Proposed Bill: Partial Amendment to the Commercial Act

Proposed by Rep. Kim Hyun-jung (Democratic Party of Korea)

  • This bill would allow shareholders holding at least 5 percent of the total issued shares, excluding non-voting shares, to petition the court to appoint a chairperson no later than ten days before the general meeting of shareholders.

Proposed Bill: Partial Amendment to the Financial Investment Services and Capital Markets Act

Proposed by Rep. Lee Kang-ill (Democratic Party of Korea)

  • This bill would require private equity funds that hold the largest number of issued voting shares in another company to notify the employee representative of that company of the purpose of the shareholding and employment plans.

Pending Bill: Partial Amendment to the Electronic Financial Transactions Act

Proposed by Rep. Yoo Dong-soo (Democratic Party of Korea)

  • This bill would strengthen penalties for repeated information technology and security incidents. It would impose a penalty surcharge of up to 3 percent of total sales for leakage or unauthorized use of electronic financial transaction information or personal credit information resulting from security breaches.

Promulgated Bill: Personal Information Protection Act

Competent Authority: Personal Information Protection Commission

  • Effective Sept. 11, 2025, the promulgated act strengthens corporate liability for personal data breaches by imposing a penalty surcharge of up to 10 percent of total sales on companies in the event of material security violations or repeated data breaches.

Administrative Announcement: Amendment to the Enforcement Rule of the Parking Lot Act

Competent Authority: Ministry of Land, Infrastructure and Transport

  • The draft amendment would institutionalize “parking robots” by recognizing them as a type of mechanical parking device.

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

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