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. 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 Restitution of Development Gains Act 

This Amendment introduces a temporary reduction scheme under which development projects authorized between 2024 and 2026 will be eligible for a 50% reduction in development charges in the Seoul Metropolitan Area, and a full exemption in non-metropolitan areas.

② Partial Amendment to the Financial Investment Services and Capital Markets Act 

This Amendment requires acquirers of listed companies to purchase not only shares held by major shareholders but also shares held by general shareholders. 

2. Pending Bill(s)

③ Partial Amendment to the Telecommunications Business Act 

This Amendment prohibits imposing unreasonable or discriminatory conditions on the use and provision of information network in the supply of digital content, as well as unfairly delaying or refusing to enter into contracts. Furthermore, it establishes a legal basis for conducting surveys on the current status of information network usage and provision. 

3. Promulgated Bill(s)

④ Enforcement Decree of the Specialized Credit Finance Business Act 

This Bill allows persons soliciting credit card merchants to electronically verify whether a business is in operation without having to visit the business premises in person.

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

⑤ Partial Amendment to the Enforcement Decree of the Fair Transactions in Subcontracting Act 

This Amendment allows for penalty surcharges to be increased by up to 50 percent for repeated violations even if the company has only one prior violation within the past five years. It also raises the upper limit on penalty surcharges to 100 percent, depending on the total number of violations. 

5. Serious Accidents Punishment Act ("SAPA") Related Editorials and Columns from Major Dailies
 

[Naeil Shinmun] Liability for Serious Accidents Grows, but Local Governments Face a Stark Shortage of Safety Personnel
[Newsis] Guidelines and Education Materials Released for the Application of the Serious Accidents Punishment Act to Small Farms
[The Herald Business] Public Contracts Deposit Rates Reduced from 15% to 10%, but Raised to 20% for Companies Involved in Serious Violations

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