Weekly Legislative Report for the week of ㅡ August 15, 2022 – August 19, 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 Framework Act on the Construction Industry
This Amendment prohibits construction businesses who violate the obligation to manage subcontractors from paying penalty surcharges in lieu of suspension of business.
② Partial Amendment to the Banking Act
This Amendment obligates banks to regularly check whether loan buyers' credit statuses have improved and cut interest rates accordingly.
2. Pending Bill(s)
③ Act on Virtual Asset Industry
This Bill stipulates the definition of virtual assets (cryptocurrency) to protect virtual asset users and confiscate or collect properties in the event of unfair transactions.
3. Promulgated Bill(s)
④ Rules on Occupational Safety and Health Standards
These Rules require business owners to ensure mandatory breaks for workers and establish conditions to rest for workers working indoors to prevent them from getting heatstroke or other thermal diseases.
4. Bill(s) Undergoing Pre-Announcement of Legislation/Administration
⑤ Partial Amendment on the Enforcement Decree of the Act on the Protection of Financial Consumers
This Amendment requires linked or tied services to be applied to prepayment and direct payment measures (including electronic payment) the same way they are applied to credit cards, prohibits changing linked services unfavorably to consumers without justifiable grounds, and requires a six months’ notice when changing linked services.
5. Serious Accidents Punishment Act ("SAPA") Related Editorials and Columns from Major Dailies
