Proposed Bill: Partial Amendment to the Monopoly Regulation and Fair Trade Act
Proposed by Rep. Lee In-young (Democratic Party of Korea)
- This bill would revise the criteria for regulating profit-taking practices of companies from the total number of issued shares to the shareholding ratio based on free-float shares, excluding treasury shares.
Proposed Bill: Partial Amendment to the Wage Claim Guarantee Act
Proposed by Rep. Kim Wi-sang (People Power Party)
- This bill would impose a secondary payment obligation on general partners, controlling shareholders, and other persons exercising substantial control or influence over a company, where their unfair conduct gives rise to reimbursement liability and the company’s assets are insufficient to fully cover the repayment of overdue wages.
Pending Bill: Class Action Act
Proposed by Rep. Park Kyoon-taek (Democratic Party of Korea)
- This bill would expand the scope of Korea's class action regime to cover all damages claims and allow for its retroactive application to claims arising from causes that occurred prior to its enforcement.
Promulgated Bill: Act on Promotion of Information and Communications Network Utilization and Information Protection
Competent Authority: Korea Media and Communications Commission, Ministry of Science and ICT
- Effective Oct. 1, this bill requires information and communications service providers to designate an executive as a chief information security officer and to notify users of any cyber security incident immediately upon its occurrence.
Administrative Announcement: Enforcement Decree of the Financial Investment Services and Capital Markets Act
Competent Authority: Financial Services Commission
- The draft amendment would increase the threshold for small public offerings exempt from the requirement to submit registration statements, from under 1 billion won ($680,000) to under 3 billion won.
