Strengthening domestic agent system, savings banks
Proposed by Rep. Min Byoung-dug (Democratic Party of Korea)
● This bill would expand the scope of underlying assets for financial investment instruments and trust property to include virtual assets, laying the groundwork for the introduction of spot virtual asset exchange-traded funds in Korea.
Proposed Bill: Partial Amendment to the Act on Promotion of Information and Communications Network Utilization and Information Protection
Proposed by Rep. Kim Jang-kyom (People Power Party)
● This bill would explicitly include "handling requests for the deletion of rights-infringing information" and "implementing corrective orders related to illegal content" within the scope of duties assigned to domestic agents of foreign platform service providers, to strengthen the effectiveness of the domestic agent system.
Pending Bill: Partial Amendment to the Commercial Act
Proposed by Rep. Lee Jung-mun (Democratic Party of Korea)
● This bill would expand the scope of directors' duty of loyalty to include not only the company but its shareholders as well, and would limit the voting rights of the largest shareholder to 3 percent when appointing audit committee members.
Administrative Announcement: Partial Amendment to the Enforcement Decree of the Mutual Savings Banks Act
Competent Authority: Financial Services Commission
● This draft amendment would offer incentives to savings banks for handling policy financial products and extending loans outside the Seoul Metropolitan Area, aiming to strengthen their role in providing small-loan financial services.
For queries about the bills, contact cr@draju.com.
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