Weekly Legislative Report for the week of Mar 14, 2022 – Mar 18, 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 Real Name Financial Transactions and Confidentiality
This Amendment removes criminal punishment for requesting financial transaction information.
② Partial Amendment to the Act on the Improvement of Urban Areas and Residential Environments
This Amendment eases the safety inspection standards for reconstructing dilapidated apartment structures.
2. Pending Bill(s)
③ Partial Amendment to the Distribution Industry Development Act
This Amendment adds department stores and duty-free shops as well as complex shopping malls to the scope of subjects of mandatory store closures.
3. Promulgated Bill(s)
④ Enforcement Decree of the Telecommunications Business Act
This Amendment imposes a fine not exceeding 2% of annual sales on app market business operators for forcing in-app payment.
4. Bill(s) Undergoing Pre-Announcement of Legislation/Administration
⑤ Partial Amendment to the Enforcement Decree of the Urban Development Act
This Amendment sets the upper limit of private participants’ profit rate to not exceed 10% of the total cost of public-private urban development projects.
5. Serious Accidents Punishment Act ("SAPA") Related Editorials and Columns from Major Dailies