Proposed Bill: Partial Amendment to the Act on Corporate Governance of Financial Companies

Proposed by Rep. Kim Seung-won (Democratic Party of Korea)

  • This bill would authorize the Financial Services Commission to order a person subject to an eligibility examination who fails to comply with an order restricting the exercise of voting rights to dispose of at least 10 percent of the shares held by that person.

Proposed Bill: Partial Amendment to the Commercial Act

Proposed by Rep. Lee Jung-mun (Democratic Party of Korea)

  • This bill would require treasury shares to be canceled within one year of acquisition, while permitting such shares to be disposed of where cancellation would result in a violation of foreign investment restrictions.

Pending Bill: Partial Amendment to the Commercial Act

Proposed by Rep. Kim Tae-nyeon (Democratic Party of Korea)

  • This bill would abolish all provisions related to the crime of special misappropriation under the Commercial Act.

Promulgated Bill: Framework Act on the Development of Artificial Intelligence and the Creation of a Foundation for Trust

Competent Authority: Ministry of Science and ICT

  • This bill requires AI business operators to notify users in advance when their products or services are developed using generative AI or high-impact AI, and to apply watermarks or other labels to AI-generated content, including audio, images and videos.

Administrative Announcement: Partial Amendment to the Enforcement Decree of the Trade Union and Labor Relations Adjustment Act

Competent Authority: Ministry of Employment and Labor

  • The draft amendment would clarify the criteria to be primarily considered in determining the division or integration of bargaining units, including the commonality of interests, the appropriateness of interest representatives and the potential for labor-management conflicts.

—

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.

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