Antitrust Law Daily Wrap Up, ANTITRUST NEWS: FTC and DOJ sign antitrust memorandum of understanding with Korea Fair Trade Commission, (Sep 8, 2015)

By Michael Menzhuber, J.D., LL.M.

The FTC and the Department of Justice (DOJ) have signed an antitrust memorandum of understanding (MOU) with the Korea Fair Trade Commission (KFTC) to promote increased cooperation and communication among the competition agencies in both countries, the agency announced today. The MOU, which was signed by FTC Chairwoman Edith Ramirez, Assistant Attorney General of the Justice Department’s Antitrust Division, Bill Baer, and KFTC Chairman Jeong Jae-chan, went into effect upon signature.

The U.S. antitrust agencies and the KFTC have developed an increasingly close working relationship since Korea adopted its competition law in 1981. This working relationship has included exchanging views on policy and, as appropriate, cooperating on investigations. Highlights of the MOU, which is intended to further promote this relationship, include the following:

• mutual acknowledgment of the importance of antitrust cooperation, including an intention to coordinate when pursuing enforcement activities on matters under common review;

• activating the framework for communications between the U.S. antitrust agencies and the KFTC; and

• a commitment to maintain the confidentiality of any information provided by the other party and honoring prohibitions on sharing information when not permitted by law.

Chairwoman Ramirez noted, “It will help us to work even more closely to promote convergence around sound competition policy and procedures.”

Assistant Attorney General Baer commented, “This memorandum of understanding recognizes the day-to-day working relationship we already enjoy with the KFTC and expresses our interest in continuing and strengthening that relationship in the years to come. Enforcement cooperation – including candid and constructive dialogue – is critical to maintaining competitive markets in the U.S., Korea, and around the world.”

The MOU with the KFTC is the U.S. antitrust agencies’ third antitrust cooperation arrangement in East Asia, following those reached with Japan in 1999 and the Chinese competition agencies in 2011.

News: Antitrust FederalTradeCommissionNews