Against Unfair Trade

 

The Korea Fair Trade Commission (FTC) will create a task force for ICT this year and closely monitor SNS service providers and operating system providers.

The country’s anti-trust regulator announced its plan for this year on Feb. 1.

What is most noticeable is a task force for ICT. The FTC is said to establish a task force and closely monitor whether or not monopolistic companies like Google and Apple inflict damage to the Korean market using their dominant position in the market. The regulatory body is paying attention to the fact that the two companies comprise 99.5 percent of the local mobile operating system market.

The regulator is also going to keep a close watch on imported essential parts of local flagship industries such as auto parts or electronics components.

In addition, the FTC will lower standards for M&A deals to facilitate corporate restructuring. The regulatory authority is planning to decrease the period for examining the effects of M&A deals from 30 to 15 days during the first half of this year. It will also create conditions for the switchover from conglomerates to holding companies by allowing holding companies to own financial firms and introducing intermediary financial holding companies.

As an increasing number of people are pointing out that it is difficult for consumers to subscribe to high-speed Internet services on the Internet, the regulator will examine whether or not related companies abide by laws on e-commerce and door-to-door sales. In consultation with other relevant government agencies, the FTC is planning to closely monitor foreign companies running illegal pyramid schemes as well. If a problem arises, it will shut down the illegal company and request the firm to permit the regulator to investigate those responsible in the nation.

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