Rival political parties have accepted National Assembly Speaker Park Byeong-seug's arbitration on the disputed revisions to the prosecutorial law that sought to abolish the state agency's investigative power.

Ruling Democratic Party(DP) floor leader Park Hong-keun said on Friday that his party considers three of its objectives included in the speaker's proposal.

The DP was pushing to separate the prosecution's authority to indict and to investigate, seeking to pass the bills during April's extra session and establish the Korean version of the U.S. Federal Bureau of Investigation(FBI).

As for the speaker's proposal to leave two of six major crimes under the prosecution's jurisdiction until the formation of the FBI-like agency, the floor leader said the rival parties agreed to supplement the plan if deemed necessary.

Main opposition People Power Party(PPP) floor leader Kweon Seong-dong denied that the proposal was more in line with the DP's demands, saying it retains parts of the prosecution's direct investigative power and all of its supplementary authority.

The parties plan to handle the proposed revisions during next week's plenary session, before it can be proclaimed during the outgoing Moon Jae-in administration's final Cabinet meeting on May 3.