Promoting sustainable, innovative growth in local industries
The Korea Herald republishes a weekly legislative report by local law firm DR & AJU LLC to provide the latest information on bills approved, proposed, pending and set to be promulgated. — Ed.
Proposed Bill: Act on the Establishment and Operation of the Southeastern Regional Industrial Investment Corporation
Proposed by Rep. Min Byoung-dug (Democratic Party of Korea)
● This bill would establish the Southeastern Regional Industrial Investment Corporation to boost industrial competitiveness and support the sustainable growth of local businesses, with approximately 3 trillion won ($2.2 billion) in capital contributed by public institutions.
Proposed Bill: Partial Amendment to the Financial Investment Services and Capital Markets Act
Proposed by Rep. Cha Gyu-geun (Rebuilding Korea Party) and Rep. Kim Hyun-jung (Democratic Party of Korea)
● The current Act requires investors holding 5 percent or more of a listed company's shares, or making a 1 percentage point change in shareholding thereafter, to report their shareholding and purpose to financial authorities if the intent is to influence management. This bill would narrow the broad phrase 'to influence management' to 'to substantially influence effective control,' aiming to protect minority shareholders' voting rights.
Pending Bill: Special Act on Strengthening Competitiveness and Promoting Innovative Growth in the Semiconductor Industry
Proposed by Rep. Lee Chul-gyu (People Power Party)
● This bill proposes allowing swift infrastructure support and exempting research and development workers in the semiconductor industry from the 52-hour weekly work limit with mutual agreement, aiming to enhance the industry's global competitiveness.
Promulgated Bill: Special Act on Underground Safety Management
Competent Authority: Ministry of Land, Infrastructure and Transport
● Effective May 27, the amended law will authorize the Minister of Land, Infrastructure and Transport to conduct onsite inspections to assess the safety management of underground facilities and surrounding ground in areas at risk of ground subsidence
Administrative Announcement: Partial Amendment to the Enforcement Decree of the Personal Information Protection Act
● In line with the recent amendment to the Personal Information Protection Act regarding the domestic agent system, this draft amendment specifies the scope of entities subject to the domestic agent requirement.
For queries about the bills, contact cr@draju.com.
koreadherald@heradcorp.com
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