Fair Trade Commission extends 'Large Enterprise Policy Briefing' to two days following record number of publicly disclosed business groups designated

[Sejong=Asia Economy Reporter Joo Sang-don] The Fair Trade Commission (FTC) will extend the briefing sessions on large business group policies to two days. This is due to the increase in the number of publicly disclosed business groups from 64 last year to 71 this year.

The FTC announced that it will hold briefing sessions for those in charge of the "2021 Designated Large Business Groups" at the Korea Chamber of Commerce and Industry on the 7th and 10th. On the first day, the session will target Mutual Investment Restriction Business Groups (40 groups), and on the 10th, it will cover other publicly disclosed business groups (31 groups).

During these large business group briefings, lectures will be given on changes in policies for large business groups due to the comprehensive revision of the Monopoly Regulation and Fair Trade Act, scheduled to take effect on December 30 this year, including ▲expansion of the scope of unfair internal transactions regulation ▲regulations on public interest corporations, as well as disclosure duties and precedents related to unfair internal transactions. Additionally, the industry’s opinions will be gathered regarding follow-up measures such as enforcement ordinances and notifications following the comprehensive revision of the Fair Trade Act.

An FTC official stated, "This briefing aims to raise corporate awareness of large business group policies, such as disclosure obligations, which corporate personnel might easily overlook," and added, "We plan to collect opinions from various stakeholders, including large business groups, during the process of preparing follow-up measures related to the comprehensive revision of the Fair Trade Act."

This content was produced with the assistance of AI translation services.