Proposed Bill: Partial Amendment to the Financial Investment Services and Capital Markets Act

Proposed by Rep. Kim Sang-hoon (People Power Party)

● This amendment seeks to innovate the trust system by allowing liabilities, like mortgages, to be included in trusts. Currently, trust assets are limited, which complicates managing assets tied to debt. This change enables trusts for mortgaged properties, ensuring comprehensive asset management.

Proposed Bill: Act on the Promotion of Artificial Intelligence

Proposed by Rep. Jo Seoung-lae (Democratic Party of Korea) and Rep. Lee In-seon (People Power Party)

● This bill establishes legal grounds to promote the growth of the AI industry and ensure the safe and reliable development of related technologies. This act aims to support the growth of AI-related industries and includes essential measures for fostering trustworthy AI. The bill also outlines a regulatory framework to address potential risks associated with AI development and use, particularly those impacting public health, safety, and rights, implementing guidelines to safeguard against significant risks.

Pending Bill: Partial Amendment to the Telecommunications Business Act

Proposed by Rep. Kim Hyun (Democratic Party of Korea)

● Rep. Kim Hyun has introduced an amendment to limit the market dominance of large conglomerates in the Mobile Virtual Network Operator (MVNO) sector. The proposal aims to restrict the number of MVNO subsidiaries that conglomerates can own, preventing major telecom companies like SK Telecom, KT, and LG Uplus from using subsidiaries to dominate the market. The bill’s objective is to curb the excessive influence of major corporations and to ensure fair competition in the MVNO market.

Promulgated Bill: Enforcement Decree of the Industrial Sites and Development Act

Competent Authority: Ministry of Land, Infrastructure and Transport

● This bill permits the operation of vertical farms or plant factories within industrial complexes to boost total agricultural productivity.

Administrative Announcement: Partial Amendment to the Enforcement Decree of the Microfinance Support Act

Competent Authority: Financial Services Commission

● This amendment increases banks’ contribution rate to the supplementary microfinance account from 0.035 percent to 0.06 percent to ensure stable financial support for the general public and vulnerable groups. It also establishes a legal basis for the Korea Inclusive Finance Agency's secondary conservation project, which provides partial interest support for microfinance users.

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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 queries about the bills, contact cr@draju.com