In 1994, the Fair Trade Commission and its secretariat were separated from the Economic Planning Board as an independent vice ministerial-level, central administrative organization.

[2] In 2022, President Yoon Suk-yeol named Seoul National University (SNU) law professor Han Ki-jeong, as chair of the agency.

[3] Apart from the MRFTA, the KFTC enforces the following statutes: On December 7, 2005, the KFTC reached the decision to order Microsoft Corporation and Microsoft Korea, inter alia, to unbundle certain tied products, including Windows Media Player and MSN Messenger, and to impose surcharges amounting to 33 billion won (31 million US dollars) for violation of the Monopoly Regulation and Fair Trade Act (MRFTA), including the abuse of market dominant position provision.

Thirteen of the companies listed above also stopped distributing songs to services which offered infinite downloads, thus rigging the market.

A representative of the FTC revealed, "In order to block competition coming from smaller businesses, the companies listed above rigged their own prices.

The representative continued, "With this action, we hope that consumers will be able to spend less in order to enjoy a greater diversity of products.