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Legislative Strategy Center 2022-08-04
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Weekly Legislative Report (For the week of July 25, 2022 – July 29, 2022)

Weekly Legislative Report for the week of  ㅡJuly 25, 2022 – July 29, 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 Banking Act

This Amendment allows the Financial Services Commission(“FSC”) to directly judge the adequacy and rationality of the loan-to-deposit interest rates of banks, and to "recommend improvements" to the banks if the FSC determines the calculation of bank interest rates needs to be improved.

② Repeal to the Securities Transaction Tax Act

This Repeal requires the current 0.23% (including special rural development tax) securities transaction tax to be 0.1% next year, 0.05% in 2024, and completely repealed in 2025.


2. Pending Bill(s)

③ Partial Amendment to the Distribution Industry Development Act

This Amendment excludes mail-order business in superstores and quasi-superstores from "compulsory closedown" and "restrictions on business hours."

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

④ Enforcement Decree of the Medical Devices Act

This Enforcement Decree requires all manufacturers and importers of the implantable medical devices (except the manufacturers who manufacture only the medical devices for export) to be insured.


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

⑤ Partial Amendment to the Enforcement Decree of the Industrial Cluster Development and Factory Establishment Act

This Amendment reduces the factory-size regulation without wastewater discharge within the nature preservation region from the current 1000m² to 2000m². It also allows changes to the factories in the event of establishment and enlargement of the factories within the repatriating enterprises of the Seoul Metropolitan Area and when relocating the jurisdiction of smallscale factories (less than 500m²).
 
5. Serious Accidents Punishment Act ("SAPA") Related Editorials and Columns from Major Dailies

[The Kyunghyang Shinmun] 117 Cases of Industrial Accidents in Six Months at Places of Businesses Subject to
the SAPA, Yet Only One Case of Prosecution

[Korea JoongAng Daily] Minister Young Lee Emphasizes Prudence in Implementing the SAPA for SmallBusinesses with Less than Five Employees
[Yonhap News] “The Order to Suspend Operations of Businesses where Serious Accidents Occurred Must be
Revised”

[Yonhap News] Fatality Rates in Construction Sites Drop After the Implementation of the SAPA (55 Employees
in the First Quarter → 44 Employees in the Second Quarter)

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