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 Monopoly Regulation and Fair Trade Act 
  
This Amendment excludes treasury shares from the calculation of shareholding ratios when determining the scope of application of regulations on profit-taking practices for large business groups under the Monopoly Regulation and Fair Trade Act.

② Partial Amendment to the Wage Claim Guarantee Act

This Amendment imposes a secondary payment obligation on general partners, controlling shareholders, and other persons exercising substantial control or influence over a company that have engaged in unfair conduct such as misappropriation, embezzlement, or concealment, that led to reimbursement liability, in cases where the company’s assets are insufficient to fully cover the repayment of overdue wages.

2. Pending Bill(s)
 
③ Class Action Act

This Bill expands the scope of the class action regime to include the entire damage claims and allows for its retroactive application to damages claims arising from causes that occurred prior to the enforcement of this Bill.

3. Promulgated Bill(s) 

④ Act on Promotion of Information and Communications Network Utilization and Information Protection

This Bill requires information and communications service providers to designate an executive as the chief information security officer and to notify users of any cyber security incident immediately upon its occurrence.

4. Bill(s) Undergoing Pre-Announcement of Legislation/Administration
 
⑤ Enforcement Decree of the Financial Investment Services and Capital Markets Act
 
This Bill increases the threshold for small public offerings which are exempt from the requirement to submit registration statements, from under KRW 1 billion to under KRW 3 billion. 

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

[Newsis] Entanglement and Falls in Manufacturing and Construction… Serious Injury and Fatality Factors Published
[Herald Business] Yeongdeok Wind Farm Fire Killed Three Workers…Prime and Subcontractor Representatives Charged by the Investigative Authority

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