Proposed bill: Real Estate Development Project Management Act

Proposed by Rep. Kwon Young-jin (People Power Party) and Rep. Son Myoung-soo (Democratic Party of Korea)

● In the domestic market, real estate project financing is characterized by a low capital adequacy ratio and heavy reliance on third-party guarantees. As the volume of real estate PF increases, the need for systematic government management has become increasingly urgent. Therefore, this bill promotes the effective management of real estate development projects by creating a comprehensive system for managing and analyzing information related to real estate PF.

Proposed bill: Partial Amendment to the Act on Prevention of Divulgence and Protection of Industrial Technology

Proposed by Rep. Park Sung-hoon (People Power Party)

● This amendment establishes a registration system to improve the management of national core technologies and reinforces measures against industrial technology infringement, including raising the cap on punitive damages caused by intentional infringement to five times the amount of compensatory damages.

Pending Bill: Partial Amendment to the Commercial Act

Proposed by Rep. Jeong Jun-ho (Democratic Party of Korea)

● This amendment expands the duty of loyalty for corporate directors to include the shareholders’ proportional interests to protect shareholders in cases where a director’s decision can harm specific shareholders when there is no effect on the company.

Promulgated Bill: Enforcement Decree of the Personal Information Protection Act

Competent Authority: Personal Information Protection Commission

● This bill specifies the scope of personal information controllers obligated to notify the details of personal information use and provision. It also prescribes matters on data safety for cross-border transfers of personal information and reinforces the safety measures of public institutions over a certain size to prevent personal information breaches.

Administrative Announcement: Partial Amendment to the Enforcement Decree of the Act on the Allocation and Trading of Greenhouse Gas Emission Permits

Competent Authority: Ministry of Environment

● This amendment expands the scope of participants in the greenhouse gas emissions trading market to include financial asset managers, banks and insurance companies, fund managers, etc. It also reinforces standards for revoking the allocation of emission permits to prevent companies from reaping windfall profit from emission reductions unrelated to emission reduction efforts.

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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.

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For any queries about the bills, contact cr@draju.com