An amendment to the Framework Act on Administrative Regulations that allows unreasonable regulations introduced in the past to be overhauled through ex-post review passed the legislation subcommittee of the National Assembly's Legislation and Judiciary Committee on May 31. The amendment also requires that any relaxation or abolition of regulations affecting public safety and lives undergo review by the Regulatory Rationalization Committee.
According to the committee, the amendment to the Framework Act on Administrative Regulations, co-sponsored by lawmakers Jeong Tae-ho and Yoon Jae-ok, was approved by the subcommittee on the same day.
The amendment primarily establishes a legal basis for ex-post regulatory impact assessments. The Office for Government Policy Coordination has been conducting a pilot program for ex-post regulatory impact assessments since 2023. However, the program has faced criticism that assessment results could not be linked to actual regulatory reform due to the lack of a legal foundation. The amendment stipulates that when the Regulatory Rationalization Committee determines a regulation needs reform and issues a recommendation to a central government ministry, the ministry must carry out the reform accordingly.
Conversely, the amendment requires regulations affecting public safety and lives to undergo review by the Regulatory Rationalization Committee, ensuring caution in regulatory relaxation.
An amendment to the Credit Information Protection Act also passed the subcommittee. The key provision grants a special exception allowing information disclosure requests without debtor consent when conducting debt restructuring. The amendment was initiated at the request of the Financial Services Commission (FSC). The FSC has been pursuing a debt restructuring program targeting overdue debts of 50 million won or more. The commission has expressed concern that under current law, consent cannot be waived when collecting credit information for income and asset assessments, creating obstacles to swift review processes.