Proposed Bill: Partial Amendment to the Personal Information Protection Act

Proposed by Rep. Park Beom-kye (Democratic Party of Korea)

  • This bill would impose an administrative surcharge of up to 10 percent of total sales for repeated violations, large-scale personal information breaches affecting over 10 million individuals, or breaches resulting from failure to comply with corrective orders.

Proposed Bill: Cyber Disaster Insurance Act

Proposed by Rep. Park Jeong-hun (People Power Party)

  • This bill would obligate information and communications service providers exceeding a prescribed business size to obtain insurance and establish a professional damage assessment system, with the aim of strengthening corporate cyber resilience.

Pending Bill: Special Act on Strengthening Competitiveness and Promoting Innovative Growth in the Semiconductor Industry

Proposed by Rep. Lee Chul-gyu (People Power Party)

  • This bill would authorize the state and local governments to provide infrastructure and financial support and allow research and development workers in the semiconductor industry to be exempted from the 52-hour weekly work limit by mutual agreement, with the aim of enhancing the industry’s global competitiveness.

Promulgated Bill: Rules on Occupational Safety and Health Standards

Competent Authority: Ministry of Employment and Labor

  • This bill requires business operators to provide measuring equipment for measuring oxygen and hazardous gas concentrations prior to the commencement of work in a confined space, and mandates immediate reporting to the fire service in the event of an accident.

Administrative Announcement: Partial Amendment to the Enforcement Decree of the Financial Investment Services and Capital Markets Act

Competent Authority: Financial Services Commission

  • The draft amendment would require business development companies to invest at least 60 percent of their assets in unlisted venture or innovative companies, or KOSDAQ-listed companies.

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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.