Weekly Legislative Report for the week of ㅡJuly 4, 2022 – July 8, 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 the Management of Public Institutions
This Amendment requires public institutions that do not comply with financial soundness standards established by the Ministry of Strategy and Finance to submit financial soundness improvement plans that includes sales, debt ratios, debt repayment plans, etc. and the outcome reports thereof.
② Partial Amendment to the Act on Contracts to Which the State Is a Party
This Amendment prevents fraudulent corporations from easily evading restrictions by extending the restrictions on a corporate’s bidding participation to another corporation that inherited the said corporation’s business through a merger and division.
2. Pending Bill(s)
③ Partial Amendment to the Act on the Consumer Protection in Electronic Commerce
This Amendment prohibits deceptive marketing, a dark pattern that exploits consumers’ negligence and tricks them into doing certain acts, such as automated clearing houses, signing up for services, etc., by exploiting consumers’ negligence.
3. Promulgated Bill(s)
④ Enforcement Decree of the Act on the Guarantee of Employees' Retirement Benefits
This Bill adopts a pre-designated operation system, a default option for a defined contribution pension plan and an individual retirement pension plan.
4. Bill(s) Undergoing Pre-Announcement of Legislation/Administration
⑤ Partial Amendment to the Act on the Protection of Financial Consumers
This Amendment prohibits financial companies, including banks, insurance companies and securities companies, from recommending high-risk products, such as private equity and over-the-counter derivatives, to general financial consumers.
5. Serious Accidents Punishment Act ("SAPA") Related Editorials and Columns from Major Dailies