Weekly Legislative Report for the week of ㅡ August 22, 2022 – August 26, 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 Building Act
This Amendment requires at least one refuge area to be established in semi-high-rise buildings that have at least 30 floors or are 120 meters tall.
② Partial Amendment to the Trade Union and Labor Relations Adjustment Act
This Amendment prohibits employers from claiming damages and provisional attachment against trade unions and workers for their collective bargaining, industrial action, and other trade union activities. The Amendment stipulates that a fidelity guarantor is not liable for damages notwithstanding Article 6 (Responsibility of Fidelity Guarantors) of the Fidelity Guarantee Act.
2. Pending Bill(s)
③ Partial Amendment to the Act on the Promotion of Mutually Beneficial Cooperation Between Large Enterprises and Small and Medium Enterprises
This Amendment aims to reflect changes in raw material prices and fluctuations in the minimum wage in the cost of delivered goods.
3. Promulgated Bill(s)
④ Enforcement Decree of the Venture Investment Promotion Act
This Bill decreases the minimum amount required for accelerators to organize a venture business investment association from KRW 2 billion to KRW 1 billion. When a new association is organized through the investment of other venture investment associations, if the investment accounts for less than 10% of the funds for the organization of the association, the investors will be calculated as one limited liable partner, regardless of the actual number of investors.
4. Bill(s) Undergoing Pre-Announcement of Legislation/Administration
⑤ Partial Amendment to the Rules on the Establishment and Operation of Universities
This Amendment allows universities to increase the quota of departments of advanced technology fields if they meet the teacher retention rate among the four requirements for education—school buildings, school sites, revenue-generating basic properties, and teachers.
5. Serious Accidents Punishment Act ("SAPA") Related Editorials and Columns from Major Dailies