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South Korean regulator seeks study to harmonize fine calculations across competition laws

( April 7, 2025, 08:31 GMT | Official Statement) -- MLex Summary: The Korea Fair Trade Commission is soliciting research proposals to address inconsistencies in how fines are calculated under the Monopoly Regulation and Fair Trade Act, Fair Transactions in Large Retail Business Act and Fair Agency Transactions Act. Under current rules, the parent Fair Trade Act imposes fines up to 2 percent of relevant turnover, while the retail law bases fines on supply transaction values and the agency law uses violation amounts. When these calculation bases cannot be defined, the Fair Trade Act allows flat fines up to 1 billion won ($683,000), whereas the other laws cap penalties at 500 million won. Accordingly, the Fair Trade Act allows percentage-based fines if relevant turnover can be calculated, even without a defined violation amount — a flexibility not allowed under the specialized statutes.The notice, in Korean, is attached....

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