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 Act on Corporate Governance of Financial Companies
 
This Amendment authorizes the Financial Services Commission to order a person subject to an eligibility examination who has received an order restricting the exercise of voting rights, but fails to comply with such order, to dispose of at least ten percent of the shares held by that person within a specified period not exceeding six months.
 
② Partial Amendment to the Commercial Act

This Amendment requires treasury shares to be cancelled within one year of acquisition, while providing that such shares shall be disposed of where cancellation would result in a violation of foreign investment restrictions.

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

This Amendment abolishes all provisions related to the crime of special misappropriation in the Commercial Act.
 
3. Promulgated Bill(s)
 
④ Framework Act on the Development of Artificial Intelligence and the Creation of a Foundation for Trust
 
This Bill provides statutory support measures for fostering the domestic AI industry, including AI research and development and the construction of learning data, and establishes the obligation to ensure transparency and safety of AI, the criteria for high-impact AI, and the responsibilities of AI business operators. It also mandates prior notification for products and services using generative AI and high-impact AI, and requires outputs generated by generative AI, such as audio, images, and videos, to bear separate markings, such as watermarks.

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

⑤ Partial Amendment to the Enforcement Decree of the Trade Union and Labor Relations Adjustment Act

This Amendment clarifies the criteria to be primarily considered in determining the division or integration of bargaining units, including the commonality of interests, the appropriateness of interest representatives, and the potential for labor-management conflicts.

5. Serious Accidents Punishment Act ("SAPA") Related Editorials and Columns from Major Dailies
 
[Naeil Shinmun] Police Launch SAPA Investigation into Shinbundang Line Extension Collapse

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