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Bills in Focus In series
A weekly report by the law firm D&A providing the latest information on bills
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Bills in Focus In series
A weekly report by the law firm D&A providing the latest information on bills
Would you like to subscribe?
Bank rate transparency, sinkhole accident prevention
Proposed Bill: Partial Amendment to the Banking Act Proposed by Rep. Kim Jang-kyom (People Power Party) ● This bill would require banks to disclose their current deposit rates, lending rates and interest rate spreads on a monthly basis via their websites. It would also authorize the Financial Services Commission to review the fairness and reasonableness of how these rates are determined, particularly when interest rate spreads widen, and to recommend improvements, if necessary. Proposed Bill: Pa
June 2, 2025 - 14:04:08Stock undervaluation prevention, bank branch closure notices
Proposed Bill: Partial Amendment to the Inheritance Tax and Gift Tax Act Proposed by Rep. Lee So-young (Democratic Party of Korea) ● This amendment aims to prevent controlling shareholders from inducing stock undervaluation to reduce inheritance or gift taxes during ownership succession. If the assessed value of listed shares falls below 80 percent of their net asset value, the same valuation method used for unlisted shares will be applied, reflecting both assets and earnings. Proposed Bill: Par
May 26, 2025 - 13:12:15Personal information protection, new authority for real estate dispute
Proposed Bill: Partial Amendment to the Personal Information Protection Act Proposed by Rep. Lee Jung-mun (Democratic Party of Korea) ● In the event of a leak of sensitive or personally identifiable information, this amendment requires personal information controllers to monitor for the illegal distribution of leaked data for two years and to report the findings to the Personal Information Protection Commission. Proposed Bill: Partial Amendment to the Act on the Improvement of Urban Areas and Re
May 19, 2025 - 14:28:47Promoting AI, space industries
Proposed Bill: Partial Amendment to the Framework Act on the Development of Artificial Intelligence and the Establishment of a Foundation for Trust Proposed by Rep. Hwang Jung-a (Democratic Party of Korea) ● To promote the growth of the domestic AI industry, this amendment delays the enforcement of regulations imposing obligations on AI service providers by three years. Proposed Bill: Partial Amendment to the Act on Restriction on Special Cases Concerning Taxation Proposed by Rep. Shin Yeong-dae
May 7, 2025 - 11:40:22Enhancing workplace safety, employment of older adults
Proposed Bill: Partial Amendment to the Construction Technology Promotion Act Proposed by Rep. Yoon Jong-kun (Democratic Party of Korea) ● To prevent fatal construction site accidents and enhance accountability among construction companies, this amendment establishes a legal basis for disclosing information related to fatal accidents, including the name of the construction company, the project name and the number of fatalities. Proposed Bill: Partial Amendment to the Act on Promotion of Informat
April 28, 2025 - 14:31:44Game user protection, workplace safety support
Proposed Bill: Partial Amendment to the Game Industry Promotion Act Proposed by Rep. Kim Byung-kee (Democratic Party of Korea) ● This amendment requires game companies to retain records of probabilistic item acquisition outcomes for at least three years and to disclose them to users in order to enhance transparency regarding probabilistic items. Proposed Bill: Partial Amendment to the Act on Restriction on Special Cases Concerning Taxation Proposed by Rep. Kim So-hee (People Power Party) ● This
April 21, 2025 - 14:57:32High-tech fund for chip industry, bank services in rural areas
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 serious accidents. Proposed Bill: Partial Amendment to the Korea Development Bank Act Proposed by Rep. Kang Min-kuk (People Power Party) and Rep. Kang Jun-hyeon (Democratic Party of Korea) ● This
April 14, 2025 - 15:41:09Promoting employment of older workers, protecting consumers in e-commerce
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 leaving the choice of specific measures — such as extending the retirement age or rehiring retired employees — up to each company. Proposed Bill: Partial Amendment to the Distribution Industry Deve
April 8, 2025 - 14:46:10Inheritance tax system reform, aircraft parts tax exemption
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 the inherited amount. Proposed Bill: Partial Amendment to the Financial Investment Services and Capital Markets Act Proposed by Rep. Jung Sung-kook (People Power Party) ● This amendment includes
March 31, 2025 - 14:00:50Fake news prevention, stronger industrial competitiveness
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 false information. It requires press organizations that have provided a news article subject to conciliation by the Press Arbitration Commission to notify the relevant news platform of this fa
March 24, 2025 - 14:51:58Reinforcing construction firms accountability, high-tech strategic industries
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 encourage them to strengthen safety measures at construction sites. Proposed Bill: Partial Amendment to the Financial Investment Services and Capital Markets Act Proposed by Rep. Kim Sang-hoon
March 17, 2025 - 14:15:20Strengthening labor rights, measures to protect clinical trial data
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 subcontracted workers and specifies provisions limiting employers’ claims for damages against employees and trade unions. Proposed Bill: Partial Amendment to the Telecommunications Business Act Proposed
March 10, 2025 - 13:42:26Enhancing bank services, safety measure for electric cars
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 the total value of these holdings, limiting them to 3 percent of the company’s total assets. Proposed Bill: Partial Amendment to the Banking Act Proposed by Rep. Choi Eun-seok (People Power Party
March 4, 2025 - 16:20:55Support 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
