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Legislative Strategy Center 2022-11-16
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Weekly Legislative Report (For the week of November 7, 2022 – November 11, 2022)

Weekly Legislative Report for the week of November 7, 2022 – November 11, 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 Act on the Restoration of Fairness in the Digital Asset Market and Establishment of Safe Transaction Environment

This Act safeguards user assets and imposes penalties at the level of the current Financial Investment Services and Capital Markets Act on unfair trading practices involving digital assets, such as the use of nonpublic information and market price manipulation.

② Fairness in Online Platform Intermediary Transaction Act

This Act requires giant online platform intermediaries whose total profits from intermediary trading are at least KRW 500 billion or whose total sales amount is at least KRW 3 trillion to install a “Chinese Wall” (information transmission barrier). The Act also prohibits these intermediaries from unfair trading practices and retaliatory actions and expands the limit of the fines to a maximum of KRW 10 billion if the amount of violation cannot be calculated.


2. Pending Bill(s)

③ Partial Amendment to the Corporate Tax Act

This Amendment lowers the maximum corporate tax rate from the current 25% to 22% and simplifies the current four stages of tax bases into three stages.


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

④ Enforcement Decree of the Act on the Promotion of Employees’ Participation and Cooperation

This Enforcement Decree mandates the attendance of a majority of workers to the election of the workers’ members of a labor-management council and deletes the requirement for candidacy, which demands recommendations from at least ten co-workers.


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

⑤ Partial Amendment to the Enforcement Decree of the National Land Planning and Utilization Act

This Amendment mitigates the floor area ratio of industrial complexes with corporations that have strategic technology to a maximum of 1.4 times the legal limit to support investments in expanding production facilities in national high-tech strategic industries such as semiconductors.
 
5. Serious Accidents Punishment Act ("SAPA") Related Editorials and Columns from Major Dailies


[Chosun Biz] Controversy Over the SAPA Continues … 23 Indictments on 192 Fatalities
[Herald Business] The SAPA Investigation of a Fatal Accident … Two Casualties While Working on a Cargo Train at Obong Station in Uiwang
[The Hankyoreh] Fatal Accidents Have Ironically Increased in Workplaces Subject to the SAPA
[Yonhap News] Prior to the Expansion of Subjects Applicable to the SAPA, Support for Safety Consulting Increased from 2,000 to 16,000 Workplaces


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