Case Studies
[Consultation] Digital Healthcare Terms of Use and Personal Information Processing Policy
Law firm Veat took on a referral from A, which was preparing to launch a digital healthcare platform, and reviewed its terms of use and personal information processing policy. Digital healthcare company A received information about users’ activities and sleep times, as well as health-related information from B’s mobile application, and planned to launch a digital healthcare platform related to health management by utilizing this information. Therefore, the company requested Law firm Veat to review the terms of use and personal information processing policy required for this service. Accordingly, Law firm Veat reviewed A’s terms of use and personal information processing policy based on laws such as “Act on the Regulation of Contracts” and “Personal Information Protection Act” and provided it. Notably, this case was a case requiring detailed legal review and consultation because the information handled by the digital healthcare company A, which is considered sensitive personal information, required separate consent and was based on relevant regulations to process sensitive information. As the digital healthcare sector has grown explosively, the importance of personal information protection issues has also become significant. Law firm Veat has established a personal information protection team led by partner lawyer Jo Eun-byul, who was awarded as an outstanding lawyer by the Personal Information Protection Committee in 2020, and is providing in-depth legal advice related to personal information. If you need legal advice regarding digital healthcare, terms of use, and personal information processing policies, please feel free to contact Law firm Veat at any time. Thank you.
[Consulting] Providing legal advice related to proxy reservation in response to a request for a restaurant reservation platform.]
S, which operates a restaurant reservation platform, contacted Law firm Veat to examine legal response measures regarding individuals who conducted reservations through other users' IDs and passwords. In cases similar to this one, where a person other than the member uses another member’s ID and password to use the service, this may fall under the offense of computer infringement due to interference with business, as stipulated in Article 314(2) of the Criminal Act. Accordingly, Law firm Veat warned the representative reservor that the act may violate S’s terms of service and service policy and requested the cessation of reservations. Furthermore, to prevent similar cases from occurring in the future, Law firm Veat advised S to provide an amendment to the terms of service prohibiting the use of IDs for others, the use of others' IDs, and the use of proxy services, and to impose penalties for violations, and to notify users through pop-ups about the company's liability for damages resulting from the transfer of IDs and passwords to others. As a diverse group of advisors/consulting lawyers, including many startups, IT companies, venture capital firms (Venture Capital), and accelerators (Accelerator), provides specialized legal advisory services for businesses. Law firm Veat strives to provide efficient legal advisory services, constantly offering rapid legal counsel from experienced lawyers, including dedicated lawyers, to ensure swift and efficient communication between the law firm and its clients. If you need legal advice during the operation of a startup, please feel free to contact Law firm Veat at any time. Thank you.
[Consultation] Stock payment in restricted stock disposition method for executives]
Law firm Veat has drafted a stock transfer agreement including a vesting schedule that grants stock to executives and prevents them from selling the stock for a certain period of time. A company that supplies fintech-related software to executives has requested that it draft a stock transfer agreement based on the condition that it grants stock to executives and prevents them from selling the stock for a certain period of time. Following A’s request, Law firm Veat has drafted a stock transfer agreement including a vesting schedule that grants stock to executives, but prevents them from selling the stock for a certain period of time. Vesting (Vesting) also known as conditional incomplete stock grant, refers to a method of granting stock to employees according to the duration of employment (Vesting Schedule). By setting a vesting schedule, granting stock, from a company’s perspective, is relatively safer because it prevents employees from quitting or changing jobs immediately after receiving the stock. However, when setting a vesting schedule, there are various conditions to consider, such as the vesting period, the starting date of the vesting period, the frequency of vesting, and the presence or absence of a cliff period. Therefore, it is advisable to seek advice from a professional with extensive experience in this area and proceed carefully. If you need legal advice regarding vesting, stock grant methods, and drafting stock transfer agreements, please contact Law firm Veat at any time. Thank you.
[Consultation] Review of Live Commerce Contract
Law firm Veat conducted legal review of live commerce contracts between MCN companies and creators. MCN corporation A, which operates live commerce, requested the creation of a live commerce contract reflecting key requirements such as profit distribution and compensation in exchange for a live commerce appearance contract with a creator. In response, Law firm Veat meticulously reviewed the clauses of this live commerce contract and provided the following clauses, which posed a high risk of disputes. ▲ Clause regarding profit distribution ratio and payment timing ▲ Clause prohibiting creators from causing social scandal or similar during the live commerce broadcast period, as well as clauses related to liability for damages. ▲ Clause regarding broadcast period and appearance time of live commerce Recently, due to the impact of the COVID-19 pandemic, consumer behavior has rapidly shifted from offline to online, and the e-commerce market is growing unprecedentedly. This growth in the e-commerce market is also causing an increase in legal disputes related to e-commerce, which requires greater attention. Law firm Veat holds extensive experience in providing legal advice related to e-commerce, live commerce, and e-commerce, and utilizes this experience to accurately reflect customer requirements and create contracts that minimize the risk of future disputes. If you need legal advice regarding e-commerce, live commerce, and e-commerce, please contact Law firm Veat at any time. Thank you.
[Consultation] Legal review of whether scraping data from another company's database is illegal.
Esa, which is planning to introduce a new used car transaction brokerage service, wanted to utilize information posted on its existing used car transaction brokerage platform through crawling. Therefore, Esa consulted with Law Firm Veat to review whether the act of another company crawling its established database is legitimate. Law Firm Veat researched judgment precedents in similar cases to examine whether it infringed the rights of the database creators under the copyright law. Specifically, Law Firm Veat examined whether the Act on Prohibition of Unfair Competition and Protection of Trade Secrets, the Act on Promotion of Information and Communication Network Utilization and Protection of Information, and the offense of interfering with computer-related business activities applied to Esa’s crawling method. It provided a comprehensive opinion on whether the crawling method was illegal. Law Firm Veat is a law firm established with IT professionals, and it provides differentiated legal services based on deep understanding of IT technology-based startups and various business cases. Law Firm Veat helps prevent and resolve problems and disputes that customers inevitably face as they grow, and strives to be a partner that grows together with customers. If you need legal review related to crawling, please feel free to contact Law Firm Veat at any time. Thank you. Law Firm Veat Dream
[전자신문_보안칼럼] Songdo-yeong Partner Attorney, Regarding the Improved Penalty Clause for the Personal Information Protection Act
Veat’s partner lawyer, Songdo-yeong, wrote a column for the IT-specialized news portal, Electronic News, regarding the Proposed amendment to the Personal Information Protection Act announced on January 6th. In this column, the lawyer, Songdo-yeong, pointed out the limitations of the current Personal Information Protection Act and discussed the desirable direction of amendment regarding the proposed amendment, which sets penalties at “less than 3% of total sales revenue”. However, regarding amending the penalty amount to ‘less than 3% of total sales revenue’, there is disagreement between opinions arguing that it is a reasonable amendment and the argument that it should be scrapped because it is a flimsy level of punishment and causes a significant burden on businesses, and… Songdo-yeong Partner Lawyer, [Security Column] Regarding the Proposed Amendment to the Personal Information Protection Act – Some Contents For more detailed information, please refer to the original column published on Electronic News via the link: Original Column Songdo-yeong Partner Lawyer leads the Personal Information Protection Team at Law Firm Veat, and he has served as the Secretary-General of the Korea Association of Personal Information Professionals (KAPP), and is actively involved in various areas related to personal information. Thank you.
[Consultation] Review of inquiries related to My Data business partnerships
Veat Law Firm obtained the main authorization for the MyData business from A, a fintech company, and responded to inquiries regarding the partnership related to the MyData business. A, as a fintech company that obtained the main authorization for the MyData business (MyData), inquired about ▲the scope of services and credit information that can be provided through partnerships with non-business MyData partners, ▲the possibility of non-business partners receiving services through partnerships with MyData business partners, and ▲the scope of services that MyData business partners can provide. Therefore, Veat Law Firm reviewed relevant laws, including the “Act on the Promotion and Utilization of Credit Information” (Credit Information Act), and provided opinions regarding these inquiries. MyData pre-authorization application preparation to MyData main authorization acquisition – comprehensive legal advisory Veat Law Firm provided comprehensive legal advice from A’s MyData pre-authorization application preparation to MyData main authorization acquisition, and during this process, it conducted legal reviews of documents required for MyData main authorization, company internal regulations (Credit Information Management Guidelines, Personal Information Protection Guidelines, Financial Consumer Protection Guidelines), company organizational matters (Credit Information Management Protector, Compliance Supervision Officer, Audit Required Institution, Financial Consumer Protection Overall Responsibility Officer, Information Protection Highest Responsibility Officer), etc. If you need advisory support during MyData business operations and fintech business operations, please feel free to contact Veat Law Firm at any time. Thank you.
Law firm Veat achieved 4th place in the M&A league table for Q1 2021.
Law firm Veat has ranked 4th in Bloomberg’s 2021 Q1 M&A League Table (based on transaction volume). Following large law firms such as Gongjang, Kim&Chang, and Sejong, Veat has emerged as a leading boutique M&A law firm. This reflects Veat’s continuous growth, having entered the top 10 league table in 2019 and subsequently landing in the top 5 in the 2020 annual M&A league table. Veat promises to continue providing support to its clients through its unique expertise in various investment and M&A transactions. For more details regarding Bloomberg’s 2021 Q1 M&A League Table, please refer to the related article. Thank you.
[News] Cho Eunbyeol Partner Lawyer, Selected as Outstanding Senior Counsel by the Personal Information Protection Committee
The Veat Law Firm’s partner attorney, Jo Eunbyeol, was selected as an outstanding senior attorney by the Personal Information Protection Committee and awarded an award for 2020. The Personal Information Protection Committee held the 10th Personal Information Talk Relay Meeting on November 1st, and proceeded with the presentation ceremony for the Outstanding Senior Attorney Award. The senior attorneys of the Personal Information Protection Committee advise on matters requiring interpretation and application of regulations, legal review, and other matters related to the duties of the Personal Information Protection Committee. As of 2021, a total of 20 have been appointed. Among them, Veat Law Firm’s partner attorney, Jo Eunbyeol, was selected as an outstanding senior attorney and received an award. Veat Law Firm’s Personal Information Protection Team performs advisory work to ensure compliance with personal information-related regulations and provides personal information protection system establishment consulting. In particular, partner attorneys Jo Eunbyeol and Baek Seungcheol at Veat Law Firm are currently appointed as senior attorneys of the Personal Information Protection Committee since 2020, enhancing their expertise in personal information-related areas. Thank you. Veat Law Firm Dream
[Startup Info] Law firm Veat, “A law firm for investment•IT and venture companies and startups”
Startup ecosystem, journalists, and investors – this global collaboration magazine introduces startups. An interview with Mr. Choi Seongho of Law firm Veat has been featured. Notably, this article allows us to see Law firm Veat’s approach to responding to the COVID-19 pandemic. Please refer to the link below for more details, and Law firm Veat promises to continue striving to grow alongside startups even during the COVID-19 pandemic. https://startup.info/sungho-choi-veat/ Thank you. Law firm Veat