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Fair Trade Act revision to crack down on unfair business practices

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당정, 공정위 전속고발제 폐지…형사 제재 강화 The ruling party and the government are working to revamp the country's decades old Fair Trade Act. They're looking at tougher rules for conglomerates,... but they also plan to draw up measures to facilitate investment. Kim Min-ji reports. South Korea is seeking to amend its Fair Trade Act to better reflect socio-economic changes and help foster a fairer economy. At a policy coordination meeting on Tuesday,... the ruling Democratic Party of Korea and the Fair Trade Commission,... said that the proposed all-out revision, the first in 38 years,... is aimed at rooting out unfair business practices and creating a virtuous cycle in which big and small companies can prosper together. "We need to stop conglomerates from trying to get around the law... and keep working to foster a transparent and sound management culture. We will strengthen regulations on irregularities at big businesses. By stopping these illicit activities, we can lay the groundwork for SMEs and small business owners to reap the benefits of their hard work." The revision entails... tougher criminal sanctions for those engaged in price-fixing or bidding collusion... and bigger fines for other illicit activities -- with the maximum rate to be doubled. On top of that, the Fair Trade Commission will also give up its exclusive right to file complaints with the prosecution about major antitrust cases,... in order to make law enforcement more effective and to better protect consumers' rights. In addition,... there will be tighter rules against inside deals among affiliates of big conglomerates. Intra-company transactions will be banned among business groups where the owner family has a stake of more than 20 percent for listed companies,... down from the current threshold of 30 percent. "These measures are in line with 21st century standards... and will help the Fair Trade Commission to win back the people's trust. We have looked at a range of irregularities, and this revision is a clear sign to the market and conglomerates that we are pursuing economic democratization." But its not all sticks. There are carrots, too. In order to reduce the burden on corporations, the government is planning to give them some time before the new measures are implemented,... and are mulling the scope of their application. Also, to foster an innovative ecosystem,... regulations will be eased to encourage large companies to invest in and pursue M&As with venture firms. "The two sides said the revision will systematically address the economic issues of low growth and polarization to achieve a fairer economy -- which will in turn serve as a basis for innovative growth. The government will unveil the amendment in full later this week. Kim Min-ji, Arirang News." Arirang News Facebook: http://www.facebook.com/arirangtvnews ------------------------------------------------------------ [Subscribe Arirang Official YouTube] ARIRANG TV: http://www.youtube.com/arirang ARIRANG RADIO: http://www.youtube.com/Music180Arirang ARIRANG NEWS: http://www.youtube.com/arirangnews ARIRANG K-POP: http://www.youtube.com/arirangworld ARIRANG ISSUE: http://www.youtube.com/arirangtoday ARIRANG CULTURE: http://www.youtube.com/arirangkorean ARIRANG FOOD & TRAVEL : http://www.youtube.com/ArirangFoodTravel ------------------------------------------------------------ [Visit Arirang TV Official Pages] Facebook: http://www.facebook.com/arirangtv Twitter: http://twitter.com/arirangworld Instagram: http://instagram.com/arirangworld Homepage: http://www.arirang.com ------------------------------------------------------------ [Arirang K-Pop] YouTube: http://www.youtube.com/arirangworld Facebook: http://www.facebook.com/arirangkpop Google+: http://plus.google.com/+arirangworld
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