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Antitrust law in South Korea, also known as the Monopoly Regulation and Fair Trade Act, aims to promote fair competition and protect consumers from anti-competitive practices. It regulates mergers, monopolies, price-fixing, and other activities that could harm competition in the market.
You may need a lawyer if you are facing allegations of anti-competitive behavior, such as price-fixing or abuse of dominance. A lawyer can help you navigate the complex legal process, defend your rights, and ensure you comply with all relevant laws and regulations.
Some key aspects of South Korea's antitrust laws include prohibiting anti-competitive agreements, abuse of dominance, and unfair business practices. The Korea Fair Trade Commission (KFTC) enforces these laws and can impose significant fines and penalties for violations.
An anti-competitive agreement is any agreement between competitors to fix prices, allocate markets, or restrict output, which harms competition in the market.
The KFTC can conduct investigations, including dawn raids, interviews, and collecting evidence, to determine if there are violations of antitrust laws.
Penalties for violating antitrust laws in South Korea can include fines, disgorgement of profits, and injunctions to cease anti-competitive behavior.
Yes, individuals, including company executives, can be held personally liable for antitrust violations in South Korea.
Defenses for antitrust violations can include showing pro-competitive justifications for the behavior or demonstrating that the conduct did not harm competition in the market.
Yes, victims of antitrust violations in South Korea can seek damages through private lawsuits or class actions for the harm caused by anti-competitive behavior.
Antitrust investigations in South Korea can vary in length but typically take several months to years to reach a resolution.
Yes, cooperation with the KFTC, such as providing evidence of anti-competitive behavior or implementing compliance programs, can mitigate penalties for antitrust violations.
The statute of limitations for antitrust violations in South Korea is typically five years from the date the violation occurred.
You can report antitrust violations to the KFTC through their website, hotline, or by submitting a written complaint detailing the alleged anti-competitive behavior.
For more information on antitrust laws in South Korea, you can visit the official website of the Korea Fair Trade Commission (KFTC) or consult with legal professionals specializing in antitrust law.
If you require legal assistance in antitrust matters in South Korea, it is advisable to consult with a qualified antitrust lawyer who can provide guidance on your rights and obligations under the law. Be proactive in seeking legal advice to ensure compliance with antitrust laws and protect your interests in the market.
