The Fair Trade Commission (FTC) is moving to implement a system that considers the size of companies when imposing fines for unfair practices. The aim is to impose larger fines on major corporations to prevent market disruption.
During a report to the National Assembly's Political Affairs Committee on July 28, the FTC stated that it seeks to enhance the effectiveness of economic sanctions.
The commission believes that current regulations are insufficient to deter violations and plans to overhaul the fine system. This includes raising the maximum fines and taking company size into account during calculations.
Additionally, the FTC will establish guidelines for prosecuting repeated violations related to mandatory data submissions and amend enforcement regulations to allow fines proportional to the unjust gains of company owners.
The FTC also plans to actively address unfair practices that exploit international circumstances. This includes a focus on collusion in the chemical, paint, and petroleum sectors, as well as the establishment of dedicated teams for major cases. Investigations will also target practices such as providing kickbacks related to food supplies for welfare facilities.
Furthermore, the commission will examine unfair practices in sectors closely related to consumer life. It plans to conduct in-depth analyses of monopolistic market structures and the causes of high prices in products like ice cream, cooking oil, cinema tickets, and online video streaming services.
Improvements will also be made in the digital sector. The FTC will identify necessary reforms through a survey of the artificial intelligence (AI) service market. It will publish policy reports analyzing the competitive landscape and transaction status of AI services, such as ChatGPT, and conduct thorough reviews of corporate mergers in digital markets, including virtual assets.
To enhance consumer rights, the FTC will review unfair contract terms that require individual guarantees from brides and grooms when booking wedding venues and will establish standard contracts for funeral services. It will also mandate the disclosure of restricted view seating in the entertainment and sports sectors.
* This article has been translated by AI.
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