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Legislative Strategy Center 2022-07-28
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Weekly Legislative Report (For the week of July 18, 2022 – July 22, 2022)

Weekly Legislative Report for the week of  ㅡJuly 18, 2022 – July 22, 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 Special Act on Support for Financial Innovation

This Amendment includes the Korea Small-and-Mediumsized-Enterprises (“SMEs”) and Startups Agency in the scope
of "financial companies, etc." that is subject to regulatory exceptions under the current law, and thereby provides legal grounds for the "non-recourse factoring" business to fund small and medium-sized enterprises.

② Partial Amendment to the Banking Act

This Amendment requires the banks and Financial Services Commission to disclose the spread of the individual banks.


2. Pending Bill(s)

③ Partial Amendment to the Medical Service Act

This Amendment requires the institutionalization of remote monitoring for returning patients who suffer from mild chronic diseases.

3. Promulgated Bill(s)Promulgated Bill(s)

④ Fair Transactions in Subcontracting Actefits

This Act allows the parties to the transaction to request the Korea Fair Trade Commission for a review through formation and amendment of a standard subcontract.


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

⑤ Partial Amendment to the Regulation on Supervision of Mutual Financial Business

This Amendment promotes the increase of the upper limit of private mid-range interest rate loans to 8.5%→10.5% in mutual finance; 11%→13% in credit card business; 14%→15.5% in credit-specialized financial businesses other than credit card businesses; and 16%→17.5% in savings banks.