Proposed Bill: Partial Amendment to the Securities-Related Class Action Act

Proposed by Rep. Han Chang-min (Social Democratic Party)

  • This bill would change the title of the Act to the Financial Consumer Class Action Act and expand the scope of class actions beyond the securities sector to encompass all lawsuits arising from financial transactions.

Proposed Bill: Mobile Communications Security Act

Proposed by Rep. Kim Jang-kyom (People Power Party)

  • This bill would mandate the three major mobile carriers to carry out risk identification inspections at least once a year and establish security plans based on the inspection results.

Pending Bill: Partial Amendment to the Commercial Act

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

  • This bill would mandate the immediate cancellation of treasury stocks upon acquisition and require treasury stocks acquired before the enforcement of this bill to be cancelled within six months.

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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.