Proposed Bill: Partial Amendment to the Personal Information Protection Act

Proposed by Rep. Kwon Hyang-yup (Democratic Party of Korea)

  • This bill would require personal information controllers to individually notify not only data subjects whose personal information has been confirmed as breached, but all data subjects whose personal information is at risk of divulgence.

Proposed Bill: Partial Amendment to the Agricultural Cooperative Act

Proposed by Rep. Shin Chang-sik (Rebuilding Korea Party)

  • This bill would mandate that cooperatives with total assets of at least 30 billion won ($20.4 million) undergo an annual external audit.

Pending Bill: Partial Amendment to the Personal Information Protection Act

Proposed by Rep. Lee Hoon-ki (Democratic Party of Korea)

  • This bill would impose a penalty surcharge of up to 10 percent of a company’s total sales in the event of personal data breaches caused by hacking, etc.

Promulgated Bill: Engineering Industry Promotion Act

Competent Authority: Ministry of Trade, Infrastructure and Resources

  • This bill requires the government and public institutions to disclose detailed breakdowns of project costs when tendering for engineering projects, starting in June 2026.

Administrative Announcement: Partial Amendment to the Enforcement Decree of the Act on External Audit of Stock Companies

Competent Authority: Financial Services Commission

  • The draft amendment would provide that if a company’s intentional violation of accounting standards continues for more than one year, the penalty surcharge calculated for each business year shall be increased by up to 30 percent.

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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.