Proposed Bill: Partial Amendment to the Distribution Industry Development Act

Proposed by Rep. Choi Soo-jin (People Power Party)

● The current act prescribes the establishment and modification registration of superstores and quasi-superstores in traditional commerce preservation areas, requiring persons who intend to open superstores, etc., to register and submit an evaluation report on the store’s impact on commercial districts and a regional cooperation plan. The act also requires the Mayor of the Special Self-Governing City and the heads of city, county and district to order discount stores to restrict business hours or designate a date for compulsory closedown.

However, the lack of comprehensive procedures regarding evaluation reports of superstores’ impact on commercial districts, regional cooperation plans and the investigation of public opinion from adjacent regions’ local governments, have called for improvements to the law. Additionally, some argue that the coexistence agreement made recently between large distribution enterprises and small and medium distribution enterprises, which allows discount stores to accept online orders during business restriction hours and compulsory closedown dates, should be incorporated into the act.

Therefore, this bill introduces comprehensive procedures regarding the documents required to open superstores, such as evaluation reports of the impact of superstores on commercial districts and regional cooperation plans. It also aims to bolster the distribution industry by easing business hour restrictions and compulsory closedown dates for discount stores.

Proposed Bill: Partial Amendment to the Product Liability Act

Proposed by Rep. Huh Young (Democratic Party of Korea)

● To ensure victims of defective products receive fair compensation for damages, this bill addresses the difficulties that victims face in proving product defects due to their limited access to product information by moving the burden of proof from the victim to the manufacturer.

Pending Bill: Act on Artificial Intelligence Industry Promotion and Trust Securement

Proposed by Rep. Ahn Cheol-soo (People Power Party)

● In response to the proliferation of artificial intelligence in various industries, this bill establishes policies to manage associated risks and promote the safe and sustainable use of AI.

Promulgated Bill: Act on the Protection of Virtual Asset Users

Competent Authority: Financial Services Commission

● This bill aims to protect the rights and interests of virtual asset users and promote transparent and sound trading practices in the virtual asset market by prescribing the protection of the virtual assets of users, the regulation of unfair trade practices and other related matters.

Administrative Announcement: Partial Amendment to the Enforcement Decree of the Specialized Credit Finance Business Act

Competent Authority: Financial Services Commission

● This bill includes the corporate credit inquiry business into the concurrent scope of work of specialized credit finance business companies.

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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