[Bills in Focus] Strengthening client rights, taxing carbon emissions

Proposed invoice: Partial modification to the Product Legal responsibility Act

Proposed by Rep. Joo Ho-young (Individuals Energy Get together)

● Shoppers typically discover it difficult to show that damages have been brought on by a product defect because of the info asymmetry between producers and shoppers. This modification proposes to ease the burden of proof on shoppers by contemplating a product faulty and the reason for harm if the sufferer can show that such harm occurred whereas the product was getting used usually.

Proposed invoice: Carbon Tax Act

Proposed by Rep. Yong Hye-in (Primary Revenue Get together)

● To align Korea’s carbon tax legal guidelines with its greenhouse gasoline discount targets, this invoice imposes a carbon tax on greenhouse gasoline emissions all through the carbon emission course of. It additionally specifies the carbon tax charge as 80,000 received ($60) per ton of the equal quantity of carbon dioxide emissions.

Pending invoice: Act on Company Governance for Listed Corporations

Proposed by Rep. Kim Nam-geun (Democratic Get together of Korea), Rep. Shin Jang-sik (Rebuilding Korea Get together) and Rep. Han Chang-min (Social Democratic Get together)

● As a part of the federal government’s initiative to reinforce company worth and revitalize Korea’s inventory market, this invoice expands the director’s fiduciary duties, mandates not less than one-third of the company board to be comprised of impartial administrators, introduces a cumulative voting system for listed corporations with belongings exceeding 2 trillion received, restricts extreme govt pay and will increase shareholder returns.

Promulgated invoice: Enforcement decree of the Digital Monetary Transactions Act

Competent authority: Monetary Companies Fee

● The Digital Monetary Transactions Act has been amended to require prepayment service suppliers to handle pay as you go deposits by way of a pay as you go deposit administration company. Accordingly, this invoice stipulates issues required to implement this act, such because the strategies for the separate administration of pay as you go deposits, causes for distinctive switch of pay as you go deposits, and so forth.

Administrative announcement: Partial modification to the Enforcement Rule of the Motor Car Administration Act

Competent authority: Ministry of Land, Infrastructure and Transport

● Public concern has elevated over the security of electrical automobiles because of current hearth accidents. Due to this fact, this modification requires automobile producers to reveal battery and battery cell info to automobile purchasers.

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The Korea Herald republishes a weekly legislative report by native legislation agency DR & AJU LLC to supply the newest info on payments authorized, proposed, pending and set to be promulgated. — Ed.

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