Proposed Bill: Act on the Establishment and Operation of the Real Estate Supervisory Service

Proposed by Rep. Kim Hyun-jung (Democratic Party of Korea)

  • This bill would establish the Real Estate Supervisory Service under the Prime Minister to directly investigate real estate-related unlawful conduct and coordinate investigations among relevant authorities.

Proposed Bill: Partial Amendment to the Distribution Industry Development Act

Proposed by Rep. Kim Dong-ah (Democratic Party of Korea)

  • This bill would permit superstores and quasi-superstores to provide online delivery services during mandatory closure periods.

Pending Bill: Partial Amendment to the Commercial Act

Proposed by Rep. Oh Gi-hyoung (Democratic Party of Korea)

  • This bill would require treasury shares to be cancelled within one year of acquisition and require companies holding treasury shares as of the Amendment’s effective date to cancel them within 18 months of that date.

Promulgated Bill: Special Act on Strengthening Competitiveness of and Promoting Support for the Semiconductor Industry

Competent Authority: Ministry of Trade, Industry and Resources

  • This bill establishes a legal framework to enhance the competitiveness of the domestic semiconductor industry by establishing a Semiconductor Industry Competitiveness Reinforcement Special Committee under the President, designating semiconductor clusters, and developing industrial infrastructure for the sector.

Administrative Announcement: Partial Amendment to the Regulations on Standards for Housing Construction

Competent Authority: Ministry of Land, Infrastructure and Transport

  • The draft amendment would eliminate the site area limitation for housing complexes eligible to apply indoor noise standards instead of outdoor noise standards, thereby expanding their eligibility.

—

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.