National
Bills in Focus In series
A weekly report by the law firm D&A providing the latest information on bills
#Assmebly
# D&A
Would you like to subscribe?
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?
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
Strengthening consumer rights, taxing carbon emissions
Proposed bill: Partial amendment to the Product Liability Act Proposed by Rep. Joo Ho-young (People Power Party) ● Consumers often find it challenging to prove that damages were caused by a product defect due to the information asymmetry between manufacturers and consumers. This amendment proposes t
Sept. 23, 2024 - 11:13:48
Streamlining construction, promoting ESG compliance
Proposed Bill: Act on Special Cases Concerning the Promotion of Reconstruction and Redevelopment Projects Proposed by Rep. Kim Eun-hye (People Power Party) ● Rising construction costs and complex authorization procedures have caused delays in housing provision. To accelerate the completion of recons
Sept. 18, 2024 - 16:50:44
Breaking app market monopoly, strengthening AI content rules
Proposed Bill: Partial Amendment to the Telecommunications Business Act Proposed by Rep. Lee Jeong-heon (Democratic Party of Korea) ● To regulate app market monopolization and ensure the consumers’ right to choice, this amendment requires market-dominant app store operators, such as Google and Apple
Sept. 17, 2024 - 16:00:35
Disclosure of EV battery manufacturer info, national power grid expansion
Proposed Bill: Partial Amendment to the Commercial Act Proposed by Rep. Park Sang-hyuk (Democratic Party of Korea) ● Although corporate directors have a duty of loyalty toward their company, they have no legal obligations toward their shareholders. Therefore, to protect shareholders from the decisio
Sept. 2, 2024 - 11:21:51
Shareholder rights, e-commerce safeguards
Proposed Bill: Partial Amendment to the Commercial Act Proposed by Rep. Kim Hyun-jung (Democratic Party of Korea) ● Although corporate directors have a duty of loyalty towards their company, they have no obligations toward their shareholders. Therefore, to protect shareholders from the decisions of
Aug. 19, 2024 - 13:28:43
Bank branch closure notice, ‘dark patterns’ regulation
Proposed Bill: Partial Amendment to the Banking Act Proposed by Rep. Park Hong-bae (Democratic Party of Korea) ● As financial services move to online platforms, many banks have been closing their offline branches. This bill aims to prevent user inconvenience of digitally vulnerable people by mandati
Aug. 12, 2024 - 11:18:47
Easing discount store restrictions, securing AI usage policies
Proposed Bill: Partial Amendment to the Distribution Industry Development Act Proposed by Rep. Choi Soo-jin (People Power Party) ● The current act prescribes the establishment and modification registration of superstores and quasi-superstores in traditional commerce preservation areas, requiring per
Aug. 5, 2024 - 11:02:35
Tax delay for virtual assets, regulating ‘dark pattern’
Proposed Bill: Partial Amendment to the Income Tax Act Proposed by Rep. Song Eon-seog (People Power Party) ● Under the current Act, income from the transfer or lease of virtual assets will be classified as “other income” and be subject to taxation from January 1, 2025. This aims to achieve tax parit
July 29, 2024 - 14:00:32
Vehicle recording mandates, chip incentives
Proposed Bill: Partial Amendment to the Motor Vehicle Management Act Proposed by Rep. Lee Hun-seung (People Power Party) ● Recently, nine people have lost their lives in front of Seoul City Hall due to an acceleration accident with an unclear cause. The driver attributed the incident to a sudden uni
July 22, 2024 - 12:14:23
High-tech industries support, proactive supply chain measures
Proposed Bill: Partial Amendment to the Act on Special Measures for Strengthening the Competitiveness of, and Protecting National High-tech Strategic Industries Proposed by Rep. Lee Sang-sik (Democratic Party of Korea) ● The current Act designates key technologies and industries as national high-te
July 15, 2024 - 11:46:19
Shareholders protection, offshore wind power support
Proposed Bill: Partial Amendment to the Financial Investment Services and Capital Markets Act Proposed by Rep. Kang Hoon-sik (Democratic Party of Korea) ● Most acquisitions and mergers of listed companies in Korea are carried out through stock acquisitions, where controlling shareholders privately c
July 8, 2024 - 11:00:10
Non-regular workers‘ rights, semiconductor growth support
Proposed Bill: Partial Amendment to the Trade Union and Labor Relations Adjustment Act Proposed by Rep. Lee Yong-woo (Democratic Party of Korea), Rep. Shin Chang-sik (Rebuilding Korea Party) and Rep. Yoon Jong-o (Progressive Party) ● This amendment expands the definition of workers to guarantee the
July 1, 2024 - 10:44:04
Fair franchise practices, prevention of disinformation spread
Proposed Bill: Partial Amendment to the Commercial Act Proposed by Rep. Jeong Jun-ho (Democratic Party of Korea) ● The existing law requires corporate directors to perform duties in good faith for the interest of the company but does not hold them liable for damages inflicted on specific shareholders if the overall corporate value remains the same. Therefore, this amendment aims to protect the interest and value of shareholders by adjusting the scope of directors’ duty of loyalty to includ
June 24, 2024 - 15:34:19
