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

Proposed by Rep. Park Sang-hyuk (Democratic Party of Korea)

  • This bill would mandate by law the inclusion of sustainability-related matters in annual reports and establish disclosure and third-party cancellation systems in accordance with the standards established by the Financial Services Commission. It also allows any non-intentional errors arising during the initial two fiscal years following the implementation to be exempted from civil liability and penalty surcharges.

Proposed Bill: Partial Amendment to the Act on Promotion of Information and Communications Network Utilization and Information Protection

Proposed by Rep. Kim Jang-kyom (People Power Party)

  • This bill would authorize public officials of the Ministry of Science and ICT to investigate crimes involving intrusion into information and communications networks, such as hacking, as well as violations of material preservation orders.

Pending Bill: Partial Amendment to the Act on Corporate Governance of Financial Companies

Proposed by Rep. Kim Nam-geun (Democratic Party of Korea)

  • This bill would require the Financial Supervisory Service to directly assess financial companies’ compliance with the Stewardship Code and disclose the results.

Administrative Announcement: Partial Amendment to the Enforcement Decree of the Financial Investment Services and Capital Markets Act

Competent Authority: Financial Services Commission

  • The draft amendment would require all listed companies to disclose their treasury shareholding status, disposal plans and the implementation thereof to investors on a semiannual basis.

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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.