Recent Developments

The Customs Practice Group of Lee & Ko successfully held the "2024 Customs Seminar for Trade Regulatory Discussions" on Friday, 18th October, 2024, amidst keen interest and participation from the attendees.

A broad range of clients who are involved in the global trade sector  -multinational and domestic corporations alike-  attended the seminar. The customs professionals of Lee & Ko proactively responded to the participants’ comments, which encompassed areas such as recent import / export / foreign exchange (“FX”) cases, and recent trends/practices of the Korea Customs Service (“KCS”).

The seminar was divided into three sessions. The first session covered ‘Key Investigation & Litigation Cases in Customs/Trade’, presented by Vin Ma. Mr. Ma, who worked as a licensed customs broker before being admitted to the Korean Bar and joining Lee & Ko, is an up-and-coming customs attorney. He covered the complex web of customs-related laws and regulations with ease, making ample use of key cases and easy-to-understand explanations.

The second session covered ‘KCS Audit & Investigation Issues Forecast’, presented by Jae-Wung Cho. Mr. Cho is a Lee & Ko Customs Practice Group partner with expertise in the customs profession due to his prior career in KCS. Based on his experience within both public and private sectors, he elaborated on practical KCS checkpoints, as well as potential red flags that should be noted by exporters and importers to improve their trade compliance scheme and ameliorate customs & FX concerns.

The theme of the third session was ‘Potential Issue of Duplication between Customs and FX Investigations”. Mr. Cho, after presenting various legal precedents and interpretive viewpoints which this practical theme might entail, encouraged participants to freely share their thoughts, including real-world KCS audit / FX inspection experiences. The seminar was wrapped up with a Q&A session.

Young-Gee Park, the lead partner of Lee & Ko Customs Practice Group, commented that “Lee & Ko sincerely wishes that this seminar would be a beneficial reference point for customs and trade operations, for domestic import and export companies”, and Jae-Wung Cho voiced thoughts “to continue updates for clients doing business in Korea, to help safely navigate the ever-changing landscape of the Korean customs / trade / FX areas and pertinent KCS trends”.

On October 11th 2024, Lee & Ko hosted a seminar session titled ‘Efficient Response in Industrial Relations for the Second Half of 2024’ for clients. This live seminar was organized to offer insightful analyses of the latest issues and legal principles emerging from recent cases in industrial relations, and was simultaneously broadcasted online as a webinar.

The session kicked off with a compelling presentation by Mr. Deok-ho Kim, a member of the Economic, Social, and Labor Council. His presentation focused on “Corporate Management and ESG,” during which he shed light on the government’s key labor reform initiatives related to working hours and wages and ongoing discussions within the council on the relevant topics.

In the second session, Mr. Dong Hyuk Kang (Lee & Ko’s attorney) examined the recent trend in jurisprudence in Serious Accident Punishment Act (SAPA) violation cases.  In his presentation titled “Analysis of SAPA Rulings and Forecasting Jurisprudence”, Mr. Kang clarified some of the critical areas that may attract heightened scrutiny from the judicial bodies as well as law enforcement while outlining the key obligations that businesses must stay informed about and actively monitor.

In the final session, Ms. So Young Kim (Lee & Ko’s attorney) explored the latest Issues in workplace harassment and sexual Harassment. She presented recent case studies, emphasizing the importance of understanding follow-up procedures and the precautions businesses need to take in order to address these issues effectively.

Lee & Ko has a track record of offering outstanding legal support in industrial relations, and boasts multiple teams of specialists – including the labor law practice group (30+ expert professionals), environmental law practice group (30+ expert professionals) as well as the SAPA practice group (40+ expert professionals). Lee & Ko is committed to providing a broad range of legal services specifically tailored to each client’s unique needs — ranging from regulatory consulting and litigation support — to help businesses navigate the complexities of industrial relations.

On July 18, Lee & Ko hosted a seminar on ‘the Implementation of the Virtual Asset User Protection Act and the Introduction of Spot ETFs for Virtual Assets: Challenges and Future Prospects’.

This seminar, which was conducted both online and offline, addressed key considerations and cautionary notes regarding the Virtual Asset User Protection Act through presentations and discussions from legal, practical, and policy perspectives. Additionally, it explored the current trends and future prospects related to the introduction of spot ETFs for virtual assets.

In the first session, Vice President Jay Jaejin Kim of the Digital Asset Exchange Alliance (DAXA) delivered a presentation on “Recommendations related to the Implementation of the Virtual Asset User Protection Act.” Vice President Kim offered practical and policy-oriented guidance on legal issues and key points regarding Korea’s first comprehensive regulation on the virtual asset market. In particular, Vice President Kim highlighted critical practical issues facing virtual asset businesses, such as the necessity for issuing real-name accounts for corporations.

Subsequently, a panel discussion moderated by Lee & Ko’s partner Jongsoo Yoon was held. The panel included Wontae Sim, Deputy Director of Virtual Asset Division at the Financial Services Commission; Dr. Kab Lae Kim, Head of Financial Law Research Center of the Korea Capital Market Institute; Juhyun Lee, Head of Strategic Legal Division at Bithumb; and Lee & Ko’s partner Wooyoung Choi. The panel shared insights on various issues related to the Virtual Asset User Protection Act, including tax issues concerning virtual assets, the possibility of arbitrage transactions to constitute unfair trade practices, and crypto staking.

In the second session on the topic of “Considerations for the Introduction of Spot ETFs for Virtual Assets”, Lee & Ko’s partner Chloe Jung-Myung Lee analyzed the current trends and future outlook regarding the introduction of spot ETFs for virtual assets by providing an in-depth examination of Korea’s current regulatory landscape and discussed the positions of global supervisory authorities, including the SEC of the U.S.

Lastly, a panel discussion moderated by Lee & Ko’s partner Hyunkoo Kang featured Dr. Jaydon Lee, Senior Research Fellow of the Korea Institute of Finance, Mr. Yongjae Lee, Senior Manager at Mirae Asset Securities, Suhan Cho, Chief Legal Officer at Uprise, and Lee & Ko’s partner Jingun Kim. The discussion covered the significance of introducing spot ETFs for virtual assets in the industry, a comparative analysis of the situations in the U.S. and Korea regarding the introduction of spot ETFs for crypto assets, and the legal and policy frameworks necessary for the introduction of spot ETFs for crypto assets.

On June 19, Lee & Ko hosted a seminar on ‘Harmonious Development of Regulatory Frameworks for Personal Information and Financial Information’ together with the Korea Association of Personal Data Professionals (KAPP) and the Financial Security Institute (FSI).  

The event brought together a diverse group of experts from regulatory bodies and the financial industry to address the evolving landscape of data protection in finance.

The seminar opened with an insightful keynote address on ‘Development of MyData and the Data Ecosystem’ delivered by Vice Chairperson Jang Hyuk Choi of the Personal Information Protection Commission (PIPC). Lee & Ko’s partner Kyung Min Son provided valuable insights on practical compliance strategies for financial institutions under the amended Personal Information Protection Act. Son emphasized the critical need for companies to adapt their practices in response to increased penalties and heightened regulatory oversight.

Following the presentations, a dynamic panel discussion explored the future of personal information, financial information, and the MyData ecosystem. The panel included representatives from the PIPC, the FSC, and industry experts. Lee & Ko’s partner Hyun Jeong Cha contributed to the discussion with valuable observations on the importance of balancing innovation and risk management when operating the MyData system.

This seminar underscores Lee & Ko’s ongoing commitment to guiding clients through the intricate interplay of technology and regulation in the financial sector. As the regulatory landscape continues to evolve, Lee & Ko remains at the forefront, providing expert advice to help businesses navigate these complex changes effectively.

On Tuesday, June 4th, LEE & KO hosted a webinar titled ‘Digital Health and AI: Regulatory Innovation’.

This webinar aimed to provide companies developing digital health products and services using AI with insights into the legal issues they need to be aware of during the planning, development, and commercialization stages. Additionally, it discussed recent regulatory innovations in the digital health industry and shared perspectives on AI-related regulations.

In the first session, Attorney Sung-Il Bang presented on "Legal Issues Related to AI Services in Digital Healthcare", focusing on the emergence and utilization of generative AI. He emphasized the importance of thoroughly reviewing legal issues related to evolving regulations from the early planning stages.

In the second session, Attorney Min-Soo Kim discussed "Regulatory Innovation in Digital Healthcare", covering key aspects of the Digital Medical Products Act set to be implemented next year, the deregulation plans by the Bio-health Innovation Committee, and the integrated review and evaluation of innovative medical devices as well as the provisional registration system for health insurance.

In the third session, Attorney Sung-Hee Chae covered "AI Regulatory Trends and Prospects in Digital Healthcare". She reviewed current regulations on AI development and use in healthcare, highlighted government policies on AI ethics and reliability, and analyzed their potential impact on future policy-making and legislative discussions by regulatory bodies.

The webinar underscored the rapid advancements in AI and digital healthcare technologies, along with the accompanying legal challenges and regulatory landscape. Recognizing the integration of AI and digital health into everyday life and various industries, LEE & KO is dedicated to promptly identifying and analyzing regulatory trends and industry issues. This commitment enables us to provide clients with thorough and tailored legal advice that addresses their specific needs.

On June 2, 2024, E-Today reported that Lee & Ko will co-host the 'EU Battery Policy Utilization for Businesses Seminar' with Korea Battery Industry Association on June 4, 2024. In this seminar, Taeho Park, president of Lee & Ko Global Commerce Institute, will deliver a keynote speech on 'Implications of the Global Trade Environment for the Battery Industry.' Following this, Park Junghyun, partner at Lee & Ko, will present 'Updates on Major EU Battery Regulations,' and Sangmin Kim, partner at Lee & Ko, will introduce the EU Corporate Sustainability Due Diligence Directive (CSDDD), trends in international supply chain due diligence laws, specific due diligence obligations, and propose strategies for battery companies.