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South Korea halts statute of limitations during consent orders in revision to competition law

( May 25, 2023, 08:37 GMT | Official Statement) -- MLex Summary: A revision to South Korea’s competition law was passed at the National Assembly today, the Korea Fair Trade Commission said. The revision introduces a temporary suspension of the statute of limitations during the consent-order process. The change seeks to address concerns surrounding potential abuse of consent orders by defendants who seek to deliberately delay the case to let the statute of limitations expire in instances where its expiration is imminent. The revision also establishes a legal basis for compliance programs, enabling the competition regulator to offer incentives for participation, such as reduced fines, corrective orders or rewards. The regulator will delegate the responsibility for monitoring company compliance with corrective orders to its affiliate, the Korea Fair Trade Mediation Agency. The statement, in Korean, is attached....

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