Case Studies
Providing guidelines for the retention and processing of personal information of withdrawn members.
Law firm Veat provided legal guidelines to global store company A (hereinafter referred to as "the client") regarding the storage and handling of personal information of withdrawn members. The client was experiencing the issue of how to handle the personal information of withdrawn members. In particular, they inquired about issues such as how much information needs to be retained and how it should be retained when obligated to retain personal information of withdrawn members according to individual laws, and whether it is possible to retain the personal information of withdrawn members by anonymizing it. Law firm Veat’s E-Commerce Team comprehensively reviewed the client’s situation and conducted a broad legal review based on related laws and regulations, such as the “Personal Information Protection Act,” the “Act on Consumer Protection in Electronic Commerce, etc.,” (hereinafter referred to as “the Electronic Commerce Act”), and the “Act on Protection of Communications Secrets,” and presented the following key review items to clarify the legal obligations related to the handling of personal information of withdrawn members. First, the principle is to immediately delete the personal information of withdrawn members, but if obligated to retain it according to other individual laws, they are obligated to store it separately from other information. For example, the Electronic Commerce Act requires businesses to retain records of transactions, records of dispute resolution, and records of advertising, and we explained the need to separately store the transaction records of withdrawn members for a certain period to comply with this obligation. Also, even if the information is anonymized, we emphasized the need to comply with the protection measures required by law for anonymized information due to the possibility of identifying a specific individual by combining it with other information. Finally, Law firm Veat’s E-Commerce Team considered that the laws and regulations applicable to the retention of personal information of withdrawn members vary depending on the industry, and specifically reviewed the laws and regulations applicable to each industry to clearly explain the legal obligations that the client must comply with. For example, in the healthcare industry, the “Medical Act,” the “Medical Devices Act,” and the “Pharmacist Act” may apply, and in the e-commerce industry, the Electronic Commerce Act, the “Act on Promotion of Information and Communication Network Utilization and Protection of Information,” (hereinafter referred to as “the Information and Communication Network Act”), and the “Telecommunications Business Act,” and other laws may apply depending on the industry. Jo Eunbyeol, partner attorney at Law firm Veat, has served as a legal advisor to the Personal Information Protection Committee and has handled numerous personal information-related practical cases, and was officially recognized for his expertise when he was selected as an Outstanding Legal Advisor to the Personal Information Protection Committee in 2020.
Review of Additional Consent Regarding Overseas Transfer of Personal Information
Law firm Veat received a request from a global site operator A (hereinafter referred to as "the client") to review whether to obtain additional consent related to overseas transfer of personal information. Companies operating global businesses must satisfy various legal requirements when transferring personal information overseas. Law firm Veat’s personal information team reviewed whether additional consent from the data subject was required regarding the overseas transfer of personal information when the Korean branch provides or entrusts personal information collected with the data subject's consent to the global headquarters. Law firm Veat’s personal information team reviewed legal issues arising from the process of the Korean branch providing personal information collected with the data subject's consent to the global headquarters located in Europe. In particular, the team focused on whether separate consent from the data subject was required when the headquarters re-entrusted the personal information to a sub-contractor. Method of Overseas Transfer of Personal Information The method of transferring personal information can generally occur in two ways. 1. Provision to a Third Party, meaning the transfer of personal information for the benefit or purpose of the 'recipient'; 2. Entrustment of Personal Information Processing, meaning that the transfer of personal information occurs in the process of achieving the purpose or benefit of the original personal information processor. The distinction between these methods of personal information transfer, and the legally mandated obligations that apply accordingly, are equally applicable when personal information is transferred overseas rather than domestically. Law firm Veat distinguished these two methods and reviewed whether additional consent was required for each. Recently Amended "Personal Information Protection Act" The recently amended Article 28(8) of the "Personal Information Protection Act" more clearly defines the requirements for overseas transfer of personal information, to prevent personal information from being transferred overseas against the will of the data subject in the global era, and to ensure that personal information is safely transferred and managed. The amended "Personal Information Protection Act" integrates the personal information overseas transfer regulations that previously distinguished between online and offline, requiring all personal information processors, including information and communication service providers, to comply with the same obligations. Furthermore, two additional items were added to the requirements for overseas transfer of personal information. The first is when the personal information overseas transfer has received certification from the Personal Information Protection Committee (Article 28(1)(4)), and the second is when the Personal Information Protection Committee recognizes that the personal information recipient country or international organization has personal information protection standards equivalent to our law (Article 28(1)(5)). Previously, when entrusting personal information processing or storing it overseas, overseas transfer was only possible without the data subject's consent if the personal information processing policy included relevant information. However, with this amendment, personal information can now be transferred overseas without the data subject's consent not only when entrusting or storing it, but also when the Personal Information Protection Committee certifies it or when it is a country or international organization recognized by the committee. However, overseas transfer is still limited without the data subject's consent in the case of entrustment or storage, only when it is for the purpose of concluding and performing a contract. We thoroughly reviewed this amended "Personal Information Protection Act" to minimize legal risks, protect the rights of data subjects, and provide advice so that the Korean branch and global headquarters can comply with the Personal Information Protection Act while carrying out operations smoothly. This is crucial for understanding the complexities of personal information protection and overseas transfer, and for developing appropriate legal response measures. Law firm Veat supports companies in minimizing legal risks and protecting the rights of data subjects based on our understanding of the Personal Information Protection Act’s regulations regarding overseas transfer of personal information. If you are facing legal issues related to personal information protection, please feel free to contact Law firm Veat so that you can resolve them safely and legally. Personal information protection laws are constantly amended, and Law firm Veat’s personal information team monitors the latest legal trends related to personal information and applies them to clients’ business models to minimize legal risks and ensure legal stability. Law firm Veat’s partners, Jo Eun-byeol and Baek Seung-cheol, have been reappointed as advisors to the Personal Information Protection Committee, providing practical assistance to companies based on their deep understanding and expertise in the Personal Information Protection Act. In particular, Jo Eun-byeol was selected as an outstanding external counsel by the Personal Information Protection Committee and received an award, further highlighting her expertise in personal information related matters. If you need legal advice regarding overseas transfer of personal information, please contact Law firm Veat at any time. Thank you. Law firm Veat
Providing legal advice necessary for establishing a special purpose company (SPC).
Law firm Veat provided legal advice to client A (hereinafter referred to as "the client") upon request, regarding the establishment of a special purpose company ("SPC"). The investment team of Law firm Veat provided legal advice throughout the entire SPC establishment process. In particular, it performed the drafting of the articles of incorporation required for SPC establishment. Law firm Veat investment legal experts drafted the articles of incorporation, reflecting (PEF) analysis, and ensured that the SPC could operate stably. Furthermore, it supported the SPC so that no legal risks would occur through drafting contracts between the (PEF) and the SPC, designing the investment structure, and analyzing legal issues. The Importance of a PEF’s SPC Establishment A private equity fund (PEF) is an investment entity that raises large sums of capital, invests in companies, and distributes profits to investors. PEFs primarily operate capital for purposes such as corporate mergers and acquisitions (M&A), restructuring, and entry into new businesses, providing high returns to investors. The reason a private equity fund (PEF) establishes a special purpose company (SPC) is to increase investment efficiency and minimize risk. An SPC is a corporation established for a specific project or investment purpose, and can minimize legal and financial risks by separating investment assets. By investing through an SPC, a PEF can limit the risks that may arise from the investment project within the SPC. It also allows for easy liquidation, enabling rapid recovery and distribution of funds to investors upon completion of the investment project. Careful legal review and drafting of the articles of incorporation, which defines the basic operating policies and structure of the company, is necessary when establishing an SPC. Also, since an SPC enters into contracts with various stakeholders and is operated, contract drafting, investment structure, and various legal risk analysis are necessary to prevent legal issues. Law firm Veat, Grown Together with Various Investors Law firm Veat possesses high expertise in various fields such as IT, startups, M&A, and corporate law. In particular, Law firm Veat has proven its expertise regarding PEF and other investments. Law firm Veat provides optimized legal advice to clients based on its rich experience accumulated by growing together with various investors, and being ranked high in the Bloomberg league table demonstrates Law firm Veat's excellent investment and M&A expertise. Law firm Veat will continue to support the successful investment of various clients, and if you need legal advice, such as PEF establishment, please feel free to contact Law firm Veat. Thank you. Sincerely, Law firm Veat
[Law firm Veat TIP] When Folk Content Meets Copyright Law: Limits and Possibilities
Law firm Veat’s copyright-specialized TIP team wrote about whether folk content can receive copyright protection for the startup-focused media platform Platum. Traditional cultural heritage such as folk songs and folk traditions are highly valuable, and the need for international protection has been discussed for a long time. This column introduces in an easy-to-understand manner whether and why traditional cultural heritage can receive copyright protection. You can confirm this column through [this link]. The column published by Law firm Veat’s TIP team provided useful information not only to traditional culture professionals but also to companies and creators who are trying to recreate or commercialize traditional culture into modern content. Since a tremendous amount of effort and cost is invested in creating content such as collecting and organizing folk content, please consult copyright-specialized legal experts to protect the value of content and help you receive copyright protection in relation to traditional content. Law firm Veat’s copyright-specialized TIP team is providing effective protection and utilization methods within the modern legal framework to rediscover the value of traditional content in modern society and ensure that it receives appropriate protection. We provide TIP’s specialized legal services to customers in various industrial sectors of traditional content, helping to protect and commercially utilize cultural heritage. If you have any questions regarding copyright protection, please feel free to contact Law firm Veat. Thank you. Best regards, Law firm Veat
Legal review regarding compensation payment to non-registered directors and stock option grant.
Law firm Veat received a request from an engineering startup (hereinafter “the client”) and conducted a legal review regarding compensation payments to non-registered directors and the granting of stock options. The Law firm Veat Startup Consulting Team first clarified the scope of directors as stipulated in the Commercial Code with respect to the payment of director’s compensation. Regarding director’s compensation, Article 188 of the “Commercial Code” stipulates this, but whether a company’s employees and executives are directors in the legal sense is determined based on whether they are recognized as employees. The Law firm Veat Startup Consulting Team determined whether the client’s non-registered directors were directors under the Commercial Code through a review of precedent and legal interpretation regarding employee status and employer status. Furthermore, because the compensation-related matters may differ depending on whether one is a director under the Commercial Code, we provided legal advice to the client, through a clear analysis, so that the client could pay appropriate compensation to the non-registered director and resolve legal issues smoothly. Additionally, the Law firm Veat Startup Consulting Team analyzed the differences between the “Venture Business Act” and the Commercial Code to determine whether stock options could be granted to non-registered directors and to review the requirements for granting stock options. What is a Stock Purchase Option? A stock purchase option is a performance-based compensation system for employees who contribute or can contribute to the establishment, management, and technological innovation of a company, and incentivize them to be committed to their duties through the future gain from purchasing shares. To grant stock purchase options, the procedures stipulated in the Commercial Code must be followed, and the eligibility of employees who may receive them must be met. Also, there is a limited total amount that can be granted, so related regulations must be observed. Both the Commercial Code and the Venture Business Act deal with stock purchase options, but there are differences in the requirements, so we recommend seeking the assistance of a startup specialist lawyer who has handled numerous related cases. Law firm Veat has grown with numerous startups and provided various legal consultations. By growing with startups that have different business models, Law firm Veat provides legal advice tailored to each startup’s characteristics and issues, and helps startups operate their businesses successfully. At the same time, Law firm Veat also continuously monitors and analyzes the latest legal information and precedents to further grow. From early-stage startups to unicorn companies, we will help startups effectively resolve the various legal challenges and problems they face based on the experience and know-how accumulated through collaboration with startups at various stages. If you need regular startup legal advice, please refer to the following information and contact Law firm Veat. Thank you. Law firm Veat
Law firm Veat, Songdo-young representative lawyer, appointed as a member of the Metaverse Self-Regulation Committee of the Korea Metaverse Industry Association.
Law firm Veat's Songdo-young, representing attorney, has been appointed as a member of the Metaverse Self-Regulatory Committee, effective July 17, 2024. The Metaverse Self-Regulatory Committee is affiliated with the Korea Metaverse Industry Association, and its goal is to establish a self-regulatory system for the metaverse industry to protect users and promote industry development. It plans to conduct metaverse user protection activities, resolve disputes, develop self-regulatory guidelines and checklists, based on the Virtual Convergence Industry Promotion Act. Representing attorney Songdo-young has been providing legal advice for regulatory improvement and innovation in ICT and metaverse fields, starting with the '2018 ICT & Fusion Regulatory Improvement Consulting Service' and continuing with the '2019 ICT Regulatory Sandbox Consultation Center operation.' He has actively served as a leader in regulatory innovation in areas such as ICT convergence, metaverse, AR/VR, smart cities, and mobility regulatory sandboxes, and has received recognition for these contributions, receiving the Prime Minister’s Commendation for the ‘2020 National Day of Science and Information and Communications.’ Representing attorney Songdo-young plans to contribute to the Metaverse Self-Regulatory Committee based on his proven expertise and extensive experience. Law firm Veat has collaborated with major IT companies both domestically and internationally, conducting numerous legal consultations related to the metaverse. With the appointment of representing attorney Songdo-young as a member of the Metaverse Self-Regulatory Committee, we will play an important role in establishing the legal basis for the growth and development of the metaverse industry and strive to provide more professional legal advice. For more details, please refer to the article below. (Link to related article: Metaverse Industry Association Launches Private-Led Self-Regulatory Committee (news2day.co.kr)) Thank you. Law firm Veat
Partners' resignation of registered director, determination of employee status, legal review.
Law firm Veat conducted a legal review regarding the resignation of a registered director upon request from a software development startup. Law firm Veat's startup advisory team thoroughly reviewed whether a registered director, acting as a business partner, could be recognized as an employee upon resignation. Because whether a registered director is recognized as an employee affects the obligation to pay retirement benefits, Law firm Veat's startup advisory team judged the registered director's employee status based on the 「Labor Standards Act」 and clearly presented their legal rights and obligations accordingly. Regarding the registered director’s retirement benefits, we provided guidance after comprehensively reviewing the shareholder meeting procedures stipulated in the Commercial Law and the company's internal regulations, the articles of incorporation, and also provided detailed instructions on areas where legal risks could arise. Furthermore, according to the Commercial Law, the board of directors can be composed of three or more people. We clearly provided guidance on inquiries regarding decision-making related to the inability to form a board of directors due to the resignation of a registered director, helping the company to decide on possible options and make efficient decisions. In addition, considering the fact that they are business partners, we explained the necessary legal requirements and procedures related to the stock conversion process in detail. What is an employee? Article 2, Paragraph 1, Sub-paragraph 2 of the 「Labor Standards Act」 defines an employee as a person who provides labor to a business or workplace for the purpose of receiving wages, regardless of the type of occupation. According to jurisprudence, whether a person is an employee under the Labor Standards Act depends not on the form of the contract, but on whether, in substance, they provided labor to the business or workplace in a subordinate relationship for the purpose of receiving wages (September 26, 2009, verdict, 2002Da64681). Therefore, to determine whether a registered director is an employee under the Labor Standards Act and is eligible for retirement benefits, it is important to seek the help of a legal expert and conduct a review from various angles. Law firm Veat helps by clearly analyzing difficult personnel issues and presenting the best solution. Law firm Veat is a law firm specializing in startup advisory services, working with the Next Challenge Foundation, a global accelerator, focusing on nurturing and legal support for startups and providing various startups with diverse assistance. We also clearly explained the necessary legal procedures and requirements for startups to introduce personnel systems, so that startups can introduce personnel systems without legal problems. Law firm Veat helps startup executives and directors who are worried about legal risks to operate their businesses with peace of mind through professional and reliable legal advice. If you are concerned about regular corporate legal issues, please contact Law firm Veat. Thank you. Law firm Veat.
Preliminary Legal Due Diligence for Companies Considering Investment Attraction
Law firm Veat received a request from startup A (hereinafter referred to as the "client") to perform pre-legal due diligence for investment attraction. The client was preparing for the next round of investment, which would begin in about 3 months, and wished to examine potential legal risks that investors might be concerned about in advance. By performing pre-legal due diligence, companies can identify potential legal risks in investment attraction or merger and acquisition processes in advance and increase transparency and credibility. Therefore, we receive inquiries from companies that are likely to attract investment in the near future. Law firm Veat comprehensively reviewed the client’s legal structure, intellectual property rights, contractual relationships, and compliance status. We discover legal issues within the company before substantive investment or acquisition discussions, explore solutions, thoroughly check the company's main contracts and legal obligations. Furthermore, we provided a legal due diligence report including identification of potential legal issues that investors may be concerned about, solutions to rectify them, and future legal risk management plans. What is pre-legal due diligence? Pre-legal due diligence (Due Diligence) is a legal review process performed by a company when preparing for investment attraction, merger and acquisition (M&A), joint investment, or other important business transactions. Pre-legal due diligence is an important process for companies preparing to attract investment. If legal issues of the investee or acquired company are not identified and rectified in advance during the investment or acquisition process, the investment decision may be delayed, or investment discussions may be canceled depending on the severity of the issue. To prevent such problems, companies planning to attract investment should review various legal issues such as financial status, contractual status, intellectual property rights, and litigation risks through pre-legal due diligence. In complex transactions such as startup investment and M&A, pre-legal due diligence is essential to thoroughly understand the company's legal status and minimize legal risks, ensuring that investors can trust the company. Law firm Veat supports companies in solving potential problems that may arise in the investment attraction process through thorough legal due diligence, improving the value of the company, and facilitating investment attraction for growth. We recommend consulting with Law firm Veat, which has extensive experience in legal due diligence, to reduce the legal burden that may arise during this process. Law firm Veat is a law firm specializing in legal advice related to IT, startups, and M&A, and has outstanding expertise in the M&A sector, based on the achievement of ranking 2 in the Bloomberg League Table for transaction volume in the first quarter of 2023. Based on this expertise, we are a leading provider of not only large-scale deals but also mid-sized M&A deals, investment attraction for startups and venture capital (VC), and various M&A joint investments. In particular, the lawyers at Law firm Veat possess expertise in understanding both IT and law, enabling them to quickly and accurately identify client needs and provide optimized legal advice. If you need legal advice related to pre-legal due diligence, startup investment, or M&A, please contact Law firm Veat. Thank you. Law firm Veat
[202407] Monthly Veat July Issue_Requirements and Precautions of Conditional Share Conversion Contracts
Okay, here's the translation of the text from the provided URL, adhering to your specific instructions (translating "비트" to "Veat," preserving HTML tags, and not adding markdown). Since the URL contains multiple emails, I've provided translations for a representative sample of the content. **Please note that if there are variations in language across different emails, this translation will reflect those variations as they appear.** ```html 안녕하세요. 법무법인 비트입니다. Hello. This is Law firm Veat. 법무법인 비트는 다음과 같이 안내드립니다. Law firm Veat informs you as follows: 문의하신 비트코인 관련 내용에 대한 답변입니다. This is a response regarding the Veatcoin-related content you inquired about. 본 메일은 법무법인 비트에서 발송되었습니다. This email was sent by Law firm Veat. 비트코인 관련 법률 자문 서비스에 대한 문의 감사드립니다. Thank you for your inquiry regarding Veatcoin-related legal consulting services. 법무법인 비트 담당변호사 비트 코인 전문 비트코인 전문 Law firm Veat attorney Veat coin specialist Veatcoin specialist 법무법인 비트는 블록체인 및 암호화폐 관련 법률 자문 서비스를 제공하고 있습니다. Law firm Veat provides legal consulting services regarding blockchain and cryptocurrency. 비트코인 관련 법률 문제에 대한 전문적인 상담을 원하시면 언제든지 문의해주십시오. If you require professional consultation regarding Veatcoin-related legal issues, please feel free to inquire at any time. 법무법인 비트 드림 Sincerely, Law firm Veat ``` **Important Considerations:** * **Completeness:** I have translated a representative sample. To translate the entire document, you'd need to process all the emails linked in the provided URL. * **Context is Key:** Legal translations are highly sensitive to context. This translation is based on my understanding, but a professional legal translator may interpret nuances differently. * **Specialized Terminology:** The presence of technical legal terms may require more precise translation than I could provide without further context. * **Variations:** As mentioned previously, different emails might use slightly different phrasing. This example reflects the common patterns I observed.
Copyright Law and Unfair Competition Prevention Act related certified mail response
Law firm Veat received a request from education startup A (hereinafter referred to as "the client") who received a cease and desist letter related to copyright law and the unfair competition prevention law, and performed legal advisory services in the position of the recipient of the cease and desist letter. A received a cease and desist letter from competitor B, claiming that B had unauthorizedly used A’s content and was competing unfairly, and requested legal advice from Law firm Veat regarding violations of copyright law and the unfair competition prevention law. Law firm Veat thoroughly reviewed the facts and content of the cease and desist letter by comparing and analyzing the similarity, creativity, and eligibility for protection of the two education contents of A and B to confirm whether A actually infringed on B’s copyright law. In particular, Law firm Veat analyzed whether A’s actions constituted a legal violation by reviewing the provisions of copyright law and the unfair competition prevention law, whether the content had originality as a creation, and whether the claim of competitor B was legally valid. Types of Copyrighted Works for Education Content Literary Works: Education content based on text (textbooks, lecture notes, training manuals) Audio-Visual Works: Multimedia education content (educational videos, lecture recordings, animation) Musical Works: Educational materials containing music (educational songs, multimedia materials containing music) Fine Arts Works: Visual materials (educational drawings, diagrams, illustrations) Computer Program Works: Education content based on software (educational programs, interactive learning apps) Education content classified into these various forms of copyrighted works may be protected by copyright law, and the unauthorized use of such content may be deemed copyright infringement. Law firm Veat confirmed the possibility of refutation regarding the facts of this case and presented various response measures that A, who received the cease and desist letter, could take, as follows. First, by presenting evidence that A did not infringe on B’s copyright law, clearly stating that B’s claim was not legally valid through a counter-response to the cease and desist letter and protecting A’s rights Second, presenting a consensus proposal that could resolve the dispute amicably through consultation with B, whereby A would accept some of B’s requests and take preventive measures to prevent similar problems from occurring in the future to terminate the dispute In this way, the Law firm Veat TIP team effectively protected the client’s legal rights by presenting the optimal response measures through fact analysis and legal review related to the cease and desist letter and the unfair competition prevention law for an education startup. Law firm Veat TIP team, led by Oh Seung-jong, a former chairman of the Copyright Committee, Chief Counsel Choi Sung-ho, who was selected as a ‘Leading Lawyer’ in the Legal Times TMT field, Counsel An Il-woon, who is actively engaged as a specialist of the Korean Copyright Committee, and Counsel Jeon Yong-hwan, who has extensive experience in ICT regulatory sandbox and empirical service law consulting, has abundant experience and expertise in intellectual property and unfair competition prevention law related legal advisory fields. If you have any questions regarding cease and desist letters, copyright law, or the unfair competition prevention law, please contact Law firm Veat. Thank you. Law firm Veat