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 Personal Information Protection Act
 
This Amendment imposes an aggravated administrative surcharge of up to 10 percent of total sales in cases where violations are repeatedly committed within three years due to intentional misconduct or gross negligence, where intentional misconduct or gross negligence results in a large-scale personal information breach affecting more than 10 million individuals, or where a breach occurs as a result of non-compliance with an order to take corrective measures.
 
② Cyber Disaster Insurance Act

This Bill obligates information and communications service providers exceeding a prescribed business size to obtain insurance and establishes a professional damage assessment system, with the aim of strengthening corporate cyber resilience.

2. Pending Bill(s)
 
③ Special Act on Strengthening Competitiveness and Promoting Innovative Growth in the Semiconductor Industry

This Bill enables the State and local governments to swiftly develop and support industrial infrastructure, such as electricity and water supply facilities, with financial support, including subsidies, to strengthen the competitiveness of the semiconductor industry. It also allows for the exclusion of R&D workers in the semiconductor industry from the 52-hour weekly working limit, provided there is an agreement between the worker and the company.
 
3. Promulgated Bill(s)
 
④ Rules on Occupational Safety and Health Standards
 
This Bill requires business operators to provide measuring equipment for measuring oxygen and hazardous gas concentrations prior to the commencement of work in a confined space, and mandates immediate reporting to the fire service in the event of an accident.

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

⑤ Partial Amendment to the Enforcement Decree of the Financial Investment Services and Capital Markets Act

This Amendment requires business development companies (BDCs) to invest at least 60% of their assets in unlisted venture or innovative companies, or KOSDAQ-listed companies. In consideration of the low liquidity of unlisted shares, it also provides a one-year grace period in the event of a violation of management regulations.

5. Serious Accidents Punishment Act ("SAPA") Related Editorials and Columns from Major Dailies
 
[The Herald Business] 61.2% of SMEs Report Increased Managerial Burden Following SAPA Enforcement
[Sedaily] Advanced Technology Helps Industrial Complex Achieve “Zero Serious Accidents”

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