SEOUL– South Korea plans to raise the minimum amount of intra-affiliate deals that need to be filed publicly, the antitrust regulator said Monday, as it seeks to lift excessive regulations.
Under the revised rules, firms are required to file inter-affiliate transactions of 10 billion won (US$8 million) or above, up from the current 5 billion won, according to the Fair Trade Commission (FTC).
The FTC said it plans to complete the revision after going through reviews by the Ministry of Government Legislation and approval from the Cabinet within this year.
Other revisions include having conglomerates report eight out of 12 categories of information related to inter-affiliate trading yearly, which is currently announced every quarter.
But companies still require companies to publicly announce the other four categories, including details of trades of goods and services among affiliates, every quarter.
Source: Yonhap News Agency