Weekly Legislative Report for the week of Feb 14, 2022 – Feb 18, 2022
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 pr@draju.com.
1. Proposed Bill(s)
① Partial Amendment to the Commercial Act
This Amendment mandates including current possession of virtual assets to financial statements and matters related to human rights issues to business reports to evaluate corporate value, including financial and non-financial factors, promote ethical management, and make management for human rights and environment mandatory.
② Partial Amendment to the Serious Accidents Punishment Act
This Amendment mandates in principle the application of regulations related to serious industrial accidents to business owners or responsible management personnel of all businesses or workplaces while stipulating exceptions to the application of the law in consideration of specific situations, such as health and safety hazards and workplace risks, and the number of fulltime employees.
2. Pending Bill(s)
③ Partial Amendment to the Act on Special Measures for the Promotion of Venture Businesses
This Amendment provides the grounds for the issuance of multiple voting shares by unlisted venture businesses.
3. Promulgated Bill(s)
④ Enforcement Decree of the Housing Act
This Bill changes the term “urban residential housing” to “small houses” and raises the upper limit of residential use area for each household of small houses to less than 60 square meters, which is on the level of small apartments.
4. Bill(s) Undergoing Pre-Announcement of Legislation/Administration
⑤ Partial Amendment to the Enforcement Decree of the Personal Information Protection Act
This Amendment sets the grounds for recognizing anonymization of data for the prevention of restoration as a destruction method in cases where permanent deletion of data is significantly difficult due to technical characteristics.
5. Serious Accidents Punishment Act ("SAPA") Related Editorials and Columns from Major Dailies
