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Under the Monopoly Regulation and Fair Trade Act(hereafter “the Act”), the Korea Fair Trade Commission(hereafter “the KFTC”) has the primary jurisdiction to interpret, apply, and enforce the prohibition of abuse of a market dominant position, anti-competitive business combinations, collusions, and unfair trade practices. Focusing on the aspect that the KFTC\\\'s trial decision actually replaces the first trial, the legal nature of the KFTC was understood as a quasi-judiciary entity, and the process of handling antitrust cases has been gradually modified towards judicial procedures.

What is the reason for discussing the independence and expertise of the KFTC now? This is because despite the fact that the KFTC\\\'s independence and expertise are very important in establishing a fair and free competitive order, there is a large difference in opinion as to whether the KFTC is truly a quasi-judicial institution or if it should be one.

It has been about 40 years since the Act was enforced in 1981, and it has been 25 years since the KFTC was launched as a ministerial-level central administrative agency. In 2020, all-round revisions were made to the Act, but there was no change in the framework of the KFTC\\\'s organization. In the future, it is necessary to start a discussion on the independence of the KFTC in order to enhance the effectiveness of the Act and to ensure transparency and fairness in procedures. Depending on how to find the answer to this problem, there will be a fundamental change in the organization of the KFTC.

The KFTC carries out the entire process of antitrust procedures, from investigation of cases to corrective actions, and has both an investigative function, a prosecutorial function, and a judgmental function, which requires more independence along with procedural fairness. The independence of the KFTC is also paramount to enhancing its status and trust in its trial decision. The author is somewhat skeptical about whether the KFTC will truly become a quasi-judicial institution in the near future. This is because no matter how much the system is reorganized, it is difficult to achieve that purpose unless KFTC officials change their mind. Each of the KFTC officials should embody the values and philosophy of the market economy and free competition, improve sound understanding of competition rules, and have a high level of ethical awareness and responsibility. It will be, however, a highly difficult task.

Bongeui Lee
(Professor, School of Law, Seoul National University)

[Yonsei Law Review, Vol. 31-1, March 2021]