( September 17, 2026, 09:08 GMT | Official Statement) -- MLex Summary: South Korea’s National Assembly has passed legislation that will significantly shorten payment deadlines for large retailers dealing with suppliers and store operators, the Korea Fair Trade Commission said Thursday. The changes follow a review prompted by the TMON-WeMakePrice crisis and Homeplus restructuring. Under the amendment to the Act on Fair Transactions in Large Retail Business, payment for special-purchase, consignment and certain lease transactions must generally be made within 20 days of the monthly sales closing date, down from 40 days, while the deadline for direct purchases will fall to 35 days from 60 days. The law allows limited exceptions, including monthly settlement arrangements and, for direct purchases, cases involving urgent financial difficulties approved by the KFTC. The changes will take effect one year after promulgation.Statement is attached (in Korean)....
Prepare for tomorrow’s regulatory change, today
MLex identifies risk to business wherever it emerges, with specialist reporters across the globe providing exclusive news and deep-dive analysis on the proposals, probes, enforcement actions and rulings that matter to your organization and clients, now and in the longer term.
Know what others in the room don’t, with features including:
- Daily newsletters for Antitrust, M&A, Trade, Data Privacy & Security, Technology, AI and more
- Custom alerts on specific filters including geographies, industries, topics and companies to suit your practice needs
- Predictive analysis from expert journalists across North America, the UK and Europe, Latin America and Asia-Pacific
- Curated case files bringing together news, analysis and source documents in a single timeline
Experience MLex today with a 14-day free trial.