'Fair Trade Act Amendment' Passed by National Assembly... Expectation for Activation of Self-Compliance Programs

Legal Basis Established for Self-Compliance Program

The amendment to the Fair Trade Act, which establishes the legal basis for the Fair Trade Compliance Program (CP), has passed the National Assembly.

The resolution on voluntary reporting and investigation of virtual assets by members of the National Assembly is being passed at the plenary session held at the National Assembly on the 25th. Photo by Hyunmin Kim kimhyun81@

On the 25th, the Fair Trade Commission announced that the amendment to the Fair Trade Act containing these provisions was passed in the plenary session of the National Assembly. The revised law includes measures to promote a culture of fair trade compliance, strengthen remedies for damages to small and medium-sized businesses, and help establish a fair competition order.

First, a legal basis for the Fair Trade Compliance Program (CP) has been established. The Fair Trade Commission can now evaluate the operation status of CP operators. Based on the evaluation results, corrective actions, reductions in fines, or rewards may be applied. Additionally, the statute of limitations is suspended during the consent decision procedure.

A litigation suspension system will be introduced for courts handling lawsuits related to dispute mediation cases (court of first instance). When dispute mediation procedures and litigation proceed simultaneously, the court may suspend litigation procedures to allow the parties involved to utilize mediation through the Fair Trade Dispute Mediation Council, depending on their circumstances. However, if the court does not suspend the litigation procedures, the Fair Trade Dispute Mediation Council will suspend the mediation procedures.

Furthermore, measures to prevent unfair joint acts related to public sector bidding now include local public enterprises, quasi-governmental institutions, and other public institutions. The basis for managing the implementation of corrective actions has been established in the Fair Trade Act, and the Fair Trade Commission may entrust this task to the Korea Fair Trade Mediation Agency.

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