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

Proposed by Rep. Park Hong-bae (Democratic Party of Korea)

  • This bill would introduce a Majority-of-the-Minority approval requirement for split-offs of listed companies, requiring approval from a majority of minority shareholders to mitigate potential conflicts of interest.

Proposed Bill: Partial Amendment to the Electric Utility Act

Proposed by Rep. Lee Sang-hwi (People Power Party)

  • This bill would allow electricity rate discounts for steelmakers using hydrogen-based low-carbon technologies and exempt them from the Electric Power Industry Basis Fund charges to promote decarbonization and strengthen the competitiveness of the steel industry.

Pending Bill: Partial Amendment to the Distribution Industry Development Act

Proposed by Rep. Kim Dong-ah (Democratic Party of Korea)

  • This bill would allow superstores and quasi-superstores to provide online delivery services regardless of the existing mandatory closure and operating-hour restrictions.

Promulgated Bill: Special Act on Strengthening the Competitiveness of the Steel Industry and Transition to Carbon Neutrality

Competent Authority: Ministry of Trade, Industry and Resources

  • This promulgated bill establishes a legal framework to support the steel industry and its transition to carbon neutrality by introducing a low-carbon steel certification system, establishing Low-Carbon Steel Special Zones, and providing special exemptions from certain provisions of competition law, including expedited merger reviews, exceptional allowance of concerted actions, and information-sharing for business restructuring.

Administrative Announcement: Partial Amendment to the Enforcement Decree of the Framework Act on National Spatial Data Infrastructure

Competent Authority: Ministry of Land, Infrastructure and Transport

  • The draft amendment would ease security regulations on the use of spatial information by expanding the scope of spatial information available to the private sector and streamlining the security review procedures for the use of spatial information restricted from disclosure.

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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.