Proposed Bill: Partial Amendment to the Commercial Act

Proposed by Rep. Yoo Dong-soo (Democratic Party of Korea)

  • The bill would limit a company's acquisition of its treasury shares to a greater degree, aiming to prevent parent companies from transferring their debts to financially sound subsidiaries through mergers, a practice often employed by private equity funds through leveraged buyouts.

Proposed Bill: Partial Amendment to the Housing Lease Protection Act

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

  • This bill would increase the number of times a lessee may exercise the right to request a contract renewal from one to two and extends the guaranteed lease term from two years to three years.

Pending Bill: Partial Amendment to the Housing Act

Proposed by Rep. Moon Jin-seog (Democratic Party of Korea)

  • The bill aims to promote house remodeling projects by improving the legal framework. It would allow remodeling associations to carry out projects without registering as housing construction businesses, permit adjacent complexes to form unified associations and authorize mayors and governors to establish remodeling support centers.

Promulgated Bill: Enforcement Decree of the Game Industry Promotion Act

Competent Authority: Ministry of Culture, Sports and Tourism

  • The bill requires foreign game distributors or providers with no address or place of business in Korea, and meeting certain criteria, to designate a domestic agent.

Administrative Announcement: Partial Amendment to the Enforcement Rule of the Customs Act

Competent Authority: Ministry of Economy and Finance

  • The draft amendment would impose anti-dumpting duties on so-called "circumvention dumping," which refers to the practice of exporting products indirectly through assembly or partial processing in third countries in order to evade anti-dumping measures.

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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.