A bill to increase the number of Korea Fair Trade Commission Commissioners from the current 9 to 11 passed the National Assembly's plenary session on the 23rd. Korea Fair Trade Commission (FTC) Commissioners serve as judges who set the level of sanctions, such as a penalty surcharge, for cases investigated by the investigative divisions. The Korea Fair Trade Commission (FTC) expects that with more Commissioners, case processing will speed up.
According to the amended Monopoly Regulation and Fair Trade Act that passed the National Assembly this time, the current structure of "5 standing Commissioners and 4 nonstanding Commissioners" will change to "6 standing Commissioners and 5 nonstanding Commissioners." This is the first increase in the number of Korea Fair Trade Commission (FTC) Commissioners in 30 years since 1997. The increase comes as the number of cases the Korea Fair Trade Commission (FTC) handles annually has grown from about 1,300 in the 1990s to about 2,400 recently.
A Korea Fair Trade Commission (FTC) official said, "With the increase, we expect the FTC's deliberations and decisions to become faster," adding, "It will also allow for more meticulous and in-depth reviews of individual cases."
The amended Fair Trade Act is scheduled to take effect immediately upon promulgation after approval by the Cabinet meeting.