[News] Law firm Veat's 'ICT Regulatory Sandbox Consultation Center' legal consulting.. A great contribution to the successful settlement of the ICT Regulatory Sandbox

Law firm Veat successfully completed the ‘2018 ICT Regulatory Improvement Consulting’ commissioned by NIPA (Korea Information and Communication Technology Promotion Agency) last year, and since January 2019, it has been performing legal advisory and consulting services for the ‘ICT Regulatory Sandbox Consultation Center’ as stipulated in the “Act on the Promotion of Information and Communication Network and Convergence,” and is playing a major role in the successful establishment of the ICT Regulatory Sandbox.

Companies wishing to obtain Regulatory Sandbox designation must analyze a great many legal issues, such as ▲selection of an appropriate method of rapid processing, temporary permits, or experimental permits, ▲concise and clear explanation of the business model, ▲accurate analysis of related regulations, ▲necessity for Regulatory Sandbox designation, ▲establishment of pilot plans or business plans, and ▲personal information protection, user protection, or safety verification, and collect relevant data. This can be a considerable burden for companies with limited personnel and budgets.

Therefore, Law firm Veat is providing legal consulting services for the ‘ICT Regulatory Sandbox Consultation Center’ in collaboration with the Ministry of Science and ICT and NIPA (Korea Information and Communication Technology Promotion Agency), and is receiving high praise from applicant companies through face-to-face meetings, telephone interviews, and consulting services covering everything from business model explanations to related regulatory analysis in the application writing process.

In fact, Law firm Veat has supplemented the business model explanations and clarified the legal issues through repeated meetings with applicant companies based on applications containing only basic information, thereby improving the application to the level required by law, and helping the company obtain experimental permit designation.

Furthermore, Law firm Veat is providing legal review advisory opinions on legal issues related to the Regulatory Sandbox system itself, as well as attending relevant briefings and seminars, to resolve confusion or interpretive difficulties that may arise during the initial implementation of the system, and is playing a major role in expanding the base and early establishment of the Regulatory Sandbox.

Law firm Veat is a law firm with strengths in the ICT sector, composed of lawyers with engineering backgrounds and extensive experience in ICT advisory and litigation, and has secured a diverse and abundant range of case studies related to the Regulatory Sandbox. Based on this expertise and abundant experience, it provides legal advisory and comprehensive consulting services not only for the “Act on the Promotion of Information and Communication Network and Convergence” (ICT Regulatory Sandbox) but also for the “Act on the Promotion of Industrial Convergence” (Industrial Convergence Regulatory Sandbox), the “Act on Financial Innovation Support” (Financial Regulatory Sandbox), and the “Act on Regulatory Special Exemptions for Regionally Specialized Development Zones” (Regulatory Sandbox-type Regional Special Zone).

In fact, a company advised by Law firm Veat was designated as a ‘priority review target service’ under the “Act on Financial Innovation Support” by the Financial Committee on April 1, 2019. Companies that require further explanation and consultation regarding the Regulatory Sandbox are requested to inquire with Law firm Veat through the following channels.

Thank you.

Sincerely,

Law firm Veat