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South Korea's proposed retail business act revision expands oversight to include more e-commerce platforms

( October 18, 2024, 02:36 GMT | Official Statement) -- MLex Summary:  The scope of South Korea’s proposed revision of the Act on Fair Transactions in Large Franchise and Retail Business has been broadened to bring more e-commerce platforms under its regulatory control. The Korea Fair Trade Commission has set the criteria to cover platforms with revenue exceeding 10 billion won ($8 million) or 100 billion won in annual transaction fees. The agency also introduced a 20-day payment settlement period, requiring e-commerce platforms to disburse payments to sellers within 20 days after a customer confirms a purchase. In addition, platforms must securely manage 50 percent of the payment money in a separate account.The statement, in Korean, is attached....

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