[Counsel] Legal counsel on the application for regulatory sandbox – Gyeonggi province
Article posted in 2019-10-02 14:57:33 | VEAT
VEAT Law Firm (hereafter "VEAT") attorneys Doyoung Song, Sungho Choi, Seungchul Baek, and Eunbyeol Cho have decided to provide legal counsel and consulting to businesses planning to apply for a regulatory sandbox in Gyeonggi-do regarding their preparation of application documents.
The Gyeonggi Provincial Government disclosed its plans to support businesses applying for a regulatory sandbox at its office on April 4, 2019. The Provincial Government has decided to provide financial subsidies to the businesses participating in the verification project, as well as assistance in the preparation of the application documents for the regulatory sandbox.
In particular, the provincial government plans to grant up to 100 million KRW, one half of the cost for the verification of samples, testing and verification of data, and the development of testing and evaluation guidelines once exceptional verification is approved for the businesses applying for the regulatory sandbox to promote means of personal mobility. The provincial government has disclosed that it also plans to reduce the burden of the businesses applying for the regulatory sandbox, including one half or up to 10 million KRW of the premium for the insurance that needs be registered in order to protect the users, and up to 5 million KRW per business for consulting on approaches to shorten the verification period and market entry. Meanwhile, the Provincial Government previously disclosed that it would provide a loan of up to 500 million KRW per business (previously 400 million KRW) to innovative startup businesses that are designated as beneficiaries of a regulatory sandbox starting May 2, 2019.
According to a questionnaire survey by the Gyeonggi Research Institute (GRI) of 159 startup businesses at Pangyo Techno Valley, 42.1% responded that they experience difficulties due to government regulation on their business, whereas 30.3% responded with loss of sales, 27.3% with delayed market launch, and 24.2% responded they have abandoned or set aside the corresponding business.
VEAT has provided legal counseling on the application for the regulatory sandbox submitted by Company A based on a request from the provincial government. In particular, VEAT lawyers received a favorable comment from the applicant business, as they had corrected and improved the application for a regulatory sandbox after carefully examining whether any entries were missing, ambiguities were included, information differing from the requirements was indicated, and whether the verification plan was appropriate based on the Industrial Convergence Promotion Act or the Special Act on Promotion of Information and Communications Technology, as well as the legal issues presented by Company A.
VEAT has successfully performed the consulting service ordered by National IT Industry Promotion Agency (NIPA) in 2018 for the improvement of ICT and convergence regulations and is currently providing legal counseling for the Center for Counseling on ICT Regulatory Sandbox as ordered by the Ministry of Science and ICT and NIPA from January of 2019. It now provides legal counsel and the consulting regulatory sandbox to the Gyeonggi Provincial Government, for the first time among municipal governments.
Those requiring legal counsel and consulting in connection with legislation, ICT, industrial convergence, and the financial regulatory sandbox are invited to contact VEAT using the following route.