Weekly Legislative Report for the week of ㅡMay 2, 2022 – May 6, 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 Financial Investment Services and Capital Markets Act
This Amendment mandates companies to comprehensively consider the asset value, revenue value, etc., aside from than the stock price when determining the value of a merger.
② Partial Amendment to the Act on Promotion of Information and Communications Network Utilization and Information Protection
This Amendment defines false manipulated information and stipulates rights to request confirmation of facts, publication of a rebuttable statement, and deletion of the false manipulated information. The Bill imposes administrative fines in the case of violation of orders and recommendations issued by the Online Dispute Conciliation Committee.
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 damages incurred by the violations.
3. Promulgated Bill(s)
④ Enforcement Rule of the Environmental Impact Assessment Act
This Bill establishes standards for an administrative disposition to be imposed from a three-month business suspension to a registration cancellation if an environmental impact assessment agent fails to prepare essential data for environmental impact assessment reports.
4. Bill(s) Undergoing Pre-Announcement of Legislation/Administration
⑤ Partial Amendment to the Act on Fire Prevention and Installation, Maintenance, and Safety Control of Firefighting Systems
This Amendment mandates prevention and safety inspections on a regular basis for fire-vulnerable facilities. It also obliges facility owners and related persons to manage fire-fighting facilities installed in their facilities.
5. Serious Accidents Punishment Act ("SAPA") Related Editorials and Columns from Major Dailies
