Proposed Bill: Partial Amendment to the Banking Act

Proposed by Rep. Park Ju-min (Democratic Party of Korea)

●To improve transparency and rationalize lending rates, this amendment mandates banks to disclose how they calculate their lending rates, including the specific factors that affect additional interest rates.

Proposed Bill: Partial Amendment to the Telecommunications Business Act

Proposed by Rep. Shin Sung-bum (People Power Party)

●Mobile virtual network operators have recently gained popularity as an affordable telecommunications alternative. To ensure fair competition and autonomy in the MVNO market, this amendment limits the market dominance of wholesale business operators to 50%. It also provides legal grounds for establishing different registration requirements between wholesale business operators and MVNOs.

Pending Bill: Act on Special Measures to Strengthen and Support the Semiconductor Industry Ecosystem

Proposed by Rep. Kim Tae-nyeon (Democratic Party of Korea)

●This bill enacts a special act to bolster national support for the semiconductor industry. It obligates the state to support the establishment of infrastructure in special semiconductor zones and offers special exemptions from preliminary feasibility surveys and expedited authorization processes.

Promulgated Bill: Food Technology Industry Promotion Act

Competent Authority: Ministry of Agriculture, Food and Rural Affairs

●This bill obligates the government to introduce policies to promote the food technology industry, such as providing financial assistance, promoting technology development, and cultivating human resources. It requires the Ministry of Agriculture, Food and Rural Affairs to formulate a master plan every five years and mandates the collection of factual surveys and statistics.

Administrative Announcement: Regulation on the Assignment of Institutions Pursuant to the Digital Medical Products Act

Competent Authority: Ministry of Food and Drug Safety

●This bill stipulates regulations on the categorization of digital medical products; the certification, clinical trial approval procedures, quality management criteria and security guidelines for digital medical devices; and the designation of expert training institutions, support centers, and institutions entrusted with certification.

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The Korea Herald republishes a weekly legislative report by local law firm DR & AJU LLC to provide the latest information on bills approved, proposed, pending and set to be promulgated. -- Ed.

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For any queries about the bills, contact cr@draju.com