• South Korea's Fair Trade Commission (FTC) has imposed fines of over $831M to uphold market regulations.
• The FTC has addressed 5,837 cases of market misconduct in key industries over two and a half years.
• The regulator has also focused on supporting small and medium-sized enterprises and streamlining regulations.
• The FTC plans to focus on legislation for online intermediary platforms and subscription-based services in the future.

In a significant move to uphold market regulations and promote fair trade practices, South Korea's antitrust regulator, the Fair Trade Commission (FTC), has imposed fines amounting to over 1.16 trillion won ($831.5 million). This action, taken over the past two and a half years, underscores the Yoon Suk Yeol administration's commitment to ensuring a level playing field in the market.

The FTC's actions were detailed in a report released to mark the midpoint of Yoon's single five-year term, which fell on Sunday. The report provides a comprehensive overview of the administration's efforts to curb market misconduct and foster an environment conducive to economic growth.

The FTC has been vigilant in its pursuit of market misconduct, uncovering and addressing a staggering 5,837 cases in key industries that are the backbone of the country's economic growth. These industries, which have been under the FTC's scrutiny, have been instrumental in driving South Korea's economic engine.

FTC's Commitment to Fair Trade Practices

Out of the numerous cases of market misconduct, fines amounting to approximately 1.16 trillion won were levied in 289 cases between May 2022 and November 2024. This indicates the FTC's commitment to holding violators accountable and ensuring that they face the consequences of their actions.

The FTC's efforts have not been limited to imposing fines. The regulator has also been proactive in strengthening fair trade practices and enhancing consumer rights. A particular area of focus has been the support of small and medium-sized enterprises, which are often the most vulnerable to unfair business practices.

The FTC has taken significant steps to address unfair business practices against franchise operations. It has also reinforced punitive damages for violations such as unauthorized use of proprietary technology. These measures have been instrumental in protecting the interests of smaller businesses and fostering a more equitable business environment.

Streamlining Regulations and Future Focus

In addition to these measures, the FTC has also streamlined several regulations to reduce inconvenience and burdens on businesses. This has involved revising rules that limit competition, such as those impacting large retail stores, and vehicle-sharing and rental services. These regulatory changes have been aimed at promoting competition and fostering a more dynamic market environment.

FTC Vice Chairperson Cho Hong-sun, in a press briefing, stated, We have worked to stabilize livelihoods and create a foundation for greater market efficiency and dynamism. He further added that the agency will continue to focus on supporting issues related to people's livelihoods, such as e-commerce platforms.

Looking ahead, the FTC plans to focus on legislation to ensure that online intermediary platforms meet payment deadlines for their partner merchants during the latter part of the Yoon administration. This is a significant step towards ensuring fair practices in the rapidly growing e-commerce sector.

The FTC also aims to strengthen the accountability of platform operators and to monitor and address violations related to subscription-based services. This is in line with the global trend of increasing scrutiny of tech giants and their business practices.