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Legislative Strategy Center 2022-05-09
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Weekly Legislative Report (For the week of Apr 25, 2022 – Apr 29, 2022)

Weekly Legislative Report for the week of  Apr 25, 2022 – Apr 29, 2022

 
 
As the first-ever Korean law firm to issue specialized legislative journals, DR & AJU 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, DR & AJU 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 pr@draju.com.


1. Proposed Bill(s)
 
① Partial Amendment to the Act on Fair Transactions in Large Retail Business

This Amendment was designed to guarantee small and medium-sized merchants in large-scale stores, such as multi-complex shopping malls and department stores, the composition of store owners’ groups and collective bargaining rights and equal status between large-scale store owners and store owners in the large-scale stores.

② Partial Amendment to the Act on External Audit of Stock Companies

This Amendment exempts stock-listed corporations whose total assets are KRW 100 billion or less from audits on the content of their internal accounting control system.


2. Pending Bill(s)

③ Partial Amendment to the Electronic Financial Transactions Act

This Amendment declares principles-based regulation for autonomous security proportional to risks, stipulates the board's responsibility to establish financial security governance and the obligation to establish and submit financial security plans, introduces a regular financial security evaluation system to improve and rationalize financial security regulations, and strengthens IT outsourcing regulations.


3. Promulgated Bill(s)Promulgated Bill(s)

④ Framework Act on Promotion of Data Industry and the Promotion of Use

This Bill provides the basis for the organization and operation of the specialized committee and secretariat that support the efficient operation of the “National Data Policy Committee,” which is scheduled to be launched as a pan-government data policy control tower that encompasses the public and private.


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

⑤ Partial Amendment to the Rules on Occupational Safety and Health Standards

This Amendment revises safety standards to prevent excavator industrial accidents, adds 12 types of reproductive toxicants to the existing scope, stipulates subjects of preventive measures for workers exposed to heat waves and who are under the risk of having health disorders, and establishes safety regulations for carbon dioxide fire extinguishing facilities.


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

[Dong-a Ilbo] Three Months into the SAPA: Minimal Effect on Accidents and an Increasing Burden on Businesses
[Maeil Shinmun] Ambiguities of the SAPA Must Be Clarified
[Financial News] No Cases of Punishment under the SAPA
[Business Newspaper] Industrial Deaths Rising by 60%…Slight Preventive Effect Even with SAPA

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