'Patchwork Corporate Laws, Let's Organize into a Single Company Act'... Kwon Chil-seung, Company Act Legislation Forum
Assemblyman Kwon Chil-seung of the Democratic Party Debate
Discussions on enacting a company law that consolidates company-related laws, currently divided into the Commercial Act and various special laws, into a single basic law are set to begin in the National Assembly. The aim is to organize the dispersed company laws such as the Commercial Act, the Capital Markets Act, and the External Audit Act into a basic law format.
According to the National Assembly on the 10th, Kwon Chil-seung, a member of the Democratic Party of Korea, will hold a "Company Law Enactment Forum for Enhancing National Competitiveness" at the National Assembly on the 11th.
This forum is intended to improve the current legal system for listed companies, which is fragmented and reliant on special laws such as the Commercial Act, Capital Markets Act, External Audit Act, and the Venture Business Act. The current legal framework makes it difficult for companies to respond flexibly and fails to reflect the trends of the times.
At the forum, Hwang Hyun-young, a research fellow at the Korea Capital Market Institute, and Kwon Jae-yeol, a professor at Kyung Hee University Law School, will present the main topics. The session will be chaired by Jung Kyung-young, president of the Korean Society of Commercial Law, with panelists including Kim Hong-gi, professor at Yonsei University Graduate School of Law; Ahn Soo-hyun, professor at Hankuk University of Foreign Studies Graduate School of Law; Oh Seung-jae, executive director at Sustinvest; Jin Sung-hoon, head of the research group at the KOSDAQ Association; and officials from the Ministry of Justice and the Financial Services Commission.
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Regarding the forum, Representative Kwon said, "Companies are the backbone of the national economy and the main agents of economic activity," adding, "It would be difficult for anyone to agree that our legal system concerning listed companies is efficient compared to that."
Representative Kwon’s office plans to draft a bill consolidating the existing fragmented laws into a single basic law based on expert opinions from the forum, aiming to reorganize the legal system and improve the efficiency of the current legal framework concerning listed companies.
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