[Bills in Focus] Bank branch closure notice, 'dark patterns' regulation


Proposed Bill: Partial Amendment to the Banking Act, introduced by Rep. Park Hong-bae of the Democratic Party of Korea, aims to address the closure of offline bank branches as financial services transition to online platforms. The bill seeks to mitigate inconvenience for digitally vulnerable individuals by mandating advance notice of bank branch closures. Another proposed bill, the Partial Amendment to the Minimum Wage Act, put forward by Rep. Song Eon-seog of the People Power Party, targets the inflexible application of the minimum wage system. This bill intends to require reasonable adjustments to the minimum wage based on business type, scale, and regional factors to alleviate the burden of rising employment costs for businesses. Additionally, a pending bill, the Partial Amendment to the Act on Restriction on Special Cases Concerning Taxation, proposed by Rep. Park Soo-young of the People Power Party, aims to enhance state-level support for national strategic technologies to bolster Korea's future national competitiveness. It extends the period of tax credits for these technologies and broadens the scope of the tax credits to include R&D facilities. Moreover, a promulgated bill, the Financial Investment Services and Capital Markets Act, mandated by the Financial Services Commission, requires executive officers and major shareholders of stock-listed companies to report transaction plans for specific securities to the Securities and Future Commission and the exchange 30 to 90 days before the transaction period. Lastly, an administrative announcement regarding the Partial Amendment to the Enforcement Decree of the Act on Consumer Protection in Electronic Commerce, issued by the Fair Trade Commission, prescribes necessary measures for the enforcement of the Act on Consumer Protection in Electronic Commerce to regulate deceptive online practices known as "dark patterns" and establish criteria for imposing business suspension or administrative fines for violations of the Act. For further inquiries about these bills, contact cr@draju.com.


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