Weekly Legislative Report for the week of Mar 21, 2022 – Mar 25, 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 Publicprivate Partnerships in Infrastructure
This Amendment defines details of concession agreements concluded with a project operator and detailed construction cost statements of public-private partnership projects as information subject to the competent authority’s disclosure. The Amendment mandates their immediate disclosure when the competent authority notifies its implementation plan.
② Partial Amendment to the Depositor Protection Act
This Amendment increases the upper limit of the deposit paid by the Korea Deposit Insurance Corporation in lieu of bankrupt financial institutions from the current KRW 50 million to KRW 100 million.
2. Pending Bill(s)
③ Fairness in Online Platform Intermediary Transactions Act
This Bill stipulates the obligation to deliver online platform intermediary contracts, standards of unfair trade practices by online platform intermediaries, dispute resolution systems between business operators, the Korea Fair Trade Commission (“KFTC”)’s investigation and processing of violations, and online platform intermediaries’ liability for damage incurred by the violations.
3. Promulgated Bill(s)
④ Enforcement Rule of the Corporate Tax Act
This Bill stipulates that a corporation implementing a rehabilitation plan, a corporate improvement plan, or a management recovery plan shall not add 20/100 of the value of the stock to the value amount when the corporation trades shares to implement such plans.
4. Bill(s) Undergoing Pre-Announcement of Legislation/Administration
⑤ Partial Amendment to the Enforcement Decree of the Framework Act on the Construction Industry
This Amendment allows the reporting of unfair practices in the construction industry to the Fair Construction Support Center and offers monetary rewards to persons who report unfair practices.
5. Serious Accidents Punishment Act ("SAPA") Related Editorials and Columns from Major Dailies
