National Assembly's Final Audit Begins Today; Row Over Prosecution Withdrawal and Leveraged ETFs Set to Flare Up Again
As the National Assembly's 10 standing committees enter the final stage of parliamentary audits, known as the comprehensive audit, on the 22nd, the ruling and opposition parties are set to clash again over the issue of the withdrawal of charges and the introduction of single-stock leveraged ETFs, a new financial product allowing concentrated investment in individual stocks. On this day, audits will be conducted by 10 standing committees including the Legislation and Judiciary Committee, the Political Affairs Committee, and the Strategy and Finance Committee, with a majority of them holding comprehensive audits to wrap up their parliamentary inspections.
The Legislation and Judiciary Committee will hold an audit of the prosecution service headquarters, addressing the withdrawal of charges in cases related to President Lee Jae-myung, as well as the appropriateness of the appointment of the first prosecutor general following the reform of the criminal justice system that transferred prosecutorial powers to the new prosecution office, and delays in case handling.
At the Political Affairs Committee's comprehensive audit of the Financial Services Commission and the Financial Supervisory Service, key issues will include criticism that leveraged products amplify price fluctuations of specific stocks, exposing individual investors to significant losses, as well as questions of accountability surrounding financial sector hacking incidents.
The Strategy and Finance Committee's comprehensive audit of the Ministry of Economy and Finance will cover the commercial viability of investment in the United States and property taxation. The taxation of virtual asset income, which has sparked controversy over its postponement ahead of its implementation in January next year, will also be addressed as a matter of direct concern to investors. The National Defense Committee will address military integration issues during a morning audit of the armed forces' academies, before conducting an on-site inspection of the Army's 5th Infantry Division, a pilot unit for the GOP science-based guard system, in the afternoon.
The Agriculture, Food, Rural Affairs, Oceans and Fisheries Committee will focus on the farmland survey and South Korea's accession to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) during its comprehensive audit of the Ministry of Agriculture, Food and Rural Affairs. The Trade, Industry and Energy Committee, auditing the Ministry of Trade, Industry and Energy, will spar over the progress of negotiations on the Alaska LNG project and concerns about rising project costs as part of investment in the U.S.
The Land, Infrastructure and Transport Committee will examine airport operations, safety and security, and transport accessibility in a morning audit of Incheon International Airport Corporation and Korea Airports Corporation, before conducting an on-site inspection of Incheon International Airport in the afternoon. With the day's comprehensive audits, the parliamentary audit schedules of all standing committees were concluded.
