Case Studies
[Food Journal] “Food Industry Development and Regulatory Sandbox” Academic Conference on November 4th
The Korea Food Safety Information Center (Director Jeong Yun-hee) will host an international academic conference on the topics of food industry development and regulatory sandbox on November 4th at 2:00 PM. Partner attorney Mr. Song-yeong Kim of Veat Law Firm is scheduled to attend this event. For more details, please refer to the Food Journal article ‘November 4th ‘Food Industry Development and Regulatory Sandbox’ Academic Conference’ Thank you. Veat Law Firm
[Legal Times] Leading Lawyers 2020 “Law firm Veat, a well-known expert in advanced advisory services such as SAFE, flip, etc., from IT startups.”
Veat Law Firm was featured in ‘2020 Korea’s Leading Lawyers’ selected by Legal Times, actively participating in major fields of corporate legal affairs such as M&A and company law, and labor law. Legal Times selected ‘2020 Korea’s Leading Lawyers 100’ by comprehensively evaluating the opinions of internal lawyers and related field experts, business performance, and data secured by Veat Law Firm. Veat Law Firm achieved 6th place in the Bloomberg Korea M&A League Tables in the M&A legal advisory field for the third quarter of 2020, based on the total transaction volume. It is noteworthy that Veat Law Firm achieved 2 steps of growth compared to its performance in 8th place in the Bloomberg Korea M&A League Tables for the annual 2019. Veat Law Firm promises to continue growing together with startups, providing specialized legal advice for startup law firms. For detailed information on Legal Times, please refer to the original article: Original Article. Thank you. Veat Law Firm Dream.
Law firm Veat ranked 6th in the Korean M&A legal advisory market.
Hello, this is Law firm Veat. In early this month, the M&A league tables were announced by domestic and foreign capital media companies for the third quarter of 2020. Law firm Veat recorded 6th place in the Bloomberg Korea M&A League Tables (2020 Third Quarter) M&A legal advisory field based on the total transaction volume, and subsequently recorded 10th place in The Bell’s League Table (2020 Korea Capital Market the bell League Table) based on corporate acquisitions · sales legal advisory – Announced. It is noteworthy that Law firm Veat achieved 2 steps forward compared to its performance last year, which recorded 8th place in the Bloomberg Korea M&A League Tables (2019 Annual) M&A legal advisory field. Moving forward, Law firm Veat will continue to do its best to provide perfect solutions related to investment.
[Veat’s Startup Legal Walk] Trust and Finance for Virtual Assets
The inclusion of virtual assets derivatives (specifically, those based on digital payment tokens like Bitcoin and Ethereum as underlying assets) in Singapore’s regulatory framework signifies that Singapore’s financial authority views virtual assets not merely as ‘blockchain distributed origin technology byproducts,’ but as one area of finance. Virtual assets are new and remarkable because they technically implement distributed ledgers with high fidelity, and develop various services that did not previously exist based on the characteristics of distributed ledgers. However, I believe the more remarkable reason is that, thanks to this decentralized electronic ledger, they attract people’s trust and develop as part of a new finance. Interested in more details? Please check Senior Attorney Veat’s Kim Anil Un’s article on virtual assets and finance! Thank you. Law Firm Veat
[Consultation] “Guidelines for Review of Indications and Advertisements Regarding Recommendations, Guarantees, etc.” Legal consultation regarding advertising obligations.
Law firm Veat is providing opinions regarding whether it has a duty to disclose economic interests in accordance with the “Guidelines for Review of Display and Advertising of Recommendations · Guarantees, etc.” issued by the Fair Trade Commission and regarding the form of contract and response measures that may be exempt from the obligation. The Fair Trade Commission implemented the revised “Guidelines for Review of Display and Advertising of Recommendations · Guarantees, etc.” as of September 1, 2020. This guideline stipulates methods for advertisers and guarantors to indicate relevant economic interests when content such as photos and videos are used. Accordingly, Company A, which operates using a business model involving collective purchases through influencers, requested advice regarding the disclosure obligations for advertising and other displays based on the influencer’s collective purchase format. Law firm Veat, based on the guideline manual of the Fair Trade Commission regarding the “Guidelines for Review of Display and Advertising of Recommendations · Guarantees, etc.”, comprehensively reviewed the answers obtained by directly inquiring to the Fair Trade Commission and, in particular, considering ① cases where collective purchasing is facilitated, ② cases where profits are shared beyond simply “collective purchase,” and ③ cases where an influencer launches a PB brand directly, providing opinions on ▲whether Company A has a duty to disclose economic interests and the method of disclosure, and ▲the form of contract with the influencer that may be exempt from disclosure obligations, and ▲response measures. If the advertisement is deemed unfair, the business operator may be subject to a fine of up to 2% of related revenue or income, or up to 5 billion won. Due to the implementation of the revised “Guidelines for Review of Display and Advertising of Recommendations · Guarantees, etc.” of the Fair Trade Commission, which has strengthened advertising disclosure standards, public concern is arising regarding “back advertising” and advertising conducted through SNS. If the advertisement is deemed unfair, the relevant business operator may also be subject to a fine of up to 2% of related revenue or income, or up to 5 billion won. Therefore, it is necessary for companies to procure standard contracts when advertising on SNS and online platforms and to proactively prepare for legal disputes through post-monitoring. Law firm Veat provides advisory and consultative legal counsel as a legal representative for various SNS and online platform clients, based on its experience providing legal counsel. If you need advice regarding advertising disclosure obligations and responses to the Fair Trade Commission, please contact Law firm Veat. Thank you.
[Security News] Korea Internet Newspaper Association-Personal Information Expert Association MOU Signed
The Korea Internet Newspaper Association and the Personal Information Experts Association signed a business agreement on May 5th. The two organizations will build a system for exchange of business operations based on mutual cooperation and research, education, promotion, and other activities related to personal information, thereby strengthening the education and personnel development, and research capabilities of the two organizations and seek mutual development. Through this business agreement, the two organizations will ▲Public awareness enhancement activities for the harmonious development of personal information protection and use ▲Joint research and joint academic events ▲Establish a cooperative system among various fields related to personal information. Songdo-yeong 변호사 (Lawyer) of Law Firm Veat attended the business agreement ceremony as the Director of the Personal Information Experts Association and shared the Korean Internet Newspaper Association’s intention to establish standards for the protection and utilization of personal information by Internet newspapers, and to build consensus among the public and strengthen the fundamentals of future personal information policies. For more detailed article content, please check the link. Thank you.
[Consulting] Legal review of the sales and transfer procedure of media content platform.
Law firm Veat provided legal advice regarding the procedure in which Law firm Veat transferred all rights, including software-related intellectual property rights, to the acquirer, A (the receiving company), upon a request from the transferor. In this asset acquisition contract, as the transferor holds intangible assets, all transfers of these assets are made, therefore Law firm Veat reviewed the procedures that the transferor and acquirer must undertake for the asset acquisition. The firm conducted a legal review to determine whether this intangible asset transfer falls under the business transfer requiring a special resolution by the shareholders' meeting, as stipulated in Article 374(1)(1) of the Companies Act, in accordance with the relevant provisions of the Companies Act. Furthermore, Law firm Veat reviewed the entire asset acquisition agreement, including provisions for the restriction of competition, joint and several guarantee obligations, statements and guarantees from the transferor and major shareholders, termination clauses, and other relevant terms, in the event that the firm acquires the entire or partial business of another company that significantly affects the company’s business operations. If you require a review of the asset acquisition procedure and asset acquisition agreement, please contact Law firm Veat. Thank you. Law firm Veat
[News] Law firm Veat, registered as a member of the Personal Information Experts Association.
Law firm Veat’s representative attorney, Seongho Choi, partner attorney Songdo Young, partner attorney Jo Eunbyeol, partner attorney Baek Seungcheol, and senior attorney An Ilwon registered as members of the Korea Association of Personal Data Professionals on September 9th. The Korea Association of Personal Data Professionals (KAPP) is an organization where various experts with professional expertise in personal data come together to discuss desirable development directions of personal data law · policy · practice, and contribute to the advancement of society through the safe utilization of personal data by leading real changes and applying them on-site. It was established with the goal of being a foundation of experts who contribute through these changes. Notably, the Korea Association of Personal Data Professionals signed a memorandum of understanding with the Korean Bar Association on September 18th and is officially starting its activities. Law firm Veat will also actively participate in the activities of the Korea Association of Personal Data Professionals in the future. Thank you. Law firm Veat.
[202009] Monthly Veat 9th Issue_Understanding Regulatory Sandbox Through Case Studies
Law firm Veat https://stib.ee/k4W2
[Startup Financial/Legal Audit Service 'CHECK-UP' Beta Tester Recruitment]
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