Proposed Bill: Partial Amendment to the Personal Information Protection Act

Proposed by Rep. Park Min-kyu (Democratic Party of Korea)

  • This bill would impose administrative surcharges on companies that obstruct personal data breach investigations by concealing, destroying, falsifying or altering relevant materials. It would also introduce rewards for individuals who report such conduct and provide supporting evidence.

Proposed Bill: Partial Amendment to the Monopoly Regulation and Fair Trade Act

Proposed by Rep. Lee Kang-il (Democratic Party of Korea)

  • This bill would strengthen sanctions against collusion by introducing aggravated administrative surcharges for repeated violations and raising the maximum punitive damages from three to five times the actual damages. It would also authorize the Fair Trade Commission to order the divestiture of a relevant business division where surcharges and corrective orders are deemed insufficient to prevent repeated collusion.

Pending Bill: Class Action Act

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

  • This bill would expand the class action regime, currently limited to the securities sector, to cover all damages claims and allow class actions to be brought retroactively for damages arising before its enforcement.

Promulgated Bill: Personal Information Protection Act

Competent Authority: Personal Information Protection Commission

  • This promulgated bill imposes an administrative surcharge of up to 10 percent of total sales revenue for repeated personal data breaches or breaches caused by intention or gross negligence. It also reduces surcharges for companies that have proactively invested in personal information protection measures.

Administrative Announcement: Partial Amendment to the Enforcement Decree of the Financial Investment Services and Capital Markets Act

Competent Authority: Financial Services Commission

  • The draft amendment would require mergers and other corporate restructuring transactions to be valued based on fair value, taking into account stock price, stock value, and earnings value.

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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.