The ruling Saenuri party has conceded to giving the committee special prosecutorial powers demanded by the main opposition New Politics Alliance for Democracy.
The governing party agreed that it would appoint its share of the panel members -- two of the seven -- only after seeking the approval of the opposition and families of the ferry victims.
Now the main opposition party has a bigger say, as it can now recommend four of the seven members to the recommendation panel.
Both parties floor leaders also agreed to start discussing the matter of compensation for the families' victims starting next month and pass a series of urgent bills sitting idle in the National Assembly.
The bill's passage has been stalled due to wrangling over who should have the right to choose the special counsel.
The floor leaders of both rival parties promised to continue negotiations on the days for the Sewol-ho ferry hearings and who will be called in as witnesses.
However, the family members of the Sewol-ho ferry victims are opposed to the deals that have been struck between the rival parties.
Ji Myung-kil, Arirang News.