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Due to the financial crisis the regulation of capital markets has undergone fundamental changes not only in Europe but in East Asia as well. The ICCML has already dealt with the new developments in Europe and its Member States from a comparative law perspective. One next step is the international exchange and discussion with other affected states. It now began with the first joint workshop of the ICCML and the Center for Financial Law from Seoul National University on 1/2 November 2013 in Seoul/Korea. Academics from both universities presented the legal and political situation in their respective countries and discussed both.

On behalf of the ICCML Prof. Jörn Axel Kämmerer discussed the recent developments in the European Union, which provide for a European supervision and stricter supervisory measures to ensure the rules being observed by national authorities as well as market participants. The Korean view was presented by Prof. Dong-Won Ko and Prof. Ok-Rial Song. Afterwards Prof. Rüdiger Veil and Prof. Kyung-Hoon Chun discussed various aspects of private enforcement, especially through collective actions and substantive liability law. Then Prof. Hyeok-Joon Rho presented corporate liability issues and reform efforts in Asia. Another topic of the workshop was the protection of data in financial services. The subject was dealt with by Prof. Haksoo Ko and commented by Prof. Jörn Axel Kämmerer from a comparative law perspective. A third key issue was the regulation of financial services in trade agreements, particularly in the relationship between the EU and Korea. Prof. Jasper Finke gave an insight from the German perspective and the contribution was discussed by the Korean host Prof. Jae-min Lee.

The exchange between the Korean and the German professors has revealed many similarities but also differences in the underlying problems and the approach to solve them. For both academic institutions the workshop was highly productive and inspiring. It is supposed to be continued in the next year in Hamburg – probably together with a third faculty.