Latest news with #ActontheImprovementofUrbanAreasandResidentialEnvironments
Korea Herald
23-06-2025
- Business
- Korea Herald
Shareholder voting rights, private equity fund limit
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. Proposed Bill: Partial Amendment to the Commercial Act Proposed by Rep. Lee Jung-mun (Democratic Party of Korea) ● The bill would broaden the scope of directors' duty of loyalty to include shareholders as well as the company, and limit the largest shareholder's voting rights to three percent when appointing audit committee members. Proposed Bill: Partial Amendment to the Financial Investment Services and Capital Markets Act Proposed by Rep. Kim Hyun-jung (Democratic Party of Korea) ● The bill would reduce the borrowing limit for private equity funds from 400 percent to 200 percent of their net asset value. It would also require them to report to the Financial Services Commission any conflict of interest and measures for its control in asset transactions through SPCs or related-party deals. Pending Bill: Partial Amendment to the Distribution Industry Development Act Proposed by Rep. Oh Sae-hee (Democratic Party of Korea) ● This bill would mandate the head of a local government to designate compulsory closedown dates and impose business hour restrictions on superstores, while requiring that the closedown dates be selected from public holidays. Promulgated Bill: Act on the Improvement of Urban Areas and Residential Environments Competent Authority: Ministry of Land, Infrastructure and Transport ● Effective June 4, the amended law has significantly eased the standards and requirements for reconstruction safety inspections. It exempts apartment buildings over 30 years old from mandatory safety inspections required for reconstruction projects. Administrative Announcement: Partial Amendment to the Enforcement Decree of the Act on the Promotion of Saving and Recycling of Resources Competent Authority: Ministry of Environment ● The draft amendment would expand the scope of products subject to mandatory recovery and recycling to include plastic toys, which must meet a recycling rate annually determined by the Ministry of Environment. For queries about the bills, contact cr@
Korea Herald
26-05-2025
- Business
- Korea Herald
Stock undervaluation prevention, bank branch closure notices
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. Proposed Bill: Partial Amendment to the Inheritance Tax and Gift Tax Act Proposed by Rep. Lee So-young (Democratic Party of Korea) ● This amendment aims to prevent controlling shareholders from inducing stock undervaluation to reduce inheritance or gift taxes during succession. If the assessed value of listed shares falls below 80 percent of their net asset value, the same valuation method used for unlisted shares will be applied, reflecting both assets and earnings. Proposed Bill: Partial Amendment to the Telecommunications Business Act Proposed by Rep. Choi Soo-jin (People Power Party) ● This amendment aims to curb Google's forced in-app payment policy by specifying prohibited acts of major app market operators and banning the imposition of unreasonable or discriminatory conditions on the use of external payment systems. Pending Bill: Partial Amendment to the Banking Act Proposed by Rep. Park Hong-bae (Democratic Party of Korea) ● As banks tend to facilitate the transition to digital services and close physical branches, this amendment seeks to protect digitally vulnerable individuals by requiring advance notice before any branch closure. Promulgated Bill: Act on the Improvement of Urban Areas and Residential Environments Competent Authority: Ministry of Land, Infrastructure and Transport ● This bill lowers the consent threshold for forming a reconstruction project association from at least 75 percent to 70 percent of all strata title holders in each unit of a housing complex. Administrative Announcement: Partial Amendment to the Enforcement Decree of the Special Act on the Prevention of Loss Caused by Telecommunications-Based Financial Fraud and Refund for Loss Competent Authority: Financial Services Commission ● This amendment requires specialized credit financial companies and credit service providers to verify users' identities during financial transactions, aiming to prevent telecommunications-based financial fraud.
Korea Herald
19-05-2025
- Business
- Korea Herald
Personal information protection, new authority for real estate dispute
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. Proposed Bill: Partial Amendment to the Personal Information Protection Act Proposed by Rep. Lee Jung-mun (Democratic Party of Korea) ● In the event of a leak of sensitive or personally identifiable information, this amendment requires personal information controllers to monitor the illegal distribution of the leaked data for two years and report the findings to the Personal Information Protection Commission. Proposed Bill: Partial Amendment to the Act on the Improvement of Urban Areas and Residential Environments Proposed by Rep. Maeng Sung-kyu (Democratic Party of Korea) ● This amendment consolidates the currently fragmented construction and real estate-related dispute mediation bodies into a single Integrated Construction and Real Estate Dispute Mediation Committee under the Ministry of Land, Infrastructure and Transport, which will serve as the central coordinating authority for such disputes. Pending Bill: Partial Amendment to the Housing Act Proposed by Rep. Han Jeoung-ae (Democratic Party of Korea) ● This amendment replaces the legal term 'industrialized housing,' which refers to housing built using modular construction techniques, with 'prefabricated housing,' and provides regulatory incentives for such housing by easing restrictions on the building coverage ratio and floor area ratios. Promulgated Bill: Enforcement Decree of the Occupational Safety and Health Act Competent Authority: Ministry of Employment and Labor ● This bill requires business owners to report the dismissal of safety and health managers or occupational medicine doctors to the relevant regional employment and labor office. Competent Authority: Financial Services Commission —
