{"id":51424,"date":"2025-08-22T10:31:47","date_gmt":"2025-08-22T10:31:47","guid":{"rendered":"https:\/\/my.legal500.com\/developments\/?post_type=legal_developments&#038;p=51424"},"modified":"2025-08-22T10:31:47","modified_gmt":"2025-08-22T10:31:47","slug":"overview-of-the-recent-amendments-to-the-act-on-testimony-and-appraisal-before-the-national-assembly","status":"publish","type":"legal_developments","link":"https:\/\/my.legal500.com\/developments\/thought-leadership\/overview-of-the-recent-amendments-to-the-act-on-testimony-and-appraisal-before-the-national-assembly\/","title":{"rendered":"Overview of the Recent Amendments to the Act on Testimony and Appraisal Before the National Assembly"},"content":{"rendered":"<p><strong>The recent amendments to the Act on Testimony and Appraisal Before the National Assembly, expected to take into effective in March 2025 (subject to change depending on official promulgation), strengthen corporate obligations for parliamentary testimony and introduce significant penalties for non-compliance. This alert outlines key changes and compliance recommendations for businesses operating in Korea.<\/strong><\/p>\n<p><!--more--><\/p>\n<p>1. Major Legislative Changes<\/p>\n<p>2. Corporate Compliance Action Items<\/p>\n<p>3. How We Can Help<\/p>\n<p><strong>1. Major Legislative Changes<\/strong><\/p>\n<p>1) Enhanced Attendance Requirements<\/p>\n<p>\u2022 \u00a0Mandatory attendance for CEOs and executives at National Assembly proceedings<\/p>\n<p>\u2022 \u00a0Remote participation options available for those unable to attend in person<\/p>\n<p>\u2022 \u00a0Physical absence due to illness or travel no longer exempts from participation<\/p>\n<p>&nbsp;<\/p>\n<p>2) Data Submission Requirements<\/p>\n<p>\u2022 \u00a0Mandatory compliance with data submission requests<\/p>\n<p>\u2022 \u00a0Personal information, sensitive information or trade secrets must be submitted without exception when requested<\/p>\n<p>\u2022 \u00a0Enhanced penalties for non-compliance, such as refusal to submit, submission of false information or document destruction<\/p>\n<p>&nbsp;<\/p>\n<p>3) Penalty Framework<\/p>\n<p>\u2022 \u00a0False information\/document destruction: Up to 5 years imprisonment or KRW 50 million fine<\/p>\n<p>\u2022 \u00a0Obstruction of testimony\/data submission: Up to 3 years imprisonment or KRW 10-30 million fine<\/p>\n<p>&nbsp;<\/p>\n<p>4) Expected Implementation Schedule<\/p>\n<p>\u2022 \u00a0March 2025: Core provisions effective (attendance and data submission requirements)<\/p>\n<p>\u2022 \u00a0June 2025: Remote attendance system implementation for plenary sessions<\/p>\n<p>&nbsp;<\/p>\n<p><strong>2. Corporate Compliance Action Items\u00a0<\/strong><\/p>\n<p>1) Risk Management<\/p>\n<p>\u2022 \u00a0Implement system for tracking and managing National Assembly requests<\/p>\n<p>\u2022 \u00a0Review and update internal compliance procedures<\/p>\n<p>\u2022 \u00a0Establish clear response protocols<\/p>\n<p>&nbsp;<\/p>\n<p>2) Data Protection<\/p>\n<p>\u2022 \u00a0Strengthen information security measures<\/p>\n<p>\u2022 \u00a0Implement protocols for handling sensitive data requests<\/p>\n<p>\u2022 \u00a0Review trade secret protection mechanisms<\/p>\n<p>&nbsp;<\/p>\n<p>3) Organizational Preparation<\/p>\n<p>\u2022 \u00a0Conduct executive and employee training programs<\/p>\n<p>\u2022 \u00a0Develop government relations strategy<\/p>\n<p>\u2022 \u00a0Establish clear communication channels<\/p>\n<p>&nbsp;<\/p>\n<p>4) Legal Compliance<\/p>\n<p>\u2022 \u00a0Engage legal counsel for interpretation and guidance<\/p>\n<p>\u2022 \u00a0Document compliance procedures<\/p>\n<p>\u2022 \u00a0Maintain records of all National Assembly interactions<\/p>\n<p><strong>3. How We Can Help<\/strong><\/p>\n<p>1) Review current compliance systems against new requirements<\/p>\n<p>2) Develop response protocols for information requests<\/p>\n<p>3) Train relevant personnel on new procedures<\/p>\n<p>4) Establish documentation systems for all interactions<\/p>\n<p>5) Maintain regular legal counsel consultation<\/p>\n","protected":false},"featured_media":0,"template":"","class_list":["post-51424","legal_developments","type-legal_developments","status-publish","hentry"],"acf":[],"_links":{"self":[{"href":"https:\/\/my.legal500.com\/developments\/wp-json\/wp\/v2\/legal_developments\/51424","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/my.legal500.com\/developments\/wp-json\/wp\/v2\/legal_developments"}],"about":[{"href":"https:\/\/my.legal500.com\/developments\/wp-json\/wp\/v2\/types\/legal_developments"}],"wp:attachment":[{"href":"https:\/\/my.legal500.com\/developments\/wp-json\/wp\/v2\/media?parent=51424"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}