Republic of Korea: Signed Bill no. 2123203 amending the Basic Consumer Act (Law no. 20301)

On 13 February 2024, Bill no. 2123203, amending the Basic Consumer Act (Law no. 20301), was signed into law. The Bill empowers the Fair Trade Commission (FTC) to conduct fact-finding surveys and announce the results to promote consumer rights and interests. The FTC can request necessary data or opinions from relevant consumer groups, business operators, business groups, relevant administrative agencies, and public institutions during its investigation. The Bill also allows the FTC to entrust the fact-finding work to the Korea Consumer Agency or related corporations or organisations if necessary. The procedures and methods of the fact-finding survey and other necessary matters will be determined by Presidential Decree. The Bill enters into force 6 months following its promulgation.