In connection with the consent decree system adopted on December 2, 2011, the KFTC introduced the Rules on Management of and Procedures for the Consent Decree System (the “Rules”) on March 28, 2012.
Under the consent decree system, a respondent in an investigation initiated by the KFTC may voluntarily propose a corrective measure, which will then be reviewed by the KFTC in consultation with other interested parties. If the proposal is deemed reasonable, the KFTC will close the case without making a determination of liability. Similar systems are already in place and have been adopted by most competition authorities in other jurisdictions. The KFTC, however, intends to operate the consent decree system under stricter standards and scope, which are summarized as follows:
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