South Korea will revise its antitrust law for the first time in 38 years.

The Fair Trade Commission (FTC) said on Sunday that it issued on Friday an advance notice of a bill aimed at overhauling the nation's antitrust law enacted in 1980 in order to better cope with the changes in the economic environment and reflect the needs of a fair economy and innovation-led growth.

The revision will abolish the FTC regulation that the corporate watchdog is the only entity that can file complaints about major antitrust cases, such as price rigging and bidding collusion, and market division.

The revision, if enacted, will enable the prosecution to launch investigations into those cases without complaints by the watchdog.