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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?
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
Defense technology security, urban planning reform
Proposed Bill: Partial Amendment to the Financial Investment Services and Capital Markets Act Proposed by Rep. Yoon Han-hong (People Power Party) ● This amendment requires boards of directors to take steps to safeguard shareholders‘ interests when planning significant capital transactions, such as m
Dec. 16, 2024 - 11:19:15
Strengthening shareholder rights, clearer M&A transparency
Proposed Bill: Partial Amendment to the Commercial Act Proposed by Rep. Lee Jung-mun (Democratic Party of Korea) ● To better protect the interests of general shareholders, this amendment broadens the scope of directors‘ duty of loyalty to include both the company and its shareholders. Additionally,
Dec. 10, 2024 - 11:27:12
Enhancing AI safety, regulating MVNO dominance
Proposed Bill: Partial Amendment to the Financial Investment Services and Capital Markets Act Proposed by Rep. Kim Sang-hoon (People Power Party) ● This amendment seeks to innovate the trust system by allowing liabilities, like mortgages, to be included in trusts. Currently, trust assets are limited
Dec. 2, 2024 - 15:27:07
Promoting chip sector growth, fair LLC audits
Proposed Bill: Special Act on Strengthening Competitiveness and Promoting Innovative Growth in the Semiconductor Industry Proposed by Rep. Lee Chul-gyu (People Power Party) ● Amid the intensifying global competition for semiconductor dominance, this bill introduces measures to bolster Korea’s semico
Nov. 29, 2024 - 11:26:05
[Bills in Focus] Flexible work hours for high-tech, fairness in network fees
Proposed Bill: Partial Amendment to the Labor Standards Act Proposed by Rep. Ko Dong-jin (People Power Party) ● To enhance the competitiveness of Korea’s national high-tech strategic industries, this bill aims to exempt the R&D sector in industries such as semiconductors, displays, biotechnology and secondary batteries from the current weekly cap of 52 work hours. Rep. Ko, a former CEO of Samsung Electronics, emphasized that flexibility in working hours is essential for boosting produc
Nov. 18, 2024 - 15:40:01![[Bills in Focus] Flexible work hours for high-tech, fairness in network fees](https://wimg.heraldcorp.com/content/default/2024/11/18/20241118050068_0.jpg?type=h&h=320)
Aligning retirement with pension eligibility, enhancing urban growth
Proposed Bill: Partial Amendment to the Financial Investment Services and Capital Markets Act Proposed by Rep. Kim Jae-sub (People Power Party) ● This amendment expands the Act‘s regulatory scope to cover distribution systems involving atypical securities, paving the way for innovative solutions in
Nov. 11, 2024 - 14:46:56
Strengthening workplace safety, minority shareholders
Proposed Bill: Partial Amendment to the Act on the Collection of Insurance Premiums for Employment Insurance and Industrial Accident Compensation Insurance Proposed by Rep. Cho Ji-yeon (People Power Party) ● In response to the tragic fire at a lithium battery factory in Hwaseong, Gyeonggi Province,
Nov. 5, 2024 - 13:41:54
Aircraft tariffs exemption, national pension reform
Proposed Bill: Partial Amendment to the Customs Act Proposed by Rep. Park Soo-young (People Power Party) ● Proposed by Rep. Park, this bill aims to extend tariff exemptions on imported aircraft parts until the end of 2029 to alleviate costs in aircraft manufacturing and maintenance, which rely heavi
Oct. 28, 2024 - 13:34:50
Addressing smartphone addiction, strengthening cooperative finances
Proposed Bill: Partial Amendment to the Act of Corporate Governance of Financial Companies Proposed by Rep. Lee Jung-mun (Democratic Party of Korea) ● In response to recent financial incidents such as the misselling of funds and large-scale embezzlements, this amendment is part of ongoing efforts to
Oct. 21, 2024 - 11:02:46
Protecting small retailers, boosting recycling
Proposed Bill: Partial Amendment to the Income Tax Act Proposed by Rep. Lim Kwang-hyun (Democratic Party of Korea) ● To prevent a contraction in the domestic stock market with the implementation of the financial investment income tax in 2025, this amendment proposes increasing the basic deduction fo
Oct. 7, 2024 - 11:44:55
Real estate finance reform, industrial tech protection
Proposed bill: Real Estate Development Project Management Act Proposed by Rep. Kwon Young-jin (People Power Party) and Rep. Son Myoung-soo (Democratic Party of Korea) ● In the domestic market, real estate project financing is characterized by a low capital adequacy ratio and heavy reliance on third-
Sept. 30, 2024 - 11:27:52
