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 Special Act on Support for Corporate Succession to Strengthen Business Continuity
This Bill establishes an institutional support framework to facilitate the succession of small-and medium-sized enterprises (SMEs) through third-party mergers and acquisition, moving beyond traditional family-centered business succession, for SMEs that have been operated for 10 years or longer by a managing officer aged 60 or older.
② Partial Amendment to the Act on Restriction on Special Cases Concerning Taxation
This Amendment extends by three years the sunset period for the special tax reduction provisions applicable to income derived from the transfer or licensing of patent rights and technologies by small- and medium-sized enterprises (SMEs) and middle-standing enterprises.
2. Pending Bill(s)
③ Partial Amendment to the Commercial Act
This Amendment repeals all provisions relating to the offense of special misappropriation in the Commercial Act.
3. Promulgated Bill(s)
④ Enforcement Decree of the Customs Act
This Bill allows for customary freight rates from before the outbreak of the Middle East war to be applied when determining the customs value, rather than reflecting the surged freight costs caused by the conflict.
4. Bill(s) Undergoing Pre-Announcement of Legislation/Administration
⑤ Enforcement Decree of the Act on Reporting and Using Specified Financial Transaction Information
This Bill mandates that virtual asset service providers file a suspicious transaction report (STR) for all virtual asset transactions exceeding KRW 10 million with the Financial Intelligence Unit (FIU).
5. Serious Accidents Punishment Act ("SAPA") Related Editorials and Columns from Major Dailies
[Sedaily] FKI Urges Gov’t for 100 Regulatory Reforms, Requesting “Exemption Clause under the SAPA”
[The Financial News] Supreme Court Sets New Sentencing Guidelines for SAPA: “1.5x Aggravated Penalty for Recidivism Within 5 Years”
*For more details, please download the PDF file attached.
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