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Monopoly Regulation and Fair Trade Act — Article 120 (Consultation on enactment of anti-competitive statutes)

독점규제 및 공정거래에 관한 법률 제120조

This English translation is based on the Korean text effective 2026-05-12. The Korean law has since been amended (current version effective 2026-10-02) — check the Korean original.

(1) Where the head of the relevant administrative agency intends to enact or amend statutes or regulations containing anti-competitive provisions, such as the determination of prices and terms and conditions of transactions of business entities, restrictions on market entry or business activities, illegal cartel conduct, or prohibited acts for trade associations, or intends to grant approval or make other dispositions, containing anti-competitive provisions, to a business entity or trade association, the head shall seek prior consultation with the Fair Trade Commission.

(2) The head of the relevant administrative agency shall give prior notice to the Fair Trade Commission in order to enact or amend established rules or public notice, etc. containing anti-competitive provisions.

(3) Upon granting approval or making other dispositions, containing anti-competitive provisions pursuant to paragraph (1), the head of the relevant administrative agency shall give notice to the Fair Trade Commission about the details of the relevant approval or other dispositions.

(4) Where the Fair Trade Commission receives notice given pursuant to paragraph (2) and it is recognized that anti-competitive provisions are contained in established rules or public notice, etc. to be enacted or amended, the Fair Trade Commission may present its opinion to the head of the relevant administrative agency as to the rectification of the relevant anti-competitive provisions.

(5) Where it is recognized that anti-competitive provisions are contained in statues or regulations enacted or amended without consultation under paragraph (1), established rules or public notice, etc. enacted or amended without notice, or approval or other dispositions granted or made without notice; the Fair Trade Commission may present its opinion to the head of the relevant administrative agency as to the rectification of the relevant anti-competitive provisions.

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Korean original (law.go.kr) · Get articles as JSON via API