Proposed Bill: Partial Amendment to the Special Act on Underground Safety Management

Proposed by Rep. Bae June-young (People Power Party)

  • This bill would require underground development project operators to conduct post-project monitoring of surrounding ground conditions and facilities, while mandating the public disclosure of underground safety information to help residents assess potential risks.

Proposed Bill: Special Act on Promoting and Supporting the Development of Physical Artificial Intelligence

Proposed by Rep. Hwang Jung-a (Democratic Party of Korea)

  • This bill would establish a legal framework for the development of physical AI, including easing restrictions on the use of raw data for robot operation and training, designating pilot areas, and establishing performance certification systems.

Pending 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 and other entities to implement internal management systems to prevent the loss, theft, or leak of electronic financial transaction information, while imposing administrative fines of up to 3 percent of relevant revenue for data breaches resulting from noncompliance with these requirements.

Promulgated Bill: Act on Fostering and Supporting National Defense Semiconductors

Competent Authority: Ministry of National Defense

  • This promulgated bill establishes a legal framework for promoting the defense semiconductor industry, including supply chain assessments, support for research and development, procurement preferences for domestically produced defense semiconductors and measures to protect key technologies.

Administrative Announcement: Partial Amendment to the Enforcement Decree of the Credit Unions Act

Competent Authority: Financial Services Commission

  • The draft amendment would expand the scope of non-business assets that may be acquired by a credit union asset management company and clarify the criteria for the mandatory appointment of full-time auditors by credit unions.

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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.