Proposed Bill: Partial Amendment to the Restitution of Development Gains Act

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

  • This bill would establish a temporary framework to reduce development charges by 50 percent for projects within the Seoul Metropolitan Area between 2024 and 2026, while providing a full exemption for projects in other regions.

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 introduce a mandatory tender offer, requiring acquirers of listed companies to purchase shares from both controlling and minority shareholders to ensure equitable treatment for all investors.

Pending Bill: Partial Amendment to the Telecommunications Business Act

Proposed by Rep. Lee Hai Min (Rebuilding Korea Party), Rep. Kim Woo-young (Democratic Party of Korea)

  • This bill would prohibit the imposition of unreasonable or discriminatory conditions regarding the use and provision of information networks for digital content delivery. Furthermore, it would forbid unfair delay or refusal of contract execution, aiming to address inequity between foreign and domestic telecommunications providers.

Promulgated Bill: Enforcement Decree of the Specialized Credit Finance Business Act

Competent Authority: Financial Services Commission

  • The promulgated Act enables credit card merchant solicitors to electronically verify a business’s operational status without having to visit the business premises in person.

Administrative Announcement: Partial Amendment to the Enforcement Decree of the Fair Transactions in Subcontracting Act

Competent Authority: Fair Trade Commission

  • The draft amendment would allow for penalty surcharges to be increased by up to 50 percent for repeated violations, even if the company has only one prior violation within the past five years. It would also raise the maximum surcharge threshold to 100 percent, depending on the total number of violations.

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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.