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Bills in Focus In series
A weekly report by the law firm DR & AJU providing the latest information on bills
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Bills in Focus In series
A weekly report by the law firm DR & AJU providing the latest information on bills
Would you like to subscribe?
High-tech fund for chip industry, bank services in rural areas
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. Proposed Bill: Partial Amendment to the Serious Accidents Punishment Act Proposed by Rep. Ku Ja-keun (People Power Party) ● This amendment seeks to address ambiguities in the current law to reduce confusion in the field, while easing criminal liability for managing officers and corporations in cases of seri
April 14, 2025 - 15:41:09
Promoting employment of older adults, protecting consumers in electronic commerce
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. Proposed Bill: Partial Amendment to the Act on Prohibition of Age Discrimination in Employment and Elderly Employment Promotion Proposed by Rep. Kim Wi-sang (People Power Party) ● This amendment requires employers to provide continued employment in line with the national pension eligibility age, while leavi
April 8, 2025 - 14:46:10
Inheritance tax system reform, aircraft parts tax exemption
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. Proposed Bill: Partial Amendment to the Inheritance Tax and Gift Tax Act Proposed by Rep. Kwon Young-se (People Power Party) ● This amendment abolishes the inheritance tax on a surviving spouse by eliminating the current deduction cap of 3 billion won ($2.03 million), thereby allowing a full deduction of t
March 31, 2025 - 14:00:50
Fake news prevention, stronger industrial competitiveness
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. Proposed Bill: Partial Amendment to the Act on Press Arbitration and Damage Remedies Proposed by Rep. Kim Jang-kyom (People Power Party) ● This amendment aims to reinforce the responsibilities of news platforms in fostering a credible news distribution environment and preventing the spread of fake news and
March 24, 2025 - 14:51:58
Reinforcing construction firms accountability, high-tech strategic industries
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. Proposed Bill: Partial Amendment to the Construction Technology Promotion Act Proposed by Rep. Park Yong-kab (Democratic Party of Korea) ● This amendment requires the quarterly disclosure of construction firms where fatal industrial accidents have occurred, aiming to enhance the accountability of firms and
March 17, 2025 - 14:15:20
Strengthening labor rights, measures to protect clinical trial data
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. Proposed Bill: Partial Amendment to the Trade Union and Labor Relations Adjustment Act Proposed by Rep. Park Hong-bae (Democratic Party of Korea) ● This amendment strengthens protections for fundamental labor rights under the Constitution. Notably, it enhances contractors’ responsibilities toward subcontra
March 10, 2025 - 13:42:26
Enhancing bank services, safety measure for electric cars
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. Proposed Bill: Partial Amendment to the Insurance Business Act Proposed by Rep. Cha Gyu-geun (Rebuilding Korea Party) ● This amendment mandates that stocks issued by affiliates of an insurance company and held by the company be valued at market prices rather than acquisition costs. It also sets a cap on th
March 4, 2025 - 16:20:55
Support for SMEs, semiconductors
Proposed Bill: Partial Amendment to the Act on Sale of Building Units Proposed by Rep. Eom Tae-young (People Power Party) ● This amendment alleviates the consent rate required to change the use of partially constructed hotels and accommodation facilities from the current 100 percent to 80 percent. It also grants unit purchasers who do not agree to the change of use the right to request contract termination. Proposed Bill: Partial Amendment to the Small and Medium Enterprise Cooperatives Act Pro
Feb. 24, 2025 - 14:28:46
Promoting biomedicine export, tackling probabilistic game items
Proposed Bill: Special Act on Regulatory Support on Biomanufacturing CDMOs Proposed by Rep. Han Zee-a (People Power Party) ● This bill establishes the definition of an export manufacturing business and promotes biomedicine exports. It implements a system for the production of biomedicine source materials and quality certification, establishes import procedures of raw materials and source medicines used in biomedicine CDMOs, and provides tailored technology support for establishing CDMO manufact
Feb. 17, 2025 - 11:56:27
Supply chain stabilization, hydrogen business support
Proposed Bill: Partial Amendment to the Framework Act on Supply Chain Stabilization Support for Economic Security Proposed by Rep. Kim Sang-hoon (People Power Party) ● To enable swift response during a supply chain crisis, this amendment introduces penalty provisions for market disturbance practices, such as cornering and hoarding, and violations of emergency supply and demand adjustment measures. Proposed Bill: Hydrogen and Hydrogen Compound Business Act Proposed by Rep. Lee Jong-bae (People Po
Feb. 10, 2025 - 13:00:52
[Bill in Focus] Labeling food, chip industry support
Proposed Bill: Partial Amendment to the Food Sanitation Act Proposed by Rep. Nam In-soon (Democratic Party of Korea) ● This amendment requires the labeling of genetically modified food products even if genetically engineered proteins no longer remain. It also allows food products that do not use genetically engineered ingredients to be labeled as non-GM foods. Proposed Bill: Partial Amendment to the Electric Utility Act Proposed by Rep. Hwang Jung-a (Democratic Party of Korea) ● This amendment a
Feb. 3, 2025 - 14:11:51![[Bill in Focus] Labeling food, chip industry support](https://wimg.heraldcorp.com/news/cms/2025/02/03/news-p.v1.20250203.f594f8a6f76b4d608fe6a1a8390fde8c_T1.jpg?type=h&h=320)
Virtual assets protection, easier visa standards for skilled workers
Proposed Bill: Partial Amendment to the Act on the Protection of Virtual Asset Users Proposed by Rep. Kim Hyun-jung (Democratic Party of Korea) ● This amendment aims to protect virtual asset users by requiring virtual asset service providers to report and disclose information on the occurrence of events such as hacking or computer failures. It also adds provisions stipulating the preferential return of virtual assets to users. Proposed Bill: Partial Amendment to the Immigration Act Proposed by R
Jan. 20, 2025 - 14:25:50
Strengthening chip industry, general sharesholder protection
Proposed Bill: Partial Amendment to the Monopoly Regulation and Fair Trade Act Proposed by Rep. Yoon Han-hong (People Power Party) ●The current act imposes disclosure obligations on certain business groups and the person with de facto control over the group. This amendment clarifies the scope of subjects liable under the act, excluding companies managed by outside directors of affiliates or executive officers of nonprofit corporations from the definition of “business group.” Propsed Bill: Partia
Jan. 13, 2025 - 13:40:05
[Bill in Focus] Food technology, digital medical products
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 pop
Jan. 6, 2025 - 14:13:47![[Bill in Focus] Food technology, digital medical products](https://wimg.heraldcorp.com/news/cms/2025/01/06/news-p.v1.20250106.44c9b2a130624421a67e9188677844f0_T1.jpg?type=h&h=320)
Supporting semiconductors, securing worker safety
Proposed Bill: Partial Amendment to the Commercial Act Proposed by Rep. Park Ju-min (Democratic Party of Korea) ● Under the current Commercial Act, major shareholders’ voting rights are capped at 3 percent when appointing an auditor. To better represent the interests of minority shareholders, this amendment seeks to extend the “3 percent rule” to apply during mergers between affiliated companies. Proposed Bill: Partial Amendment to the Financial Investment Services and Capital Markets Act Propo
Dec. 23, 2024 - 11:08:48
