Latest news with #KimJang-kyom
Korea Herald
14-07-2025
- Business
- Korea Herald
Strengthening domestic agent system, savings banks
Proposed Bill: Partial Amendment to the Financial Investment Services and Capital Markets Act 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@
Korea Herald
02-06-2025
- Business
- Korea Herald
Bank rate transparency, sinkhole accident prevention
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 Banking Act Proposed by Rep. Kim Jang-kyom (People Power Party) ● This bill would require banks to disclose their current deposit rates, lending rates and interest rate spreads on a monthly basis via their websites. It would also authorize the Financial Services Commission to review the fairness and reasonableness of how these rates are determined, particularly when interest rate spreads widen, and to recommend improvements, if necessary. Proposed Bill: Partial Amendment to the Special Act on Underground Safety Management Proposed by Rep. Kim Jung-jae (People Power Party) ● This bill aims to prevent sinkhole accidents by enabling the Minister of Land, Infrastructure and Transport or local government heads to directly carry out emergency repairs in areas at risk of ground subsidence. Pending Bill: Partial Amendment to the Equal Employment Opportunity and Work-Family Balance Assistance Act Proposed by Rep. Shin Chang-sik (Rebuilding Korea Party) ● This bill would require the Minister of Employment and Labor to conduct an annual survey and analysis of the gender pay gap based on factors such as occupation type, position, duties, length of service and employment type, and to develop an improvement plan in response to the findings. Promulgated Bill: Enforcement Rule of the Aviation Safety Act Competent Authority: Ministry of Land, Infrastructure and Transport ● This bill introduces a certification system for unmanned vertical takeoff and landing aerial vehicles, a new type of uncrewed aerial vehicle capable of long-range flight. ● This bill will raise the deposit insurance limit from 50 million won to 100 million won ($36,300 to $72,500) as of September 1, 2025.
