Proposed Bill: Partial Amendment to the Banking Act

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

● As financial services move to online platforms, many banks have been closing their offline branches. This bill aims to prevent user inconvenience of digitally vulnerable people by mandating prior notice of bank branch closures.

Proposed Bill: Partial Amendment to the Minimum Wage Act

Proposed by Rep. Song Eon-seog (People Power Party)

● The inflexible application of the minimum wage system has caused some businesses to struggle with rising employment costs. Therefore, this bill aims to mandate the reasonable adjustment of the minimum wage according to the type, scale, and region of businesses.

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

Proposed by Rep. Park Soo-young (People Power Party)

● This bill aims to strengthen state-level support measures for national strategic technologies to bolster Korea’s future national competitiveness. It extends the sunset clause and carry-forward period of tax credits for these technologies and expands the scope of the tax credits to incorporate R&D facilities.

Promulgated Bill: Financial Investment Services and Capital Markets Act

Competent Authority: Financial Services Commission

● This bill requires executive officers and major shareholders of stock-listed companies who intend to trade specific securities to report the transaction plan to the Securities and Future Commission and the exchange 30 to 90 days prior to the transaction period.

Administrative Announcement: Partial Amendment to the Enforcement Decree of the Act on the Consumer Protection in Electronic Commerce

Competent Authority: Fair Trade Commission

● This bill prescribes matters necessary for the enforcement of the Act on the Consumer Protection in Electronic Commerce to regulate online deceptive practices known as “dark patterns,” such as establishing the criteria for imposing business suspension or administrative fines for violations of the Act.

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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.

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For any queries about the bills, contact cr@draju.com