The Commission has published its updated civil penalty amounts for 2021, pursuant to a federal law that requires federal agencies to adjust civil penalties for inflation each year. The updated amounts were published in the Federal Register on January 11, 2021. BackgroundAs required by the Federal Civil Penalties Inflation Adjustment Act of 1990, as amended by the Federal Civil Penalties Inflation Adjustment Act Improvements Act of 2015, the Commission is adjusting for annual inflation the civil monetary penalties that are set forth in Commission regulations. The federal campaign finance laws administered by the Commission include two types of civil monetary penalties to be adjusted for inflation each year:
2021 adjustmentsTo calculate the adjustments for inflation, the Commission must apply the cost-of-living adjustment ratio (COLA) as directed by the Office of Management and Budget. The COLA ratio for 2021 is 0.01182 or 1.182%; thus, to calculate the new penalties, the Commission must multiply the most recent amounts listed in its regulations by 1.01182. As adjusted, the potential civil penalty amounts listed under 11 CFR 111.24 for violations of federal campaign finance law have increased to range from $6,141 to $71,812 (from the previous range of $6,069 to $70,973). The amounts listed under this regulation are subject to negotiations and judicial discretion, and thus may not reflect the final penalty amounts that may be negotiated or imposed. In regard to administrative fines imposed for late or non-filing of FEC reports, the table of penalty formulas listed in FEC regulations at 11 CFR 111.43 has been adjusted for the COLA, as has the base amount used in the calculation formula for late or non-filed 48-hour notices listed in 11 CFR 111.44(a)(1). The adjustments were published at 86 Fed. Reg. 1737 on January 11, 2021, and apply to penalties that are assessed on or after that date, even if the violation predated the increase. Resources
Wholly Amended by Act No. 4198, Jan. 13, 1990 Amended by Act No. 4501, Nov. 25, 1992 Act No. 4513, Dec. 8, 1992 Act No. 4790, Dec. 22, 1994 Act No. 4831, Dec. 23, 1994 Act No. 5235, Dec. 30, 1996 Act No. 5403, Aug. 30, 1997 Act No. 5454, Dec. 13, 1997 Act No. 5491, Dec. 31, 1997 Act No. 5498, Jan. 8, 1998 Act No. 5503, Jan. 13, 1998 Act No. 5528, Feb. 24, 1998 Act No. 5529, Feb. 28, 1998 Act No. 5559, Sep. 16, 1998 Act No. 5814, Feb. 5, 1999 Act No. 5813, Feb. 5, 1999 Act No. 5825, Feb. 8, 1999 Act No. 6043, Dec. 28, 1999 Act No. 6371, Jan. 16, 2001 Act No. 6651, Jan. 26, 2002 Act No. 6705, Aug. 26, 2002 Act No. 7315, Dec. 31, 2004 Act No. 7289, Dec. 31, 2004 Act No. 7386, Jan. 27, 2005 Act No. 7492, Mar. 31, 2005 Act No. 7428, Mar. 31, 2005 Act No. 7796, Dec. 29, 2005 Act No. 8631, Aug. 3, 2007 Act No. 8635, Aug. 3, 2007 Act No. 8666, Oct. 17, 2007 Act No. 8863, Feb. 29, 2008 Act No. 9357, Jan. 30, 2009 Act No. 9554, Mar. 25, 2009 Act No. 10166, Mar. 22, 2010 Act No. 10303, May 17, 2010 Act No. 11119, Dec. 2, 2011 Act No. 11406, Mar. 21, 2012 Act No. 11758, Apr. 5, 2013 Act No. 11845, May 28, 2013 Act No. 11937, Jul. 16, 2013 Act No. 12095, Aug. 13, 2013 Act No. 12334, Jan. 24, 2014 Act No. 12708, May 28, 2014 Act No. 13071, Jan. 20, 2015 Act No. 13450, Jul. 24, 2015 Act No. 14075, Mar. 18, 2016 Act No. 14137, Mar. 29, 2016 Act No. 14122, Mar. 29, 2016 Act No. 14127, Mar. 29, 2016
CHAPTER I GENERAL PROVISIONS
The purposes of this Act are to promote fair and free competition; to encourage thereby creative business activities; to protect consumers; and to strive for balanced development of the national economy, by preventing business entities from abusing their market-dominant positions and any excessive concentration of economic power and by regulating illegal cartel conduct and unfair trade practices.
The terms used in this Act are defined as follows: <Amended by Act No. 4513, Dec. 8, 1992; Act No. 5235, Dec. 30, 1996; Act No. 5813, Feb. 5, 1999; Act No. 6371, Jan. 16, 2001; Act No. 7315, Dec. 31, 2004; Act No. 8387, Apr. 27, 2007; Act No. 8631, Aug. 3, 2007>
This Act shall also apply to acts done outside Korea, if such acts affect the domestic market. [This Article Newly Inserted by Act No. 7315, Dec. 31, 2004]
CHAPTER II PROHIBITION ON ABUSE OF MARKET-DOMINANT POSITION
[This Article Newly Inserted by Act No. 5235, Dec. 30, 1996]
A business entity (excluding any business entity annual sales or purchases of which in a particular business area are less than 4 billion won) shall be presumed a market-dominant business entity, as defined in subparagraph 7 of Article 2, if its market share in a particular business area is as follows: <Amended by Act No. 8631, Aug. 3, 2007>
[This Article Wholly Amended by Act No. 5813, Feb. 5, 1999]
Where a market-dominant business entity violates Article 3-2, the Fair Trade Commission may order the market-dominant business entity to lower the price; to stop the violation; to publish the fact that it is ordered to take corrective measures; or to take other measures necessary to correct such violation. <Amended by Act No. 5235, Dec. 30, 1996; Act No. 7315, Dec. 31, 2004>
Where a market-dominant business entity engages in abusive practices, the Fair Trade Commission may impose upon the market-dominant business entity a penalty surcharge not exceeding three percent of the sales prescribed by Presidential Decree (or operating revenues in the case of a business entity prescribed by Presidential Decree; hereinafter the same shall apply): Provided, That the Fair Trade Commission may impose a penalty surcharge not exceeding one billion won in cases prescribed by Presidential Decree where no sales have been made or it is impracticable to calculate the sales (hereinafter referred to as "in the event that no sales have been made"). [This Article Wholly Amended by Act No. 5235, Dec. 30, 1996]
CHAPTER III RESTRICTION ON BUSINESS COMBINATION AND
The acquisition or holding of shares under this Act shall be determined by the genuine ownership of the shares, regardless of the names listed on the register. [This Article Newly Inserted by Act No. 5235, Dec. 30, 1996]
A person who has established a holding company or has converted his/her company into a holding company shall report thereon to the Fair Trade Commission, as prescribed by Presidential Decree. <Amended by Act No. 6371, Jan. 16, 2001> [This Article Wholly Amended by Act No. 5813, Feb. 5, 1999]
[This Article Newly Inserted by Act No. 5813, Feb. 5, 1999]
Where the same person who controls a member company of a business group subject to limitations on debt guarantees designated under Article 14 (1) or his/her related party intends to establish a holding company or convert his/her company into a holding company, the following debt guarantees prescribed in Article 10-2 shall be annulled: <Amended by Act No. 6651, Jan. 26, 2002>
[This Article Newly Inserted by Act No. 5813, Feb. 5, 1999]
[This Article Newly Inserted by Act No. 12334, Jan. 24, 2014]
[This Article Newly Inserted by Act No. 4513, Dec. 8, 1992]
A member company of a business group subject to limitations on cross shareholding that is engaged in financial business or insurance business shall not exercise its voting rights with respect to shares acquired or held by it in its domestic affiliates: Provided, That the foregoing shall not apply in any of the following cases: <Amended by Act No. 4513, Dec. 8, 1992; Act No. 5235, Dec. 30, 1996; Act No. 6651, Jan. 26, 2002; Act No. 7315, Dec. 31, 2004; Act No. 8382, Apr. 13, 2007; Act No. 8631, Aug. 3, 2007; Act No. 14137, Mar. 29, 2016>
[This Article Newly Inserted by Act No. 6043, Dec. 28, 1999]
[This Article Newly Inserted by Act No. 7315, Dec. 31, 2004]
[This Article Newly Inserted by Act No. 9554, Mar. 25, 2009]
[This Article Wholly Amended by Act No. 5235, Dec. 30, 1996]
[This Article Newly Inserted by Act No. 8631, Aug. 3, 2007]
[This Article Newly Inserted by Act No. 5235, Dec. 30, 1996]
Where a company that has received a request under Article 14 (4) or 14-2 (2) refuses to submit materials without just cause or submits false materials and thereby is not included in a business group subject to limitations on cross shareholding, etc. although it should have been included therein, the company shall be deemed to be included in a business group subject to limitations on cross shareholding, etc. and to be given notice of such inclusion on the date prescribed by Presidential Decree. <Amended by Act No. 6651, Jan. 26, 2002> [This Article Newly Inserted by Act No. 5813, Feb. 5, 1999]
The Fair Trade Commission may request the following institutions to confirm or investigate materials relating to the shareholding status of shareholders of domestic affiliates of a business group subject to limitations on cross shareholding, etc., materials relating to debt guarantees, materials relating to advanced payments, loans, or securities, materials relating to transactions or provision of real estate, and other necessary matters, if deemed necessary to enforce Articles 9 through 11 and 13 through 14-2: <Amended by Act No. 5491, Dec. 31, 1997; Act No. 5498, Jan. 8, 1998; Act No. 5528, Feb. 24, 1998; Act No. 6651, Jan. 26, 2002; Act No. 8631, Aug. 3, 2007; Act No. 8863, Feb. 29, 2008>
[This Article Newly Inserted by Act No. 5235, Dec. 30, 1996]
[This Article Newly Inserted by Act No. 8382, Apr. 13, 2007]
[This Article Newly Inserted by Act No. 5813, Feb. 5, 1999]
[This Article Wholly Amended by Act No. 4513, Dec. 8, 1992]
CHAPTER IV RESTRICTIONS ON ILLEGAL CARTEL CONDUCT
[This Article Newly Inserted by Act No. 8631, Aug. 3, 2007]
Where a business entity engages in any illegal cartel conduct provided for in Article 19 (1), the Fair Trade Commission may order the business entity to stop the illegal cartel conduct; to publish the fact that it is ordered to correct such illegal cartel conduct; or to take other measures necessary for correction. <Amended by Act No. 5235, Dec. 30, 1996; Act No. 7315, Dec. 31, 2004>
Where a business entity engages in any illegal cartel conduct provided for in Article 19 (1), the Fair Trade Commission may impose on the business entity a penalty surcharge not exceeding ten percent of the sales prescribed by Presidential Decree: Provided, That the Fair Trade Commission may impose a penalty surcharge not exceeding two billion won in the event that no sales have been made. <Amended by Act No. 7315, Dec. 31, 2004> [This Article Wholly Amended by Act No. 5235, Dec. 30, 1996]
[This Article Newly Inserted by Act No. 5235, Dec. 30, 1996]
CHAPTER V PROHIBITION ON UNFAIR TRADE PRACTICES
[This Article Newly Inserted by Act No. 12095, Aug. 13, 2013]
No business entity shall discontinue a transaction, reduce the transaction volume, or give any disadvantage to a business entity that has done any of the following acts in relation to any of the unfair trade practices provided for in Article 23 (1) because of such act, or require any affiliate or business entity to do such act:
[This Article Newly Inserted by Act No. 12708, May 28, 2014]
When a business entity (referring to a related party or relevant company for the purposes of Articles 23 (2) and 23-2) violates Article 23 (1) or (2), 23-2 or 23-3, the Fair Trade Commission may order the business entity to stop engaging in the relevant unfair trade practices or to stop providing undue benefits to the related party; to take measures to prevent the recurrence thereof; to stop taking a retaliatory measure; to delete the pertinent provisions from the contract; to publish the fact that it is ordered to take corrective measures; or to take other measures necessary to correct such violation. <Amended by Act No. 5235, Dec. 30, 1996; Act No. 5814, Feb. 5, 1999; Act No. 7315, Dec. 31, 2004; Act No. 12095, Aug. 13, 2013; Act No. 12708, May 28, 2014>
[This Article Wholly Amended by Act No. 5235, Dec. 30, 1996]
CHAPTER VI BUSINESS ENTITIES' ORGANIZATION
Where a business entities' organization violates Article 26, the Fair Trade Commission may order the business entities' organization (including its member business entities, if necessary) to stop engaging in the violation, to publish the fact that it is ordered to take corrective measures; or to take other measures necessary to correct such violation. <Amended by Act No. 4513, Dec. 8, 1992; Act No. 5235, Dec. 30, 1996; Act No. 5814, Feb. 5, 1999; Act No. 7315, Dec. 31, 2004> [This Article was amended by Act No. 7315 promulgated on December 31, 2004 pursuant to the declaration of unconstitutionality made on January 31, 2002]
[This Article Wholly Amended by Act No. 5235, Dec. 30, 1996]
CHAPTER VII RESTRICTIONS ON PRACTICE OF RESALE PRICE MAINTENANCE
Where a business entity who produces or sells goods designated and publicly notified by the Fair Trade Commission pursuant to Article 29 (4) concludes a contract for determining and maintaining the resale price of said goods, which is likely to substantially undermine consumer interests, the Fair Trade Commission may order the terms and conditions of the contract to be modified. <Amended by Act No. 8631, Aug. 3, 2007> [This Article Wholly Amended by Act No. 5813, Feb. 5, 1999]
Where a business entity violates Article 29 (1), the Fair Trade Commission may order the business entity to stop the violation; to publish the fact that it is ordered to take a corrective measure; or to take other measures necessary to correct such violation. <Amended by Act No. 5235, Dec. 30, 1996; Act No. 7315, Dec. 31, 2004>
Where a business entity engages in the practice of resale price maintenance provided for in Article 29, the Fair Trade Commission may impose on the business entity a penalty surcharge not exceeding two percent of the sales prescribed by Presidential Decree: Provided, That the Fair Trade Commission may impose a penalty surcharge not exceeding five hundred million won in the event that no sales have been made. [This Article Wholly Amended by Act No. 5235, Dec. 30, 1996]
CHAPTER VIII (Articles 32 through 34-2) Deleted.
CHAPTER IX ENFORCEMENT AGENCY
[This Article Wholly Amended by Act No. 5235, Dec. 30, 1996]
Functions of the Fair Trade Commission are as follows:
[This Article Newly Inserted by Act No. 7315, Dec. 31, 2004]
Meetings of the Fair Trade Commission shall be classified into a meeting (hereinafter referred to as "plenary session") attended by all commissioners and a meeting (hereinafter referred to as "sub-committee meeting") attended by three commissioners, including one standing commissioner. [This Article Newly Inserted by Act No. 5235, Dec. 30, 1996]
[This Article Newly Inserted by Act No. 5235, Dec. 30, 1996]
The chairperson, vice-chairperson, and commissioners shall hold office for a term of three years and may be appointed for only one further term. <Amended by Act No. 6371, Jan. 16, 2001>
No commissioner shall be removed or dismissed from office against his/her will, except in any of the following circumstances: <Amended by Act No. 13450, Jul. 24, 2015>
No commissioner shall join a political party or participate in any political activity.
[This Article Wholly Amended by Act No. 5235, Dec. 30, 1996]
[This Article Wholly Amended by Act No. 5813, Feb. 5, 1999]
The chair of the plenary session or sub-committee meeting has the authority to issue orders necessary to maintain order in the venue of the adjudicatory proceedings to the parties, interested parties, witnesses, and observers present. [This Article Newly Inserted by Act No. 5235, Dec. 30, 1996]
[This Article Wholly Amended by Act No. 5235, Dec. 30, 1996]
Where the Fair Trade Commission passes a resolution on matters in violation of any provision of this Act, the Commission shall make a determination based on the facts that take place until the date it concludes a trial thereon. [This Article Newly Inserted by Act No. 11406, Mar. 21, 2012]
The Secretariat shall be established in the Fair Trade Commission to perform the affairs of the Fair Trade Commission.
CHAPTER IX-2 ESTABLISHMENT OF KOREA FAIR TRADE MEDIATION AGENCY AND DISPUTE MEDIATION
[This Article Newly Inserted by Act No. 8631, Aug. 3, 2007]
[This Article Newly Inserted by Act No. 8631, Aug. 3, 2007]
[This Article Newly Inserted by Act No. 8631, Aug. 3, 2007]
[This Article Newly Inserted by Act No. 8631, Aug. 3, 2007]
[This Article Newly Inserted by Act No. 8631, Aug. 3, 2007]
[This Article Newly Inserted by Act No. 8631, Aug. 3, 2007]
[This Article Newly Inserted by Act No. 8631, Aug. 3, 2007]
Except as expressly provided for in Articles 48-3 through 48-8, the organization and operation of the Council, the mediation process, and other necessary matters, shall be prescribed by Presidential Decree. [This Article Newly Inserted by Act No. 8631, Aug. 3, 2007]
CHAPTER X PROCEDURES FOR INVESTIGATIONS, ETC.
Public officials in charge of investigations shall conduct the investigations to the minimum extent necessary to enforce this Act and shall not abuse the power of investigation for other purposes, etc. [This Article Newly Inserted by Act No. 7315, Dec. 31, 2004]
[This Article Newly Inserted by Act No. 7315, Dec. 31, 2004]
[This Article Newly Inserted by Act No. 11119, Dec. 2, 2011]
[This Article Newly Inserted by Act No. 11119, Dec. 2, 2011]
[This Article Newly Inserted by Act No. 11119, Dec. 2, 2011]
[This Article Newly Inserted by Act No. 11119, Dec. 2, 2011]
Any relevant party or interested party may request an inspection or a copy of information about the measures taken under this Act to the Fair Trade Commission. In such cases, the Fair Trade Commission shall comply with such request with the consent of the person who has submitted relevant information or if deemed necessary for the public interest. [This Article Newly Inserted by Act No. 5813, Feb. 5, 1999]
[This Article Newly Inserted by Act No. 5235, Dec. 30, 1996]
[This Article Newly Inserted by Act No. 7315, Dec. 31, 2004]
The Seoul High Court that has jurisdiction over the seat of the Fair Trade Commission shall have exclusive jurisdiction over any appeals filed pursuant to Article 54. <Amended by Act No. 5235, Dec. 30, 1996>
The Fair Trade Commission shall determine and publicly notify procedures for handling cases that violate this Act and other necessary matters. [This Article Newly Inserted by Act No. 5235, Dec. 30, 1996]
CHAPTER X-2 IMPOSITION, COLLECTION, ETC. OF PENALTY SURCHARGES
[This Article Newly Inserted by Act No. 5235, Dec. 30, 1996]
[This Article Newly Inserted by Act No. 5235, Dec. 30, 1996]
[This Article Newly Inserted by Act No. 7315, Dec. 31, 2004]
[This Article Newly Inserted by Act No. 5235, Dec. 30, 1996]
Where the Fair Trade Commission refunds a penalty surcharge based on a ruling on an objection or a judgment of the court or for any other reason, the Commission shall make an additional payment on refund for the period beginning on the date on which the penalty surcharge is paid and ending on the date of refund, as prescribed by Presidential Decree: Provided, That where the imposition of a penalty surcharge is revoked by a judgment of the court and a penalty surcharge is newly imposed based on the grounds for the judgment, an additional payment on refund shall be calculated and made for the amount of the penalty surcharge initially paid, less the penalty surcharge assessed and newly imposed. <Amended by Act No. 14137, Mar. 29, 2016> [This Article Newly Inserted by Act No. 6371, Jan. 16, 2001]
[This Article Newly Inserted by Act No. 8631, Aug. 3, 2007]
Where a lawsuit for liability for damage is instituted under Article 56, the court may request the Fair Trade Commission to transmit the records on the particular case (including records on the examination of relevant persons, references or expert witnesses, stenographic records and all judicial evidence). [This Article Newly Inserted by Act No. 5813, Feb. 5, 1999]
Where it is recognized that damage is caused by a violation of any provision of this Act, but it is extremely impracticable to verify the fact necessary to substantiate the amount of such damage in light of the character of such fact, the court may recognize a reasonable amount of damage based on the gist of entire arguments and the results of investigating evidence. [This Article Wholly Amended by Act No. 7315, Dec. 31, 2004]
The provisions of this Act shall not apply to any lawful acts done by business entities or business entities' organizations in accordance with other Acts and orders issued under such Acts.
This Act shall not apply to any acts done by an association established upon satisfying the following requirements (including a federation of associations): Provided, That the foregoing shall not apply to unfair trade practices or price increases by unfairly restricting competition: <Amended by Act No. 5813, Feb. 5, 1999>
CHAPTER XIII SUPPLEMENTARY PROVISIONS
Any commissioner or public official who performs or has performed duties prescribed in this Act or any employee of the Council who mediates or has mediated disputes shall neither divulge any confidential information of a business entity or a business entities' organization that he/she has learned in the course of performing such duties nor use it for any purpose other than for enforcing this Act. <Amended by Act No. 8631, Aug. 3, 2007>
[This Article Wholly Amended by Act No. 5235, Dec. 30, 1996]
[This Article Newly Inserted by Act No. 7315, Dec. 31, 2004]
[This Article Newly Inserted by Act No. 13071, Jan. 20, 2015]
The Fair Trade Commission may delegate part of its authority prescribed in this Act to the head of an agency under its control, the Special Metropolitan City Mayor, the Metropolitan City Mayors, or Do Governors, or entrust the head of other administrative agency with part of its authority, as prescribed by Presidential Decree. <Amended by Act No. 5235, Dec. 30, 1996>
[This Article Newly Inserted by Act No. 8631, Aug. 3, 2007]
CHAPTER XIV PENALTY PROVISIONS
Any of the following persons shall be punished by imprisonment for not more than 2 years or by a fine not exceeding 150 million won: <Amended by Act No. 4513, Dec. 8, 1992; Act No. 4790, Dec. 22, 1994; Act No. 5235, Dec. 30, 1996; Act No. 5528, Feb. 24, 1998; Act No. 5813, Feb. 5, 1999; Act No. 6651, Jan. 26, 2002; Act No. 8631, Aug. 3, 2007; Act No. 9554, Mar. 25, 2009; Act No. 12095, Aug. 13, 2013; Act No. 14137, Mar. 29, 2016>
Any of the following persons shall be punished by a fine not exceeding 100 million won: <Amended by Act No. 5235, Dec. 30, 1996; Act No. 5813, Feb. 5, 1999; Act No. 6651, Jan. 26, 2002; Act No. 7315, Dec. 31, 2004; Act No. 8382, Apr. 13, 2007; Act No. 8631, Aug. 3, 2007>
[This Article Wholly Amended by Act No. 4513, Dec. 8, 1992]
[This Article Newly Inserted by Act No. 4513, Dec. 8, 1992]
If the representative of a corporation (including an unincorporated organization; hereafter the same shall apply in this Article) or an agent or employee of, or other persons employed by, the corporation or an individual has committed any violation provided for in Articles 66 through 68 in conducting the business affairs of the corporation or individual, the corporation or individual shall, in addition to the punishing the violator accordingly, be subject to a fine prescribed in the relevant Article: Provided, That the foregoing shall not apply where such corporation or individual has not been negligent in giving due care and supervision to the business affairs to prevent such violation. [This Article Wholly Amended by Act No. 9554, Mar. 25, 2009]
[This Article Wholly Amended by Act No. 4513, Dec. 8, 1992]
Article 1 (Enforcement Date) This Act shall enter into force on April 1, 1990. Article 2 (General Transitional Measures)
Article 3 (Transitional Measures concerning Prohibition on Cross Shareholding) If a member company of a business group designated as a conglomerate, which is engaged in financial business or insurance business as at the time this Act enters into force, violates Article 9 (1), said Article shall not apply to the member company for one year from the date this Act enters into force. Article 4 (Transitional Measures concerning Total Amount of Shareholding)
ADDENDA <Act No. 4501, Nov. 25, 1992>
Article 1 (Enforcement Date) This Act shall enter into force six months after the date of its promulgation. Articles 2 through 8 Omitted. ADDENDA <Act No. 4513, Dec. 8, 1992>
Article 1 (Enforcement Date) This Act shall enter into force on April 1, 1993. Article 2 (Transitional Measures concerning Total Amount of Shareholding) For the purposes of the proviso to Article 10 (1), the amended provisions of subparagraph 5 of said paragraph shall apply exclusively to shares to be acquired or held after this Act enters into force. Article 3 (Transitional Measures concerning Debt Guarantees)
ADDENDA <Act No. 4790, Dec. 22, 1994>
ADDENDA <Act No. 4831, Dec. 23, 1994>
Article 1 (Enforcement Date) This Act shall enter into force on the date of its promulgation. (Proviso Omitted.) Articles 2 through 4 Omitted. ADDENDA <Act No. 5235, Dec. 30, 1996>
ADDENDA <Act No. 5403, Aug. 30, 1997>
Article 1 (Enforcement Date) This Act shall enter into force on the date of its promulgation. Articles 2 through 8 Omitted. ADDENDUM <Act No. 5454, Dec. 13, 1997>
This Act shall enter into force on January 1, 1998. (Proviso Omitted.) ADDENDA <Act No. 5491, Dec. 31, 1997>
Article 1 (Enforcement Date) This Act shall enter into force on April 1, 1998. Articles 2 through 8 Omitted. ADDENDA <Act No. 5498, Jan. 8, 1998>
Article 1 (Enforcement Date) This Act shall enter into force on April 1, 1998. (Proviso Omitted.) Articles 2 through 15 Omitted. ADDENDA <Act No. 5503, Jan. 13, 1998>
Article 1 (Enforcement Date) This Act shall enter into force on April 1, 1998. (Proviso Omitted.) Articles 2 through 12 Omitted. ADDENDA <Act No. 5528, Feb. 24, 1998>
ADDENDA <Act No. 5529, Feb. 28, 1998>
Article 1 (Enforcement Date) This Act shall enter into force on the date of its promulgation. (Proviso Omitted.) Articles 2 through 7 Omitted. ADDENDA <Act No. 5559, Sep. 16, 1998>
Article 1 (Enforcement Date) This Act shall enter into force two months after the date of its promulgation. Articles 2 through 9 Omitted. ADDENDA <Act No. 5813, Feb. 5, 1999>
ADDENDA <Act No. 5814, Feb. 5, 1999>
Article 1 (Enforcement Date) This Act shall enter into force on July 1, 1999. Articles 2 (Transitional Measures concerning Corrective Measures, Surcharges, and Penalty Provisions) The application of the corrective measures, surcharges, and penalty provisions to any act committed in violation of Articles 23 (1) 6 and 26 (1) 5 of the former Monopoly Regulation and Fair Trade Act before this Act enters into force shall be governed by the former provisions. Article 3 (Transitional Measures concerning Fair Competition Covenant) The fair competition covenant on indication and advertisement examined by the Fair Trade Commission pursuant to Article 23 (4) and (5) of the former Monopoly Regulation and Fair Trade Act as at the time this Act enters into force shall be deemed the self-governing code on indication and advertisement examined pursuant to Article 14. Articles 4 and 5 Omitted. ADDENDA <Act No. 5825, Feb. 8, 1999>
Article 1 (Enforcement Date) This Act shall enter into force three months after the date of its promulgation. Articles 2 through 10 Omitted. ADDENDA <Act No. 6043, Dec. 28, 1999>
Article 1 (Enforcement Date) This Act shall enter into force on April 1, 2000: Provided, That the amended provisions of Articles 10 and 14 (3) 2 shall enter into force on April 1, 2001. Article 2 (Special Case for Application concerning Investment for Corporate Restructuring) Of the amended provisions of Article 10 (1) 4, where acquiring or holding shares for the purpose of corporate restructuring, with regard to the shares that may be acquired or held in excess of the amount of investment limit, the same Article, same paragraph, and same subparagraph shall also be applicable to the shares that were acquired or held during a period from January 1, 1998 to March 31, 2002. In such cases, in calculating the period according to the same subparagraph, what have been acquired or held during the period from January 1, 1998 to March 31, 2001 shall be deemed to have been acquired or held on April 1, 2001. <Amended by Act No. 6651, Jan. 26, 2002> Article 3 (Transitional Measures concerning Total Amount of Shareholding) For the purposes of the amended provisions of Article 10 (1), where a member company of a business group designated as a conglomerate makes investment in excess of the shareholding limit as at the time this Act enters into force, the total amount of shareholding made by such company as of the date this Act enters into force shall be deemed the shareholding limit for one year from the date this Act enters into force: Provided, That the foregoing shall not apply where the shareholding limit exceeds an amount deemed the total amount of shareholding following an increase in the net asset value. Article 4 (Transitional Measures concerning Investment in Infrastructure) Any person who has acquired or held, or received recognition of period extension with respect to, shares of a company incorporated to carry on the first-class facility business as prescribed in subparagraph 2 of Article 2 of the previous Promotion of Private Capital into Social Overhead Capital Investment Act (referring to the Act before it was amended by Act No. 5377) in accordance with Article 10 (2) of the previous Monopoly Regulation and Fair Trade Act (referring to the Act before it was amended by Act No. 5528) before this Act enters into force shall be deemed to have acquired or held such shares or have received recognition of period extension under the amended provisions of Article 10 (1) 3 for a period recognized by the Fair Trade Commission at the time of recognition. Article 5 (Transitional Measures concerning Investment Made to Attract Foreign Investment) Where any shares acquired or held to attract foreign investment before this Act enters into force fall under the amended provisions of Article 10 (1) 4, such shares shall be deemed to have been acquired or held on April 1, 2001. ADDENDA <Act No. 6371, Jan. 16, 2001>
The amendments to Article 55-6 shall be applicable from the portion of incurrence of the causes for refund for the first time after this Act enters into force.
ing the penalty provisions against the activities committed before this Act enters into force, the former provisions shall govern. ADDENDA <Act No. 6651, Jan. 26, 2002>
Article 1 (Enforcement Date) This Act shall enter into force on April 1, 2002: Provided, That the amended provisions of Article 11, and of Article 2 of the Addenda of the amended Monopoly Regulation and Fair Trade Act (Act No. 6043) shall enter into force on the date of its promulgation. Article 2 (Term of Validity) Matters related to corporate restructuring in Article 10 (1) 4 shall remain valid until March 31, 2003. Article 3 (Retroactive Application in Relation to Limitation on Total Amount of Shareholding)
Article 4 (Retroactive Application to Enterprises Exceeding Shareholding Limit) The amended provisions of Article 17-2 and subparagraph 6 of Article 67 shall apply to cases where the affiliate of any business group that is designated as a conglomerate as at the time this Act enters into force acquires and holds shares of other domestic company that holds such shares in excess of the shareholding limit as of April 1, 2001 (in the case of the affiliate of any business group that is designated as a conglomerate in 2001, referring to the date on which the business group is designated as a conglomerate; hereafter the same shall apply in this Article) and continues to hold such shares after the lapse of one year from April 1, 2001 and violates the proviso to Article 10 (1) by continuously holding such shares even after the lapse of the deadline prior to which the exception of restrictions on the total investment amount is recognized pursuant to the main sentence of the same Article and the same paragraph. [This Article wholly Amended by Act No. 7315, Dec. 31, 2004] Article 5 (Transitional Measures for Designation, etc. of Business Group subject to Limitations on Cross Shareholding) A business group designated as a conglomerate or a conglomerate subject to limitations on debt guarantees under the former provisions of Article 14 (1) as at the time this Act enters into force, shall be deemed to have been designated as a business group subject to limitations on cross shareholding, etc. under the amended provisions of Article 14 (1). Article 6 (Transitional Measures for Application of Penalty Provisions) An application of penalty provisions to the acts committed before this Act enters into force shall be governed by the former provisions. ADDENDA <Act No. 6705, Aug. 26, 2002>
Article 1 (Enforcement Date) This Act shall enter into force three months after the date of its promulgation. Articles 2 through 4 Omitted. ADDENDA <Act No. 7289, Dec. 31, 2004>
Article 1 (Enforcement Date) This Act shall enter into force six months after the date of its promulgation. Articles 2 through 5 Omitted. ADDENDA <Act No. 7315, Dec. 31, 2004>
Article 1 (Enforcement Date) This Act shall enter into force on April 1, 2005: Provided, That amended Articles 50 (5) through (9), 69 (1) and 69-2 (1) 8 shall enter into force on the date of promulgation of this Act. Article 2 Deleted. <by Act No. 8382, Apr. 13, 2007> Article 3 (Applicability, etc. to Reporting on Business Combination)
Article 4 (Transitional Measures concerning Restrictions on Holding Shares of Domestic Companies, other than Subsidiaries of General Holding Companies) Where a holding company, which has filed a report with the Fair Trade Commission as at the time this Act enters into force, holds the shares of a domestic company, other than its subsidiaries in excess of 5 percent of the total number of shares issued by the domestic company, the shares of that domestic company shall be brought into conformity with amended Article 8-2 (2) 3 within two years from the date this Act enters into force. Article 5 (Transitional Measures concerning Restrictions on Shareholding Ratio on Business-Related Second-Tier Subsidiaries of Subsidiaries of General Holding Companies) Where a subsidiary of any general holding company, which has filed a report with the Fair Trade Commission as at the time this Act enters into force, holds the shares of its business-related second-tier subsidiary, the shares of such business-related second-tier subsidiary shall be brought into conformity with amended Article 8-2 (3) 1 within two years from the date this Act enters into force. Article 6 (Transitional Measures concerning Prohibition on Investments Made by Subsidiaries of General Holding Companies in other Subsidiaries) Where any subsidiary of a general holding company, which has filed a report with the Fair Trade Commission as at the time this Act enters into force, holds the shares of another subsidiary in control of the general holding company, the shares of such subsidiary shall be brought into conformity with amended Article 8-2 (3) 2 within two years from the date this Act enters into force. Article 7 (Transitional Measures concerning Total Amount of Shareholding)
Article 8 (Transitional Measures concerning Penalty Surcharges Imposed on Unfair Collaborative Acts) The imposition of a penalty surcharge on an act which was committed before this Act enters into force and terminated on or before the expiration of the three-month period after the partially amended Monopoly Regulation and Fair Trade Act (Act No. 8631) is promulgated shall be governed by the former provisions. <Amended by Act No. 8631, Aug. 3, 2007> Article 9 (Special Cases concerning Restrictions on Voting Rights Held by Finance Companies or Insurance Companies) The number of shares on which the voting rights can be exercised from among the shares of the domestic affiliates of a company, which are acquired or held, pursuant to the proviso to Article 11 and former subparagraph 3 of Article 11, by any member company of a business group subject to limitations on cross shareholding and is engaged in financial business or insurance business, plus the number of shares on which persons can exercise the voting right, with the exception of persons prescribed by Presidential Decree, from among persons who are specially related to the domestic affiliates, notwithstanding amended subparagraph 3 of Article 11, shall not exceed 30 percent of the total number of shares issued by the domestic affiliates by March 31, 2006; 25 percent from April 1, 2006 to March 31, 2007; 20 percent from April 1, 2007 to March 31, 2008; and 15 percent from April 1, 2008, respectively. ADDENDA <Act No. 7386, Jan. 27, 2005>
Article 1 (Enforcement Date) This Act shall enter into force on the date of its promulgation. (Proviso Omitted.) Articles 2 through 6 Omitted. ADDENDA <Act No. 7428, Mar. 31, 2005>
Article 1 (Enforcement Date) This Act shall enter into force one year after the date of its promulgation. Articles 2 through 6 Omitted. ADDENDUM <Act No. 7492, Mar. 31, 2005>
This Act shall enter into force three months after the date of its promulgation. ADDENDA <Act No. 7796, Dec. 29, 2005>
Article 1 (Enforcement Date) This Act shall enter into force on July 1, 2006. Articles 2 through 6 Omitted. ADDENDA <Act No. 8382, Apr. 13, 2007>
Article 1 (Enforcement Date) This Act shall enter into force three months after the date of its promulgation: Provided, That the amended provisions of Articles 8-2, 10 (1), (2) and (8), 17 (4), 50 (5) and 68, Article 2 of the Addenda, and Article 2 of the Addenda of the amended Monopoly Regulation and Fair Trade Act (Act No. 7315) shall enter into force on the date of its promulgation. Article 2 (Term of Validity) The amended provisions of Article 50 (5) shall remain valid until December 31, 2010. Article 3 (Special Cases concerning Exclusion from Designation of Business Group subject to Limitations on Total Amount of Shareholding) For a business group to which domestic companies whose total sum of assets calculated in accordance with the amended provisions of Article 10 (2) is less than 10 trillion won belongs as of the designation date of the year 2007, from among business groups designated as a business group subject to shareholding limits in accordance with Article 14 (1) as at the time this Act enters into force, shall be deemed to have been exempted from the designation of a business group subject to shareholding limits on the promulgation date of this Act. Article 4 (Transitional Measures concerning Penalty Provisions and Administrative Fines) The act performed before this Act enters into force shall be governed by the previous penalty provisions and provisions on administrative fines. ADDENDA <Act No. 8387, Apr. 27, 2007>
Article 1 (Enforcement Date) This Act shall enter into force six months after the date of its promulgation. Articles 2 through 9 Omitted. ADDENDA <Act No. 8572, Aug. 3, 2007>
Article 1 (Enforcement Date) This Act shall enter into force three months after the date of its promulgation. Articles 2 through 5 Omitted. ADDENDA <Act No. 8631, Aug. 3, 2007>
Article 1 (Enforcement Date) This Act shall enter into force three months after the date of its promulgation: Provided, That the amended provisions of Article 50 (5) and Article 8 of Addenda of the amended Monopoly Regulation and Fair Trade Act (Act No. 7315) shall enter into force on the date of its promulgation, and the amended provisions of Articles 48-3 through 48-9 shall enter into force six months after the date of its promulgation. Article 2 (Term of Validity) The amended provisions of Article 50 (5) shall remain valid until December 31, 2010. Article 3 (Applicability to Reporting on Business Combination) The amended provisions of Articles 7 (4) 1 and 12 (1) 2 and 5 shall apply beginning with the case for which the date of report of business combination from which a reckoning is made for the first time after this Act enters into force. Article 4 (Transitional Measures concerning Business Combination) The former provisions shall govern the business combination for which the date of report of business combination from which a reckoning is made has arrived, notwithstanding the amended provisions of Articles 7 (4) 1 and 12 (1) 2 and 5. Article 5 (Transitional Measures concerning Presumption of Unjust Collaborative Acts) The former provisions shall govern the presumption of unjust collaborative act for an act falling under any subparagraph of former Article 19 (1) which was completed before this Act enters into force, notwithstanding the amended provisions of Article 19 (5). Article 6 (Transitional Measures concerning Penalty Provisions and Administrative Fines) The application of penalty provisions and administrative fines to an act before this Act enters into force shall be governed by the former provisions. ADDENDA <Act No. 8635, Aug. 3, 2007>
Article 1 (Enforcement Date) This Act shall enter into force one and a half year after the date of its promulgation. (Proviso Omitted.) Articles 2 through 44 Omitted. ADDENDA <Act No. 8666, Oct. 17, 2007>
ADDENDA <Act No. 8863, Feb. 29, 2008>
Article 1 (Enforcement Date) This Act shall enter into force on the date of its promulgation. Articles 2 through 5 Omitted. ADDENDA <Act No. 9357, Jan. 30, 2009>
Article 1 (Enforcement Date) This Act shall enter into force six months after the date of its promulgation. Articles 2 through 4 Omitted. ADDENDUM <Act No. 9554, Mar. 25, 2009>
This Act shall enter into force on the date of its promulgation: Provided, That the amended provisions of Articles 11-4 and 12 (6) shall enter into force three months after the date of its promulgation. ADDENDA <Act No. 10166, Mar. 22, 2010>
Article 1 (Enforcement Date) This Act shall enter into force six months after the date of its promulgation. Articles 2 through 9 Omitted. ADDENDA <Act No. 10303, May 17, 2010>
Article 1 (Enforcement Date) This Act shall enter into force six months after the date of its promulgation. (Proviso Omitted.) Articles 2 through 10 Omitted. ADDENDUM <Act No. 11119, Dec. 2, 2011>
This Act shall enter into force three months after the date of its promulgation. ADDENDA <Act No. 11406, Mar. 21, 2012>
Article 1 (Enforcement Date) This Act shall enter into force three months after the date of its promulgation: Provided, That the amended provisions of Article 37 (2) shall enter into force on May 30, 2012. Article 2 (Applicability to Period for Evaluation of Business Combination) The amended provisions of Article 12 (7) and (8) shall apply from the first reporting on the business combination under paragraph (6) of the same Article after this Act enters into force. Article 3 (Applicability to Period for Disposition) The amended provisions of Article 49 (4) shall apply from the first case which is investigated pursuant to paragraph (1) or (2) of the same Article after this Act enters into force. Article 4 (Transitional Measures concerning Imposition of Penalty Surcharges against Unlawful Acts by Business Entities' Organization) The imposition of a penalty surcharge against an act that is ended before this Act enters into force shall be governed by the former provisions notwithstanding the amended provisions of Article 28 (2) and (3). ADDENDA <Act No. 11758, Apr. 5, 2013>
Article 1 (Enforcement Date) This Act shall enter into force three months after the date of its promulgation. (Proviso Omitted.) Articles 2 and 3 Omitted. ADDENDA <Act No. 11845, May 28, 2013>
Article 1 (Enforcement Date) This Act shall enter into force three months after the date of its promulgation. (Proviso Omitted.) Articles 2 through 17 Omitted. ADDENDUM <Act No. 11937, Jul. 16, 2013>
This Act shall enter into force six months after the date of its promulgation. ADDENDA <Act No. 12095, Aug. 13, 2013>
Article 1 (Enforcement Date) This Act shall enter into force six months after the date of its promulgation. Articles 2 (Transitional Measures)
ADDENDA <Act No. 12334, Jan. 24, 2014>
Article 1 (Enforcement Date) This Act shall enter into force six months after the date of its promulgation. Article 2 (Applicability to Prohibition on Circular Shareholding)
ADDENDUM <Act No. 12708, May 28, 2014>
This Act shall enter into force six months after the date of its promulgation. ADDENDA <Act No. 13071, Jan. 20, 2015>
Article 1 (Enforcement Date) This Act shall enter into force on the date of its promulgation. Article 2 (Applicability to Revocation of Extension of Deadlines for Paying and Payment in Installments) The amended provisions of Article 55-4 (3) 4 shall apply from the first application for an extension of a deadline for payment or payment in installments filed after this Act enters into force. Article 3 (Applicability to Restitution of Rewards) The amended provisions of Article 64-3 shall apply from the first restitution of a reward to be paid after this Act enters into force. ADDENDA <Act No. 13450, Jul. 24, 2015>
Article 1 (Enforcement Date) This Act shall enter into force on the date of its promulgation: Provided, That the amended provisions of Article 37 (3) shall enter into force two months after the date of its promulgation. Article 2 (Transitional Measures concerning ) A public official in special service, who serves as a standing commissioner of the Fair Trade Commission under the former Article 37 (3) at the time the amended provisions of Article 37 (3) enter into force, shall be deemed to be appointed as a public official in a fixed term position pursuant to Article 26-5 of the State Public Officials Act on the date the same amended provisions enter into force. In such case, the term of office shall be the remaining period of the term of office as at the time of his/her appointment as a standing commissioner. ADDENDA <Act No. 14075, Mar. 18, 2016>
Article 1 (Enforcement Date) This Act shall enter into force on the date of its promulgation. Articles 2 through 7 Omitted. ADDENDA <Act No. 14122, Mar. 29, 2016>
Article 1 (Enforcement Date) This Act shall enter into force six months after the date of its promulgation. Articles 2 through 5 Omitted. ADDENDA <Act No. 14127, Mar. 29, 2016>
Article 1 (Enforcement Date) This Act shall enter into force six months after the date of its promulgation. Articles 2 through 11 Omitted. ADDENDA <Act No. 14137, Mar. 29, 2016>
Article 1 (Enforcement Date) This Act shall enter into force on the date of its promulgation: Provided, That amended Articles 11-4 (1), 22-2 (2) through (4), and proviso to Article 28 (3) shall enter into force six months after the date of its promulgation. Article 2 (Applicability to Effect of Interruption of Prescription) Amended Article 48-6 (4) through (6) shall begin to apply from the first dispute to be applied for mediation after this Act enters into force. Article 3 (Applicability to Effect of Court Settlement) Amended Article 48-8 shall begin to apply from the first dispute to be applied for mediation after this Act enters into force. Article 4 (Applicability to Additional Refunds of Penalty Surcharges) Amended proviso to Article 55-7 shall begin to apply from the first case where the imposition of a penalty surcharge is revoked by a ruling of the court after this Act enters into force. Article 5 (Transitional Measures concerning Imposition of Penalty Surcharges against Business Entities' Organizations Engaging in Prohibited Activities) Notwithstanding the amended proviso to Article 28 (3), the imposition of a penalty surcharge against an act ended before the enforcement date specified in the proviso to Article 1 of the Addenda shall be governed by the former provisions. Article 6 (Transitional Measures concerning Conclusion of Unfair International Contracts) The imposition of a penalty surcharge against concluding an unfair international contract before this Act enters into force shall be governed by the former provisions. Article 7 (Transitional Measures concerning Penalty Provisions) The application of penalty provisions to acts done before this Act enters into force shall be governed by the former provisions. |