Case Studies
Law firm Veat IT specialist lawyer An Il-woon, KOTRA · One-stop export and contract win support team, service company export capability strengthening education lecture
Law firm Veat’s partner attorney An Il-woon gave a lecture inside a seminar hosted by KOTRA to strengthen the export capabilities of service companies. This event, held on February 15, 2023, with a one-stop export and bidding support team and hosted by KOTRA, featured lectures on various fields such as content, franchise, edutech, tax, and ODA. In particular, at this seminar, Law firm Veat partner attorney An Il-woon gave a lecture centered on the edutech field. Attorney An Il-woon gave a lecture on the topic of generative AI business, copyright, and interpretation of investment contracts for attracting overseas investment, providing useful information to employees of service companies and related organizations so that they can clearly understand and prepare for legal issues in the field. Law firm Veat attorney An Il-woon is a Korean Bar Association certified 'IT specialist' attorney, and he is active as a Curriculum Innovation Committee member of the Yonsei University Artificial Intelligence Convergence Institute and a license expert community member of the Korean Copyright Committee, and has a professional understanding of legal issues related to the ‘AI’ field and ‘intellectual property’ and performs various external activities accordingly. Law firm Veat provides professional and practical legal advice in various fields such as IT/software, intellectual property, and AI artificial intelligence, and is preparing to enter the global market based on its expertise, and is supporting service companies who are preparing to succeed by recruiting Professor Eunho Yang of KAIST, an expert in the AI artificial intelligence field, as a technical advisor. Thank you. Law firm Veat
Professional legal review of overseas personal information collection and processing
Law firm Veat received a request from startup A (hereinafter referred to as “the client”) and performed professional legal review regarding the collection and processing of personal information overseas. International personal information protection regulations, particularly the California Consumer Privacy Act (hereinafter “CCPA”) and the European General Data Protection Regulation (hereinafter “GDPR”), prescribe strict requirements regarding the collection, processing, transfer, and deletion of personal information. Law firm Veat’s personal information team analyzed the characteristics of the online services operated by the client and reviewed the applicability of regulations regarding the scope of CCPA and GDPR, consent requirements, and procedures for entrusting personal information processing, and provided detailed legal advice so that the client could comply with them. GDPR and CCPA, the personal information protection regulations of Europe and the state of California in the United States, respectively, are the most important and influential regulations concerning personal information protection in each region. Law firm Veat provides legal advice regarding the application and compliance of these international personal information protection regulations, supporting companies operating in the global market to manage legal risks and secure user trust. Key Rights and Requirements of GDPR When processing personal information of residents within the European Union (EU), the “General Data Protection Regulation (GDPR)” applies. GDPR stipulates the legal basis for personal information processing, consent of the data subject, the need for parental consent when processing personal information of children under 16 (note that the age of children requiring parental consent varies by region within Europe, requiring review based on major business areas), and strict regulations including overseas transfer restrictions. Our country recently received an adequacy decision regarding overseas transfer of European personal information, making personal information transfer easier. Furthermore, GDPR grants users various data-related rights. These rights include the right to access data, the right to rectify and delete data, the right to restrict data processing, the right to data portability, the right to object to data processing, and the right to object to automated profiling decisions. Businesses operating in Europe should be aware of the need to process user data in compliance with the regulations of GDPR. Key Rights and Business Obligations under CCPA For services targeted at residents in North America, particularly California, CCPA applies. CCPA is a law that strengthens the rights of consumers regarding their personal information, and service providers must respect and protect user rights in accordance with this law. Additional requirements, such as obtaining express parental consent in accordance with the “Children’s Online Privacy Protection Act (COPPA)” when collecting personal information of children under 13, must also be met. To strengthen the protection of personal information of California residents, consumers are granted four main types of rights. These rights include the right to access personal information, the right to request deletion of personal information, and the right to opt-out of the sale of personal information. CCPA also enforces compliance with personal information protection regulations through civil remedies and fines for businesses. Therefore, companies operating in the state of California should review the requirements of CCPA and reduce risks proactively. Law firm Veat provides the necessary professional legal advice to understand and comply with the complex requirements of GDPR and CCPA in the global business environment through international personal information protection legal advice. This is important for supporting businesses to effectively comply with personal information protection regulations and maintain competitiveness in the international business environment. Law firm Veat’s personal information team continuously monitors the latest trends in personal information protection laws and applies them to the client’s business model to minimize risks and secure legal stability. Such cases of international personal information protection legal advice play a key role in Law firm Veat’s role in resolving legal issues and establishing successful global business strategies. If you are considering international expansion, we recommend that you obtain professional legal advice from Law firm Veat’s personal information field to establish a foundation for operating stably even within a complex global legal environment. Thank you. Law firm Veat
Legal Review of Law firm Veat's Personal Information Handling Policy Improvement Recommendations
Law firm Veat received a request from startup Company A (hereinafter referred to as "the client") to perform a legal review of the privacy policy revision. Veat’s privacy team thoroughly analyzed various matters that could be applied to the privacy policy due to the revision of the “Personal Information Protection Act,” so that the client could comply with KISA (Korea Internet & Security Agency)’s recommendations for privacy policy improvement. In particular, Veat’s privacy team comprehensively analyzed the client’s privacy policy and confirmed whether all essential content, including collection items, information automatically generated and collected, and the rights and obligations of the information subject, were included. We also detailedly explained the reviewed items concerning missing parts related to overseas transfers and processing of pseudonymized information. Veat’s privacy team provided advice on the overall direction of revising the privacy policy, considering the client’s specific operating methods, thereby supporting the client to process and manage personal information in a manner that is appropriate for their service and complies with the revised law. How to reflect the revised “Personal Information Protection Act” of 2023.09.30? The revised Personal Information Protection Act includes content integrating special provisions that applied to information and communication service providers as general obligations for personal information processors. Significant changes were particularly observed in areas such as dormant policies, overseas transfers, and safety obligation measures. According to the revised Personal Information Protection Act, the privacy policy should clearly state the type and collection method of information so that the information subject can understand how their data is collected and used. Also, in order to clearly define the rights the information subject has regarding their data, the information subject’s rights should be clearly stipulated in the privacy policy. In particular, the revised Personal Information Protection Act is strengthening notification and management of overseas transfers in line with the increasing global data flows and the importance of information subject data protection. When collecting personal information, you must clearly inform the legally stipulated matters and properly obtain consent from the information subject. It may be difficult to recognize that consent to the 'privacy policy' alone constitutes proper consent for personal information collection. The information subject has the right to choose and decide whether or not to use their information and whether to consent. 'Consent' means voluntary acceptance when processing personal information, and the information subject must be able to clearly know whether or not they consent. Therefore, when a data processor obtains consent for personal information processing, they must clearly inform each consent item so that the information subject can clearly understand and decide. Veat’s privacy team, comprising advisory lawyers of the Personal Information Protection Commission Veat’s personal information lawyers comprehensively reviewed the client’s privacy policy in line with the revised Personal Information Protection Act and focused on providing suitable improvement suggestions for the client’s service. Veat has provided systematic and practical advice based on a deep understanding of related laws such as the revised “Personal Information Protection Act,” “Act on Promotion of Information and Communication Network Utilization and Information Protection,” etc., to help the client’s personal information processors comply with the law and operate a safe business. Veat’s personal information team, including partner lawyer Jo Eunbyeol, who serves as a member of the Information Disclosure Deliberation Committee of the Personal Information Protection Commission, and partner lawyer Baek Seungcheol, who holds the certification examiner qualification for the personal information protection management system (ISMS-P) and serves as an advisory lawyer for the Personal Information Protection Commission. Veat’s personal information team is helping companies to operate their businesses positively by protecting them so that the company can manage personal information lawfully and safely, effectively manage and prevent legal risks related to personal information leakage, based on expertise in the personal information field. If you have any questions about the privacy policy, please contact Law firm Veat, which has personal information lawyers. Thank you. Law firm Veat
[Law firm Veat_Plattum Column] What items should be included in a usage license agreement?
Law firm Veat's Technology Intellectual Property (TIP) team easily addressed what items should be included in a usage license agreement through Platum, a magazine specializing in startups. A usage license (license) generally only applies within a specified region for the duration specified in the usage license agreement. This column details what points to carefully examine to obtain a valid usage license. The TIP team of Law firm Veat provided creators with useful information through the column published on Platum, including what information should be provided in a usage license agreement when creating NFTs and other content, and what aspects can be utilized. You can check the full text of the column through [this link]. A well-written usage license agreement can clearly define the rights and conditions for the use of intellectual property, ensuring that the creator's rights are adequately protected, and reducing the possibility of disputes between the creator and user later on. In addition, usage license agreements also play an important role for creators to establish a transparent trading environment and secure commercial value. As such, usage license agreements are important in all situations involving the use or provision of intellectual property, and it is important to draft the agreement with professional legal advice to ensure that all necessary items are included. The TIP team of Law firm Veat provides in-depth and professional legal advice on complex copyright issues, and provides comprehensive legal consulting and litigation advice on copyright, trademark, patent, design rights, and unfair competition prevention laws in the latest trend technology areas such as NFTs, metaverse, and games. The TIP team is led by attorney Oh Seung-jong, who served as the president of the Copyright Committee, attorney Choi Seong-ho, who was selected as a “Leading Lawyer” in the TMT field of Legal Times, attorney An Il-woon, who is actively involved as a community specialist of the Korea Copyright Committee, and attorney Jeon Yong-hwan, who has extensive experience in ICT regulatory sandbox and proof-of-service legal consulting. The team is comprised of experts who possess both professional knowledge and practical experience to solve complex problems in copyright and intellectual property rights. Thank you. Law firm Veat
[202402] Monthly Veat February Issue_ Copyright and Ownership to be Cautious of in Practice
Law firm Veat has extensive experience in intellectual property litigation, including patent, trademark, and copyright disputes. We provide comprehensive legal services, from preliminary investigations and consultations to litigation and appeals. Our team of experienced attorneys is dedicated to protecting our clients’ intellectual property rights and achieving favorable outcomes. We handle complex cases involving a wide range of industries and technologies. Law firm Veat provides clients with strategic advice and representation in all aspects of intellectual property law. We also provide services related to trade secrets and unfair competition. We are committed to providing our clients with the highest quality legal services. Law firm Veat is a leading intellectual property law firm in Korea. We have a proven track record of success in protecting our clients’ intellectual property rights. If you have a question about intellectual property, please contact us. Law firm Veat will protect your intellectual property rights. 비트 has a team of experienced professionals who are experts in their respective fields. We provide a wide range of services to our clients, including legal advice, litigation, and transactional work. 비트 is committed to providing our clients with the highest quality legal services. We are a full-service law firm serving clients throughout Korea. Law firm Veat has a strong reputation for excellence in the legal community. We are known for our expertise, professionalism, and commitment to our clients. Law firm Veat is dedicated to providing innovative and effective legal solutions to meet the evolving needs of our clients. We have a deep understanding of the Korean legal system and the global business environment. Law firm Veat believes in building long-term relationships with our clients based on trust, integrity, and mutual respect. We value the opportunity to serve as your trusted legal advisor. 비트 provides a wide range of legal services to corporations, small businesses, and individuals. We handle complex litigation and transactional matters, and we are committed to providing our clients with the highest quality legal representation. Law firm Veat is your partner in legal success.
[Law firm Veat TIP] Mandatory reading before NFT creation, the difference between assignment of intellectual property rights and permission for use.
Recently, various companies have begun actively pursuing NFT businesses by forming NFT project teams, and with continued interest and investment in NFTs and related technologies, various legal issues are arising. Because NFT businesses and related technologies face new and complex legal and regulatory environments, companies preparing for NFT businesses must necessarily confirm whether there are any legal risks, whether they are complying with regulations, and whether they are infringing on intellectual property rights. Below are frequently asked questions regarding intellectual property rights assignment contracts and usage permission contracts related to NFT creation. For any additional questions, please feel free to contact the Law firm Veat TIP team! I heard that recently, a famous artist's work was converted into an NFT without permission, causing a major issue. I'm also interested in converting my work into an NFT as an artist, but this case makes me worried. How can I create a work as an NFT without legal problems? ▶ Hello. With the expansion of the NFT market, copyright infringement issues are occurring frequently. Copyright is an important element that must be considered when creating an NFT. Before creating another person's work as an NFT, you must necessarily go through the procedure of obtaining permission to use from the copyright holder or assigning the copyright. So, what is the difference between copyright assignment and usage permission contract?
Regarding applications for concurrent positions as permanent executive officers of My Data business entities, specialized Fintech legal review. Law firm Veat
Law firm Veat provided legal advice to a fintech company regarding the permanent director of a MyData business operator’s concurrent application for a permanent director position in another for-profit corporation. The Law firm Veat Fintech Advisory Team advised that the permanent director of a MyData business operator must obtain approval from the Financial Supervisory Service if they wish to serve as an executive director in another for-profit corporation, and provided expert legal advice on the legal requirements and procedures related to such concurrent positions. The Law firm Veat Fintech Advisory Team accurately analyzed the procedures and requirements for Financial Supervisory Service approval, and thoroughly reviewed the Financial Supervisory Service’s strict approval process and the impact of a permanent director’s concurrent position on company operations. Items to Consider for a MyData Business Operator's Concurrent Application According to Article 13 (Prohibition of Concurrent Positions of Directors) of the “Credit Information Usage and Protection Act,” a credit information company, a personal credit information management company, and a debt collection company’s permanent director cannot serve as an executive director in another for-profit corporation without approval from the Financial Supervisory Service. Furthermore, the Credit Information Supervision Regulations stipulate in Article 14 (Prohibition of Concurrent Positions of Directors) that when an application for approval of a permanent director’s concurrent position is filed pursuant to Article 13, the application will be reviewed and approved based on whether it meets the criteria specified in each of the following items: 1. The concurrent position of the permanent director does not violate relevant laws and regulations; and 2. It does not pose a risk of impairing the sound management of the credit information company, personal credit information management company, or debt collection company, and does not conflict with the interests of another for-profit corporation. According to Paragraph 1, the application for approval of a concurrent position must be submitted using Form No. 8 of the appendix. That is, as stated in the “Credit Information Usage and Protection Act” and Article 14 of the Credit Information Supervision Regulations, it is important to carefully review whether the concurrent position of a permanent director does not violate relevant laws and regulations, does not impair the sound management of the company, and does not conflict with the interests of another for-profit corporation when applying for approval of a concurrent position. It is also necessary to understand the detailed understanding of the necessary documents and application procedures for the concurrent application, analyze the criteria for concurrent judgment and determine the corresponding legal impact. Therefore, we recommend discussing the complex legal regulations with a Fintech lawyer who has reviewed numerous cases regarding Fintech and corporate issues and has clarified the legal requirements to help Fintech and corporate entities obtain Financial Supervisory Service approval smoothly. Law firm Veat is a law firm with unrivaled expertise in legal advice in the Fintech sector and provides in-depth legal advice to various clients to prevent legal risks related to Fintech. Law firm Veat has proven its expertise by being introduced as a law firm to watch in the 'Fintech Financial Services/Technology-Based Startup Advisory' field by THE LEGAL 500, a global law firm capabilities evaluation agency. We proactively respond to the rapid changes and complex legal environment of the Fintech industry, supporting our clients to prevent legal risks and operate their businesses stably. Law firm Veat will continue to serve as a solid partner for our clients' stable growth and development by providing professional and meticulous legal advice on legal issues in the Fintech sector with expertise and credibility recognized globally. If you need legal advice on Fintech, please contact Law firm Veat. Thank you. Law firm Veat
[Law firm Veat_Platum Column] The Difference Between Assignment and License of Intellectual Property Rights
Law firm Veat's Technology Intellectual Property (TIP) team addressed the difference between assignment and licensing of intellectual property, as something to read before creating NFTs, through Platum, a magazine specializing in startups. To create NFTs using someone else's objects or copyrighted works, you must either obtain an assignment of copyright from the copyright holder or obtain a license to use it. This column details the differences between assignment and licensing of copyright. Veat's TIP team explained the assignment and licensing of copyright, dividing them into major categories, through the column published on Platum, and provided information so that you can understand in detail the important matters of copyright contracts by pointing out key points when proceeding with copyright assignment. You can check the full column through [해당링크]. When assigning, it is necessary to clearly define the scope and limitations of the copyright being assigned, and both the assignor and assignee must accurately understand which rights are included in the assignment contract. In particular, important matters for copyright assignment must be written clearly and accurately in the contract, and legal issues related to copyright must be considered. Therefore, we recommend seeking advice from a copyright legal expert when considering copyright assignment to minimize risks that may occur during the copyright assignment process. Veat’s TIP team provides in-depth and professional legal advice on complex copyright issues and provides legal consulting and litigation advice on copyright, trademark, patent, design rights, and unfair competition prevention law in the latest technology fields such as NFT, metaverse, and games. The TIP team is composed of experts with professional knowledge and practical experience who can handle complex copyright and intellectual property issues, centered on attorney Oh Seung-jong, who served as chairman of the Copyright Committee, attorney Choi Seong-ho, selected as the 'Leading Lawyer' in the TMT field of Legal Times, attorney An Il-woon, who is active as a community specialist of the Korean Copyright Committee, and attorney Jeon Yong-hwan, who has extensive experience in ICT regulatory sandbox and pilot service legislation consulting. Thank you. Law firm Veat
[Law firm Veat_Plattum Column] Must-read before NFT minting, the reason your NFT might be illegal
Law firm Veat’s Technology Intellectual Property (TIP) team easily addressed the legal aspects of the act of creating NFTs through Platum, a magazine specializing in startups, with the subject of “What you need to read before NFT minting: reasons why your NFT may be illegal.” NFTs are unique and ownable forms of digital assets. This column details what measures are necessary to clearly understand the copyright status of the underlying work and prevent copyright infringement when the content being transformed into an NFT is a copyrighted work protected by copyright law. The TIP team of Law firm Veat explained complex intellectual property rights regarding NFTs in an easy-to-understand way through this column published in Platum, and introduced potential legal disputes that can arise from copyright infringement cases, providing information to prepare for copyright issues. You can check the full column through [the link]. In the case of NFTs, the original work and the NFT can be separate legal entities, so to minimize legal risks and effectively utilize NFTs, it is possible to clearly understand the complexity through legal review by a legal expert with a deep understanding of NFT copyright from the initial production stage and proceed with appropriate responses. Law firm Veat’s Technology Intellectual Property (TIP) team provides in-depth analysis and professional legal advice on various intellectual property-related issues, including NFT copyright. It provides litigation advice on legal issues related to intellectual property protection, such as copyright, trademark, patent, design rights, and unfair competition prevention, related to the latest technology trends such as NFTs, metaverse, and games. It is composed of experts with deep expertise and practical experience in the intellectual property field, including Attorney Oh Seung-jong, who served as chairman of the Copyright Committee, Attorney Choi Seong-ho, selected as ‘Leading Lawyer’ by Legal Times, Attorney Ahn Il-woon, who is active in the Korean Copyright Committee, and Attorney Jeon Yong-hwan, who has extensive experience in ICT regulatory sandbox and proof-of-service legal consulting. Thank you. Law firm Veat
Legality Review of Stock Option Grant
Law firm Veat received a request from startup Company A (hereinafter referred to as the "Client") to conduct a legal review of the legality of the stock option grant. The startup advisory team of Law firm Veat thoroughly analyzed the scope of 'a person exercising de facto influence' as defined in the Commercial Code and whether or not they were a special-related party under the Special Measures Act on the Promotion of Venture Businesses (hereinafter "the Venture Business Act") regarding the interpretation of the legal provisions applicable at the time of grant of the stock options, which was the core issue. There were no specific regulations regarding stock options in the Venture Business Act at the time, so a comprehensive analysis was conducted, considering both the Commercial Code and the Venture Business Act. In particular, in this case, it was important to clearly interpret 'a person exercising de facto influence' based on the existing court attitudes. The startup advisory team of Law firm Veat carefully reviewed existing precedents and provided interpretations tailored to the characteristics and circumstances of the company. Also, the concept of a special-related party as defined in the Venture Business Act and whether or not they qualified were also analyzed in detail. Furthermore, the validity of the shareholder resolution approving the stock options was also reviewed. Because it is an important factor in determining whether the decision to grant stock options is legally valid, a deep legal analysis was also conducted on the possibility of retroactive ratification of an invalid shareholder resolution in the event that the shareholder resolution was invalid. What is a stock option? "Article 340-2 (Stock Options) of the Commercial Code stipulates that 'A company may, in accordance with the provisions of its articles of incorporation, resolve by shareholder resolution in accordance with Article 434 of the Commercial Code to grant to directors, executive officers, auditors, or employees who contribute to or may contribute to the establishment, management, and technological innovation of the company, a right to purchase new shares or repurchase its own shares at a predetermined price (hereinafter "the exercise price of the stock option"). However, if the exercise price of the stock option is lower than the fair value of the shares, the company may pay the difference in cash or transfer its own shares equivalent to the difference.' It is stipulated that the fair value of the shares is evaluated as of the date of exercise of the stock options." A stock option is a right granted to employees to sell shares issued by a company, and is a right to purchase shares at a predetermined price for individuals who have contributed to the establishment, management, and technological innovation of the company. The Commercial Code specifies the detailed provisions of the articles of incorporation and the method of exercise of stock options. These legal provisions provide important guidance for the process of preparing and interpreting the articles of incorporation, assessing the contribution of members, and setting prices at the time of stock option grant. These provisions should be carefully reviewed because they directly affect the scope of the stock options and the benefits that employees can obtain through the exercise of their rights. In particular, these legal factors require in-depth analysis of the Commercial Code and the Venture Business Act, including related laws, regarding stock option grants. Also, we recommend that you cautiously conduct a legal review through a startup advisory lawyer with extensive experience, in order to prepare suitable stock option regulations internally and avoid unnecessary legal risks when proceeding with resolutions and other procedures. Law firm Veat dealt with complex legal issues surrounding the application of the Venture Business Act and the Commercial Code, and supported the startup to design and operate the stock option system effectively based on the professional legal knowledge and experience of Law firm Veat. Law firm Veat helps companies and their employees accurately understand and design the system and rights by developing strategies to systematically respond to various legal issues that may arise during the stock option grant process. Law firm Veat supports the growth and innovation of startups, and Law firm Veat will continue to help you achieve your vision and goals as your trusted legal partner. Thank you. Sincerely, Law firm Veat