Republic of Korea: Adopted Amendments to Enforcement Decrees of the Act on Fair Labeling and Advertising

On 26 December 2023, the South Korean Cabinet of Ministers adopted the Fair Trade Commission's (FTC) proposed Amendments to Enforcement Decrees of the Act on Fair Labeling and Advertising. The amendment, following the recent amendment of the Act, entrusts the task of inspecting the implementation of agreed corrective action plans, previously performed by the Fair Trade Commission, to the Korea Consumer Agency. In addition, the criteria for imposing fines in cases where there is no sales revenue are made identical to those of the Enforcement Decree of the Monopoly Regulation and Fair Trade Act, with the aim of enhancing objectivity and fairness in calculating fines.