National
Bills in Focus In series
A weekly report by the law firm DR & AJU providing the latest information on bills
#Assmebly
# DR & AJU
Would you like to subscribe?
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?
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
Support for small air services, safe environment for AI
Proposed Bill: Partial Amendment to the Act on Restriction on Special Cases Concerning Taxation Proposed by Rep. Park Choong-kwon (People Power Party) ● This amendment extends the sunset date of the special provision of tax deduction related to national strategic technologies, including semiconducto
June 17, 2024 - 11:31:14
Textile waste, rights for electronic person
Proposed Bill: Partial Amendment to the Act on Promotion of Transition to Circular Economy and Society Proposed by Rep. Jang Hye-yeong (Green Justice Party) ● According to data from the Ellen MacArthur Foundation in 2017, the global clothing production volume has surged by 400 percent over the last
June 10, 2024 - 11:49:57
Improvements for working condition, cultural diversity
Proposed Bill: Partial Amendment to the Act on the Management of Public Institutions Proposed by Rep. Song Ki-hun (Democratic Party of Korea) ● The current Act requires the Minister of Economy and Finance to evaluate the management performance of public enterprises and quasi-governmental institution
June 3, 2024 - 13:24:52
Tax exemption for strategic tech, subcontracted labor protection
Proposed Bill: Partial Amendment to the Labor Standards Act Proposed by Rep. Yang Kyung-kyoo (Green Justice Party) ● As of March 2023, the Ministry of Employment and Labor’s employment type disclosure system revealed that companies with 300-500 employees hire 25.2 percent of their workforce directly
May 27, 2024 - 14:36:37
Support for Saemangeum Project, platform monopoly regulations
Proposed Bill: Partial Amendment to the Special Act on Promotion and Support for Saemangeum Project Proposed by Rep. Lee Won-taeg (Democratic Party of Korea) ● The Saemangeum Project, launched in 1989, is an ongoing national project designed to develop an economic hub for business and tourism. Unlik
May 20, 2024 - 11:24:32
Bills to boost construction investment, AI business
Proposed Bill: Partial Amendment to the Restitution of Development Gains Act Proposed by Rep. Suh Bum-soo (People Power Party) ● In 2023, construction permits were issued for a total area of land 25.6 percent smaller than last year, while the area of land under construction also decreased by 31.7 pe
May 13, 2024 - 13:00:40
