SEOUL, March 30 (Korea Bizwire) – South Korea’s financial authorities said Monday they have finalized enforcement rules for peer-to-peer (P2P) lending ahead of the implementation of a related act in August. The rules allow individuals to invest up to 30 million won (US$24,700) to be lent to those who are in need of loans and [...]
SEOUL, March 10 (Korea Bizwire) — South Korea’s financial authorities said Tuesday they will tighten regulations on stock short selling as part of market stabilization measures amid increased fluctuations sparked by the outbreak of the new coronavirus and a slide in global oil prices. Finance Minister Hong Nam-ki said the government will temporarily ease its [...]
SEOUL, Feb. 28 (Korea Bizwire) — Various vehicle models such as passenger cars, cargo trucks and special vehicles will now be able to be converted into recreational vehicles (RVs) or campers in South Korea. The Ministry of Land, Infrastructure and Transport said the lower statute of the Automobile Management Act, which includes deregulation measures to [...]
SEOUL, Feb. 19 (Korea Bizwire) — Starting next year, owners of drones weighing up to 2 kilograms or more will have to report their drone to the government. The Ministry of Land, Infrastructure and Transport on Wednesday announced legislation of the enforcement ordinance of the Aviation Safety Act, which classifies and manages drones based on [...]
SEOUL, Jan. 16 (Korea Bizwire) — South Korea said Thursday it will make it much harder for schoolchildren to dissect animals during science class starting in March, allowing the practice only when schools meet certain criteria. The new regulations are aimed at improving the public’s awareness of animal welfare, according to the Ministry of Agriculture, [...]
SEJONG, Jan. 15 (Korea Bizwire) — South Korea’s antitrust regulator said Wednesday it has ordered Netflix Inc., a global internet entertainment service provider, to amend “unfair” terms and conditions in its subscription contracts. The Fair Trade Commission (FTC) said Netflix is required to notify subscribers of its plan to change fees and obtain consent from [...]
SEOUL, Dec. 30 (Korea Bizwire) — In the future, minors will be allowed to practice animal dissection only under certain exceptional circumstances, and fines will be imposed on those who violate this directive. The Ministry of Agriculture, Food and Rural Affairs on Sunday announced a revision to the enforcement ordinance that sets the standard for [...]
SEOUL, Sept. 23 (Korea Bizwire) — South Korean shopping mall operators are paying attention to the National Assembly’s upcoming decision on a new legislative bill during the regular session that starts on Thursday. The ruling party is currently pushing for stricter regulations that would require large-sized malls, so-called super supermarkets (SSMs), and shopping complexes to [...]
SEOUL, Aug. 9 (Korea Bizwire) — Current legislation is expected to be revised so that billiard halls will be permitted to open within 200 meters of middle and high schools in the near future. The Office for Government Policy Coordination on Thursday announced a number of regulatory innovations in the local economy and small- and [...]
SEOUL, Jul. 11 (Korea Bizwire) — Electric kickboards will now be legally allowed on bicycle paths. Although limited to certain areas and under strict regulations, electric kickboards are being legalized on bicycle paths for the very first time. The Ministry of Trade, Industry and Energy decided on Wednesday to make a special exemption to allow [...]