Case Studies
Focusing on the Personal Information Protection Act, personal information anonymization and utilization legal review.
Law firm Veat undertakes legal review of data usage related to “Act on Protection of Personal Information” based on a commission from A, a software development company for corporate use, collecting · analysis services of employee personal information. Law firm Veat’s Personal Information Protection Team clearly defines the legal definitions of anonymized and pseudonymized information according to the degree of anonymization of personal information, and provided detailed guidance on necessary protection measures based on the legal classification of the information. After analyzing data provided by a partner company and examining whether it can be used for customer companies’ unique services, we conducted a comprehensive review based on “Act on Promotion and Fostering of the Data Industry and Promotion of Utilization,” “Act on Prohibition of Unfair Competition and Protection of Trade Secrets,” and provided guidance. The growth of the data industry has emerged as an essential element for improving corporate competitiveness. However, the collection and analysis of personal information and operational information may result in legal risks in accordance with “Act on Protection of Personal Information” and other related regulations. Accordingly, Law firm Veat strictly complies with “Act on Protection of Personal Information” and helps companies safely utilize data and comply with legal regulations. Partner Baek Seung-cheol, a Partner Attorney selected as an “IT specialist” attorney by the Korean Bar Association, and holds an ISMS-P certification, and Attorney Jo Eun-byeol has been appointed as a member of the Personal Information Protection Committee’s Information Disclosure Review Committee and is actively working. The team composed of these two attorneys specializes in complex issues related to “Act on Protection of Personal Information” and helps companies effectively utilize personal information safely. Law firm Veat’s Personal Information Protection Team provides opinions on reviewing and drafting terms and conditions and personal information processing policies, and in cases where transfer of processing to a third party or server is located abroad is required, it provides measures to be included in the personal information processing policy, such as “Act on Protection of Personal Information.” Specifically, based on expertise in “Act on Protection of Personal Information” and related regulations, we review whether the partner company is an obligor to obtain ISMS certification in the telecommunications services sector, and also review the scope of certification and the scope of mandatory examination based on the possibility of external access to the telecommunications network. Law firm Veat’s Personal Information Protection Team provides opinions on reviewing and drafting terms and conditions and personal information processing policies, such as “Act on Protection of Personal Information.” If you need professional inquiries or consultations regarding “Act on Protection of Personal Information” and related regulations, please contact Law firm Veat. Thank you. Law firm Veat.
Anil Moon Partner Attorney, wrote an article on “Right of Multiple Appeals System” which was in front of the eye, in the IT specialized media Outstanding.
Law firm Veat’s An Il-Woon Partner Attorney contributed content that was featured in the outstanding magazine, discussing ‘Dual Voting Rights,’ a crucial issue for venture-backed startups and established companies. Venture-backed companies grow through multiple investments, and during this process, the founder’s voting rights gradually diminish. In such cases, it is necessary to explain why the ‘Dual Voting Rights’ system is needed, what actual cases led to its implementation, and what the advantages of the ‘Dual Voting Rights’ system are. However, when starting with seed rounds and progressing to Series C or D rounds, and issuing new shares to investors, the total amount of shares issued by the company increases. Relatively, the founder’s equity ratio decreases. Typically, the new shares issued to investors are around 10-20% of the previously issued shares, depending on the stage. Depending on the capital-raising situation, this ratio can be higher, and as the number of investment rounds increases, the number of shares issued tends to increase. As the founder’s equity ratio decreases, it becomes difficult to enforce their business philosophy. Especially given that startups are characterized by the need for quick decision-making and the individual capabilities of founders, if the founder does not fully exercise their voting rights and becomes involved in management disputes, it can lead to a result that hinders growth. Source: Outstanding (https://outstanding.kr/) An Il-Woon Partner Attorney, who is also the ‘ICT Startup Legal Mentor Attorney’ of the Ministry of Science and ICT and a ‘Lawyer Instructor’ for the ‘Venture Startup Investment Academy’ of the Korea Bar Association in 2020, provides legal advice based on his extensive experience in ‘Startups’ and ‘Companies’. Law firm Veat provides legal advice throughout a startup’s initial stages and its growth process, understanding the startup’s difficulties, and was also selected as a ‘finalist’ in the ‘Boutique Law Firm’ category at the ‘ALB Korea Law Awards 2022,’ recognizing its expertise and competitiveness. If you need assistance while operating a startup, please feel free to contact Law firm Veat at any time. Thank you. Law firm Veat.
Law firm Veat recruits KAIST Professor Yang Eun-ho as a technology advisor and signs a MOU as a leading player in the AI artificial intelligence field.
Law firm Veat has contributed to research and practical application in the Artificial Intelligence (AI) field and has recruited Professor Yang Eun-ho from KAIST as a technology advisor. Professor Yang Eun-ho, who is affiliated with the Machine Learning and Intelligence Lab (MLILAB), and AI field collaboration strengthening signed an MOU. Professor Yang Eun-ho holds a Master's degree in Computer Science and Engineering from Seoul National University and a Ph.D. from the University of Texas. He worked at IBM Watson Research Center in the United States. Currently, he is a Associate Professor at the KAIST Kim Jae-cheol AI College of Law, specializing in AI and machine learning. Professor Yang Eun-ho is one of the top researchers who has published the most papers in prestigious international conferences such as the International Machine Learning Conference (ICML) and NeurIPS (Neural Information Processing Systems) which are considered the most authoritative conferences in the field of artificial intelligence and machine learning. Law firm Veat provides legal services based on its understanding of AI and artificial intelligence related fields and is growing together with various startups and venture companies. Through the recruitment of Professor Yang Eun-ho as a technology advisor and the signing of the MOU with MLILAB, Law firm Veat will further strengthen its experience and expertise, and will provide professional services on legal issues related to cutting-edge AI technologies such as Large-scale generative AI, LLM, and ChatGPT. Thank you. Law firm Veat Dream
“Legal review for securities acquisition reports and other foreign exchange transaction types requiring reporting.”
Law firm Veat conducted legal review for A Company, a software development company, regarding whether it was subject to foreign exchange transaction reporting, upon receiving a commission. Law firm Veat examined the types of foreign exchange transaction reports required when foreign corporations that have previously invested, according to the report on overseas direct investment, needed additional investment, based on the Enforcement Decree of the Foreign Exchange Transaction Act, and meticulously reviewed the transfer of ownership interests of overseas companies between Korean residents. In accordance with Article 8(1)(3) of the Enforcement Decree of the Foreign Exchange Transaction Act, when acquiring additional shares or capital contributions of a foreign corporation that has previously invested, it must be reported as ‘Overseas Direct Investment Subject’ to a foreign exchange bank, and in accordance with Article 9-5 of the Foreign Exchange Transaction Regulations, a ‘Report on Overseas Direct Investment Transfer between Residents’ must be conducted at a foreign exchange bank. Key Provisions on Overseas Direct Investment Article 8(1) of the Enforcement Decree of the Foreign Exchange Transaction Act It is an investment of at least 10% of the total shares or total capital issued by a foreign corporation established in accordance with foreign laws (including corporations under establishment, referred to as ‘foreign corporation’ hereinafter). 2. Article 9-5 of the Foreign Exchange Transaction Regulations When a resident (excluding individuals or business operators who are in the process of immigration or seeking to make payments for acquiring permanent residency or other qualifications, ) intends to make an overseas direct investment (including expansion investment), it must be reported to one of the following officials of a foreign exchange bank as specified in item 1 of the following: As mentioned above, foreign exchange transactions and stock acquisition reports involve complex procedures and various reporting obligations under different regulations. In particular, when acquiring shares or capital contributions abroad or transferring ownership interests of overseas companies among Koreans, it can be a major concern for many companies and individuals. Since the required documents and reporting methods vary depending on each investment procedure and require detailed review, including exceptions to reporting, and whether it is a reporting matter to a foreign exchange bank, it is recommended to obtain assistance from a legal expert with extensive experience in the Foreign Exchange Transaction Act and stock acquisition procedures. Veat Law Firm’s Foreign Exchange Transaction and Stock Acquisition Reporting Center Law firm Veat possesses extensive experience in numerous foreign exchange transaction reports, overseas investment reports, and stock acquisition reports. Based on this experience, we provide one-stop services, including determining the type of reporting required for each client, preparing and submitting the report, and handling the reporting agency. If you have any inquiries regarding stock acquisition reports, overseas direct investment reports, foreign investment reports, or the Foreign Exchange Transaction Act, please contact Veat Law Firm’s Overseas Investment Center, a leading expert in stock acquisition reports. Thank you. Veat Law Firm
Law firm Veat, Mr. Songdo Young, Representative Attorney, gave a lecture on 'ICT Regulatory Sandbox for New Digital Innovation'.
Veat’s representative attorney Songdo Young conducted a lecture on the key contents of the ICT regulatory sandbox system and its importance, in relation to the explanation meeting for new digital innovation. A regulatory sandbox is a system that allows businesses to launch new products and services utilizing new technologies under certain conditions (period, location, scale restrictions) and verify them without applying all or part of the existing regulations. This regulatory sandbox system is a system to rationally improve regulations based on the data collected during the process. This explanation meeting, held at Sejong Techno Park, was conducted by the representative attorney of Veat Law Firm, Songdo Young, at the ‘Explanation Meeting for New Digital Innovation for ICT Regulatory Sandbox’ and delivered an in-depth lecture on the core and importance of the ICT regulatory sandbox system. The explanation meeting was held targeting related companies in ICT/SW and digital content fields, including Sejong Special Self-Governing City, the Korea Information & Communication Technology Industry Promotion Agency (NIPA), Sejong Techno Park (SJTP), Sogang University Sejong Campus, Hongik University Sejong Campus, etc. The participating companies were able to gain a deep understanding of the importance and application methods of the regulatory sandbox system through this explanation meeting. Veat Law Firm’s representative attorney Songdo Young provides extensive legal advice based on abundant experience in ICT and digital fields and the practical know-how of the most track related to regulatory sandbox. Thank you. Veat Law Firm
Stock Option Attorney, Startup Stock Option Contract Legal Review
Veat’s stock option lawyers, Law firm Veat, conducted legal review of stock option contracts related to the expiration of the stock option exercise period for A, a content startup company, which was commissioned by A. A, a content startup company, requested Law firm Veat Startup Advisory Team to review specific parts of the stock option contract in focus. Law firm Veat Startup Advisory Team provided reliable advice by carefully reviewing important legal issues such as designating shareholders, restrictions on self-acquisition of stock under the Commercial Code, and priority purchase rights based on its extensive experience in working with content companies, providing optimized stock option legal advisory for startups. A, a content startup company, inquired to the Startup Advisory Team whether stock options that had not been exercised after the expiration of the exercise period could be re-granted. Law firm Veat Startup Advisory Team provided advice by conducting a comprehensive review of the stance of relevant authorities and major academic theories regarding startup stock options, providing trustworthy advice from the Startup Expert Team. What is a Stock Option? A stock option means ‘stock purchase option’. It is a right granted to employees of a company, etc., to purchase shares under certain conditions. Through this, the company provides incentives to attract and retain talented people for a long period. However, stock options are not simple. Under the Commercial Code and the Special Act on Promotion of Venture Companies of Korea, there are complex regulations regarding the granting and exercise of stock options. Stock options must be granted and exercised in accordance with these regulations. There is a risk that stock options granted or exercised in violation of related regulations may become invalid. Startups may encounter complex legal issues such as stock option contracts as they continuously grow and change. In such cases, it seems necessary to have a professional review by a stock option legal advisor specializing in startups, such as Law firm Veat, which has deep experience and expertise in stock options and startups. Law firm Veat Startup Advisory Team provides legal advice on granting and exercising stock options to companies and key employees who may not be familiar with related regulations. Also, through dealing with numerous stock option granting and exercising cases, it proposes stock option content that can satisfy both the company and key employees. To minimize the possibility of disputes after stock option granting, it assists in drafting stock option purchase option agreement. Law firm Veat’s Startup Advisory Team is Law firm Veat Startup Advisory Team provides legal advice based on extensive experience with various companies, including startup companies, which can help startups grow further. We hope you will find a definitive answer together with Law firm Veat Startup Advisory Team in stock options and startup-related legal issues. Law firm Veat Startup Advisory Team provides advice on all legal matters related to a company’s activities, from the company’s establishment stage to various contract negotiations, disputes with customers, operation of shareholder meetings and board of directors, and corporate mergers and acquisitions. Clicking on the following lawyer introduction will allow you to learn more about Law firm Veat’s confident legal experts. Thank you. Law firm Veat Regards
[IT Law Firm] Software License Contract Termination Legal Review
Law firm Veat conducted a legal review to determine whether it was possible to terminate existing supply contracts received on behalf of mobile software development supply company A due to its closure. The client had been using an information protection company and wanted to examine the possibility of termination during the contract period of a software supply contract (license) already concluded due to its closure. It particularly consulted with Law firm Veat, a specialized IT law firm, regarding whether the termination clause based on civil law could be applied and about the scope of damages resulting from contract termination. Law firm Veat, an IT specialized law firm, examined the impact of the information protection company’s closure on the client and the possibility of applying termination based on civil law’s related provisions. Furthermore, based on its expertise as an IT specialized law firm, we provided detailed advice and guidance on the scope of damages resulting from the client’s termination of the contract and related legal responsibilities. It is necessary to accurately understand the legal impact before making a serious decision, such as the termination of a software supply contract. In the case of a software contract, you can receive a more accurate and effective review with an understanding of both ‘software’ and ‘law’. Law firm Veat, an IT specialized law firm, possesses extensive experience advising various IT companies based on its familiar understanding of software and IT fields. Law firm Veat introduction: Law firm Veat, a leading IT specialized law firm in Korea, specializes in handling complex legal issues in the IT field. We provide quick and accurate advice on a variety of legal issues in the IT sector, from startups to large corporations. If you need consultation regarding various IT legal issues, please feel free to contact us at Law firm Veat’s IT-specialized law firm at any time. Thank you. Best regards, Law firm Veat
[IT Law Firm] IT System Solution Development Contract Review Case
Domestic IT company A signed a supply agreement as the supplier of IT system solution development contracts, and required legal review before signing the contract. A wanted to clearly interpret complex professional terms and technical content related to the introduction of IT systems, clarify the rights and obligations between the parties, and review the amount of IT solution licenses and maintenance costs. Law firm Veat, as an IT law firm, provided clear interpretation of professional terms and technical content that could be ambiguously interpreted within the IT system solution development agreement based on professional knowledge. Furthermore, it specifically analyzed the core contents of the contract to explicitly state the rights, obligations, and liability scopes between the parties. Specifically, it focused on reviewing the agreement contents between the purchaser and the supplier regarding the amount of IT solution licenses and maintenance costs, and more specifically recorded payment methods. Law firm Veat provided legal review for the IT system solution development agreement based on the expertise of an IT specialized law firm. In contracts related to IT system development, a large amount of IT-related professional terms and technical content is often included, which can be difficult to understand for those without expertise in the field. Law firm Veat, an IT specialized law firm, possesses know-how acquired through various IT litigation/IT advisory experiences based on a basic understanding of the IT field. Law Firm Veat Introduction: Law firm Veat, a leading domestic IT specialized law firm, has a specialized team composed of engineers and IT professionals. We provide professional advice and services for various IT legal issues, from startups to large corporations. Please contact Law firm Veat, our IT specialized law firm, anytime if you need consultation for complex and professional IT legal issues. Thank you. Law firm Veat Best Regards
[IT Legal Experts] Legal Review of Scope of National Government Software Procurement and Subcontract Restrictions
Because of the presence of IT legal experts, they entrusted the legal review to Law firm Veat regarding the scope of participation for large corporations in affiliated IT companies and restrictions on subcontractors for software businesses when undertaking software procurement by national agencies. Scope of software business participation by large corporations IT law firm Law firm Veat reviews laws such as the “Software Promotion Act” to protect small and medium-sized software businesses, as participation by large corporations is restricted in principle when a national agency undertakes a software business procurement, and provides detailed examination of whether a large corporation affiliated IT client can participate in the project. Subcontracting restrictions and exceptions The “Software Promotion Act” stipulates that in principle, a software business cannot exceed 50% of the business amount in subcontracting when it concludes a contract with a national agency. Accordingly, re-subcontracting is also restricted. However, when necessary, re-subcontracting is possible when it requires new technologies or specialized technologies, and there are no separate exceptions in this case. In software procurement projects by national agencies, it is important to deeply understand IT-related regulations. Because the “Software Promotion Act” has clearly defined standards, it is important to consult with and thoroughly examine it with an IT legal expert with extensive experience and abundant expertise. IT-specialized Law firm Veat is an IT law firm with a large number of IT legal experts and engineers who provide legal advice to various IT companies, and based on this, provides professional legal advice on IT and software-related legal issues. If you would like IT-specialized legal advice from IT law firm Law firm Veat, please feel free to contact us at any time. Thank you. Law firm Veat
[Corporate Advisory] Legal Review of Prepaid Electronic Payment Systems and New Type Goods Certificate Standards Regulations
Law firm Veat conducted a legal review regarding point usage expiration settings, promotional-related raffle functions, and illegal activities under the Legal Act on Electronic Financial Transactions for a global apparel company A’s request. Company A aimed to determine the applicability of prepayment electronic payment methods and the Standard Agreement for New Type Goods Certificates in connection with its membership/membership changes. This is a crucial issue that must be considered in conjunction with the Legal Act on Electronic Financial Transactions. The corporate-specialized Law firm Veat Corporate Advisory Team, possessing extensive corporate advisory experience and know-how, conducted a meticulous legal review regarding prepayment electronic payment methods and the Standard Agreement for New Type Goods Certificates based on relevant statutes, including the Legal Act on Electronic Financial Transactions. Point Usage Expiration and the Legal Act on Electronic Financial Transactions The corporate-specialized Law firm Veat Corporate Advisory Team carefully reviewed the legality of point usage expiration, providing clear answers to the client company. Raffle Promotions and the Special Enforcement Act on Prohibited Acts and Penalties The corporate-specialized Law firm Veat Corporate Advisory Team thoroughly examined the potential for raffle promotions to violate the Special Enforcement Act on Prohibited Acts and Penalties, analyzing numerous precedents and proposing safe promotional strategies. Corporate-Specialized Law firm Veat Corporate Advisory Team, from the Legal Act on Electronic Financial Transactions to the Special Enforcement Act on Prohibited Acts and Penalties Law firm Veat Corporate Advisory Team provides exceptional legal counsel to ensure that corporate companies can operate safely in various fields, including prepayment electronic payment methods, the Standard Agreement for New Type Goods Certificates, the Legal Act on Electronic Financial Transactions, and the Special Enforcement Act on Prohibited Acts and Penalties. Law firm Veat is a ‘advisor/consultant’ lawyer for numerous companies such as startups and venture capital firms, and provides rapid and efficient Law firm Veat at any time. Thank you. Law firm Veat