Case Studies
[Digital Healthcare Attorney] Legal Review of Medical Device Joint Operation Agreement
Law firm Veat conducted a review of the medical device joint operation agreement at the request of B Company, a manufacturer of medical devices including medical devices such as medical devices. B Company sought to establish a joint operation agreement with C Hospital, granting B Company’s medical device usage rights and obtaining profits from the medical devices during the contract period, and contacted Law firm Veat to receive assistance from legal experts prior to contract execution. The Digital Healthcare Team of Law firm Veat reviewed the medical device joint operation agreement and found that the ratio of profits, the scope of installation obligations, and the criteria for imposing default interest payments were vaguely defined, and they revised the relevant parts and provided a comprehensive legal review opinion. In particular, Law firm Veat addressed clauses unfavorable to B Company, such as provisions specifying that medical device operators would be liable for medical device defects while the devices were installed in the hospital, and provided a review opinion to hold the hospital responsible when defects occurred due to the hospital’s gross negligence. Law firm Veat is providing legal advisory services to startups actively operating in the smart healthcare field based on a technology foundation. Specifically, the lawyers at Law firm Veat, with backgrounds in science and technology and practical experience, understand both “IT/technology” and “law,” and have performed numerous regulatory sandbox consulting services, including drafting applications from describing business models in the digital healthcare field to analyzing related regulations. Key cases of legal advisory services in Law firm Veat’s digital healthcare field are listed below. Providing legal advice on “personal information protection policies and personal information consent forms for bio/healthcare web services” for C Company, a bio/healthcare venture enterprise. Conducting a lecture on noteworthy points of the Personal Information Protection Act and changes in the Data 3 Laws during the development of home care medical devices, including application cases. Providing legal review on various issues, such as whether medical practices are regulated under domestic medical laws regarding services available from non-medical institutions and criteria for determining medical practices. If you need legal advisory services related to digital healthcare, please contact Law firm Veat. Thank you. Law firm Veat
[Legal Review of Influencer Indirect Advertising Contract for Sales of Hangover Remedies]
A, which sells hangover relief products, was about to sign a sponsorship agreement with an influencer to advertise hangover relief products through an influencer. Recently, there has been much controversy regarding undisclosed advertising, so A sought the help of legal experts to finalize the agreement with the influencer, and contacted Law Firm Veat. Law Firm Veat provided guidance on the items that must be specified in the video in accordance with the “Guidelines for Review of Labeling & Advertising of Products Related to Recommendations · Guarantees,” and provided a comprehensive legal review opinion regarding the sponsorship agreement. In particular, as the product being advertised was a hangover relief product, it provided guidance on the wording to be careful about in accordance with the “Regulations on Functional Labeling & Advertising of Foods, etc. that are not considered as improper labeling or advertising.” Law Firm Veat is a consultant/advisor lawyer for many MCN companies, and is continuously providing legal advice on matters such as influencer sponsorship agreements. If you are a person who operates an MCN company or need legal advice related to influencer advertising contracts, please contact Law Firm Veat. Thank you. Law Firm Veat
[Legal Times Special Feature] Introducing Law Firm Veat, the Law Firm Preferred by Internal Lawyers
What factors do internal lawyers consider when choosing a lawyer or law firm? According to a survey conducted by Legal Times to commemorate its 13th anniversary, internal lawyers highly value factors such as a law firm's expertise (or skill) along with prompt responses and feedback, communication with clients, and services. It is analyzed that they consider these various factors comprehensively and hire a law firm, which is like legal service's price. Source: Legal Times (http://www.legaltimes.co.kr) In a Legal Times 13th anniversary special article, Law Firm Veat was introduced. You can find more details in the article at Legal Times Homepage. Law Firm Veat started as a legal office named "Veat" in 2015 and has grown together with 653 partner companies, striving to provide assistance to technology-based companies. Moving forward, Law Firm Veat will continue to provide practical help in preventing and resolving problems and disputes that customers inevitably encounter as they grow. Thank you. Law Firm Veat
[Consultation] Drafting of Stock Transfer Agreement with Influencer
A, which operates an advertising agency, intended to proceed with a stock transfer agreement in order to transfer a portion of its shares to Kim, a famous influencer who is an employee of A. Therefore, it requested a legal review of the stock transfer agreement with Law firm Veat. A had already concluded an employment contract with Kim, the influencer, including a clause specifying the transfer of a certain number of shares. However, it wanted to reflect the clause in the stock transfer agreement and the non-compete clause. Law firm Veat reflected the matters requested by A in the stock transfer agreement, particularly noting that excessively long non-compete clauses would not be recognized as valid, and limited the term to a reasonable period. The non-compete clause prohibits working in a competing industry when a labor contract is established, which is generally reflected in employment contracts. However, to ensure its validity, it is advisable to limit the term to a reasonable period. Law firm Veat, based on its accumulated experience and know-how through numerous cases, provides diverse and professional consulting by analyzing legal issues related to investment from various perspectives, and developing the best solutions for the issues. Law firm Veat, based on its accumulated experience and know-how through numerous cases, suggests ways for both MCN companies and creators to coexist by coordinating the requirements of both parties. If you need legal advice on various aspects such as MCN business operations, employment contracts, and stock transfer agreements, please feel free to contact Law firm Veat anytime. Thank you. Law firm Veat
[Consultation] Legal review of the possibility of civil lawsuit due to data loss and damage compensation amount.
The franchise head office A, which operates a chain of academies, inquired with Veat Law Firm to find legal response plans related to a case where data was lost, and the company was receiving complaints from academy students and their parents due to the loss of students' photo data caused by negligence of B, an app/data management company, and C, a server management company, which was contracted with B. In this situation, the franchise head office A inquired with Veat Law Firm regarding the possibility of filing a civil lawsuit and legal response plans, including compensation amount, related to the data loss case, as well as complaints received from academy students and their parents due to the loss of students’ photo data caused by negligence of B, an app/data management company, and C, a server management company, which was contracted with B. In response, Veat Law Firm provided a comprehensive legal review opinion regarding the franchise head office A’s claim for compensation, the possibility of success during litigation, and compensation amounts related to the data loss case. Veat Law Firm has accumulated a lot of experience in resolving IT disputes, including software development service contracts. Particularly, Veat Law Firm utilizes its knowledge and experience as an IT expert who professionally developed software to clearly resolve disputes related to software. If you are considering a legal response plan due to IT legal issues, please contact Veat Law Firm. Thank you. Veat Law Firm.
[Consulting] Business assets and personnel requirements for obtaining the main approval for Personal Credit Information Management Business (My Data). Legal review.
21 years 1 month 27 days, through the regular meeting of the Financial Services Commission, K Bank and 28 other companies obtained self-credit information management business (MyData) core approval. Law Firm Veat provided legal review services for Company A, one of the fintech companies that received the core approval, regarding the business assets, human resources requirements of MyData business. Due to the amendment of the “Act on the Use and Protection of Credit Information” (hereinafter referred to as the Credit Information Act), self-credit information management business was newly established. Accordingly, fintech company A requested Law Firm Veat to request business assets, human resources requirements legal review in order to obtain core approval for self-credit information management business (MyData) from the Financial Services Commission. When Law Firm Veat provided legal review to Company A, a fintech company, the specific requirements were difficult to guide because the amended Credit Information Act, the corresponding executive regulations, and the Decree (Credit Information Supervision Regulations) were not yet finalized. Since the Financial Services Commission’s application form had not yet been released, it was difficult to provide accurate guidance, but the responsible lawyer at Law Firm Veat provided a comprehensive opinion by referring to existing credit information business approval application forms, etc., so that Company A could obtain core approval for self-credit information management business (MyData). The 28 MyData companies that received approval from the Financial Services Commission conducted preparations such as building standard APIs and are expected to provide safe MyData services as ‘Guardians of Information Sovereignty’ to consumers. In particular, the Financial Services Commission plans to conduct preliminary approval procedures for companies seeking to enter the MyData industry, and many fintech companies are showing interest. Law Firm Veat provides more efficient and systematic advisory services to fintech companies that provide new technology-based financial services, including P2P, PG (Electronic Payment Agent), etc., based on a deep understanding of relevant laws and regulations such as the “Electronic Financial Transactions Act,” “Act on the Use and Protection of Credit Information,” and “Act on Promotion of Information and Communication Network Utilization and Protection of Information.” If you need legal review regarding self-credit information management business (MyData) and fintech business operation, please contact Law Firm Veat. Thank you. Law Firm Veat. Law Firm Veat's Case Studies in Fintech ▶ On behalf of N Co., Ltd. operating a fintech business, we wrote a legal opinion based on reviewing the Capital Market Act and related regulations and provided them in connection with the introduction of new financial services. ▶ On behalf of D Co., seeking to start a fintech business, we provided legal advice regarding ‘legality of fintech business’. ▶ On behalf of M Co., selected as a supplier company (data sales, processing company) for the Data Voucher Support Business, we prepared a legal review confirmation to prove that the data to be distributed by A Co. is free from infringement of copyright, personal information protection law, etc.
[Consultation] Legal review of compliance with US privacy laws regarding the entry of a new service into the United States.
Inquire about compliance with U.S. personal information when entering the U.S. Startup M, which was planning to launch an online service in the U.S., consulted with Law firm Veat to review whether it complied with U.S. personal information protection regulations prior to the launch. For this purpose, a comprehensive review was needed of U.S. personal information protection regulations such as the Children’s Online Privacy Protection Act of 1998, The California Online Privacy Protection Act of 2004, and The California Consumer Privacy Act of 2018. According to The California Online Privacy Protection Act, any individual or entity that owns or operates a commercial website or online service and collects and maintains personal identification information from consumers residing in California must disclose a list of categories of personal identification information collected by the operator, a list of categories of third parties that the operator can share such personal identification information, and a procedure by which consumers can review and request changes to the personal identification information collected by the operator. Law firm Veat conducted a legal review regarding whether this content applied to M, and in addition, it reviewed whether M was a business subject to the California Consumer Privacy Act and whether it needed to add CCPA obligations to its privacy policy. Personal Information Legal Advice of Law firm Veat Law firm Veat provides legal advice on U.S. and European personal information protection regulations to allow domestic companies to provide services legally when entering the U.S. and Europe. The advisory opinions provided by this law firm regarding U.S. and European regulations are for reference only. If you require a more accurate review and legally binding opinion, we recommend obtaining a further review through a local branch before providing services. If you are someone who needs to conduct a thorough review regarding the legality of new services and compliance with personal information protection regulations, please contact Law firm Veat. Thank you. Law firm Veat.
[News] 2021 Regulatory Innovation Forum, Changes in Everyday Life Brought by Regulatory Sandbox 2 Years
“2021 Regulatory Innovation Forum: Achievements of Two Years of Regulatory Sandbox” Kim Dalwon, Director-General of the National Administrative Affairs Office, announced the results over the past two years, including 404 experimental cases and temporary approvals, which have become various experimental laboratories for new technologies and a breakthrough solution for resolving conflicts. At this event, Veat partner attorney Songdo-yeong attended as a panelist and discussed the need for establishing efficient post-management systems and the necessity of subsequent legal revisions to spread the results of the regulatory sandbox tasks. Those who are curious about the opinions of partner attorney Songdo-yeong at the 2021 Regulatory Innovation Forum can check them through the YouTube channel: . Veat Law Firm’s Regulatory Sandbox Performance Veat Law Firm’s regulatory sandbox team began with the ICT · Convergence Regulatory Improvement Consulting Project starting in 2018, providing legal consulting support for smart city experimental services, and conducting research projects for future smart grids. They hold the domestic record with the most tracks. Notably, in 2019, they performed 161 legal consultations related to regulatory sandboxes, and during the past quarter, they reviewed 100% of all expedited task projects, demonstrating outstanding achievements in the regulatory sandbox field. Partner attorney Songdo-yeong was recognized for his contributions to the establishment and expansion of the regulatory sandbox system through over 200 regulatory sandbox agenda reviews and legal consultations, and was awarded the Minister of National Defense Commendation at the ‘2020 Science & Information & Communications Day’ government award. Partner attorney Baek Seung-cheol emphasized the need for regulatory sandbox consulting and advice, saying, “Many business owners encounter difficulties from the application stage due to a lack of understanding of the system while they are interested in applying for a regulatory sandbox.” Meanwhile, Veat Law Firm has been working to promote innovation and regulatory innovation by providing legal advice for the development of virtual & merged industries such as VR (Virtual Reality) and AR (Augmented Reality) based on the proactive regulatory innovation roadmap announced by the Ministry of Science and ICT and establishing legal foundations to support the development of virtual & merged industries. Partner attorney Cho Eun-byeol added, “Based on extensive consulting experience related to venture & startups and expertise in regulatory sandboxes, we will do our best to help countless startups and venture companies overcome challenges and achieve breakthroughs in 2021.” If you have any questions regarding regulatory sandboxes, please contact Veat Law Firm. Thank you.
[202101] Monthly Veat 1st Issue_ Law firm Veat's 2020
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[KAPP Column] Personal Information, Crisis Response
'Personal information' is a living entity. It is also an object of protection and an object of use. It can be an object of collection but also transferred to third parties. It may have value for users when it is valuable, but it can also become harmful if it is not properly disposed of. Some people try to steal it through hacking, or leak it for profit. Companies basically use personal information to develop new products and services, upgrade existing products and services to create added value, but they should pay attention to the fact that not understanding these characteristics of personal information properly can bring a major crisis to the company. First, crisis response is a ‘time’ battle. After the 2014 card company personal information leakage incident, the National Assembly stipulated that unless there is a legitimate reason, a fine of no more than 30 million won would be imposed if notification and reporting were delayed for 24 hours after knowing the fact of loss, theft or leakage of personal information (Article 27(3) of the ‘Act on Promotion of Information and Communications Network Utilization and Information Protection’), this regulation was directly transferred to the revised ‘Personal Information Protection Act’ (Article 39(4) of the same law). 'Veat, Partner Attorney, [KAPP Column] Personal information, crisis response' A partner attorney at Law firm Veat, Songdo Young, said, 'Crisis finds you without a sound. Thorough preparation is the best way to minimize damage for both information subjects and companies.' For those who are curious about the detailed content, please refer to the original column text published in Prime News by clicking on the link: this link. The personal information protection team of Law firm Veat, led by Songdo Young, Partner Attorney, a secretariat director of the Korea Association of Personal Data Professionals (KAPP), possesses various practical experiences related to personal information protection, including personal information protection education and personal information crisis response simulation, and strives to quickly identify and respond to problems and accurately build response systems. Thank you.