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 Commercial Act
 
This Amendment allows shareholders holding at least five percent of the total issued shares, excluding non-voting shares, to petition the court to appoint a chairperson no later than ten days prior to the general meeting of shareholders.
 
② Partial Amendment to the Financial Investment Services and Capital Markets Act

This Amendment requires private equity funds that hold the largest number of issued voting shares in another company to notify the employee representative of that company of the purpose of the shareholding and employment plans.

2. Pending Bill(s)
 
③ Partial Amendment to the Electronic Financial Transactions Act

This Amendment imposes a penalty surcharge of up to three percent of total sales on financial companies experiencing security breaches, such as hacking. It also imposes an enforcement fine on financial companies that fail to comply with recommendations based on vulnerability analyses and assessments conducted by the Financial Security Institute.
 
3. Promulgated Bill(s)
 
④ Personal Information Protection Act
 
This Bill imposes a penalty surcharge of up to ten percent of total sales on companies that commit material security violations or repeated data breaches.

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

⑤ Amendment to the Enforcement Rule of the Parking Lot Act

This Amendment defines parking robots (automated transfer devices) that automatically transport vehicles to parking spaces as a type of mechanical parking device, thereby allowing the new technology to be protected and disseminated within the existing regulatory framework.

5. Serious Accidents Punishment Act ("SAPA") Related Editorials and Columns from Major Dailies

[The Chosun Ilbo] Supreme Court Rules SAPA Applicability Determined at Enterprise Level, Not on a Plant-by-Plant Basis
[D News] Supreme Court Upholds ‘Three-Year Prison Sentence’—the Heaviest Since SAPA Enforcement

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