As the first-ever Korean law firm to issue specialized legislative journals, D&A 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, D&A 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 Commercial Act
 
This Amendment provides that, in cases where a subsidiary merges with its parent company and succeeds to debts exceeding a certain threshold (an amount equivalent to its total net asset multiplied by the ratio prescribed by the Presidential Decree), such succession shall be excluded from the exceptions to the prohibition on the acquisition of treasury stock.
 
② Partial Amendment to the Housing Lease Protection Act

This Amendment increases the number of times a lessee may exercise the right to request contract renewal from one to two and extends the guaranteed lease term from two years to three years.

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

This Amendment (i) establishes a provision on the verification of construction costs; (ii) permits an increase in the number of households within five percent of the existing number through unit separation; (iii) permits an integrated review by a building committee; (iv) permits the commencement of unified remodeling projects; (v) newly creates a provision on the dissolution of an association upon project completion; and (vi) expands the establishment of remodeling support centers.
 
3. Promulgated Bill(s)
 
④ Enforcement Decree of the Game Industry Promotion Act
 
This Bill requires foreign game distributors or providers with no address or place of business in Korea, and meeting certain criteria, to designate a domestic agent.

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

⑤ Partial Amendment to the Enforcement Rule of the Customs Act

This Amendment imposes anti-dumping duties on so-called “circumvention dumping,” which refers to the practice of exporting products indirectly by assembling or partially processing them in third countries to evade anti-dumping measures.

5. Serious Accidents Punishment Act ("SAPA") Related Editorials and Columns from Major Dailies
 
[Yonhap News] Labor Ministry Steps Up Efforts to Reduce Serious Accidents … Weekly Review Meetings Through Year-End
[Money Today] Teenage Tourist Dies in Jeju Cart Fire … Police Review Applying Serious Civic Accident Charges

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