[Legal Consultation] Review of Terms and Conditions of New Services and Personal Information Processing Policy

Law firm Veat was commissioned by a secondary market trading platform company, A, and drafted terms and conditions based on its obligations as a business operator for telemarketing and brokerage, focusing on the mandatory disclosure of obligations.

Law firm Veat first reviewed whether the location-based service applied and, as providing services using location is considered a location-based service under relevant laws, and explained in detail that to operate such a business, it must be registered and the location-based service terms and conditions must be drafted and published.

Furthermore, Law firm Veat provided guidance on whether the electronic payment agent business applied. At this time, after the company received settlement from the PG company for the consumer’s payment, and then settled it to the seller, this falls under a secondary PG business, so it explained the necessity of obtaining a PG registration under the Electronic Financial Transaction Act and provided advice on the feasibility and necessity of PG registration regarding the settlement and payment structure of this service.

As online businesses are increasing in scale, terms and conditions are more important than ever. Terms and conditions must be appropriate for the company's services and, as violations of explicit obligations can result in a fine of up to 5 million won, we recommend reviewing them with a legal expert to ensure there are no incorrect entries or omissions.

Law firm Veat provides comprehensive consulting to online service providers offering services such as electronic commerce and telemarketing, in compliance with relevant laws, such as the Act on Protection of Consumers in Electronic Commerce and Telemarketing and Brokerage, and performs the work of drafting terms and conditions and consent forms tailored to the specific services offered by the business, based on an understanding of the company's service content and type and the scope of its obligations.

If you need terms and conditions, privacy policies, and legal review, please contact Law firm Veat.

Thank you.
Law firm Veat