À̹ÌÁö È®´ë FTC Chairman Kim Sang-jo
South Korea¡¯s Fair Trade Commission (FTC) formed a special committee to overhaul the 1980 fair trade law to better cope with today¡¯s economic and business environment and conditions.
The FTC said Monday that the special committee held its first meeting last Friday and picked 17 issues related to promoting fair competition and reforming business conglomerate regulations.
Korea¡¯s antitrust law was revised 27 times since its introduction in 1980, but is nevertheless criticized of being too outdated to serve today¡¯s fast changing business environment due to the fourth industrial revolution.
¡°We need more fundamental changes in the laws and system for chaebol reform,¡± said FTC Chairman Kim Sang-jo, who earned a nickname as ¡°chaebol sniper¡± as a civilian activist on business enterprises.
The special committee has three subcommittees dealing with reform of competition law, corporate group law and procedural law. The competition law subcommittee will consider revising the rule on abuse of dominant market position, leniency program and price-fixing regulation. The corporate group law subcommittee will seek to modify rules on designating corporate groups and holding firm structure. The procedural law subcommittee will review ways to enhance defendant¡¯s rights and independency in forming a committee.
The FTC plans to submit the revision to the National Assembly by the end of this year after drawing up a final draft by July.
By Seok Min-soo and Choi Mira
[¨Ï Pulse by Maeil Business Newspaper & mk.co.kr, All rights reserved]