the head quarter of Lee & Ko in Seoul on June 27 during their official business trip to Korea. At the meeting, Cho Joo Hee, a lawyer of Vietnam Team of Lee & Ko explained the current status of intellectual property infringement regarding Korean brand in Vietnam to the Vietnamese officials and had in-depth discussions with them on roles and cooperation between related authorities and private sectors for preventing and handling IP infringement related to Korean companies having business in Vietnam.

 The Vietnam Team of Lee & Ko will continue to introduce and provide information regarding the latest trends and issues related to Vietnamese intellectual property right and legal practices to intellectual property-related organizations and corporates who are operating or preparing business in Vietnam as well as Vietnamese officials from IP authorities.

On September 25, 2023, the Byline Network reported on a seminar presented by Sihong Kim, an expert advisor at Lee & Ko. At the seminar entitled “Major Contents and Prospects of the Amended Personal Information Protection Act and the Electronic Financial Transactions Act,” held jointly by Lee & Ko and the Korea Internet Corporation Association on September 25, Mr. Kim presented on ‘Major Revisions and Impact of the Electronic Financial Transaction Act.’ The Byline Network quoted his presentation and introduced in detail the main contents of the amendments to the Electronic Financial Transactions Act.

Lee & Ko, in collaboration with K-Internet, recently hosted a seminar titled ‘Highlights and Prospects of the Amended Personal Information Protection Act & Electronic Financial Transactions Act’ on September 25, 2023.

During this seminar, Mr. Ko and Mr. Lee provided comprehensive insights into the main provisions of the amended Personal Information Protection Act (PIPA) and the amended Enforcement Decree of the PIPA, which marks a significant milestone as the government’s first major amendment to the PIPA since its enactment in 2011.

Key revisions were thoroughly discussed, encompassing critical aspects such as the unification of online and offline regulations, revamping of provisions on administrative penalties and criminal penalties, relaxation of the grounds for personal information processing, introduction of the right to request personal information transfers, modifications in cross-border personal information transfers, and adjustments to regulations concerning visual information processing devices. These discussions aimed to shed light on the crucial considerations for businesses involved in personal information processing in Korea.

Next, Mr. Kang gave a presentation on the topic of “Issues in the Registration of Prepaid Businesses under the Revised Electronic Financial Transactions Act,” delving into the intricacies of the issue. He initially outlined the overarching framework of prepaid business registration under the Electronic Financial Transactions Act, including (1) the change in the concept of prepaid business, (2) the procedure for registration of prepaid business, (3) the requirements for registration of prepaid business, and (4) the reasons for exemption and changes to the exemption of prepaid business registration. Furthermore, he provided an in-depth analysis of practical issues associated with prepaid business registration.