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KTFC proposes higher fines for franchise act breaches

( November 1, 2016, 04:05 GMT | Official Statement) -- MLex Summary: The Korea Fair Trade Commission has pre-announced revisions to the ordinance for the enforcement of the Franchise Act to increase fines for violations. If a violation is considered severe, fines will be increased through the imposition of an additional charge of 60 to 80 percent of the original fine. If a breach is regarded as significant, 40 to 60 percent will be added, and if it is not so significant, 20 to 40 percent will be added. If a company violates the rules more than twice in three years, an additional 50 percent will be added to any fines, and if a company retaliates against franchisees for reporting misconduct, an extra 20 percent will be imposed. The commission plans to solicit feedback during the notification period, which ends on Nov.17. The regulator's statement, in Korean, is attached....

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