(1) Reasons for Proposal

The Act on Formation and Operation of Agricultural, Fisheries and Food Investment Funds (Act No. 15383 promulgated on February 21, 2018, and to be enforced on August 22, 2010) and the Enforcement Decree of the same Act (Presidential Decree No. 29083 promulgated on August 7, 2018, and enforced on August 22, 2018) were amended to allow a limited company or a limited liability company specified by the Commercial Act, which has the criteria for full-time experts, to form agricultural, fisheries and food investment funds to stimulate investment in agricultural, forestry and fisheries management bodies.

As the Enforcement Decree of the Act has delegated part of the work experience recognition entities of professionals whose investment experience, which a limited company or a limited liability company shall have, shall be longer than a certain period by the Notice of the Ministry of Oceans and Fisheries, the Amendment aims to represent such change.

In addition, the Amendment prescribes that the Investment Review Advisory Committee may be established and operated for the efficient operation of the Investment Review Committee, which is established and operated by the head of specialized organizations for investment and management; and aims to stipulate the time limit for review of the notification in accordance with the Regulation on Issuance and Management of Instructions and Rules.

(2) Major Provisions

A. Establish and operate Investment Review Advisory Committee (Article 13 (6))

Allow that the head of the investment management professional institution to establish and operate the Investment Review Advisory Committee composed of experts when deemed necessary for the efficient operation of the Investment Review Committee

B. Prescribe matters concerning work experience recognition entities for professionals of limited company or limited liability company (Article 31-2)

Stipulate cooperative associations, the National Federation, and National Federation of Fisheries Cooperatives Banks under the National Federation of Fisheries Cooperatives Act, investment traders, investment brokers and collective investment business entities, insurance companies, banks, domestic and foreign agricultural, fisheries and food enterprises, or entities or organizations which perform investment affairs for small, medium, and venture companies under the Financial Investment Services and Capital Markets Act as the work experience recognition entities for professionals of a limited company or limited liability company

C. Stipulate the time limit for review of a notification (Article 36)

Stipulate that the Minister of Oceans and Fisheries shall review the feasibility of the notification every three years based on January 1, 2019