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 Framework Act on Micro Enterprises

This Amendment grants micro-enterprise organizations the right to request negotiations on changes to transaction terms and requires counterparties receiving such requests to negotiate in good faith. 

② Partial Amendment to the Financial Investment Services and Capital Markets Act 

This Amendment requires listed companies to make ESG disclosures, mandates the inclusion of sustainability-related matters prescribed by Presidential Decree in business reports, and establishes the reporting cycle for such disclosures. 

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 Enforcement Decree of the Framework Act on the Construction Industry 

This Bill significantly expands the reward program for reporting unfair practices, such as illegal subcontracting, and raises the level of administrative sanctions for illegal subcontracting to the maximum limit permitted by law. 
 
4. Bill(s) Undergoing Pre-Announcement of Legislation/Administration

⑤ Partial Amendment to the Enforcement Decree of the Electronic Financial Transactions Act 

This Amendment requires payment gateway (PG) companies to gradually place all settlement funds temporarily held for seller settlements or consumer refunds under external management, and raises capital requirements in accordance with their transaction volume.  

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

[Etoday] Ministry of Justice Announces Proposed Three-Year Ban on Hiring Foreign Workers for Employers Violating the SAPA
[Yonhap News] Employee Responsibilities Must Be Specified to Prevent Serious Accidents... Rewards and Punishments Needed

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