The Fair Trade Commission announced an amendment to strengthen the criteria for imposing fines on large corporations for violating disclosure obligations. The amendment includes provisions to increase fines for repeated violations of disclosure obligations, with a 10% increase for the first repeat violation, a 30% increase for the second repeat violation, and a 50% increase for three or more repeat violations. In addition, the reduction criteria based on the number of days of disclosure delay and the reduction regulations for the first violation will be deleted. This is expected to encourage companies to comply with their disclosure obligations, strengthen market surveillance functions, and suppress unfair concentration of economic power.
