Proposed Bill: Partial Amendment to the Financial Investment Services and Capital Markets Act

Proposed by Rep. Lee Hun-seung (People Power Party)

  • This bill would require corporations that are obliged to file business reports to submit sustainability reports to the Financial Services Commission and the Korea Exchange within 90 days of the end of each fiscal year.

Proposed Bill: Partial Amendment to the Electronic Financial Transactions Act

Proposed by Rep. Kim Yong-man (Democratic Party of Korea)

  • This bill would require financial companies to implement safeguards to prevent the loss, theft, leakage, forgery, alteration, or damage of transaction information. It would also impose an administrative fine of up to 3 percent of a company’s maximum sales if such information is lost, stolen, or leaked due to a failure to meet these obligations.

Pending Bill: Class Action Act

Proposed by Rep. Park Kyoon-taek (Democratic Party of Korea)

  • This bill would expand the scope of class action regime to encompass all types of damage claims and permit its retroactive application to damage claims arising from events that occurred before it comes into force.

Promulgated Bill: Framework Act on Supply Chain Stabilization Support for Economic Security

Competent Authority: Ministry of Finance and Economy

  • The promulgated Act expands the scope of indirect investments by the Supply Chain Stabilization Fund to include venture investment associations under the Venture Investment Promotion Act and new technology investment associations under the Specialized Credit Finance Business Act.

Administrative Announcement: Enforcement Decree of the Special Act on the Operation and Management of Strategic Investment between the Republic of Korea and the US.

Competent Authority: Ministry of Finance and Economy

  • The draft amendment would set out detailed provisions necessary to implement the Korea-US tariff negotiation agreement, including the establishment of the Korea-US Strategic Investment Corporation, under which the Korean government will invest $350 billion in the US.

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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.