[Bills in Focus] Fighting trade theft, reinforcing depositor protection
Proposed bill: Partial Amendment to the Unfair Competition Prevention and Trade Secret Protection Act
Proposed by Rep. Lee Yong-bin (Democratic Party of Korea)
● This bill aims to reinforce trade secret protection and prevent potential economic losses by offering monetary rewards to individuals who report activities that leak trade secrets to foreign countries. Such activities include employing a trade secret in a foreign country or knowingly leaking a trade secret for use in a foreign country.
Partial Amendment to the Export-Import Bank of Korea Act
Proposed by Rep. Yang Ki-dae (Democratic Party of Korea)
● The recent downturn in the global economy is expected to cause a surge of demand for more policy financing for Korean companies expanding their businesses overseas. Therefore, this amendment raises the capital stock of the Export-Import Bank to 35 trillion won ($25.8 billion), up from 15 trillion won, to enable prompt support for upcoming political and financial difficulties.
Pending bill: Partial Amendment to the Depositor Protection Act
Proposed by Rep. Joo Ho-young (People Power Party)
● The maximum coverage amount of Korea’s deposit insurance system was set at 50 million won in 2001. However, Korea’s gross domestic product per capita has tripled since then. Therefore, this amendment increases the maximum deposit insurance amount to 100 million won for each sector and establishes a system that reviews and appropriately adjusts this amount.
Promulgated bill: Enforcement Decree of the Depositor Protection Act
Competent Authority: Financial Services Commission
● This bill further reinforces depositor protection by separating pension savings held under a trust or insurance contract, accident insurance claims, and SME retirement pension funds from regular deposits, and applies a maximum deposit insurance coverage of 50 million won to each category.
Administrative Announcement: Partial Amendment to the Enforcement Decree of the Act on Special Cases Concerning the Regulation of Regulation-free Special Zones and Special Economic Zones for Specialized Regional Development
Competent Authority: Ministry of SMEs and Startups
● In response to the intensified race for global primacy in advanced technology, this amendment establishes a list of special cases for negative regulation, which allows companies operating in regulation-free special zones to develop new technologies not explicitly prohibited by the list. It also establishes grounds to cooperate with foreign certification institutions to promote international research and development collaboration and overseas expansion.
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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- Sejong University in Seoul ranked eighth among South Korean universities in the Times Higher Educati2023-12-11