Seminar on ‘Recent Key Legal Issues including Implications of the Proposed Anti-Stock Price Suppression Act’ for member companies of the KOSDAQ Association

Lee & Ko held a seminar on “Recent Key Legal Issues,” including the mandatory cancellation of treasury shares and the proposed anti-stock price suppression legislation, for member companies of the KOSDAQ Association at the KOSDAQ Association Hall on May 22, 2026. The seminar consisted of three sessions, beginning with an introduction by Jinhong Kwon of Lee & Ko.
 
In the first session, Taejung Kim of Lee & Ko’s M&A group delivered a presentation titled “Mandatory Cancellation of Treasury Shares under the Third Amendment to the Commercial Act and Related Response Strategies.” In the presentation, Mr. Kim emphasized that, in response to the revised regulatory environment arising from the mandatory cancellation of treasury shares, companies would need to conduct sufficient review not only of amendments to their articles of incorporation and practical preparations for obtaining shareholder approval of treasury share retention and disposal plans at shareholders’ meetings, but also of issues such as whether treasury shares may be disposed of for management purposes and whether enhanced fairness measures would be required.
 
Next, Sanghoon Kim of Lee & Ko’s Tax group gave a presentation on “The Legislative Purpose and Implications of the Proposed Anti-Stock Price Suppression Act.” The presentation explained the legislative background, purpose, and specific provisions of the proposed amendments relating to the anti-stock price suppression legislation and provided a detailed analysis of the advantages and disadvantages of the proposal through comparison with foreign legislative precedents, as well as its practical impact on the stock market. The presentation also examined potential constitutional concerns and possible supplementary measures in the event the amendments are enacted into law.
 
Finally, Younghoon Song, senior advisor at Lee & Ko, delivered a presentation titled “Reform of the Delisting Regime and Key Considerations for Listed Companies.” This presentation reviewed the implications and practical issues arising from the strengthened delisting standards and explained the measures necessary to address potential future delisting risks, including the enhancement of internal disclosure systems, adjustment of reverse stock split schedules, and management of shareholders’ equity.