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Government Policy & Regulation

Bae, Kim & Lee’s government policy and regulations practice group provides clients with expertise specifically focused on the types of issues arising in the context of often complex government regulatory mechanisms. As a result of the deregulatory trend in Korea, much of the restrictive regulatory framework of Korea has been dismantled and a variety of approval procedures previously imposed upon foreign companies have been simplified or abolished altogether. Nonetheless, in order to carry out any type of commercial activity in an effective and careful manner in Korea, it remains essential to understand regulatory requirements and procedures and have quick access to government agencies. Experienced legal advice in these matters is especially important for the prompt and decisive resolution of issues in Korea, where internal policies may be determinative, and published regulations often lack detail or involve inconsistent interpretations and overlapping rules. 

Focal areas of the practice group include: financial and foreign exchange controls; antitrust and unfair competition; anti-dumping and fair trade regulations; and cross-border taxation issues. One of the main functions of BKL’s government regulations group is to maintain working relationships with the government agencies which administer the pertinent regulations. In the commercial sphere, key governmental departments include: the Ministry of Strategy and Finance, which generally governs economic policy; the Financial Services Commission, in charge of financial policy and many aspects of the regulatory apparatus; the Ministry of Commerce, Industry and Energy; the Fair Trade Commission, which administers the antitrust and fair competition laws; and the Office of National Tax Administration. Our team keeps in close contact with these agencies in order to provide clients with a thorough analysis of existing regulations and stay informed of prospects for changes in the policies.

The members of our government regulation group have in-depth experience in dealing with many different areas of Korea’s regulatory framework. Several attorneys have previously worked at the Ministry of Strategy and Finance as well as various other ministries and agencies. Our attorneys include former Deputy Directors of the Ministry of Trade, Industry and Energy, a former chief of the Small and Medium Enterprise Administration, and a former Deputy Director of the Anti-Dumping Investigation Division of the Ministry of Commerce, Industry and Energy. The experience of these attorneys as well as the other members of our government regulation group has proved to be invaluable in delivering the highest quality legal service in Korea to our clients.
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