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 lc@draju.com.
1. Proposed Bill(s)
① Partial Amendment to the Banking Act
This Amendment permits non-financial institutions, such as post offices, to provide bank agency services.
② Partial Amendment to the Insurance Business Act
This Amendment requires that stocks issued by affiliates of an insurance company and held by the company be valued at market prices instead of acquisition costs. It also caps the total value of these holdings at 3% of the company's total assets.
2. Pending Bill(s)
③ Partial Amendment to the Financial Investment Services and Capital Markets Act
This Amendment clarifies the directors' duty to protect shareholders' interests by stating that, in cases of the four activities prescribed under the Financial Investment Services and Capital Markets Act (merger, essential business or asset transfer, all-inclusive swap or transfer of stocks, and split or split and merger), a board of directors must endeavor to protect shareholders' legitimate interests.
3. Promulgated Bill(s)
④ Enforcement Rule of the Motor Vehicle Management Act
This Bill requires domestic electric motor vehicle manufacturers to obtain government safety certification for the batteries used in their products before launching the vehicles on the market.
4. Bill(s) Undergoing Pre-Announcement of Legislation/Administration
⑤ Partial Amendment to the Enforcement Decree of the Electrical Construction Business Act
This Amendment permits non-majors who have worked on construction for a specified period and have expertise in electrical construction to be certified as intermediate engineers.
5. Serious Accidents Punishment Act ("SAPA") Related Editorials and Columns from Major Dailies
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