AI & Enterprise

Revised Personal Information Protection Act takes effect on Sept. 11, introduces punitive fines

South Korea\'s revised Personal Information Protection Act and an amended enforcement decree take effect from Sept. 11, following revisions made in March. The changes introduce punitive administrative fines of up to 10 percent of total revenue for repeated or intentional or grossly negligent personal data leaks, and mandatory fine reductions linked to preventive investments. They also strengthen CEO and CPO responsibilities, expand leak notification requirements and add a new notification regime for leak risks.

Finance

Kosdaq firms below market cap threshold can move to Konex, delisting rules revised

South Korea will allow Kosdaq-listed companies that fall short of the market capitalisation threshold to transfer their listing to the Konex market if they meet certain financial requirements, aiming to reduce market shock from tougher delisting rules. Authorities will also delay by six months a planned increase in the Kosdaq market-cap delisting threshold, pushing the implementation to July next year from January.