Support for Focused Investment in Venture and Innovative Companies
Veterans' Honor Act and Korea Development Bank Act Also Expected to Pass
Parliamentary Investigation into Osong Underpass Disaster to Proceed One Year After the Tragedy
On August 27, the National Assembly will convene a plenary session to process non-contentious bills on which there is no disagreement between the ruling and opposition parties, including the plan for a parliamentary investigation into the Osong underpass disaster. The "Capital Markets and Financial Investment Services Act," which centers on introducing Business Development Companies (BDC) to focus investments on venture and innovative companies, is also scheduled to be addressed. However, the "stronger" special prosecutor bill (three special prosecutor amendment bills) that the Democratic Party had expressed its intention to pursue, remains pending in the Legislation and Judiciary Committee and will not be put to a vote.
At the plenary session this afternoon, the National Assembly will process the capital markets law introducing BDCs to enable focused investment in high-potential venture and innovative companies. BDCs are collective investment vehicles (funds) that raise investor capital through an initial public offering (IPO) and are listed on the stock market. They are required to invest more than 50% of their assets in venture companies and unlisted firms.
Other non-contentious bills, such as the "Act on Honoring and Establishing Organizations for Veterans," will also be passed. This amendment provides a legal basis for granting livelihood support payments to the spouses of veterans in the event of their death.
The "Korea Development Bank Act," which raises the statutory capital ceiling of the Korea Development Bank to 45 trillion won and establishes an Advanced Strategic Industry Fund to efficiently support advanced strategic industry companies, is also scheduled for passage at the plenary session.
The amendment to the "Elementary and Secondary Education Act," which provides a legal basis for restricting the use and possession of smart devices such as mobile phones during class and, when necessary to protect students' right to learn and support teachers' educational activities, allows for restrictions on the use and possession of smart devices on school premises, is also set to be addressed at the plenary session.
The amendment to the "Fair Transactions in Subcontracting Act," which prohibits and allows for preventive claims against a prime contractor who, without just cause, demands technical data from a subcontractor or uses such data for themselves or a third party, and includes provisions for the destruction of goods and removal of facilities, will also be brought before the plenary session.
The plan for a parliamentary investigation into the Osong disaster will also be handled at the plenary session. The Osong underpass disaster occurred on July 15, 2023, when the temporary embankment of the Miho Stream Bridge collapsed, causing the river to flood the Gungpyeong 2 Underpass and resulting in the deaths of 14 people. The request for a parliamentary investigation was submitted on August 28 last year by 188 opposition lawmakers. Kim Byungki, floor leader of the Democratic Party, stated at an on-site Supreme Council meeting in Daejeon on this day, "It is very late to approve the Osong disaster investigation plan today," adding, "Even now, we will thoroughly uncover the truth, hold those responsible accountable, and establish concrete measures to prevent a recurrence."
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