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. 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 Financial Investment Services and Capital Markets Acts 

This Amendment mandates that corporations subject to sustainability disclosure requirements submit a sustainability report to the Financial Services Commission (FSC) and the Korea Exchange (KRX) within 90 days following the end of each fiscal year. 

② Partial Amendment to the Electronic Financial Transactions Act

This Amendment expands the scope of safety measures to be implemented by financial companies to include obligations to prevent the loss, theft, leakage, forgery, alteration, or damage of transaction information. Furthermore, it imposes an administrative fine of up to 3% of the company’s maximum sales, where financial information is lost, stolen, or leaked due to a failure to fulfill such obligations. 

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 Framework Act on Supply Chain Stabilization Support for Economic Security

This Bill expands the scope of indirect investments by the Supply Chain Stabilization Fund to include venture investment associations under the Venture Investment Promotion Act and new technology investment associations under the Specialized Credit Finance Business Act.

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

⑤ Enforcement Decree of the Special Act on the Operation and Management of Strategic Investment between the Republic of Korea and the United States of America

This Bill establishes the Korea-U.S. Strategic Investment Corporation, with the aim of implementing the Korea-U.S. tariff negotiation agreement, under which the Korean government will invest USD 350 billion (approximately KRW 517 trillion) in the United States. It further provides that the necessary funds shall be raised through government contributions, entrusted assets with the prior consent of entrusting institutions, and proceeds from the issuance of Korea-U.S. strategic investment bonds.

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

[The Kyunghyang Shinmun] Prosecution Appeals to Supreme Court After Sentence for CEO in 23-Death Hwaseong Fire Slashed from 15 to 4 Years
[Maeil Business News] Police Expand Interpol Red Notice Requests to Include Business Owners in Violation of the Serious Accidents Punishment Act

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