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The Government Regulations Practice Group provides clients with expertise specially focused on the types of issues arising in the context of often complex government regulatory mechanisms. As a result of liberalization trends adopted in recent years, much of the 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 the application of background restrictions and procedure. Experienced legal advice in these matters is especially important for the prompt and decisive resolution of issues in Korea, where non-public policies may be determinative, and published regulations often lack detail and transparency or involve inconsistent interpretations and overlapping rules.
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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 important functions of the Practice 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 Finance and Economy, which generally governs economic policy; the Financial Supervisory 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. The Practice Group works with these agencies in order to provide clients with a thorough analysis of the implications of existing regulations, and also report on prospects for changes of laws and policies.
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Members of the Practice Group have in-depth experience in dealing with the regulatory framework of Korea in its many different aspects. Several of the attorneys have considerable work experience at the Ministry of Finance and Economy and other ministries and agencies. June Suk CHOO and Insoo PYO both served as former Deputy Directors of the Ministry of Trade, Industry and Energy, and Mr. Choo also is a recent former chief of the Small and Medium Enterprise Administration. Keon Ho LEE is a former Deputy Director of the Anti-Dumping Investigation Division of the Ministry of Commerce, Industry and Energy.
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