Weekly Legislative Report for the week of ㅡJune 27, 2022 – July 1, 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 Personal Information Protection Act
This Amendment mandates Personal information & Information Security Management System (“ISMS-P”) to personal information managers whose annual sales or revenues are KRW 150 billion or more, whose sales in the information and communication service sector are KRW 10 billion or more, or whose number of daily users averages one million or more for three months.
② Partial Amendment to the Financial Investment Services and Capital Markets Act
This Amendment mandates listed companies to include and disclose matters related to environmental, social and governance (ESG), such as climate change, human rights, labor, safety and health, anti-corruption, consumer, supply chain management, community participation and development, and board of directors, from the year of 2024.
2. Pending Bill(s)
③ Partial Amendment to the Local Finance Act
This Amendment obliges local governments to introduce a Greenhouse Gas (GHG) Reduction Cognitive Budget and Balance System, which mandates analysis reports on the expected impact of budgets and funds on the reduction of GHG emissions and evaluation reports on whether the budgets and funds were executed for GHG emission reduction.
3. Promulgated Bill(s)
④ Enforcement Decree of the Urban Development Act
This Bill reduces the range of the rental housing duty rate that can be adjusted by project designating authorities from within 10% to within 5% of the duty rate.
4. Bill(s) Undergoing Pre-Announcement of Legislation/Administration
⑤ Partial Amendment to the Enforcement Rule of the Act on Assistance to Korean Off-shore Enterprises in Repatriation
This Amendment allows companies expanding their operations overseas to be recognized as repatriating companies in cases where they introduce new or additional facilities in idle spaces within existing domestic factories or places of business.
5. Serious Accidents Punishment Act ("SAPA") Related Editorials and Columns from Major Dailies
