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

On 2 January 2024, the Fair Trade Commission (FTC)'s Amendments to Enforcement Decrees of the Act on Fair Labeling and Advertising were adopted with a presidential decree and came into effect. 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.