Proposed Bill: Partial Amendment to the Personal Information Protection Act
Proposed by Rep. Kim Yong-man (Democratic Party of Korea)
- This amendment would impose liability on companies to compensate for damages resulting from personal data breaches, regardless of intent or negligence.
Proposed Bill: Class Action Act
Proposed by Rep. Yong Hye-in (Basic Income Party)
- This bill would introduce a class action mechanism for general corporate torts and establish measures to facilitate collective relief, including court-appointed expert investigations, a deemed grant of leave to proceed if the court fails to decide within three months, and an opt-out system.
Pending Bill: Partial Amendment to the Commercial Act
Proposed by Rep. Oh Gi-hyoung (Democratic Party of Korea)
- This bill would require treasury shares to be canceled within one year of acquisition and provide that companies holding treasury shares as of the Amendment’s effective date must cancel them within 18 months.
Promulgated Bill: Act on the Promotion of Mutually Beneficial Cooperation Between Large Enterprises and Small and Medium Enterprises
Competent Authority: Ministry of SMEs and Startups
- This bill introduces discovery system incorporating expert fact-finding inspections and material preservation orders, to address information asymmetry in technology misappropriation litigation.
Administrative Announcement: Partial Amendment to the Enforcement Decree of the Act on Report on Real Estate Transactions
Competent Authority: Ministry of Land, Infrastructure and Transport
- The draft amendment would temporarily suspend the capital gains tax surcharge on owners of multiple residential properties for four months in the Gangnam districts and for six months in other designated adjustment areas.
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The Korea Herald republishes a weekly legislative report by local law firm D&A 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.
