[Consulting] Venture investment company, GP (General Partner)'s review of whether the Anti-Bribery Act applies.

Many companies are experiencing confusion regarding the recently implemented Act on the Prohibition of Improper Solicitation and Gifts (so-called Kim Young-ran Act). In particular, the Kim Young-ran Act defines not only public officials and employees of public institutions, but also school teachers and journalists as subjects of its application, and contains many ambiguous parts, making it difficult for companies to easily understand how they might unintentionally violate the law.

The venture investment company, A Company, due to the nature of its examiners, who frequently meet and dine with external individuals, worried whether any part of the newly implemented prohibition of solicitation law might be applicable to the company. Law firm Veat consulted on A Company’s applicability of the prohibition of solicitation law and implementing regulations, utilizing the list of application institutions provided by the Anti-Corruption and Civil Rights Commission.

Law firm Veat is providing consultations based on an accurate understanding of the latest laws that can affect corporate management, such as the prohibition of solicitation law, and can identify potential legal risks that may arise in management.

Thank you.

Law firm Veat