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Draft amendment to South Korean competition law proposed to National Assembly

( October 30, 2024, 06:15 GMT | Official Statement) -- MLex Summary: A draft revision of South Korea’s competition law has been proposed to the National Assembly by lawmaker Kang Min-kuk of the ruling People Power Party. The bill, prepared by the country’s competition regulator, introduces stricter criteria for new regulations targeting dominant online platforms, setting an annual sales threshold of 3 trillion won (about $2.2 billion) for classifying “dominant platforms.” The bill identifies four key practices that should be prohibited: self-preferencing, tying services, restricting multi-homing and demanding most-favored-nation treatment. It also increases the maximum fines for violations to up to 8 percent of relevant sales. The bill, in Korean, is attached....

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