LIN NEWS
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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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News Letter[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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NoticeLin Signs MOU with Korea New & Renewable Energy Association (KNREA)Mutual cooperation on new & renewable energy-related projects through legal services in the field of laws and regulations On October 26, Lin signed an MOU with KNREA to promote the development of the domestic new & renewable energy industry. The agreement was signed to provide various legal services to KNREA and its member companies, including information on new & renewable energy-related laws and regulations. Through the agreement, the two parties agreed to cooperate on ▶ improving new & renewable energy-related laws and systems ▶ providing legal advice on new & renewable energy ▶ and training on new & renewable energy. In line with the trend of carbon neutrality, Lin will exert its best to promote the sustainable development of the renewable energy industry, which can replace conventional energy using fossil fuels and nuclear power. For more information, please visit KNREA website below. http://www.knrea.or.kr/bbs/?act=bbs&subAct=view&bid=agreement&page=1&order_type=desc&seq=58282023.11.10
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Recruitment PersonnelNew RecruitmentsWe are pleased to welcome Jung Bong Lee (Partner), Lance B. Lee (Foreign Legal Consultant - Partner), and Ki Suk Seol (Of Counsel) as new members of our Firm. 1. Jeong Bong Lee, Partner - Incheon Songdo High School(68th) - Yonsei University, Department of Law - Chungnam National University, School of Law - Korean Bar Examination (40th, 1998) - Judicial Research and Training Institute (27th) - University of Vienna – Criminal Justice Institute Visiting Scholar (2008) Past) Incheon District Public Prosecutors’ Office – Prosecutor (2001) Past) Daejeon District Public Prosecutors’ Office, Hongseong Branch – Prosecutor (2003) Past) Incheon District Public Prosecutors’ Office, Bucheon Branch – Prosecutor (2005) Past) Seoul Central District Public Prosecutors’ Office – Prosecutor (2007) Past) Supreme Prosecutors’ Office - Prosecutor Researcher (2007) Past) Busan District Public Prosecutors’ Office – Prosecutor (2013) Past) Financial Intelligence Unit (FIU) - Head of Strategic Analytics (2014) Past) Chuncheon District Public Prosecutors’ Office, Gangneung Branch – Chief Prosecutor (2016) Past) Daegu District Public Prosecutors’ Office, Seobu Branch – Chief Prosecutor, Criminal Division 3 (2017) Past) Seoul Eastern District Public Prosecutors’ Office - Chief Prosecutor, Criminal Division 5 (2018) Past) Seoul Southern District Public Prosecutors’ Office - Chief Prosecutor, Criminal Division 2 (2019) Past) Supreme Prosecutors’ Office – Human Rights Policy Officer (2020) Past) Gwangju District Public Prosecutors’ Office – Human Rights Protection Officer (2021) Past) Chuncheon District Public Prosecutors’ Office – Chief of Wonju Branch (2022) Past) Seoul High Prosecutors’ Office (Daegu District Public Prosecutors’ Office, Secondment(2023), Voluntary Resignation) Current) LIN Since his appointment as a prosecutor in 2001, Mr. Lee has served as a prosecutor at the Seoul Central District Prosecutors' Office, a researcher at the Supreme Prosecutors' Office, a prosecutor at the Busan District Prosecutors' Office, a secondee at the Financial Intelligence Unit (FIU), a deputy prosecutor at the Seoul Eastern and Southern District Prosecutors' Offices, and a human rights policy officer at the Supreme Prosecutors' Office, before finally retiring in 2023 as the Chief Prosecutor of the Wonju District Prosecutors' Office. During his 22 years and 8 months as a prosecutor, he discharged a wide range of cases, including intellectual property infringement, technology theft and unfair competition, medical malpractice, sexual assault, finance, taxation, homicide, special crime, public security, and human rights policy (due process compliance in investigations). Mr. Lee, who joined Lin as a partner in November 2023, plans to actively engage in various cases such as securities, finance, and corporate anti-corruption based on diverse investigative and theoretical experience accumulated from the prosecution. Lin boasts top domestic experts in responding to financial, corporate crimes, and other investigative matters, and we will strive to provide our clients with high-quality legal services. 2. Lance B. Lee, Foreign Legal Consultant (Partner) - Boston College Law School – J.D. - University of Virginia – B.A. Past) Dentons Lee - Chief Operating Officer, Head of International Arbitration & Litigation and Partner, 2012-2023 Past) Kim & Chang - Partner Past) STX Shipbuilding Corporation – Group General Counsel Past) POSCO – Overseas Projects Team Leader Past) U.S. Army JAG Corps – Trial Counsel, Prosecutor and Captain Past) Gainer, Rient & Hotis - Attorney Current) LIN – Head of International Arbitration & Litigation, Partner (Present) Mr. Lee, a U.S. attorney, was responsible for various international arbitration and litigation cases for 11 years at Kim & Chang, representing numerous international corporations and diverse fields. Serving as General Counsel at STX Shipbuilding Corporation and Head of the International Legal Team at POSCO, he handled tasks such as international arbitration, international litigation, IP, corporate M&A, contract negotiations, and joint investments for global conglomerates. Subsequently, as a partner at the Seoul Office of Dentons, he worked for 11 years as the Head of the International Arbitration/Litigation Team, leading numerous international arbitration cases as lead counsel. In 2024, for the first time in history, more than half of the global population will be holding elections, signaling the end of America’s “unilateral hegemony” and prompting the world to prepare for more disputes. With major industrial powers intensifying their industrial policies and protectionist measures to secure leadership in advanced and eco-friendly industries post-election, there is an anticipated increase in international disputes, particularly in advanced technology sectors such as semiconductors and information technology (IT). Mr. Lee, a foreign attorney leading the International Arbitration/Litigation Team, will leverage his experience and expertise to actively discharge legal advice on the prevention and resolution of international disputes for various global corporations based on his accumulated knowledge and professionalism. 3. Ki Suk Seol, Of Counsel - Hongik University, Department of Architecture - Kyungpook National University, Graduate School of Law, - KAIST, Intellectual Property Graduate School - Bar Examination (3rd) Past) Eland Group, Legal Department Past) Hyundai Engineering, Legal Department Past) Ministry of Justice, Legal Affairs Officer Past) Ministry of Justice, Legal Affairs Secretary Current) LIN Mr. Seol, as an in-house counsel for a large corporation, has accumulated expertise in a wide range of legal affairs that can arise within the company, including civil and criminal litigation and consultation, fair trade practices, compliance, intellectual property, construction, and labor-related dispute management. Subsequently, serving as a Legal Affairs Secretary at the Ministry of Justice, he handled administrative adjudication and litigation, legislation drafting and revision, interpretation of laws and rights, review of government and legislative bills, formulation of legislative strategies, improvement of attorney and notary systems, and enhancement of legal technology systems. Through these roles, he has built expertise in planning, administration, and legislation. Amidst the ongoing challenges such as the increase in unsold and unoccupied properties, rising construction costs, high interest rates, and stagnation in real estate PF, it is anticipated that legal disputes and litigation among real estate market participants, including developers, contractors, financial institutions, trustees, and local housing associations, will continue to rise. Mr. Seol, who has served as an in-house counsel for a global integrated construction company, has handled a wide range of cases from civil and criminal matters to fair trade, construction, labor, and compliance issues, from the client's perspective, collaborating with various major law firms. Drawing upon his extensive practical experience accumulated in the field, he is committed to providing tailored solutions, not only advisory services but also litigation support, to corporate clients. 4. Recruitment of Foreign Lawyer With recent concerns over deflation in China, attitudes of Korean companies towards China have become notably cautious. Consequently, there is a growing need for professional advice regarding entry into the Chinese market. Recognizing this demand, Lin has recently recruited Ms. Wenpu Yang (Chinese attorney), aiming to provide high-quality legal service that aligns with our clients’ business strategies and management objectives on various issues related to Sino-Korean business relations. Going forward, Lin promises to continuously recruit verified talents in various fields to ensure customer satisfaction.2024.02.05
LIN selected as 'AI Legal Assistant Service Disseminator' outperforming large law firms
Five consortiums of law firms have been selected as the finalists in the government's first AI-based legal service support project.
According to legal circles on the 29th, the Ministry of Science and ICT and the National IT Industry Promotion Agency (NIPA) recently selected 'AI Legal Assistant Service Disseminators' that will receive a total of 14.2 billion won. As a result of the competition between major law firms, legal tech platforms, and AI giants, small and medium-sized law firms such as Law & Liberty, LIN, and Donghwa, which partnered with technically advanced legal tech companies, were selected.
A total of five projects were selected, including two "public oriented services" that will receive 4.4 billion won each and three "private expert assistant services" that will receive 1.8 billion won each over the next 18 months. The private expert assistant services include Saltlux-LIN's Legal Co-Pilot, Law & Company-Yoon & Yang's Legal Case Analysis Support, and WiseNut-Donghwa-LKB & Partners's AI Legal Assistant. Saltlux's Legal Co-Pilot focused on improving efficiency by assisting lawyers in their work.
For more details, please refer to the original article below.
The Korea Economic Daily
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https://www.hankyung.com/article/2024072969481
Attorney Jeong Bong Lee of LIN, delivered a keynote on 'Strategies for Responding to the Virtual Asset Users Protection Act'
On July 24, the "2024 7th KBIPA Web 3.0 Leaders Forum" was held at The White Vale, hosted by the Korea Blockchain Industry Promotion Association (Chairman Hyung Joo Kim).
The forum was attended by more than 60 participants, including KBIPA executives and employees, and members of associations and experts in various fields such as law, finance, and the blockchain industry.
Lee gave a keynote presentation on "Strategies for Responding to the Virtual Asset Users Protection Act," covering the domestic and international market conditions related to virtual assets, whether virtual assets are securities, concepts of important terms and penalty provisions of the Virtual Asset User Protection Act, their implications and response strategies.
In particular, the presentation was significant as it examined potential legal issues related to the regulation of unfair trade practices that may arise immediately after the enforcement of the Virtual Asset Users Protection Act and discussed preemptive response measures, and was well-received by the attendees.
Our firm will continue to respond promptly to various legal issues arising in the cryptocurrency market by collaborating with lawyers with expertise in the cryptocurrency market, including Lee, former head of the FIU's Strategic Analysis Team, and existing financial lawyers and experts who have experience in the Financial Supervisory Service, the Korea Exchange, and the securities industry.
For more details, please refer to the original article below.
Fintech Today
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https://www.fintechtoday.co.kr/news/articleView.html?idxno=1083
[Contributed by] Attorney Chang Ha Brian Yoo of LIN, 'Data Protectionism in the Age of AI'
An article of U.S. Attorney Chang Ha Brian Yoo of LIN’s TMT team was recently published in the Maeil Business Newspaper.
In an article titled "Data Protectionism in the Age of AI," U.S. Attorney Chang Ha Brian Yoo discussed the growing international conflict over data acquisition and control, or "data protectionism," in the age of AI. Former U.S. Secretary of State Henry Kissinger has called for an international treaty on AI development and use, similar to the Nuclear Arms Reduction Treaty. Recently, the U.S. passed a bill that could ban TikTok, requiring Bytedance to sell TikTok or face a ban on its service in the U.S., and Japan demanded that Naver sell its messaging platform Line to a Japanese company. These measures reflect the critical importance of data control, which can significantly impact both national security and the success of data economy. Yoo emphasized that major countries are adopting data protectionism to protect their citizens' data and block foreign influence, and suggested that Korea should seek a policy balance in this regard.
For more details, please refer to the original article below.
Maeil Business Newspaper
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https://m.mk.co.kr/news/contributors/11068640
