Statutes on ExcellentWiki - Legal Encyclopedia

Civil Code of South Korea (1958)

Tue, 07 Jul 2026 00:00:00 +0000

Introduction

The Civil Code of the Republic of Korea (민법, Act No. 471) was enacted on February 22, 1958, and took effect on January 1, 1960. It is the foundational private law statute of South Korea, governing property, obligations, family relations, and inheritance. The Code adopts the German Pandectist system (Pandektenrecht), dividing into five parts: General Part, Real Rights, Obligations, Family, and Succession. It has been amended over 60 times, with major reforms in 2005 (family law) and 2021 (inheritance).

Criminal Code of South Korea (1953)

Tue, 07 Jul 2026 00:00:00 +0000

Introduction

The Criminal Code of the Republic of Korea (형법, Act No. 293) was enacted on September 18, 1953, and took effect on October 3, 1953. It is the primary penal statute, establishing the general principles of criminal liability, defining specific offenses, and prescribing punishments. The Code draws from German and Japanese criminal law traditions, emphasizing doctrinal precision and systematic organization. It is divided into two parts: General Provisions (Articles 1–86) and Specific Offenses (Articles 87–372).

Personal Information Protection Act (PIPA) of South Korea

Tue, 07 Jul 2026 00:00:00 +0000

Introduction

The Personal Information Protection Act (PIPA, 개인정보 보호법) , enacted in 2011 and substantially amended in 2023, is South Korea’s comprehensive data protection statute. PIPA applies to both public and private sector entities processing personal information, establishing a unified framework for collection, use, disclosure, and security of personal data. The Personal Information Protection Commission (PIPC) (개인정보보호위원회) is the independent regulatory authority.

Scope and Definitions

Personal Information

PIPA defines personal information broadly as “information relating to a living individual that can identify that individual through his/her name, resident registration number, image, etc.” (Article 2). The definition includes:

Monopoly Regulation and Fair Trade Act (MRFTA) of South Korea

Tue, 07 Jul 2026 00:00:00 +0000

Introduction

The Monopoly Regulation and Fair Trade Act (MRFTA, 독점규제 및 공정거래에 관한 법률) , enacted in 1980 and comprehensively revised over four decades, is South Korea’s primary competition and antitrust statute. The Act prohibits abuse of market dominance, anticompetitive mergers, economic concentration (chaebol regulation), and unfair trade practices. The Korea Fair Trade Commission (KFTC) (공정거래위원회) enforces the Act with quasi-judicial and quasi-legislative powers.

Historical Development

Economic Background

The MRFTA was enacted in 1980 during a period of heavy state-led economic development dominated by large business groups (chaebol). Unlike Western competition laws that emerged from market economies, the MRFTA was designed to introduce competition principles into a government-directed economy.

Commercial Act of South Korea

Tue, 07 Jul 2026 00:00:00 +0000

Introduction

The Commercial Act (상법, Act No. 1000) was enacted on January 20, 1962, and took effect on January 1, 1963. It governs commercial transactions, companies, insurance, maritime commerce, and aviation. The Act underwent comprehensive reform between 2011 and 2012 — the most significant revision since its enactment — modernizing corporate governance, introducing new company forms, and enhancing shareholder protections. The Act draws from German, Japanese, and, increasingly, Anglo-American corporate law.