Plenary Results
Plenary passes 37 bills including amendment to the Act on the management of outdoor advertisements
- May 24, 2024
- 223
Plenary passes 37 bills including amendment to the Act on the management of outdoor advertisements
- Number of banners that political parties can display or install limited to two per administrative area (eup/myeon/dong)
- Sunset clause on obligation for public institutions and public companies to employ youth (minimum 3% of workforce) extended
by three years
- Legal basis established for designating and operating the Advanced Military Science and Technology Academy for National Defense*
modeled on Israel’s Talpiot program
- Obligation imposed on executives and major shareholders of listed companies to provide prior notice of equity transaction plans
- Exchange of unfair economic benefits between pharmacies and medical institutions prohibited
- Bill passed to appoint Baek Jae-hyun as Secretary General of the National Assembly
The National Assembly of the Republic of Korea (Speaker: Kim Jin-pyo) passed 39 agenda items, including 37 bills, at the third plenary meeting of the 411th extraordinary session held on December 28, 2023. Major bills tabled for consideration are as follows:
<1> Amendment to the Act on the Management of Outdoor Advertisements and Promotion of Outdoor Advertisement Industry
The amendment aims to regulate the number and location of placards that political parties can install.
At present, placards or advertisements installed by political parties are not subject to regulations governing permission or reporting, and prohibitions or restrictions, provided that they pertain to ordinary party activities.
Under the amendment, the number of placards that political parties may display or install is limited to two per eup/myeon/dong (administrative area). If the land area of the respective eup/myeon/dong is at least 100 square kilometers, one additional placard can be installed.
However, placards may not be installed in places that obstruct pedestrian or transportation safety, as designated by presidential decree. The sizes, display period, and display and installation methods for placards are prescribed by presidential decree.
Any person who has displayed or installed a political banner has an obligation to promptly remove it when its display or installation period expires. The amendment takes effect upon promulgation.
<2> Amendment to the Special Act on the Promotion of Youth Employment
The amendment extends the deadline for the obligation of public institutions and local public enterprises to employ unemployed youth from Dec. 31, 2023, to Dec. 31, 2026.
At present, public institutions and local public enterprises designated as such by presidential decree are mandated to allocate at least 3 percent of their workforce to unemployed youth each year. A list of institutions and enterprises that failed to fulfill this obligation shall be published, and the employment records of unemployed youth shall be reflected in evaluations of management performance, etc.
The amendment is a follow-up measure to the continuous demand for quality youth employment and concerns about a decline in the number of stable jobs, such as those in the public sector, amid prolonged economic uncertainties.
<3> Act on the Establishment of the Advanced Military Science and Technology Academy for National Defense*
The new Act is intended to designate and operate the “Advanced Military Science and Technology Academy for National Defense*” modeled on Israel’s Talpiot program, under the jurisdiction of the Minister of National Defense, in order to foster officers engaged in advanced science and technology research for the military.
Talpiot is an elite Israeli Defense Forces (IDF) training program for recruits with specialty in science and technology and known for producing the “best of the best.” Outstanding students, who are selected based on recommendations from high school science teachers and criteria such as grades undergo three years of intensive scientific and technical education at the Hebrew University in Jerusalem before serving six years as officers.
The Advanced Military Science and Technology Academy for National Defense* will be jointly operated by the Ministry of National Defense and KAIST, the Korea Advanced Institute of Science and Technology. Graduates of the undergraduate program shall be commissioned as second lieutenants, and those who complete the graduate school program shall become first lieutenants.
Officers who graduate the military academy must serve a six-year term in defense research and development agencies such as the Agency for Defense Development. The new Act will take effect two years after promulgation.
<4> Amendment to the Financial Investment Services and Capital Markets Act
The amendment imposes an obligation for internal stakeholders, such as executives and major shareholders of listed companies, to disclose their stock transaction plans to the public.
Under the amendment, when executives or major shareholders of listed companies plan to trade specific securities, they must disclose in advance details such as the purpose, price, quantity, and period of the trade. The plan must be reported to the Securities and Futures Commission and the Korea Exchange within the period prescribed by presidential decree, starting from 90 days until 30 days before the trade.
The Financial Services Commission may impose a penalty surcharge of up to 1/10,000 of the total market price of the stocks issued by the stock-listed corporation (KRW 2 billion if it exceeds KRW 2 billion), if the person fails to file a report.
<5> Amendments to the Pharmaceutical Affairs Act and the Medical Services Act
The amendments prohibit the founder of a pharmacy (including a person who intends to establish a pharmacy and persons employed by the relevant pharmacy) from providing unfair economic benefits to the founder of a medical institution (including a person who intends to establish a medical institution and persons employed by the relevant medical institution).
This aims to eliminate acts such as providing or promising money, goods, benefits, labor, entertainment, or other economic benefits for the purpose of arranging, receiving, providing, or attracting prescriptions or patients, so as to adhere to the fundamental principles of separation of prescription from dispensing, and to promote a sound market order.
Any person violating this shall be punishable by imprisonment with labor for up to three years or a fine of up to KRW 30 million. The amendments take effect upon promulgation.
* English translation of original Korean titles is tentative.
