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Korea Herald
17-03-2025
- Business
- Korea Herald
Reinforcing construction firms accountability, high-tech strategic industries
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 Construction Technology Promotion Act Proposed by Rep. Park Yong-kab (Democratic Party of Korea) ● This amendment requires the quarterly disclosure of construction firms where fatal industrial accidents have occurred, aiming to enhance the accountability of firms and encourage them to strengthen safety measures at construction sites. Proposed Bill: Partial Amendment to the Financial Investment Services and Capital Markets Act Proposed by Rep. Kim Sang-hoon (People Power Party) ● This amendment aims to curb stock volatility driven by widespread fictitious subscriptions and short-term trading by institutional investors. It enables a pre-investment survey to gauge investors' interest in initial public offerings and introduces the Cornerstone Investor Program, which pre-allocates publicly offered shares to institutional investors who commit to holding them for a set period. Pending Bill: Partial Amendment to the Housing Act Proposed by Rep. Han Jun-ho (Democratic Party of Korea) ● Amid rising disputes over construction cost increases due to soaring material costs, this amendment grants housing remodeling associations the right to request verification of construction costs for renovation projects from the Korea Real Estate Board, the Korea Land and Housing Corporation, or local public corporations. Promulgated Bill: Enforcement Decree of the Act on Restriction on Special Cases Concerning Taxation Competent Authority: Ministry of Economy and Finance ● This bill broadens the scope of new growth, source technologies, national strategic technologies eligible for tax credits on research and human resource development expenses, aiming to strengthen support for high-tech strategic and prospective future industries. Administrative Announcement: Partial Amendment to the Enforcement Decree of the Act on the Improvement of Urban Areas and Residential Environments ● To accelerate reconstruction and redevelopment projects, this amendment requires local governments to notify the reconstruction inspection implementation plan within 30 days of receiving an inspection request, without conducting on-site inspections.
Korea Herald
10-03-2025
- Business
- Korea Herald
Strengthening labor rights, measures to protect clinical trial data
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 Trade Union and Labor Relations Adjustment Act Proposed by Rep. Park Hong-bae (Democratic Party of Korea) ● This amendment strengthens protections for fundamental labor rights under the Constitution. Notably, it enhances contractors' responsibilities toward subcontractor workers and specifies provisions limiting employers' claims for damages against employees and trade unions. Proposed Bill: Partial Amendment to the Telecommunications Business Act Proposed by Rep. Lee Hoon-ki (Democratic Party of Korea) ● Currently, individuals who become the largest shareholder through other shareholders' stock disposal are not subject to the public interest test or authorization by the Ministry of Science and ICT. To prevent potential abuse, this amendment mandates a governmental review for such cases. Pending Bill: Partial Amendment to the Commercial Act Proposed by Rep. Lee Jung-mun (Democratic Party of Korea) ● This amendment extends directors' duty of loyalty both to the company and to its shareholders, requiring them to protect all shareholders' interests and ensure fair treatment. Promulgated Bill: Rules on Safety of Drugs, etc. Competent Authority: Ministry of Food and Drug Safety ● Following the amendment to the Pharmaceutical Affairs Act, which introduced a new system for protecting clinical trial data, this bill specifies the drugs subject to data protection, information disclosure and defines drugs requiring risk management. 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 ● This amendment modifies the scope of designated recycling business entities required to use waste plastic recycled raw materials, shifting the obligation from plastic substance manufacturers to businesses producing bottled water or nonalcoholic drinks, the bottles of which are made from polyethylene terephthalate.
