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Revision to South Korea's Retail Business Act proposed to National Assembly

( October 30, 2024, 06:37 GMT | Official Statement) -- MLex Summary: A draft revision of South Korea’s Act on Fair Transactions in Large Franchise and Retail Business, drafted by the country's competition regulator, has been proposed to the National Assembly by lawmaker Kang Min-kuk of the ruling People Power Party, along with 10 other lawmakers. The bill seeks to expand the scope of the law to bring major e-commerce platforms under regulatory oversight. It introduces new criteria for classifying major e-commerce platforms, targeting those with transaction-based revenue exceeding 10 billion won ($8 million) or 100 billion won in annual transaction fees. Under the bill, e-commerce platforms will have a 20-day payment settlement period to disburse payments to sellers and must securely hold half of sales proceeds in a separate account. The bill, in Korean, is attached. ...

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