The ruling People Power Party(PPP) has reiterated its calls to protect small investors’ interests by revising the Capital Markets Act, rather than the Commercial Act, amid opposition from the business community.

Speaking to reporters Friday, PPP policy chief Kim Sang-hoon said the changes the main opposition Democratic Party(DP) wants to make to the Commercial Act would apply to both listed and unlisted companies, placing excessive burdens on the businesses.

To protect investors and ensure fairness, Kim said his party thinks it would be better to revise the Capital Markets Act and limit the new requirements to listed firms.

The policy chief said the government is expected to finalize proposed revisions to the Capital Markets Act through discussions among the finance minister, the Bank of Korea governor, and heads of the Financial Services Commission and the Financial Supervisory Service.

PPP Rep. Park Soo-young said at a party meeting that while the idea of expanding the board of directors’ duty to protect the interests of investors sounds good, it would expose the company to excessive litigation and attacks from speculative investors based overseas.