Introduction to Act on Security over Movable Assets and Receivables
   
In the past, Korean laws on security interests in personal property did not allow debtors in secured transactions to make effective use of movable assets and receivables as collateral. Acknowledging the need for reform, the Korean government enacted the Act on Security over Movable Assets and Receivables (the "Law on Security"), which became effective on June 11, 2012. For a long...
       Overview of the Amended Korea Commercial Code
     
The amended Korea Commercial Code (the "Amended KCC") has taken effect on April 15, 2012, and brings sweeping changes to Korean corporate laws. On the whole, the Amended KCC represents the intent of lawmakers to increase both the effectiveness and transparency in business management. Also, the Amended KCC adopts information technology in corporate dealings, and manifests an effort...
       Stocks as Security in PF Loans
     
PF loans are a commonly used method for financing real estate development projects in Korea. PF loans present a greater risk to lenders than general real estate mortgage loans, as PF loans are executed at the start of the real estate development process. The primary consideration for granting a PF loan is a project's projected cash flow, and in order to prevent contingent liabilities of the borrower or...
     [MYANMAR] Enactment of Amended Foreign Investment Law in Myanmar
   
Myanmar's amended foreign investment law was approved by President Thein Sein on November 2, 2002, after having passed in the national parliament the day before. The amended law keeps the same framework of the version that passed in the national parliament this past September, but it has incorporated further changes requested by President Thein Sein to guarantee more benefits to foreign...
       [MYANMAR] Opening-up of Myanmar's Banking Industry
   
The Central Bank of Myanmar recently granted 11 local private banks the right to trade three foreign currencies (USD, Euro and Singapore dollar). The private banks are the following: Kanbawza Bank, Cooperative Bank, Myanmar Industrial Development Bank, Myawaddy Bank, Inwa Bank, Myanmar Oriental Bank, Asian Green Development Bank, Ayeyawaddy Bank, Myanmar Pioneer Bank, United...
       
     
Shanghai Stock Exchange and Shenzhen Stock Exchange announced the "Pilot Measures for the Issuance of Private Placement Bonds by Small and Medium-Sized Enterprises" (the "Pilot Measures") on May 22. Under the Pilot Measures, small and mid-sized enterprises ("SME") will be capable of issuing privately raised corporate bonds in China. SME refer to firms that are not publically listed on the...
       
[LAOS] Suspension of Licenses for Mining Industry and of Transfer of Land for Rubber Plantation Business
     
The government of Laos announced that it would temporarily suspend both the licenses for the mining industry and the transfer of land for rubber plantation business until 2015 due to environmental concerns. This policy is expected to have a considerable impact on the development of the Laos economy given that the mining industry was one of the key attractions for foreign investment along with the water power plant and agricultural industries.
       
[RUSSIA] Act on Underground Resources Amended to Impose Stronger Punishment for Violation
     
The Russian government announced on June 14, 2012 that its Underground Resources Act was amended to add administrative measures and criminal punishment for the violation of the Act. Furthermore, the amended Act specifies that in addition to administrative measures and/or criminal punishment, the violating person shall be liable for all damages. The amended Act will go into effect on January 1, 2013.
       
[RUSSIA] The Federal Antimonopoly Service to Review Foreign Acquisition of Shares in Russian Firms
     
The Federal Antimonopoly Service of Russia announced on May 25, 2012 that a revised regulation requires foreign investors acquiring more than 5% of Russian firms to file a report with the regulating authority, which it will review within 30 days from the submission date.
       
     
Vietnam has different types of certificate of incorporation for a corporate entity invested solely by domestic capital ("Local Firm") and for a corporate body with foreign investment ("Foreign Invested Firm"). In Vietnam, the certificate of incorporation for Local Firm is a business registration certificate, while for Foreign Invested Firm, it is an investment certificate. The Law on Enterprises...
   
   
Jipyong Jisung has been providing clients high-quality legal services for a wide-range of matters related to the Korea Fair Trade Commission ("KFTC"). In order to further elevate the level of professional excellence in serving clients, we have recruited Hang-Seok CHANG, Hyeon-Joo YUN, and Yeon-Soo JIN, each a renowned expert in the field, to join our team. All of them have extensive knowledge...
      Korea Desk in Myanmar
   
Jipyong Jisung has become the first Korean law firm to provide legal services from Myanmar. On May 16, 2012, Jipyong Jisung has dispatched Mr. Jeoung-Hoon YOO to Yangon to work with its partner local law firm NK Legal in providing legal services to Korean and foreign clients from Myanmar. Mr. YOO will also work closely with the Myanmar team at Jipyong Jisung's head office in Seoul to advise clients on...
      Opening of Korea Desk in Indonesia
     
Jipyong Jisung has opened the Korea Desk in Indonesia. We have established the Korea Desk in collaboration with NSMP (Nurjadin Sumono Mulyadi & Patners), Indonesia's representative law firm, and have officially dispatched Mr. Yong-Sook KWON, one of our expert attorneys with extensive experience in the territory, to Jakarta to head up the Korea Desk. The Korea Desk in Indonesia represents our...
       
     
Jipyong Jisung successfully represented Mirae Asset Securities and Hyundai Marine & Fire Insurance in a landmark case where the execution of a trade between two securities companies was ruled null and void, for the first time in Korean jurisprudence, due to a clearly erroneous mistake in recording the order amount...
       
     
Jipyong Jisung represented Professor Gyeong-Bok JU of Konkuk University and others in receiving a favorable judgment in damages claim against the government regarding illegal search and confiscation of personal e-mails irrelevant to the criminal charge. The Seoul Central District Court ruled that even though the search and confiscation were executed with a search warrant issued by the...
       
Jipyong Jisung Advises Daesang on Joint Venture in the Philippines
     
Jipyong Jisung advised Daesang, the first Korean company to enter the starch sugar market in the Philippines, on the establishment of a joint venture and construction of a starch syrup factory in the Philippines. The company had a signing ceremony for the joint venture with Ricor Equities, a local company, on October 9, 2012. Daesang plans to incorporate the joint venture company called Daesang Rico Corporation by the end of this year, and the factory is set to produce starch syrup from the third quarter of next year.

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