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Draft bill for South Korea's merger-review revamp put up for public consultation

( February 13, 2023, 03:00 GMT | Official Statement) -- MLex Summary: The South Korean competition regulator has drafted a bill to reform the country's merger-review system and will seek public comments on it starting from this week. In a statement issued today, the Korea Fair Trade Commission said the changes include establishing a legal basis for a system in which, in the case of problematic deals, the merging companies devise their own remedies and, if the regulator deems them sufficient to resolve competition concerns, conditionally approves the mergers. Another change, the regulator said, is expanding the scope of notification exemption by including deals that are less likely to raise anticompetitive concerns, such as mergers between a parent company and its subsidiary and establishment of private-equity funds. The draft bill containing these changes to competition law will be under public review from Feb. 14 to March 27.The statement, in Korean, is attached....

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