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 raise the preferential share allocation for employee stock ownership association members from the current 20 percent to 30 percent of the total issued shares.

Proposed Bill: Partial Amendment to the Act on Restriction on Special Cases Concerning Taxation

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

  • This bill would provide a tax credit equal to 15 percent of production costs incurred in the domestic manufacture of products that incorporate national strategic technologies, including AI, semiconductors and biotechnology.

Pending Bill: Partial Amendment to the Act on Reporting and Using Specified Financial Transaction Information

Proposed by Rep. Kim Sung-won (People Power Party)

  • This bill would abolish the “one exchange, one bank” rule, allowing virtual asset service providers to obtain real-name verified deposit and withdrawal accounts from one or more financial institutions.

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

  • This promulgated bill reinforces measures against unlawful, false or manipulated online information by expanding the scope of unlawful information, introducing enhanced civil and administrative penalties, and strengthening criminal sanctions for defamatory false statements.

Administrative Announcement: Partial Amendment to the Enforcement Decree of the Personal Information Protection Act

Competent Authority: Personal Information Protection Commission

  • The draft amendment would extend the right of data subjects to request the transmission of their personal information to designated third parties to the education and employment sectors.

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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.