[Photo=Fair Trade Commission]
South Korea’s Fair Trade Commission will expand its roster of commissioners from nine to 11 for the first time in 30 years.
The commission said on the 23rd that the National Assembly passed revisions to the Monopoly Regulation and Fair Trade Act to increase the number of members.
Under the amendment, the commission will add one standing commissioner and one nonstanding commissioner, raising the total to 11 from the current nine. The new lineup will be six standing commissioners and five nonstanding commissioners, up from five and four, respectively.
The commission’s membership cap has not changed since 1997. With the increase, officials expect reviews and decisions to move faster. The commission cited a rise in its caseload, saying it handled 2,400 cases over the past five years, nearly double the 1990s average of 1,300, while the number of commissioners remained unchanged.
The revised law is expected to take effect immediately after it is transferred to the government, approved by the Cabinet and promulgated.
The commission said on the 23rd that the National Assembly passed revisions to the Monopoly Regulation and Fair Trade Act to increase the number of members.
Under the amendment, the commission will add one standing commissioner and one nonstanding commissioner, raising the total to 11 from the current nine. The new lineup will be six standing commissioners and five nonstanding commissioners, up from five and four, respectively.
The commission’s membership cap has not changed since 1997. With the increase, officials expect reviews and decisions to move faster. The commission cited a rise in its caseload, saying it handled 2,400 cases over the past five years, nearly double the 1990s average of 1,300, while the number of commissioners remained unchanged.
The revised law is expected to take effect immediately after it is transferred to the government, approved by the Cabinet and promulgated.
* This article has been translated by AI.
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