Korea Fair Trade Commission

Ministerial-level central administrative organization under the
authority of the Prime Minister functions as a quasi-judiciary body.

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History

Since 1981.

1980’s
1980. Enactment & Promulgate of Monopoly Regulation and Fair Trade Act(MRFTA).
1981. Establishment of the KFTC within Economic Planning Board(EPB), and launched Fair Trade Office as a working body.
1984. Subcontracting-related regulations were separated from the MRFTA, and enacted as the Fair Subcontract Transactions Act.
1990’s
1990. Fair Trade Office was expanded and renamed as Secretariat of Fair Trade Commission.
Regional offices were built in Busan, Gwangju, and Daejeon(Daegu in 1992, Seoul in 2006)
1993. Authority over Adhesion Contract Act was transferred from Price Policy Bureau of Economic Planning Board to Fair Trade Commission, which begins its enforcement.
1994. Became an independent vice ministerial-level, central administrative organization separated from the EPB.
1996. Elevation of the status of the Chairman to ministerial level
1999. Fair Labeling and Advertising Act was enacted.
Omnibus Cartel Repeal Act was enacted for abolition of fee cartels in 9 certified professions, i.e. lawyer, accountant, tax accountant, and for other regulatory reforms.
Authority over Door-to-door sales, etc. Act and Installment Transactions Act was transferred from Ministry of Commerce, Industry, and Energy to KFTC, which formed an institutional basis for consumer rights protection in special types of transactions.
2000’s
2002. Consumer Protection in Electronic Commerce, etc. Act was enacted as an institutional basis for protecting consumer interests in the rapidly expanding field of electronic commerce.
2002. The Fair Franchise Transactions Act was enacted
2007. Became a sole competent authority of consumer issues as the KFTC took over the jurisdiction of the Framework Act on Consumers from the Ministry of Finance and Economy and brought the Korea Consumer Agency as an organization within the KFTC.
2010’s
2011. The Fair Transactions in Large Franchise and Retail Business Act was enacted.
2015. The Fair Transactions in Agency Business Act was enacted.