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On November 3, 2023, the National Assembly Research Service (Chief Park Sang Chul) held 2023 National Vision Conference for Legislative Policy together with eight Korean law associations in South Korea including the Korean Public Law Association and the Korean Criminal Law Association. The conference aimed to create better laws in the public, criminal, and commercial law sectors and provided a platform to exchange ideas and opinions on legislation.
The first session focused on “National Visions and the Challenges of the Public Law.” Presentations covered the reforming of laws regarding administrative organizations, with discussion on what constitutes a constitutional state leads legislation. During the panel discussion, participants pointed out the need to develop legislative support system under the guidance of the NARS and Legislative Counsel Office at National Assembly Secretariat. Reform of the Public Officials Act was also mentioned as one of the urgent tasks to help prevent administrative breakdowns.
The second session focused on the criminal law sector. Presentations and discussion particularly covered the Act on the Establishment and Operation of the Corruption Investigation Office for High-ranking Officials and laid out ideas for further development of the office. There was a call for revision of the Criminal Procedure Act which included requests from the criminal judicature. The discussion included arguments on preparation for the Corruption Investigation Office for High-ranking Officials to function properly, while a special committee consisting of criminal law experts should be established to improve the Criminal Procedure Act.
The final session of the conference discussed commercial laws. This included presentations on the necessity of reviewing regulations regarding business management control to protect the interests of entities and shareholders, reassessment on deduction of unrealized profits, and adopting cap on floating interest rate in the market. Panel discussants drew attention on the difference between CEO succession in the USA and management succession in Korea. Other participants emphasized the necessity to elaborate financing system and credit information.
The 2023 National Vision Conference for Legislative Policy—a pilot project—was a success based on the strength and depth of discussion among the seven presenters and nine panel discussants from the eight domestic law associations. Starting from next year, the event will be organized into a full-fledge conference, acting as a bridge between the National Assembly and the legal academia that in turn will help lead to the creation of better laws for the nation.
The first session focused on “National Visions and the Challenges of the Public Law.” Presentations covered the reforming of laws regarding administrative organizations, with discussion on what constitutes a constitutional state leads legislation. During the panel discussion, participants pointed out the need to develop legislative support system under the guidance of the NARS and Legislative Counsel Office at National Assembly Secretariat. Reform of the Public Officials Act was also mentioned as one of the urgent tasks to help prevent administrative breakdowns.
The second session focused on the criminal law sector. Presentations and discussion particularly covered the Act on the Establishment and Operation of the Corruption Investigation Office for High-ranking Officials and laid out ideas for further development of the office. There was a call for revision of the Criminal Procedure Act which included requests from the criminal judicature. The discussion included arguments on preparation for the Corruption Investigation Office for High-ranking Officials to function properly, while a special committee consisting of criminal law experts should be established to improve the Criminal Procedure Act.
The final session of the conference discussed commercial laws. This included presentations on the necessity of reviewing regulations regarding business management control to protect the interests of entities and shareholders, reassessment on deduction of unrealized profits, and adopting cap on floating interest rate in the market. Panel discussants drew attention on the difference between CEO succession in the USA and management succession in Korea. Other participants emphasized the necessity to elaborate financing system and credit information.
The 2023 National Vision Conference for Legislative Policy—a pilot project—was a success based on the strength and depth of discussion among the seven presenters and nine panel discussants from the eight domestic law associations. Starting from next year, the event will be organized into a full-fledge conference, acting as a bridge between the National Assembly and the legal academia that in turn will help lead to the creation of better laws for the nation.
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