The Korea Fair Trade Commission (led by Chairperson Ki-Jeong Han, hereinafter the “KFTC”) announced an administrative notice of draft amendments to the Review Standard for Combination of Enterprises (hereinafter “M&A Review Standard”) and Guidelines for Reporting Business Combinations (hereinafter “M&A Notification Guidelines”) which will take place for 30 days starting from October 18 to November 17, 2022. The purpose of the draft is to reduce burden placed on companies for merger notification and efficiently respond to an increasing number of mergers subject to review by adopting simplified review and simplified notification after identifying types of mergers in which in-depth review is less necessary. The draft amendments expand the scope of mergers subject to simplified review and simplified notification*, specifically with regard to mergers with clear investment purposes such as additional investment for private equity funds (PEF) as a new limited partner, concurrent holding of an executive position following investments in venture and startup businesses.