Proposed Bill: Partial Amendment to the Act on the Improvement of Urban Areas and Residential Environments

Proposed by Rep. Park Duk-hyum (People Power Party)

● The number of owners of most plots of land in major cities exceeds the number of owners allowed to directly or jointly implement a redevelopment project, which has complicated the implementation of redevelopment projects. This amendment expands the conditions regarding the number of owners of a plot of land from the current less than 20 to less than 50 to streamline the implementation of redevelopment projects.

Proposed Bill: Partial Amendment to the Export-Import Bank of Korea Act

Proposed by Rep. Park Jin (People Power Party)

● The statutory capital limit of the Export-Import Bank has remained unchanged at 15 trillion won since 2014. However, as import, export, and foreign investment continue to grow, there is a need to increase the legal capital of the Export-Import Bank to address the demands for export financing. Therefore, this amendment raises the legal capital of the Export-Import Bank to 50 trillion won.

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

Proposed by Rep. Han Byung-do (Democratic Party of Korea)

● With recent research predicting a long-term decline in Korea’s fertility rates, some companies have begun offering financial support to ease the burden of family formation for their employees. This amendment encourages the establishment of such support programs and promotes a family-friendly social environment by providing tax incentives to companies that offer financial support for marriage, childbirth, and child-rearing to their full-time employees.

Internet-enabled cars and advanced technological developments are increasing risks to consumer privacy and even safety as the number of attacks rises “rapidly” year-on-year, according to a report from cybersecurity firm Kaspersky. For instance, it could be used to unlock or start a vehicle without authorization, resulting in theft or misuse. These attacks can target vehicle network systems and pose a risk to manufacturers, dealers, and owners, resulting in firmware issues, data breaches, or theft.

Promulgated Bill: Motor Vehicle Management Act

Competent Authority: Ministry of Land, Infrastructure and Transport

● To address the rise in cyberattacks and cyberthreats on motor vehicles, this bill requires motor vehicle manufacturers to establish a comprehensive cybersecurity management system and obtain certification for this system from the Ministry of Land, Infrastructure and Transport. It also prescribes matters that motor vehicle manufacturers must comply with when updating vehicle software.

Administrative Announcement: Partial Amendment to the Enforcement Decree and Management Regulations of the Act on Corporate Governance of Financial Companies

Competent Authority: Financial Services Commission

● This amendment requires financial companies to outline the detailed internal control responsibilities of each executive position and create a schematic representation of these responsibilities. These documents must be submitted to financial authorities within seven business days from the date of the resolution of the company’s board of directors.

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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.