Case Studies
[Personal Information] Songdo-yeong Representative Attorney_Data Privacy Trends & Insights Event Presentation
Law firm Veat’s representative lawyer Songdo-yeong presented at Data Privacy : Trends & Insights, a seminar hosted by the Korea Association of Data Privacy Professionals (KAPP). The presentation focused on the analysis of the Data Privacy Survey Report (Data Privacy Survey Report) – an expert survey on data response strategies. This event, co-hosted by the Korea Association of Data Privacy Professionals (KAPP) and Kim & Chang Law Firm, was a meaningful event where attendees could explore trends and insights related to personal data in 2023. During this event, representative lawyer Songdo-yeong of Law firm Veat presented the analysis of the Data Privacy Survey Report (Data Privacy Survey Report) – an expert survey on data response strategies, based on the results of a survey conducted jointly by the Korea Association of Data Privacy Professionals (KAPP) and Kim & Chang Law Firm as part of the second session. Representative lawyer Songdo-yeong of Law firm Veat leads the personal data protection team at Law firm Veat and provides professional opinions at lectures and seminars based on a deep understanding. Specifically, she provides effective legal advice to clients regarding personal data. If you have any questions about Data Privacy : Trends & Insights, where representative lawyer Songdo-yeong of Law firm Veat was present, please refer to the link below. (Reference Link : Data Privacy : Trends & Insights 2023) Thank you. Law firm Veat
[Digital Healthcare] Opinion Paper on the Legal Review of Prepaid Electronic Payment Methods and Electronic Financial Transaction Act
Law firm Veat undertook a legal review and prepared an opinion regarding whether the customer’s current point and settlement methods within the platform operated by the client company are in violation of the current “Electronic Financial Transactions Act.” Law firm Veat meticulously examined whether the points constituted prepaid electronic payment instruments and the grounds for exemption from registration. Particularly, it conducted a comprehensive legal review to determine whether these criteria applied and, regardless of their application, whether the exemption from registration could be applicable. Law firm Veat provided guidance on the settlement methods, incorporating the official position of the Financial Supervisory Service, the relevant department, and interpretations under the “Electronic Financial Transactions Act.” Many companies utilize prepaid electronic payment instruments and convenient payment services, and given the significant social impact caused by sudden service interruptions, the relevant authorities are closely monitoring compliance with the “Electronic Financial Transactions Act.” Therefore, we advise you to proceed safely and accurately with the registration procedure and required requirements as defined in the “Electronic Financial Transactions Act” through legal experts with extensive knowledge of the law. Law firm Veat was selected as one of the “Law Firms to Watch in Fintech Financial Services/Technology-Based Startup Advisory” in the LEGAL 500 ‘2023 category, demonstrating its expertise and providing legal advice on numerous fintech financial services based on its extensive experience in advising on these services. Thank you. Law firm Veat.
[Stock Options] Stock Option Contract Legal Review
Law firm Veat conducted a legal review of stock option contracts based on a request from A, a leading artificial intelligence big data company. Law firm Veat meticulously examined the stock option grant agreements of A and B, which are in a joint venture relationship, and reflected the contents of the joint venture agreement in accordance with the guidelines published by the Ministry of SMEs and Startups. In particular, Law firm Veat added provisions to grant the right of first purchase to the controlling shareholder when granting stock options within the joint venture agreement, and to allow the stock option grantees to exercise the right of hot-selling upon a change of controlling shareholder, and provided guidance on amendments to the articles of association to enable them to receive tax special treatment under the “Special Act on Promotion of Venture Companies.” Furthermore, Law firm Veat provided separate contracts for stock option agreements for grantees with over 5% and under 5% grants, considering that the vesting period would change depending on the amount of stock options granted. Regarding whether a non-executive director and registered director of a subsidiary, who is also a non-executive director of the parent company, could be granted stock options under the “Special Act on Promotion of Venture Companies,” Law firm Veat thoroughly reviewed related laws, including the “Special Act on Promotion of Venture Companies” and the “Act on Commercial Transactions,” and provided guidance. Since stock option plans require the review of not only stock option contracts between a company and its employees but also various issues such as articles of association, it is recommended to proceed with the advice of a legal expert with extensive experience and knowledge in corporate law. Especially in the case of a joint venture, it can be effectively resolved with the help of a legal expert in complex matters such as various stakeholders and international contracts. Law firm Veat is providing legal consultation based on the experience and know-how of numerous companies that have dealt with many cases. If you need legal advice on stock option contracts, please feel free to contact Law firm Veat at any time. Thank you. Law firm Veat.
[Investment] Ae Team Venture secures legal advisory for Series B investment.
Law firm Veat provides legal advisory services during the process of Law firm Veat raising a Series B investment of 500 million won in connection with the matching platform, Capha, operated by ‘Eteamventures,’ a subsidiary of manufacturer matching platform Capha. This Series B investment included strategic investors such as LX International, a subsidiary of the LX Group, and Hana Securities as the lead investor, and the existing investor, Altos Ventures, participated in the third investment. Eteamventures, which operates the online manufacturer matching platform ‘Capha,’ launched in September 2020, has partnered with over 2,200 professional manufacturers and secured over 10,000 manufacturing customers, representing a leading B2B manufacturing platform operator. Based on excellent technological capabilities and abundant manufacturing experience, Eteamventures has promoted the digitalization of manufacturing and successfully attracted investment from investors. Law firm Veat drafted investment agreements, including share purchase agreements and shareholder agreements, based on Term-Sheets, during the process of Law firm Veat coordinating investments with various investors, including Altos Ventures and the new investor, Hana Securities, to help Eteamventures close the investment with mutual satisfaction for both investors and clients, and quickly handled the related procedures. Law firm Veat has been a global leader in the investment sector, being selected as a Finalist in the “Korea Deal Firm” category of the “ALB Korea Law Award 2022” for two consecutive years, and ranked in the TOP5 in the Bloomberg M&A league table in 2022, demonstrating its expertise in investment advisory. Law firm Veat strives to be a law firm that leads to the successful investment fundraising of its clients by reviewing various investment cases. Click here to access related articles ("Eteamventures, LX International, etc. raise 50 billion won investment""). Thank you. Law firm Veat Dream
[Appointment of Executive Members] Mr. Seongho Choi Attorney at Law Appointed as Executive Member of the Korea Table Tennis Association
Law firm Veat’s CEO, Seongho Cho, has been appointed as a member of the Korean Table Tennis Association. The Korean Table Tennis Association held an extraordinary general meeting of members and its board of directors to take its first steps of the new year, and formally appointed Seongho Cho as CEO of Law firm Veat. CEO Cho will contribute to the smooth progress of the 2023 Asian Table Tennis Championships, which will be held in Pyeongchang, Gangwon Province in September, and the preparation for the 2024 World Table Tennis Championships in Busan, as a member of the association. Thank you. Law firm Veat.
[Platform] An Il-won Partner Attorney_What is the impact on the virtual asset market regarding the allowance of token securities issuance (STO)?
Veat’s An Il-oon Partner Attorney’s column was published on Platum on February 6, 2023, focusing on the ‘Regulatory Improvement Plan for Token Securities (Security Token) Issuance & Distribution Rules’ released by the Financial Services Commission. Through this column, An Il-oon Partner Attorney presented professional opinions regarding the Financial Services Commission’s recent announcement. An Il-oon Partner Attorney majored in computer science and served as Manager at Naver Corporation’s Search Development Center. He also conducted research and development on document ranking systems (search engine ranking systems) and distributed databases. Furthermore, he achieved 7th place (silver prize) in the Korean regional finals of the ACM-ICPC, a world-renowned coding skills competition for university students, and is also active as a lawyer mentor for the Ministry of Science and ICT’s ICT Startup Legal Counsel and as a member of the Korean Bar Association’s IT Blockchain Special Committee. Based on his in-depth understanding of legal issues related to IT companies and blockchain/virtual asset companies, he provides legal advice. The original text can be checked through the link here. If you are a startup that is planning blockchain, token security issuance and distribution platform businesses, please feel free to contact Veat Law Firm at any time. What the Financial Services Commission says about Token Securities and their distribution platforms In summary, the Financial Services Commission’s announcement allows the issuance of distributed ledger recorded token securities, which are interpreted as ‘securities under the Capital Market Act,’ as a means of representing them in the real world, and also allows the establishment of exchanges (small-scale over-the-counter platforms) where distributed ledger recorded token securities can be traded.
[Investment] Providing legal advisory services regarding the Series B investment raising for retail proptech company SweetSpot.
Law firm Veat provided all legal advisory services necessary during the process of Law firm Veat attracting Series B (Series B) investment of KRW 9.5 billion in connection with the retail proptech company ‘SweeteSpot’. New shareholders including SIGNAITE PARTNERS, a venture capital company of the Shinsegae Group, Hanwha Investment & Securities, Hana Securities, ES Investor, and Umi Construction, as well as existing shareholders such as Altos Ventures continuously participated in this Series B investment. SweeteSpot operated businesses across the entire retail sector, including pop-up stores and commercial real estate brokerage, MD consulting, etc., demonstrating superior growth potential even during the challenging pandemic period caused by a prolonged period of COVID-19, and proved profitability with revenue higher than before the COVID-19 outbreak. Law firm Veat drafted investment agreements such as subscription and shareholders’ agreement based on term sheets in the process of SweeteSpot attracting investments from investors including SIGNAITE PARTNERS, Hanwha Investment & Securities, Hana Securities, ES Investor, Umi Construction, 손앤컴퍼니, 티그리스, and Altos Ventures, and also conducted all related registration work in a one-stop manner, allowing us to successfully conclude this investment quickly and efficiently. Law firm Veat has been selected as a Finalist in the Korea Deal Firm category for two consecutive years at the ‘ALB Korea Law Award 2022’ and is demonstrating its capabilities globally in the investment sector, and in 2022, it ranked in the TOP 5 in the Bloomberg M&A League Table, recognizing its expertise in investment advisory. Law firm Veat will continue to be a law firm that can grow together with its clients based on its experience and know-how in reviewing various cases. Related article SweeteSpot, 95 billion won Series B investment attraction Thank you. Law firm Veat Dream
[Terms of Use] Online Education Platform Terms of Use Legal Review
Law firm Veat undertook legal review of A’s terms of service following a request from A, which operates an online education platform. Law firm Veat meticulously examined clauses in A’s terms of service that could be detrimental to customers or difficult to predict, assessing the potential for these clauses to become invalid and made revisions to the terms, detailed guidelines, acceptance rejection, termination, usage restrictions and reasons for suspension, liability clauses, etc., to ensure they were suitable. Furthermore, Law firm Veat provided additions regarding usage restrictions, objection procedures, effects of suspension and termination, and damages compensation, all necessary for A’s terms of service. Law firm Veat provides the terms of service and related laws, such as the “Act on the Regulation of Contracts,” after comprehensively reviewing them to ensure that the terms of service do not become invalid, and is helping customers create usage agreements that are suitable for their services. Terms of service are established by providers to define the rights and obligations between providers and users, and it is recommended to consult with a legal professional who understands terms of service, especially when using standard terms. If you require the creation of terms of service or wish to conduct a legal review, please contact Law firm Veat. Thank you. Law firm Veat
[VEAT x TSMP Collaboration Strengthened] Law firm Veat strengthens its partnership with major Singaporean law firm TSMP.
법무법인 비트는 비트 사무실로 방문하여 주신 싱가포르 대형 로펌인 TSMP와의 이번 미팅을 통해 협력관계를 발전시켜 나갈것을 공고히 하였습니다. 법무법인 비트와 TSMP는 전략적 협력관계를 바탕으로 의견을 상호 교류하며 국내 또는 싱가포르 고객에게 국내법과 싱가포르 현지법규에 대하여 동시에 자문을 하여 왔습니다. 법무법인 비트와 TSMP는 M&A 등 해외 투자 부문과 법인설립, 인사/노무 등 기업 자문 뿐만 아니라, 비트의 강점인 블록체인과 가상자산, P2E 게임산업 등 규제이슈에 대해 함께 검토하며 자문을 제공하여 오고 있습니다. 이러한 공동 협력을 통하여 갈수록 복잡해지는 규제환경에서 복수 국가의 법률적 리스크를 관리하고, 효율적인 법률 절차 진행이 가능할 것으로 보입니다. 앞으로도 법무법인 비트는 TSMP등 해외 주요 로펌들과 협력 관계를 강화하여, 국내외 고객들의 금융, 핀테크, 블록체인, 게임, 엔터테인먼트 등 다양한 법률 수요에 효과적이고 효율적인 자문을 제공하고자 합니다. 감사합니다. 법무법인 비트 드림
[Consultation] Conduct legal review of integrated investment conditions by investor.
Law firm Veat undertook legal advisory services in response to a request from A, a software development and supply company, regarding the integration of investment conditions by investor and the related investment conditions. Startup A had multiple investors, and the conditions of shareholders’ agreements differed between investors. Law firm Veat, upon A’s request, advised on the execution of amended agreements to unify the rights held by investors, such as management approval rights, board of director appointment rights, stock option grants, and penalties for breach of contract, to prevent conflicts of interest between investors and to allow A to maintain company management under a unified condition. They requested Veat to advise on the execution of amended agreements to integrate these investment conditions. Furthermore, while eliminating differences between investment conditions, they proposed a revised plan that considered the interests of investors, while aligning with the domestic investment reality and not disadvantageous to the invested company, A. Law firm Veat provides meticulous legal advice, including reviewing investment-related shareholder agreements and shareholders’ agreements, throughout the investment fundraising process. Notably, Law firm Veat is recognized for its expertise in investment-related legal advice, having been selected as a Finalist in the Korea Deal Firm category at the ‘ALB Korea Law Award 2022’. If you need investment legal advice or require assistance with drafting and legal review of shareholder agreements, please contact Law firm Veat. Thank you. Law firm Veat.