The Korea Fair Trade Commission (KFTC) is a ministerial-level central administrative organization under the authority of the Prime Minister and also functions as a quasi-judicial body.
The KFTC consists of a committee, the decision-making body, and a secretariat, a working body. The committee consists of 9 commissioners, who deliberate and make decisions on competition and consumer protection issues. The Chairperson and the Vice Chairperson are recommended by the Prime Minister and appointed by the President, while other remaining commissioners are recommended by the Chairperson and appointed by the President. Term of office is 3 years for the commissioners.
The secretariat is directly involved in drafting and promoting competition policies, investigating antitrust issues, presenting them to the committee, and handling them according to the committee's decision.
The KFTC is committed to four main mandates: promoting competition, strengthening consumers' rights, creating a competitive environment for SMEs and restraining concentration of economic power. To that end, the KFTC enforces 12 laws including the Monopoly Regulation and Fair Trade Act (MRFTA).