The Korea Herald


[Bills in Focus] Bills to promote climate action, corporate restructuring

By Korea Herald

Published : Jan. 8, 2024 - 11:27

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Proposed Bill: Partial Amendment to the Financial Investment Services and Capital Markets Act

Proposed by Rep. Kim Sung-joo (Democratic Party of Korea)

● As climate change responsiveness increasingly becomes an essential part of business operations, this amendment requires companies to disclose climate-related information, including risks related to climate change and corresponding response plans, greenhouse gas emissions contributing to global warming and goals for reduction, and the implementation status and decision-making structure of climate-change response plans.

Proposed Bill: Partial Amendment to the Housing Act

Proposed by Rep. Park Duk-hyum (People Power Party)

● To ensure the transparent and sound operation of housing association businesses, this amendment requires local-based housing associations to disclose the number of owners obtaining ownership of the housing construction site in their advertisements for recruiting members. Moreover, it allows members of housing associations to withdraw their subscriptions within 60 days from the date they deposited the membership fee.

Pending Bill: Partial Amendment to the Housing Act

Proposed by Rep. Yoo Gyeong-joon (People Power Party)

● This amendment aims to address the shortage of new rental housing and ensure the freedom of residence by abolishing the 5-year residency obligation imposed on residents of housing in the Seoul Metropolitan Area that was supplied under public redevelopment projects or is subject to the sales price ceiling regulation.

Promulgated Bill: Corporate Restructuring Promotion Act

Competent Authority: Financial Services Commission

● In response to the persistent demand for a corporate workout system, this bill extends the effective period of the Corporate Restructuring Promotion Act to 2026. This will enable companies to identify early signs of insolvency before bankruptcy and expedite normalization through the autonomous consultation of their creditors.

Administrative Announcement: Partial Amendment to the Regulations for Performance and Safety Standards of Motor Vehicle and Vehicle Parts

Competent Authority: Ministry of Land, Infrastructure and Transport

● This bill expands the items that must be recorded on the Event Data Recorder from 45 to 67 items, including the activation of the emergency automatic braking system and braking pressure. It also expands the conditions for recording on the EDR from cases of airbag deployment to include cases of collision with pedestrians.

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.


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