Case Studies
[Consultation] Review of Improvement Recommendations from the Korea Consumer Protection Agency Regarding Terms of Use, Refund Regulations, and Promotional Announcements for Complimentary Gifts.
Law firm Veat reviewed the improvement recommendations from the Korea Consumer Protection Center regarding terms of use, refund regulations, and promotional advertisements for promotional items, etc. A, which operates a mobile platform related to healthcare, received improvement recommendations from the Korea Consumer Protection Center regarding terms of use, refund regulations, and promotional advertisements for promotional items, etc. Accordingly, Veat Law Firm asked A about whether the matters subject to improvement recommendations were essential improvements, the legal risks that could arise from non-compliance, and appropriate guidelines and methods for improving terms of use, refund regulations, and promotional advertisements for promotional items, etc. Law firm Veat reviewed the “Act on the Restriction of unfair contract terms” (hereinafter referred to as the “Unfair Contract Terms Act”), the “Consumer Protection Act on Transactions Including Electronic Commerce,” the “Act on the Establishment and Operation of Educational Institutions and Private Tutoring,” the “Act on Visiting Sales,” the “Act on Food Labeling,” and the Fair Trade Commission’s Consumer Dispute Resolution Criteria, to examine the validity of each improvement recommendation from the Korea Consumer Protection Center regarding Veat Law Firm’s terms of use, refund regulations, and promotional advertisements for promotional items, etc., and to suggest appropriate improvement methods for A’s terms of use, refund regulations, and promotional advertisements for promotional items, etc. In particular, excessive liability clauses under the Electronic Commerce Act may be invalid as unfair contract terms as defined in the Unfair Contract Terms Act, and the operator may receive corrective measures such as deletion, modification, etc., of the relevant clause from the Fair Trade Commission (Article 17, Article 17-2, Paragraph 1). Law firm Veat provides comprehensive advice to businesses that provide online services such as electronic commerce and telemarketing, ensuring compliance with relevant laws and regulations such as the Unfair Contract Terms Act, the Consumer Protection Act on Transactions Including Electronic Commerce, and the Information and Communications Network Act, by identifying each business’s service content and type, and scope of obligations. If you need advice on this matter, please feel free to contact Law firm Veat at any time. Thank you.
[Consultation] Legal review of documents for My Data Core Approval
The Financial Services Commission has established support centers for businesses to ensure the smooth operation of the MyData business, which will begin in August. Given the new business being launched, including the establishment of the MyData Support Center and the publication of operational guidelines to protect consumers’ rights to information and facilitate the pass rate companies, it is laying the groundwork for them to prepare services smoothly. Financial companies, fintech companies, and e-commerce companies that did not obtain the initial MyData authorization are actively working to supplement applications and obtain the main authorization. Many banks, financial, and fintech companies are showing high interest in securing a leading position in the personal credit information management (MyData) market. Veat Law Firm is conducting legal review of documents for MyData pre-authorization and main authorization for A Corporation and other companies in the midst of high interest from financial institutions and fintech companies. Veat Law Firm has provided comprehensive legal review, including reviewing A Corporation’s pre-authorization and main authorization application documents, internal regulations (credit information management guidelines, personal information protection guidelines, consumer protection guidelines), organizational structure reviews (credit information management protectors, compliance supervisors, audit required institutions, consumer protection overall responsibility, information protection highest responsibility), from the pre-authorization application period. Veat Law Firm is reviewing the application documents for MyData authorization, including checking if there are missing elements in A Corporation’s pre-authorization and main authorization application documents, and whether they comply with the Credit Information Act, Personal Information Protection Act, and Consumer Protection Act. If you need legal review for MyData business-related matters, please contact Veat Law Firm. Thank you. Veat Law Firm Dream
[Legal Review] YouTube Video Editing and Channel Operation Contract Legal Review
Law firm Veat conducted a legal review of the YouTube Video Editing and YouTube Channel Operation Agreement. A, which operates MCN-related businesses, requested Law firm Veat to conduct a legal review of the ‘YouTube Video Editing and YouTube Channel Operation Agreement’ prepared in conjunction with B as part of the preparation for creating linked content. Accordingly, Law firm Veat thoroughly reviewed A’s commissioned ‘YouTube Video Editing and YouTube Channel Operation Agreement,’ making the following revisions: ▲Modifying expressions contrary to the purpose of this contract, ▲Clarifying ambiguous concepts and distinctions using clear criteria to prevent future disputes, and ▲Recommending changes to excessively unfavorable clauses that could result in damages for breach of contract, in addition to liability for payment of the contract price. Notably, this ‘YouTube Video Editing and YouTube Channel Operation Agreement’ contained numerous clauses that were excessively unfavorable to A, and there were clauses that could already constitute a breach of contract due to A’s operating situation at the time, therefore, a multi-faceted legal review considering A’s circumstances was necessary, going beyond simple legal review. As a consultant/advisor lawyer for various MCN companies, Law firm Veat provides comprehensive legal advice on all legal matters related to MCN company operations, including YouTube Video Editing Agreements and YouTube Channel Operation Agreements. Please feel free to contact Law firm Veat if you need advice on MCN Company Operations, YouTube Video Editing Agreements, YouTube Channel Operation Agreements, etc. Thank you.
[Consultation] Legal Review Before Receiving Stock Options
Law firm Veat conducted a legal review of the stock purchase option grant agreement. A, who joined as a developer at IT startup B after receiving a stock purchase option grant agreement as a hiring condition, requested this law firm Veat to review the agreement to see if there were any unfavorable parts. Accordingly, law firm Veat confirmed that B was registered as a venture company and, considering this case, conducted a comprehensive review of this stock purchase option grant agreement, considering that “Special Act on Measures for Fostering Venture Companies” (hereinafter referred to as the Venture Company Act) applies preferentially over the Commercial Code. The stock purchase option is different depending on whether the granting company is a venture company, a private non-listed company, or a listed company, starting from the legal regulations that serve as the basis for granting stock purchase options. Because contracts violating relevant laws may become invalid, it is necessary to proceed with the help of experienced professionals with extensive consultation experience. Law firm Veat provides advice from the perspectives of both the company granting the stock purchase option and the recipient, based on its diverse experiences, and strives to achieve results that satisfy both parties to the fullest extent. If you need assistance with stock purchase option grant agreements (stock option grant agreements), please feel free to contact Law firm Veat at any time. Thank you.
[202103] Monthly Veat 3rd Issue_Personal Information Checklist for Shopping Mall
https://stib.ee/LaB3
[Consultation] Review of Personal Information Protection Act related to data monetization.
Law firm Veat conducted a review of the Personal Information Protection Act related to data monetization. A, which provides data-based marketing solutions services, is preparing a business to sell data containing personal information acquired from customers, and in anticipation of this business structure, they requested a legal review from Law firm Veat. In response, Law firm Veat thoroughly analyzed the business structure offered by A, including the form of data provided, and, in cases where personal credit information would be processed outside the scope of acquiring personal credit information from customers, they reviewed the potential violations of the Personal Information Protection Act and the Credit Information Act (hereinafter referred to as the ‘Credit Information Act’). In light of the Digital New Deal era, many companies are preparing business to monetize existing customer personal data, and in this case, it is necessary to anonymize or pseudonymize personal (credit) information, so that it cannot be identified or specified as the personal (credit) information subject, in order to use customer data in a legitimate manner, and the importance of reviewing personal information-related laws to prevent risks such as data leakage is also increasing. Law firm Veat possesses abundant advisory experience related to personal information-related regulations such as the Personal Information Protection Act and the Credit Information Act, and particularly, partners Jo Eun-byul and Baek Seung-cheol have been appointed as advisors to the Personal Information Protection Committee since February 2020, further enhancing their expertise in personal information-related matters. Please contact Law firm Veat if you need assistance with legal issues related to personal information and information protection. Thank you.
[News] Partner Attorney Seongho Choi Appointed to the Sports Fairness Committee of the Korea Table Tennis Association
Law firm Veat’s representative attorney, Cho Sung-ho, has been appointed as a member of the Sports Fairness Committee of the Korea Table Tennis Association. The Korea Table Tennis Association held its first board meeting in February and officially launched in 2021, with plans to further strengthen the association’s administration. Representative attorney Cho Sung-ho of Law firm Veat, who attended the Korea Table Tennis Association’s first board meeting, has been appointed as a member of the Sports Fairness Committee and will continue his activities. Thank you. Law firm Veat Dream
[News] Partner Attorney Songdo Yeong Appointed to the Self-Governing Organization for Internet Publishing and the Citizens' Rights Committee
Veat’s partner lawyer, Songdo-yeong, has been appointed as a regular member and a citizen society committee member of the Internet Newspaper Self-Disclosure Organization (IDI). The Internet Newspaper Self-Disclosure Organization (IDI) was established with the purpose of enhancing the efficiency and objectivity of government advertising through the self-disclosure of internet newspapers, and contributing to the improvement of internet newspaper credibility and continuous development as a non-profit corporation where academics, social organizations, advertising organizations, and the media participate. The Internet Newspaper Self-Disclosure Organization (IDI) will operate based on principles of independence, autonomy, transparency, integrity, and non-discrimination, and after establishing verification criteria and related regulations under the leadership of a verification committee, it plans to launch a self-disclosure pilot project and begin its activities. Veat’s partner lawyer, Songdo-yeong, will serve as a regular member and a citizen society committee member of the Internet Newspaper Self-Disclosure Organization (IDI), and will do his best to contribute to the development of the media ecosystem by establishing objective and transparent self-disclosure systems for internet newspapers.
[News] Partner Attorney Songdo-yeong, Member of the Fair Assessment Committee of the Data Specialist Institute of the Financial Settlement Institute Appointed
Law firm Veat’s Seongdong-yeong partner lawyer was appointed as a member of the Financial Settlement Institute Data Specialized Institution Fairness Assessment Committee on March 11, 2021. Financial Settlement Institute, which was designated as a data specialized institution under the Credit Information Act on March 8, is scheduled to combine and provide anonymized and pseudonymized financial data for the utilization of financial data, as requested by the applicant. In this process, the Fairness Assessment Committee will support the applicant to utilize data more safely without legal burden through the anonymization and pseudonymization assessment. Law firm Veat’s Seongdong-yeong partner lawyer stated that he will do his best as a member of the Fairness Assessment Committee. Thank you. Law firm Veat Dream
Law Firm Veat – “Software Promotion Act” Takes Effect
Following the 4th Industrial Revolution, measures have been taken to promote and invest in the software industry and to reform and improve unfair software business practices. The “Software Promotion Act,” completely revised in 2020, has been in effect since December 10th. Beyond the promotion of the “Software Industry,” it aims to strengthen national software capabilities by spreading software nationwide. The law was revised from the “Software Promotion Act” to the “Software Promotion Act,” and expanded from 4 chapters and 48 articles to 8 chapters and 78 articles, including supplementary provisions, to address previously vague and unprotected areas. Numerous articles were added to clarify and improve understanding. Key revisions of the “Software Promotion Act” include: Regional Software Industry Promotion Agencies According to Article 9 (“Regional Software Industry Promotion”), the designation criteria and delegated business items of regional software industry promotion agencies are defined to support regionally-based software industry promotion and to facilitate integration with local industries. Introduction of Private Investment Software Business Based on Article 40 (“Private Investment Software Business”), the legal basis for promoting software businesses by utilizing private capital and technology of the public sector was introduced, and the implementation regulations outlined business requirements and procedures. Software Business Environment Improvement Terms of Contract for Software Business According to Article 38 (“Principles of Fair Contracts”), both parties to the contract must be in an equal position to ensure a fair contract is executed, and the contract shall be established based on software business contracts. The contract should include details such as task content confirmation methods, confirmation times, contract amounts, contract periods, contract content changes, compensation for damages, and ownership of intellectual property. Additionally, to strengthen fairness, clauses for invalidating contracts that are unfairly one-sided are included. Ban on Unfair Conduct and Reporting Procedures According to Article 39 (“Ban on Unfair Conduct”), procedures and methods for reporting unfair conduct by a software business to a purchaser are defined to correct unreasonable practices. Restrictions on Subcontracting of Software Business The scope of subcontracting is changed from “more than 50% of the project budget” to “more than 50% of the purchase amount of goods (including commercial SW)” as the “project budget” was excluded.