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LIN NewsCurrent Status of Lin Experts' Appointment by Institutions in the 3rd Quarter of 2024Recent external appointments of Lin’s legal experts are as below. Tae Eon Koo Appointed as a Member of the Compensation Management Committee of the Korea Entertainment Producers Association (KEPA) On June 1, 2024, Tae Eon Koo of LIN was appointed as a member of the Compensation Management Committee of the KEPA (June 1, 2024 - May 31, 2026). The KEPA is an organization established to preserve and inherit Korea's popular cultural heritage, advance national music culture, promote Korean music on a global stage, create a healthy cultural environment for youth, and promote the rights and welfare of member organizations. As a member of the Compensation Management Committee of the KEPA, Mr. Koo will strive to properly manage KEPA’s compensation funds while working to strengthen the infrastructure for the popular music industry and improve the rights and interests of producers, and will also do his best to facilitate active exchanges with overseas popular culture markets to support member companies’ global expansion and their artists’ activities, and to promote the rights of member companies that are being infringed upon in overseas markets. Tae Eon Koo reappointed as a Member of the Samsung Card Specialized Data Agency's Pseudonymization and Anonymization Appropriateness Assessment Committee On October 1, 2024, Tae Eon Koo of LIN was reappointed as a member of the Pseudonymization and Anonymization Appropriateness Assessment Committee of the Samsung Card Specialized Data Agency (Oct. 1, 2024 - Sept. 30, 2025). The Samsung Card Specialized Data Agency is a specialized organization that supports the safe combination and utilization of data to facilitate cross-industry data convergence based on its trusted expertise accumulated through the establishment and operation of core infrastructure. In addition, anonymization appropriateness assessment is a system that enables the safe utilization of anonymized data through a strictly constituted appropriateness assessment committee, and Koo is a member of the Pseudonymization and Anonymization Appropriateness Assessment Committee of Samsung Card Specialized Data Agency, and will diligently work to help the agency consider the appropriateness of anonymization more objectively and combine and provide data in a safer manner. Chul Soo Kim, Moon Joo Kim, and Jung Tae Kim Reappointed as External Legal Advisors to Korea Overseas Infrastructure and Urban Development Corporation (KIND) On September 1, 2024, Chul Soo Kim, Moon Joo Kim, and Jung Tae Kim of LIN were reappointed as external legal advisors to the Korea Overseas Infrastructure and Urban Development Corporation (KIND). KIND was established under the Overseas Construction Promotion Act and officially launched in June 2018, and is the Korean government's specialized support agency for overseas infrastructure and urban development projects. KIND conducts activities such as identifying and promoting overseas infrastructure and urban development projects, and providing investment, funding, and financial advisory services in order to support Korean companies' expansion into investment-development projects in overseas infrastructure and urban development sectors. Since their appointment as KIND's external legal advisors on September 1, 2022, Attorneys Chul Soo Kim, Moon Joo Kim, and Jung Tae Kim have provided legal services on various issues related to KIND's overseas infrastructure and urban development projects and management in general, and will continue to work diligently to help KIND grow as a specialized support organization for Korean companies to promote overseas infrastructure and urban development projects. Jin Kee Jung Appointed as Legal Advisor to the Air Force Academy Alumni Association Jin Kee Jung of LIN was appointed as legal advisor to the Air Force Academy Alumni Association on July 1, 2024 (July 1, 2024 - June 30, 2027). The Air Force Academy continues to innovate the education and training system for cadets to foster human resources with military expertise, while also making multifaceted efforts to develop proper character and competencies required of national and military leaders through life education, military education, and operation and development of self-governance systems. In addition, the Air Force Academy Alumni Association has been working to expand mutual exchanges and participation for the development of the Air Force Academy, and to revitalize the research activities of the Seongmu Security Research Institute and the Seongmu Scholarship Program. Jung will do his best to contribute to the development of the Air Force Academy Alumni Association and Air Force personnel by faithfully providing legal advice to the organization during the term of his appointment. Seok Lee appointed as a Member of the Gyeonggi-do Climate Response Fund Management Review Committee On September 2, 2024, Attorney Seok Lee of LIN was appointed as a member of the Gyeonggi-do Climate Response Fund Management Review Committee (September 2, 2024 - October 18, 2025). The Gyeonggi-do Climate Response Fund Management Review Committee is a deliberative body established to effectively manage the fund created by the Gyeonggi-do to respond to climate change, and the committee is responsible for deliberating and coordinating the fund's operational direction, investment and execution plans. As a member of the Gyeonggi-do Climate Response Fund Management Review Committee, Lee will work diligently to help the committee manage the fund more effectively through discussions and consultations from various experts such as climate experts, public officials in related fields, and stakeholders.2024.11.26
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LIN News[Finance Legal Updates] Crying PG vs. Smiling PG in the Wemef- Tmon FiascoI. Responses of Government Departments and Legislative Trends Related to the Wemef - Tmon Fiasco On July 29 and August 7, the government announced the following “Response Plans and Institutional Improvement Directions for the Wemef-Tmon Fiasco” to provide measures for consumer relief and fundamental institutional improvement directions to prevent recurrence. ●According to the Financial Supervisory Service, Wemef and Tmon's outstanding sales proceeds amount to KRW 274.5 billion as of July 31, and it is expected to more than triple in the future. ● In response, they plan to quickly provide liquidity with a total of KRW 560 billion+a/accept applications for emergency business stability funds through KOSME and SEMAS/ and receive applications for support through joint programs between KODIT and KDB. ●Expedited refunds for affected consumers are also being processed through credit card companies and payment gateways (“PGs”). ● In addition, they are considering amending the relevant laws to shorten the settlement period for e-commerce and PG companies to make it shorter than the current 40 to 60 days for large-scale distributors and to introduce mandatory separate management of sales proceeds. II. Situations of PG Companies and Legislative Trends First of all, as a measure for consumer redress, the financial authorities ordered PG companies, which are located in the middle of the money flow (consumer→card company→PG company→e-commerce platform→e-commerce vendor), to actively cancel payments because the Specialized Finance Business Act requires payment service providers to comply with cardholders’ requests for transaction cancellation or refund (Article 19 of the Specialized Finance Business Act). However, in the event of large-scale online payment cancellations, there is a high probability that refunds from e-commerce platforms to PG companies will not be properly executed, and in many cases, there is no payment guarantee insurance in place, so there is a strong possibility that the PG companies will bear the losses, and in reality, it may be difficult for consumers to recover damages. To prevent a recurrence of this situation, the government's proposed system improvement plans for the PG business include: (i) separating PG business from e-commerce, (ii) strengthening registration requirements for PG companies and establishing grounds for sanctions, (iii) shortening the settlement period, and (iv) mandating separate management of sales proceeds. The government's plans to improve the system are expected to increase the level of regulation for PG companies, which will inevitably lead to additional compliance costs for PG companies, and thus serve as a factor that will accelerate the market consolidation by separating stronger players from weaker ones. In addition, companies that operate PG and e-commerce businesses may incur some losses depending on the level of separation between PG and e-commerce businesses introduced, as they have already invested costs, while companies that focus on PG business may have business opportunities as they can absorb e-commerce companies that were previously hybrid operators as new clients. III. Implications The government has decided to revise the Large-scale Retail Business Act and the Electronic Financial Transactions Act to improve the system in response to the Wemef - Tmon situation, and the bills are expected to be finalized this month after collecting opinions from experts and the industry, so e-commerce companies and PG companies need to pay attention to the details of the proposed bills. LIN has been actively analyzing the causes of the Wemef - Tmon fiasco since its early stage and has been working on establishing response strategies and providing consulting services to predict the government's future regulatory direction in various ways and to ensure that the government's policy decisions are made rationally. LIN's Financial Regulatory Team consists of experts who have extensive experience in reviewing the Electronic Financial Transactions Act, the E-Commerce Act, and the Large-scale Retail Business Act, and have been providing in-depth advice on various legal issues. Should you need assistance in these matters, please do not hesitate to contact the experts at LIN’s Financial Regulatory Team. *** We have been performing related work for a long time at financial authorities such as the Financial Supervisory Service and the Korea Exchange and at leading domestic law firms such as Kim & Chang. Also, we launched a financial team comprised of proven experts and are currently providing high-quality legal services, including advisory and representation, to many financial institutions. Through this, we are providing practical help to domestic and international financial institutions by diagnosing various legal and regulatory risks faced by financial institutions and providing solutions. If you would like to know more about this newsletter or have any other questions, please do not hesitate to contact us.2024.11.26
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LIN NewsLIN participated in the 2024 Swedish Chamber of Commer in Korea (SCCK) Gala DinnerLIN participated as a Silver sponsor for the Swedish Chamber of Commerce in Korea (SCCK) Gala Dinner, with Hye Kyung Lim, Hyun Su Do, and David Yang attending the event on behalf of the firm. Invitees included members of the Swedish business community, such as Tetra Pack and SAAB, as well as the diplomatic corps in Seoul and key collaborators. LIN is actively promoting the Sweden-Korea business in partnership with the Swedish law firm CFH, led by Carl-Fredrick Hendenstrom.2024.11.19
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