Republic of Korea: Closed consultation on FTC amendments to guidance related to surcharges under the Fair Labelling and Advertising Act

On 21 November 2024, the Fair Trade Commission (FTC) closes the consultation on amendments to the guidance on imposing surcharges on businesses violating the Fair Labelling and Advertising Act. The amendments aim to clarify criteria for calculating relevant revenue, fixed penalties, and conditions where cooperation from businesses could reduce fines. The proposed amendments are intended to provide clearer standards for determining fines, encourage cooperation in regulatory processes, and ensure fines reflect the severity of violations and financial realities.