Weekly Legislative Report for the week of ㅡMay 30, 2022 – June 3, 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 prohibits major shareholders or related parties from selling convertible bonds that provide call options to a third party by major shareholders and related parties, and imposes imprisonment for up to one year or a fine of up to KRW 30 million upon violation.
② Partial Amendment to the Restriction of Special Taxation Act
This Amendment reintroduces a tax deduction for investment amount for the development of overseas mineral resources and special corporate tax exemption for dividend income from investments in overseas resources development and adds subsidiaries, where Koreans directly invest 100/100 of the total issued shares and the total investment amount to the subjects of the tax deduction.
2. Pending Bill(s)
③ Partial Amendment to the Special Act on the Improvement of Teachers’ Status and the Protection of Their Educational Activitie
This Amendment adds school teachers' organizations to subjects of the maximum time-off limit.
3. Promulgated Bill(s)
④ Enforcement Decree of the Construction Machinery Management Act
This Bill mandates re-inspection of a tower crane if a wire rope does not meet the inspection criteria in the regular inspection and adds ultrasonic thickness measuring devices to tower crane inspection agents’ facility retention criteria.
4. Bill(s) Undergoing Pre-Announcement of Legislation/Administration
⑤ Amendment to the Products Subject to Environment Mark and Certification Standards
This Amendment allows laptops and monitors that consume less power and secure supply of core components for a certain period of time to be advertised as 'eco-friendly' products by attaching 'premium environmental marks.'
5. Serious Accidents Punishment Act ("SAPA") Related Editorials and Columns from Major Dailies
