Proposed Bill: Partial Amendment to the Framework Act on Micro Enterprises

Proposed by Rep. Oh Sae-hee (Democratic Party of Korea)

  • This bill would grant micro-enterprise organizations the right to request negotiations regarding changes to transaction terms and require counterparties to engage in good-faith negotiations upon receiving such requests.

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

Proposed by Rep. Kim Hyun-jung (Democratic Party of Korea)

  • This bill would require companies to regularly disclose ESG-related information in their annual business reports. ESG refers to environmental, social and governance goals.

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 offer online delivery services regardless of existing mandatory closure and operating-hour restrictions.

Promulgated Bill: Enforcement Decree of the Framework Act on the Construction Industry

Competent Authority: Ministry of Land, Infrastructure and Transport

  • This bill significantly expands the reward program for reporting unfair practices, such as illegal subcontracting, and strengthens administrative sanctions for illegal subcontracting by raising administrative fees and the duration of business suspension orders to the maximum extent permitted by law.

Administrative Announcement: Partial Amendment to the Enforcement Decree of the Electronic Financial Transactions Act

Competent Authority: Financial Services Commission

  • The draft amendment would require electronic payment gateway companies to gradually place all settlement funds temporarily held for seller settlements or consumer refunds under external management and raise capital requirements in proportion to their transaction volume.

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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.