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

Proposed by Rep. Lee Jung-mun (Democratic Party of Korea)

  • This bill would eliminate the exception to the mandatory treasury share cancellation requirement under the Commercial Act, thereby preventing listed companies from circumventing treasury share regulations even through amendments to their articles of incorporation.

Proposed Bill: Partial Amendment to the Act on Restriction on Special Cases Concerning Taxation

Proposed by Rep. Kim Jung-jae (People Power Party)

  • This bill would provide income or corporate tax credits for the domestic production and sale of products using national strategic technologies.

Pending Bill: Special Act on Construction Safety

Proposed by Rep. Moon Jin-seog (Democratic Party of Korea)

  • This bill would impose a penalty surcharge of up to 3 percent of sales or a business suspension of up to one year on construction companies with repeated fatal accidents caused by negligence, while capping the penalty surcharge at 100 billion won ($67 million).

Administrative Announcement: Partial Amendment to the Rule on Safety of Drugs etc.

Competent Authority: Ministry of Food and Drug Safety

  • The draft amendment would permit the omission of the “specifications of active pharmaceutical ingredients” from the required information on drug containers, packaging, or package inserts. It would also ease the threshold for registering changes in API batch size from “10 times or more” to “more than 10 times.”

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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.