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Bills in Focus In series
A weekly report by the law firm DR & AJU providing the latest information on bills
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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?
Defense technology security, urban planning reform
Proposed Bill: Partial Amendment to the Financial Investment Services and Capital Markets Act Proposed by Rep. Yoon Han-hong (People Power Party) ● This amendment requires boards of directors to take steps to safeguard shareholders‘ interests when planning significant capital transactions, such as m
Dec. 16, 2024 - 11:19:15
Strengthening shareholder rights, clearer M&A transparency
Proposed Bill: Partial Amendment to the Commercial Act Proposed by Rep. Lee Jung-mun (Democratic Party of Korea) ● To better protect the interests of general shareholders, this amendment broadens the scope of directors‘ duty of loyalty to include both the company and its shareholders. Additionally,
Dec. 10, 2024 - 11:27:12
Enhancing AI safety, regulating MVNO dominance
Proposed Bill: Partial Amendment to the Financial Investment Services and Capital Markets Act Proposed by Rep. Kim Sang-hoon (People Power Party) ● This amendment seeks to innovate the trust system by allowing liabilities, like mortgages, to be included in trusts. Currently, trust assets are limited
Dec. 2, 2024 - 15:27:07
Promoting chip sector growth, fair LLC audits
Proposed Bill: Special Act on Strengthening Competitiveness and Promoting Innovative Growth in the Semiconductor Industry Proposed by Rep. Lee Chul-gyu (People Power Party) ● Amid the intensifying global competition for semiconductor dominance, this bill introduces measures to bolster Korea’s semico
Nov. 29, 2024 - 11:26:05
[Bills in Focus] Flexible work hours for high-tech, fairness in network fees
Proposed Bill: Partial Amendment to the Labor Standards Act Proposed by Rep. Ko Dong-jin (People Power Party) ● To enhance the competitiveness of Korea’s national high-tech strategic industries, this bill aims to exempt the R&D sector in industries such as semiconductors, displays, biotechnology and secondary batteries from the current weekly cap of 52 work hours. Rep. Ko, a former CEO of Samsung Electronics, emphasized that flexibility in working hours is essential for boosting produc
Nov. 18, 2024 - 15:40:01![[Bills in Focus] Flexible work hours for high-tech, fairness in network fees](https://wimg.heraldcorp.com/content/default/2024/11/18/20241118050068_0.jpg?type=h&h=320)
Aligning retirement with pension eligibility, enhancing urban growth
Proposed Bill: Partial Amendment to the Financial Investment Services and Capital Markets Act Proposed by Rep. Kim Jae-sub (People Power Party) ● This amendment expands the Act‘s regulatory scope to cover distribution systems involving atypical securities, paving the way for innovative solutions in
Nov. 11, 2024 - 14:46:56
Strengthening workplace safety, minority shareholders
Proposed Bill: Partial Amendment to the Act on the Collection of Insurance Premiums for Employment Insurance and Industrial Accident Compensation Insurance Proposed by Rep. Cho Ji-yeon (People Power Party) ● In response to the tragic fire at a lithium battery factory in Hwaseong, Gyeonggi Province,
Nov. 5, 2024 - 13:41:54
Aircraft tariffs exemption, national pension reform
Proposed Bill: Partial Amendment to the Customs Act Proposed by Rep. Park Soo-young (People Power Party) ● Proposed by Rep. Park, this bill aims to extend tariff exemptions on imported aircraft parts until the end of 2029 to alleviate costs in aircraft manufacturing and maintenance, which rely heavi
Oct. 28, 2024 - 13:34:50
Addressing smartphone addiction, strengthening cooperative finances
Proposed Bill: Partial Amendment to the Act of Corporate Governance of Financial Companies Proposed by Rep. Lee Jung-mun (Democratic Party of Korea) ● In response to recent financial incidents such as the misselling of funds and large-scale embezzlements, this amendment is part of ongoing efforts to
Oct. 21, 2024 - 11:02:46
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
