[Bills in Focus] Streamlining construction, promoting ESG compliance

Proposed Bill: Act on Special Cases Concerning the Promotion of Reconstruction and Redevelopment Projects

Proposed by Rep. Kim Eun-hye (People Power Party)

● Rising construction costs and complex authorization procedures have caused delays in housing provision. To accelerate the completion of reconstruction and redevelopment projects and accommodate the growing demand for housing in city centers, this bill streamlines approval procedures, offers mediation support for construction cost disputes, and eases floor-area ratio restrictions for areas near subway stations.

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)

● As artificial intelligence continues to develop, it has become increasingly harder for users to distinguish fake information from real information. Therefore, this amendment requires content providers to add markers that help identify AI-generated content and allows information and communication service providers to remove unmarked AI-generated content.

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

Proposed by Rep. Han Min-soo (Democratic Party of Korea)

● ESG has become an important factor in company assessment for investors. Accordingly, this amendment requires businesses to include ESG data in their assessment reports, including half-yearly reports, to provide investors with enough information and encourage investment in the domestic capital market.

Promulgated Bill: Fair Transactions in Subcontracting Act

Competent Authority: Fair Trade Commission

● This bill requires prime contractors who inflict losses on subcontractors by using the subcontractors’ technical data for their own interests or that of a third party to compensate up to five times the amount of losses.

Administrative Announcement: Partial Amendment to the Credit Information Use and Protection Act

Competent Authority: Financial Services Commission

● This amendment improves permission procedures for credit information businesses and eliminates investment requirements for financial companies to encourage entry into corporate credit rating services. It also includes the assessment models of corporate credit rating businesses into the scope of credit rating verification.

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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