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Legislative Strategy Center 2022-02-10
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Weekly Legislative Report (For the week of Jan 25, 2022 – Jan 28, 2022)

Weekly Legislative Report for the week of  Jan 25, 2022 – Jan 28, 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, meetings of Standing Committees, and Subcommittee. 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 to the service, DR & AJU 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 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 Metaverse Industry Promotion Act
 
This Bill establishes basic plans for the promotion and a committee to create a foundation for the metaverse industry. The Bill stipulates about training professionals, non-fungible tokens (NFT), and the introduction of virtual currency.

② Partial Amendment to the Banking Act

This Amendment obliges commercial banks to provide financial consumers with specific information on credit ratings that are the basis for loan limits and interest rates.


2. Pending Bill(s)

③ Partial Amendment to the Marine Transportation Act
 
This Amendment stipulates that joint actions of shipping companies shall not apply to the Monopoly Regulation and Fair Trade Act.
 
3. Promulgated Bill(s)

④-1 Serious Accidents Punishment Act

④-2 Enforcement Decree of the Serious Accidents Punishment Act

These Bills mandate the following punishments in the event of a serious accident, including fatal accidents: imprisonment with labor for at least one year, fines for corporations, liability for punitive damages, etc.


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

⑤ Partial Amendment to the Enforcement Rules of Regulations on the Operation of Contests by Administrative Agencies

This Amendment mandates the conduction of online public verification for more than 10 days for whether there is any fraud, such as plagiarism or duplicate entries, in a contest organized by an administrative agency.


5. Serious Accidents Punishment Act ("SAPA") Related Editorials and Columns from Major Dailies
 
[Dong-A Ilbo] SAPA To Be Enforced Today: Fear and Punishment Will Not Reduce Accidents
[Seoul Economic Daily] “Don’t Worry”: Turning a Blind Eye to SAPA Side Effects
[Hankyoreh] SAPA To Take Effect Today: Must Bring About the End of Workplace Deaths
[Korea Central Daily] SAPA Necessary but Needing Supplements in Light of Practicalities




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