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 lc@draju.com.
 
 
1. Proposed Bill(s)
 
① Partial Amendment to the Financial Investment Services and Capital Markets Act
 
This Amendment expands the scope of underlying assets of financial investment instruments and trust property to include virtual assets.
 
② Partial Amendment to the Act on Promotion of Information and Communications Network Utilization and Information Protection

This Amendment mandates that foreign platform service providers notify the Korea Communications Commission upon the designation or change of their domestic agent. It also explicitly includes “handling requests for the deletion of rights-infringing information” and “implementation of corrective orders regarding illegal content” within the scope of duties assigned to domestic agents.

2. Pending Bill(s)
 
③ Partial Amendment to the Commercial Act

This Amendment expands the scope of directors’ duty of loyalty from solely the company to both the company and its shareholders. It also limits the voting rights of the largest shareholder to 3% in the appointment of audit committee members.

3. Bill(s) Undergoing Pre-Announcement of Legislation/Administration

④ Partial Amendment to the Enforcement Decree of the Mutual Savings Banks Act

This Amendment provides incentives to savings banks for handling policy financial products and supplying loans in regions outside the Seoul Metropolitan Area, with the aim of expanding small-loan finance services.

4. Serious Accidents Punishment Act ("SAPA") Related Editorials and Columns from Major Dailies
 
[Yonhap News] Korea Enterprises Federation Publishes Safety Management Guidebook for Prime and Subcontractors, and Launches Joint Accident Prevention Campaigns with Business Owner Associations
[The Herald Business] Young Worker in His 20s Dies While Installing Air Conditioner During Heatwave … Employer “Cleared of Charges”
[D News] Major Construction Site Safety Reforms Coming in Second Half—From Backup Alarms to Tower Crane Operator Licensing

*For more details, please download the PDF file attached.