Weekly Legislative Report for the week of October 3, 2022 – October 7, 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 Protection of Personal Information Act
This Amendment stipulates any person who provides a third person with personal information without obtaining the consent of the subject of information, and any person who knowingly receives such information shall be punished by imprisonment with labor for not more than 7 years or by a fine not exceeding KRW 70 million.
② Partial Amendment to the Licensed Real Estate Agents Act
This Amendment acknowledges the Korean Association of Realtors, currently considered a voluntary organization, as a legal organization and mandates newly established brokerage offices to join the Association upon registration.
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 Enforcement Decree of the Framework Act on Firefighting Services
This Enforcement Decree obliges owners and managers of objects of fire services to report to firefighting headquarters in the event of emergencies immediately and imposes a penalty surcharge of KRW 5 million upon violation.
4. Bill(s) Undergoing Pre-Announcement of Legislation/Administration
⑤ Partial Amendment to the Enforcement Decree of the Urban Railroad Act
This Amendment permits urban railroad business operators’ operation of logistics businesses, such as urban railroad facilities, with their equity capital.
5. Serious Accidents Punishment Act ("SAPA") Related Editorials and Columns from Major Dailies
