Legislation & Government Relations Consulting Center 2022-05-26
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Weekly Legislative Report (For the week of May 16, 2022 – May 20, 2022)

Weekly Legislative Report for the week of  ㅡMay 16, 2022 – May 20, 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

1. Proposed Bill(s)
① Partial Amendment to the Act on the Protection of Financial Consumers

This Amendment mandates financial institutions to add matters of support for financial convenience for the elderly and prevention of financial damage to their internal control standards.

② Partial Amendment to the Insurance Business Act

This Amendment stipulates that the Health Insurance Review and Assessment Service (HIRA) shall transmit documents to insurance companies in the form of non-electronic documents, and shall not disclose information acquired while performing its duties.

2. Pending Bill(s)

③ Partial Amendment to the Act on Corporate Governance of Financial Companies

This Amendment provides legal grounds for the Financial Services Commission to sanction those who fail to perform their management obligations of internal control, causing damage to many consumers.

3. Promulgated Bill(s)

④ Enforcement Decree of the Real Estate Investment Company Act

This Bill excludes rental deposits when calculating the asset composition ratio henceforth, under the consideration that rental deposits are inevitable in operation and are also assets scheduled to be returned to tenants in the future.

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

⑤ Partial Amendment to the Enforcement Rule of the Urban Traffic Improvement Promotion Act

This Amendment decreases charges for causing traffic congestion imposed on data centers with a less stationed workforce and visitors by establishing a separate traffic congestion-causing coefficient for data centers.

5. Serious Accidents Punishment Act ("SAPA") Related Editorials and Columns from Major Dailies

[Hankyoreh] The Need for SAPA Revisions Supported by the Korea Enterprises Federation and Forewarned by the Government Spells Out SAPA’s Uncertain Future
[Dong-a Ilbo] 68% of Companies Find Difficulty in Responding to the SAPA
[Hankook Ilbo] 100 Days Since the SAPA… Reign of Terror vs Reserving Judgment
[Newsis] 58% of the Industrial World Judges SAPA to be Ineffective, Calls for Easement

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