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, 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 Foreign Exchange Transactions Act
 
This Amendment classifies stablecoins as statutory payment methods under the Foreign Exchange Transactions Act.
 
② Act on the Promotion of Utilization of Artificial Intelligence by Small and Medium Enterprises

This Bill designates the Ministry of SMEs and Startups as the control tower overseeing policies on the utilization of artificial intelligence by small and medium-sized enterprises and significantly expands access to AI learning data.

2. Pending Bill(s)
 
③ Special Act on Strengthening Competitiveness and Promoting Innovative Growth in the Semiconductor Industry

This Bill enables the State and local governments to swiftly develop and support industrial infrastructure, such as electricity and water supply facilities, with financial support, including subsidies, to strengthen the competitiveness of the semiconductor industry. It also allows for the exclusion of R&D workers in the semiconductor industry from the 52-hour weekly working limit, provided there is an agreement between the worker and the company.
 
3. Promulgated Bill(s)
 
④ Enforcement Decree of the Game Industry Promotion Act
 
This Bill requires overseas game companies with the annual sales in Korea exceeding KRW 1 trillion or an average of 1,000 or more daily downloads in Korea to designate domestic agents.

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

⑤ Partial Amendment to the Enforcement Rule of the Act on Special Cases Concerning Unoccupied House or Small-Scale Housing Improvement

This Amendment eases the criteria for recognizing city blocks eligible for city block housing improvement projects and repeals the requirements to entrust at least one-third of the land area when a trust company is designated as the project implementer.

5. Serious Accidents Punishment Act ("SAPA") Related Editorials and Columns from Major Dailies
 
[The Hankyoreh] Small Workplaces Will Also Be Subject to Search and Seizure and Arrests If They Violate Basic Safety Rules
[Sedaily] Labor Ministry Launches Special Labor Inspection and SAPA Investigation of Popular Bakery Franchise Following “Suspected Death from Overwork”

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