Weekly Legislative Report for the week of Feb 28, 2022 – Mar 4, 2022
As the first-ever Korean law firm to issue specialized legislative journals, DR & AJU LLC has been publishing the monthly Policy & Business (P&B) Report since August 2019. The P&B Report provides analyses of plenary sessions of the National Assembly, as well as standing committee and subcommittee meetings. In addition, the firm has been co-hosting the Future Leaders Forum with the Herald Business, inviting chairpersons of standing committees to discuss relevant legislative issues and tasks.
As an extension of this service, DR & AJU has also been issuing the Weekly Legislative Report, which covers various legal issues at the center of public debate along with editorials and columns on the Serious Accidents Punishment Act (“SAPA”) from major daily news outlets. The report will be released with an update on newly proposed or pending bills. Enclosed is this week’s legislative report, and please refer to the P&B Report for further details.
If you wish to subscribe to the P&B Report or have any other queries, please contact us at pr@draju.com.
1. Proposed Bill(s)
① Aged New Town Regeneration Support Act
This Bill provides financial support for aged New Town regeneration and eases construction regulations on matters such as floor area ratio.
② Partial Amendment to the Financial Investment Services and Capital Markets Act
This Amendment mandates financial investment business entities to include an analysis of the financial risks caused by climate change in their business reports.
2. Pending Bill(s)
③ Special Act on Construction Safety
This Bill punishes construction project owners, designers, builders, and supervisors with no more than seven years of imprisonment with labor or a fine not exceeding KRW 100 million when their negligence in safety management results in an accident leading to death.
3. Promulgated Bill(s)
④ Act on the Development and Management of Logistics Facilities
This Bill stipulates that where a logistics warehouse business entity intends to modify a registered matter, the entity must register the modification within 30 days from the date the relevant cause has occurred.
4. Bill(s) Undergoing Pre-Announcement of Legislation/Administration
⑤ Proposed Partial Amendment to the Enforcement Rule of the Wastes Control Act
This Bill provides a systematic basis for recycling pyrolyzed oil made with plastic wastes as raw materials for petrochemical processes to make petroleum products such as naphtha and diesel.
5. Serious Accidents Punishment Act ("SAPA") Related Editorials and Columns from Major Dailies
