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 Occupational Safety and Health Act
This Amendment limits night working hours to a maximum of 10 hours per day and 48 hours per week. It also provides that working hours must not exceed an average of 8 hours per day over a one-week period and 44 hours per week over a two-week period.
② Partial Amendment to the Financial Investment Services and Capital Markets Act
This Amendment requires a person who becomes the largest shareholder through an M&A transaction or strengthens its control by acquiring additional shares to make a mandatory tender offer for all remaining shares.
2. Pending Bill(s)
③ Partial Amendment to the Distribution Industry Development Act
This Amendment relaxes regulations across the distribution industry, especially those applicable to superstores, including by permitting online delivery services, allowing mandatory closure days to be determined autonomously, and removing restrictions on late-night operations.
3. Promulgated Bill(s)
④ Act on Reporting and Using Specified Financial Transaction Information
This Bill requires large shareholders, as well as representatives and executives of virtual asset service providers, to undergo eligibility assessments. It also strengthens the assessment of the financial soundness, organizational structure, staffing, and other relevant aspects of virtual asset service providers.
4. Bill(s) Undergoing Pre-Announcement of Legislation/Administration
⑤ Partial Amendment to the Enforcement Decree of the Fair Transactions in Franchise Business Act
This Bill allows a franchisee association to formally register with the Fair Trade Commission where at least 10 percent or 1,000 franchisees of a single brand join the association, and enables the registered association to request formal consultations with the franchisor on transaction terms.
5. Serious Accidents Punishment Act ("SAPA") Related Editorials and Columns from Major Dailies
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