Proposed Bill: Partial Amendment to the Commercial Act

Proposed by Rep. Oh Gi-hyoung (Democratic Party of Korea)

  • This bill would impose administrative fines of up to 50 million won ($34,000) on individual directors if their company violates the obligation to cancel treasury shares within one year from the date of acquisition.

Proposed Bill: Special Act on Korea-US Strategic Investment Management

Proposed by Rep. Kim Byung-kee (Democratic Party of Korea)

  • This bill would establish an institutional basis for implementing the memorandum of understanding on strategic investments between Korea and the United States, enabling the retroactive application of the tariff reduction on automobiles and auto parts from 25 percent to 15 percent.

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

Proposed by Rep. Kim Jae-sub (People Power Party)

  • This bill would incorporate distributed ledger technology into the electronic securities regime and provide a legal basis for over-the-counter transactions, thereby bringing token securities within the regulated system.

Promulgated Bill: Distribution Industry Development Act

Competent Authority: Ministry of Trade, Industry and Resources

  • This bill extends the validity of provisions on the definition and registration of quasi-superstores and the designation of traditional commerce preservation areas for an additional four years. It also requires the government to conduct a comprehensive review of whether these provisions should remain in effect and to report the results to the National Assembly.

Administrative Announcement: Partial Amendment to the Enforcement Decree of the Trade Union and Labor Relations Adjustment Act

Competent Authority: Ministry of Employment and Labor

  • The draft amendment would require trade unions of prime contractors and those of subcontractors to conduct collective bargaining separately and allow subcontractor unions to bargain jointly, where appropriate, in light of their particular characteristics and circumstances.

—

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.