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Legislative Strategy Center 2022-01-03
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Weekly Legislative Report (For the week of Dec 20, 2021 – Dec 24, 2021)

Weekly Legislative Report For the Week of Dec 20, 2021 – Dec 24, 2021

 
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, produced by our Legislation Strategy Center, provides analyses of plenary sessions of the National Assembly, meetings of Standing Committees, and Subcommittee. In addition, the Center 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 to the service, the Center has also been issuing the Weekly Legislative Report covering various legal issues at the center of public debate along with editorials and columns on the Serious Accidents Punishment Act (“SAPA”) from major dailies. The report will be released every Wednesday 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 Financial Investment Services and Capital Markets Act

This Amendment was designed to oblige listed corporations to publicly notify non-financial information, such as plans and contributions for responding to climate change, environmental problems, etc.

② Partial Amendment to the Special Act on the Safety of Children's Products

This Amendment mandates the Minister of the Ministry of Trade, Industry and Energy (MOTIE) to recommend or issue an order to a business to recall its children’s products, report, or submit data when they cause harm to children. The MOTIE may conduct a site visit after the process is completed. In addition, when the business fails to comply with the recommendations and orders, the Minister shall notify the consumer of such fact


2. Pending Bill(s)

③ Partial Amendment to the National Finance Act

This Amendment raises the standard of the minimum total project cost for projects subject to the preliminary feasibility survey from KRW 50 billion to KRW 100 billion.

3. Promulgated Bill(s)

④ Enforcement Decree of the Act on External Audit of Stock Companies

This Bill suspends the introduction of external audits of the internal accounting control system based on consolidated financial statements for one year.

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

⑤ Partial Amendment to the Enforcement Rule of the Act on the Promotion of Mutually Beneficial Cooperation Between Large Enterprises and Small and Medium Enterprises

This Amendment provides a legal basis for the assessment standard for penalty points to commissioning enterprises that have not executed non-disclosure agreements.


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

[The Chosunilbo] The Serious Accidents Punishment Act Should Be Reconsidered
[The Korea Economic Daily] An Unusual Scene of Avoiding the Serious Accidents Punishment Act
[The Chosunilbo] The Ministry of Justice Holding the ‘Serious Accidents Investigation and Inspection Meeting’ to Prepare for the Enforcement of the Act
[Maeil Business News Korea] After the Serious Accidents Punishment Takes Effect Next Year, How Would Deaths after Vaccination Be Regarded?


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