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South Korea to revise competition law to address abuse of dominance by platform giants

( September 9, 2024, 07:00 GMT | Official Statement) -- MLex Summary: The South Korean competition regulator announced plans to revise the competition law to address abuse of dominance by platform giants. The upcoming revision will specify the criteria of identifying dominant platform businesses, list prohibited behaviors and include market surveys to determine which businesses meet the proposed criteria. In an effort to protect consumers and small vendors, the regulator is also seeking to revise the Act on Fair Transaction in Retail Business, extending its scope to regulate e-commerce giants that mediate transactions between vendors and consumers.The statement, in Korean, is attached....

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