(123rf)
(123rf)

Proposed Bill: Special Act on Regulatory Support on Biomanufacturing CDMOs

Proposed by Rep. Han Zee-a (People Power Party)

● This bill establishes the definition of an export manufacturing business and promotes biomedicine exports. It implements a system for the production of biomedicine source materials and quality certification, establishes import procedures of raw materials and source medicines used in biomedicine CDMOs, and provides tailored technology support for establishing CDMO manufacturing facilities and enhancing their capacities.

Proposed Bill: Partial Amendment to the Act on Restriction on Special Cases Concerning Taxation

Proposed by Rep. Lee Yeon-hee (Democratic Party of Korea)

● This amendment enhances the investment tax credit system for national strategic technologies, such as battery manufacturing, by permitting companies to receive tax refunds directly or transfer them to a third party.

Pending Bill: Fairness in Online Platform Intermediary Transaction Act

Proposed by Rep. Kim Nam-geun (Democratic Party of Korea)

● This bill specifies that if an online platform intermediary with an average market capitalization of issued shares exceeding 15 trillion won provides an online platform service to more than 10 million users (with sales exceeding 3 trillion won), the intermediary must report the service to the Fair Trade Commission.

Promulgated Bill: Game Industry Promotion Act

Competent Authority: Ministry of Culture, Sports and Tourism

● This bill stipulates that a gaming company that inflicts harm to gamers by failing to appropriately disclose the probabilities of their probabilistic items with the intent of false manipulation may be required to pay punitive damages up to three times the amount of recognized losses.

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

Competent Authority: Financial Services Commission

● This amendment enables the trading of ETF and ETN in alternative trading systems and establishes legal grounds to formalize small licenses for fractional investment platforms in fields such as real estate and music copyrights.

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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.

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For any queries about the bills, contact cr@draju.com