The Korean National Assembly has approved (27 December) amendments to seven competition-related laws, including the Monopoly Regulation and Fair Trade Act. These changes aim to streamline the enforcement of compliance fines in line with the Administrative Basic Act and enhance public understanding of financial reporting by adopting standardized terminology.
Key updates include clarifying compliance fine regulations across laws such as the Franchise Business Act and the Large-Scale Retail Trade Act. The term “balance sheet” will also be replaced with “statement of financial position” to align with international accounting standards.
The amendments are expected to increase administrative consistency and transparency. They will take effect after promulgation by the government following Cabinet approval.
