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 Act

This Amendment requires a split-off of a listed company to be approved by affirmative votes constituting a majority of minority shareholders present at a shareholder’s meeting and representing at least one-fourth of the total issued shares, excluding shares held by controlling shareholders. 

② Partial Amendment to the Electric Utility Act 

This Amendment allows electric sales business entities to establish optional terms and conditions of electricity supply providing discounted electricity rates, as prescribed by Presidential Decree, for electricity used by steelmakers employing low-carbon steel technologies that reduce carbon emissions through the use of hydrogen under the Special Act on Strengthening the Competitiveness of the Steel Industry and Transition to Carbon Neutrality. 

2. Pending Bill(s)

③ Partial Amendment to the Distribution Industry Development Act 

This Amendment allows superstores and quasi-superstores to provide online delivery services regardless of the existing mandatory closure and operating-hour restrictions.  

3. Promulgated Bill(s)

④ Special Act on Strengthening the Competitiveness of the Steel Industry and Transition to Carbon Neutrality 

This Bill provides for the establishment of the Special Committee for Strengthening Steel Industry Competitiveness; sets forth the criteria and procedures for low-carbon steel certification; prescribes the requirements for designation as Low-Carbon Steel Special Zones; provides for the designation of specialized steel scrap processing companies; and introduces special exceptions under the Monopoly Regulation and Fair Trade Act. 
 
4. Bill(s) Undergoing Pre-Announcement of Legislation/Administration

⑤ Partial Amendment to the Enforcement Decree of the Framework Act on National Spatial Data Infrastructure 

This Amendment establishes security treatment procedures and methods to ensure that national security facilities are not disclosed through spatial information generated by the private sector. It also streamlines the security review procedures required for the use of spatial information subject to disclosure restrictions, such as high-resolution satellite imagery and high-definition maps.  

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

[Yonhap News] KRW 14.3 Billion Invested in Preventing Serious Accidents in Local Regions; Safety Railings and Consulting Costs to Be Supported
[The Herald Business] With Intensified Serious Accidents Investigations, Companies Should Focus on Prevention Rather Than Liability Avoidance

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