Proposed Bill: Partial Amendment to the Act on Testimony and Appraisal Before the National Assembly

Proposed by Rep. Choi Min-hee (Democratic Party of Korea)

● The bill would expand the scope of authority to issue an order of accompaniment of a witness adopted by the National Assembly to include plenary sessions of standing committees and other general cases. It would also impose administrative fines on witnesses who fail to attend without a justifiable reason or fail to comply with an order of accompaniment.

Proposed Bill: Special Act on the Promotion and Support of Small Modular Reactor Technology Development

Proposed by Rep. Hwang Jung-a (Democratic Party of Korea)

● The bill would establish legal grounds for supporting SMRs and provide systematic support for all stages of SMR technology development to strengthen national energy security and enhance Korea's competitiveness in the global nuclear energy market.

Pending Bill: Partial Amendment to the Fair Transactions in Subcontracting Act

Proposed by Rep. Lee Hun-seung (People Power Party)

● This bill would require project owners to pay the subcontract price to subcontractors directly if prime contractors fail to pay one or more installments of the subcontract price or pay it in cash at a lower percentage than the percentage they received from project owners.

Promulgated Bill: Enforcement Decree of the Financial Investment Services and Capital Markets Act

Competent Authority: Financial Services Commission

● Effective from June, the amended law has established a new business unit eligible for authorization, specifically “investment brokers for beneficiary certificates,” to bring fractional investment platforms under regulatory oversight.

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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.

For queries about the bills, contact cr@draju.com.

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