Photo : YONHAP News
The government will seek revisions to the Fair Trade Act to block and better respond to platform operators’ misconduct.
The Fair Trade Commission(FTC) and the Financial Services Commission unveiled the plan on Monday as part of efforts to prevent the recurrence of TMON and WeMakePrice’s payment delay crisis.
The FTC said even though large platform companies’ decisions and activities that run counter to fair market practice are rampant, efforts to restore order face limits under existing laws.
The commission said revisions to the Fair Trade Act seek to swiftly handle misconducts of large-scale platforms that have significant influence in the market and to strengthen punishment against such unlawful acts.
In a bid to repress violations, the government will also raise the penalty cap from six percent of sales to eight percent and set a settlement deadline for online intermediary sales and impose obligations on payment gateways to separately manage unsettled funds.