Seminar on ‘Highlights and Prospects of the Amended Personal Information Protection Act & Electronic Financial Transactions Act’

Lee & Ko, in collaboration with K-Internet, recently hosted a seminar titled ‘Highlights and Prospects of the Amended Personal Information Protection Act & Electronic Financial Transactions Act’ on September 25, 2023.

During this seminar, Mr. Ko and Mr. Lee provided comprehensive insights into the main provisions of the amended Personal Information Protection Act (PIPA) and the amended Enforcement Decree of the PIPA, which marks a significant milestone as the government’s first major amendment to the PIPA since its enactment in 2011.

Key revisions were thoroughly discussed, encompassing critical aspects such as the unification of online and offline regulations, revamping of provisions on administrative penalties and criminal penalties, relaxation of the grounds for personal information processing, introduction of the right to request personal information transfers, modifications in cross-border personal information transfers, and adjustments to regulations concerning visual information processing devices. These discussions aimed to shed light on the crucial considerations for businesses involved in personal information processing in Korea.

Next, Mr. Kang gave a presentation on the topic of “Issues in the Registration of Prepaid Businesses under the Revised Electronic Financial Transactions Act,” delving into the intricacies of the issue. He initially outlined the overarching framework of prepaid business registration under the Electronic Financial Transactions Act, including (1) the change in the concept of prepaid business, (2) the procedure for registration of prepaid business, (3) the requirements for registration of prepaid business, and (4) the reasons for exemption and changes to the exemption of prepaid business registration. Furthermore, he provided an in-depth analysis of practical issues associated with prepaid business registration.