Proposed Bill: Special Act on the Construction Safety
Proposed by Rep. Moon Jin-seog (Democratic Party of Korea)
● The bill would impose a penalty surcharge of up to 3 percent of sales or a business suspension of up to one year on construction companies in cases of repeated fatal accidents caused by negligence of safety obligations, with the penalty surcharge capped at 100 billion won.
Proposed Bill: Special Act on the Promotion of the Artificial Intelligence Industry
Proposed by Rep. Koh Dong-jin (People Power Party)
● This bill would establish a comprehensive legal framework for the promotion of the artificial intelligence industry. In particular, it would introduce a regulatory sandbox for artificial intelligence, provide for the establishment of regional AI data centers and the application of separate electricity transaction standards for such centers, and expand financial and administrative support.
Pending Bill: Partial Amendment to the Fair Transactions in Franchise Business Act
Proposed by Rep. Min Byoung-dug (Democratic Party of Korea)
● This bill would expand the scope of protection against unfair practices by franchisers to include master franchisees. It would also introduce a registration system for franchisee associations to strengthen franchisees’ right to collective bargaining.
Promulgated Bill: Enforcement Decree of the Financial Investment Services and Capital Markets Act
Competent Authority: Financial Services Commission
● This bill incorporates into statute the regulatory exceptions currently provided under the Special Act on Support for Financial Innovation to ensure the continued and stable operation of the “decimal point trading service for domestic stocks” and the “private shares and fractional investment distribution platform,” both of which are currently being operated as pilot innovative financial services.
Administrative Announcement: Partial Amendment to the Enforcement Decree of the Act on the Protection of Financial Consumers
Competent Authority: Financial Services Commission
● The draft amendment clarifies the meaning of “revenue gained from contracts relating to such violation or an amount equivalent to such earnings,” which serves as the base amount for calculating penalty surcharges under the Act on the Protection of Financial Consumers.
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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.
For queries about the bills, contact cr@draju.com.
