Part of the Monopoly Regulation and Fair Trade Act shall be amended as follows:

Change the phrase of “a company that transfers business (including lease of business, delegation of management, and transfer of fixed assets for business)” in the proviso of Article 9 (5) to “a partner company under Article 11 (1) in cases of business transfer and merger between affiliates”.

Change the phrase of “In cases of concurrently holding an executive position” in Article 11 (1) 3 to “In cases of concurrently holding an executive and in cases of less than 1/3 of the total number of executives of other companies position and concurrently holding an executive position that is not the representative director position (excluding cases of concurrently holding an executive position in an affiliate)", change the phrase of “In cases of conducting an act specified in Article 9 (1) 3 or 4” in subparagraph 4 of the same paragraph to “In cases of conducting an act specified in Article 9 (1) 3 or 4 (excluding a merger between a parent company and a subsidiary or transfer of business under the Commercial Act)”, and newly insert subparagraph 4 in paragraph (3) of the same Article as follows:

4. In cases where a company required to report its business combination participates jointly with another company in the establishment of a private fund collective investment vehicle pursuant to Article 9 (19) of the Financial Investment Services and Capital Markets Act

Newly insert Article 13-2 as follows:

Article 13-2 (Conditional Approval) (1) A company required to report its business combination pursuant to Article 11 (1) and (2) may submit corrective measures to the Fair Trade Commission to resolve concerns and conditions related to competition restrictions resulting from the business combination.

(2) Where the Fair Trade Commission determines that corrective measures submitted by a company required to report its business combination pursuant to paragraph (1) are appropriate to address concerns and conditions related to competition restrictions resulting from the business combination, it may approve the relevant business combination by imposing necessary obligations, etc., on the condition of implementing the corrective measures.

(3) The Fair Trade Commission may revoke the conditional approval in any of the following cases:

1. Where a conditional approval has been adopted based on incomplete or inaccurate information provided by a company required to report its business combination, or a company required to report its business combination has obtained conditional approval by deceit or other fraudulent means;

2. Where a company required to report its business combination fails to implement the conditions and obligations without good cause.

(4) If a conditional approval is revoked pursuant to paragraph (3), the Fair Trade Commission may impose corrective measures pursuant to Article 14.

(5) The Fair Trade Commission shall determine and publicly notify the detailed procedures and criteria related to the matters stipulated in paragraphs (1) through (5).

Change the phrase of “a person who has failed to implement a corrective measure” in the main text of Article 16 (1) other than each subparagraph to “ a person who has failed to implement a corrective measure or fails to fulfill the conditions and obligations imposed pursuant to Article 13-2 without good cause”.

Newly insert Article 98-2 as follows:

Article 98-2 (Electronic Adjudication) (1) A person prescribed by Presidential Decree (hereinafter referred to as the “party concerned, etc.”), such as a party concerned, may convert documents, drawings, photos, audio, video, etc. (hereafter in this Article referred to as “documents, etc.”) to be submitted to the Fair Trade Commission in the process of deliberation of a case in violation of this Act into electronic documents and submit it through the electronic adjudication system (refers to an electronic device with information processing capability built by combining hardware, software, database, network, security elements, etc. that enable preparation, submission, and delivery of electronic documents necessary for the Fair Trade Commission review process; same as below) designated and operated by the Fair Trade Commission using the information and communication network.

(2) Documents, etc. submitted pursuant to paragraph (1) shall be deemed to have been received as recorded in the electronic adjudication system when the person who submitted it confirms the receipt number provided by the electronic adjudication system through the information and communication network.

(3) Notwithstanding Article 98 (1), the Fair Trade Commission may serve written resolutions or various documents (hereinafter referred to as “a written resolution, etc.”) under this Act to the parties concerned, etc. by using the electronic adjudication system and the information and communications network connected thereto; provided that this shall not apply to cases where the parties concerned, etc. do not agree.

(4) In cases of the main text of paragraph (3), the Fair Trade Commission shall enter and register written resolutions, etc. to be served in the electronic adjudication system and then, notify the fact of such registration by e-mail, etc. in compliance to the method prescribed by the Presidential Decree.

(5) The service of the written resolutions, etc. under paragraph (3) shall be deemed to have been reached as the contents recorded in the electronic adjudication system when the parties concerned, etc. confirm the electronic documents, etc. registered pursuant to paragraph (4); provided that if confirmation is not made within two weeks (within seven days for documents other than written resolutions) from the date of notification of the fact of registration pursuant to paragraph (4), it is deemed to have arrived on the day two weeks have passed (on the day seven days have passed for documents other than written resolutions) since the date of notification of the fact of registration.

(6) The period during which a person to be served or notified cannot confirm electronic documents due to a failure of the electronic adjudication system shall not be counted in the period of the proviso of paragraph (5). In such cases, the method of calculating the period during which electronic documents cannot be confirmed shall be prescribed by Presidential Decree.