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| ▲ Ruling and opposition lawmakers pass a bill regarding the prosecution's request for consent on the arrest of Kang Sun-woo, a former lawmaker of the ruling Democratic Party (DP) and currently independent, during a plenary session of the National Assembly in Seoul on Feb. 24, 2026. (Yonhap) |
parliament-plenary session
Nat'l Assembly passes revised Commercial Act after main opposition's filibuster
SEOUL, Feb. 25 (Yonhap) -- The National Assembly, led by the ruling Democratic Party (DP), passed another amendment to the Commercial Act aimed at requiring the cancellation of listed firms' own shares Wednesday after the opposition's 24-hour filibuster expired.
The latest revision, the third such amendment, centers on the mandatory cancellation of listed firms' own shares, a measure widely expected to increase shareholder returns.
The bill was put to a vote during a plenary session, a day after the main opposition People Power Party (PPP) launched a filibuster to stall the procedure.
The PPP has opposed the revision, citing concerns that domestic companies could be exposed to hostile takeover attempts.
Immediately after the vote, the DP introduced another bill -- a revision to the criminal code to punish judges, prosecutors and members of investigation agencies who intentionally distort legal principles or manipulate facts.
The offense would be punishable by up to 10 years in prison or up to 10 years of a license suspension.
The amendment also includes provisions that will outlaw spying not only for "enemy countries" but for all "foreign countries or equivalent groups."
The PPP launched another filibuster at Wednesday's plenary session to stall the passage of the bill.
A filibuster involves lawmakers holding the floor for extended periods as a way to prevent a parliamentary vote or delay the passage of a bill. Under the National Assembly Act, a filibuster can be stopped after 24 hours if at least three-fifths of all parliament members, or 180 lawmakers, consent to it.
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