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 Act on the Protection of Financial Consumers
 
This Amendment expands the scope of application of the Act to cover all mutual finance institutions, including agricultural cooperatives and community credit cooperatives.
 
② Partial Amendment to the Special Act on Private Rental Housing

This Amendment permits the construction of apartments as six-year short-term private rental housing.

2. Pending Bill(s)
 
③ Partial Amendment to the Commercial Act

This Amendment mandates the immediate cancellation of treasury stocks upon acquisition and requires treasury stocks acquired before the enforcement of this Amendment to be cancelled within six months.
 
3. Promulgated Bill(s)
 
④ Airport Facilities Act
 
This Bill establishes a system to predict bird strikes and codifies airport facility standards requiring that structures installed near runways be constructed to break easily.

4. Serious Accidents Punishment Act ("SAPA") Related Editorials and Columns from Major Dailies
 
[The Herald Business] Industrial Accident Fatalities Total 287 in Q2 … Fatalities at Workplaces with Fewer than Five Employees Surge by 24%
[The JoongAng] Workers Must Wear Body Cameras and Gas Concentration Detectors During Manhole Operations
[Yonhap News] Three Years of SAPA Enforcement: Industrial Accident Fatalities Persist, Punishments Remain Lenient

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