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 Regulation of Unfair Transactions in Virtual Asset
This Bill requires virtual asset service providers to store their own and users’ virtual assets separately and to subscribe to insurance policies against accidents such as hacking or computer problems. This Bill also specifies additional punishment based on the amount of damage if the amount of damage is at least KRW 50 million.
② Act on the Promotion of Commercialization and the Strengthening of Competitiveness of Advanced Small Reactor
This Bill requires the formulation of a comprehensive development plan that includes every relevant step of small modular reactors (SMRs), from research and development to demonstration, commercialization, and exports, as well as the establishment of a specialized committee under the Atomic Energy Commission to deliberate and monitor the implementation of such plan. This Bill also establishes the legal basis and finances for the implementation of a pilot project for advanced SMR.
2. Pending Bill(s)
③ Framework Act on Virtual Asset Industry
This Bill prescribes methods and procedures for user protection and monitoring, such as authorization of virtual asset service providers and prohibition of unfair practices, and requires the government to establish a master plan for the development of the virtual asset industry to enhance the soundness and competitiveness thereof.
3. Promulgated Bill(s)
④ Enforcement Rule of the Energy Act
This Enforcement Rule adjusts the energy conversion factors applied to statistics on domestic and overseas energy supply and demand to reflect the demand-supply status and characteristics of each energy source and adds bio-diesel to the lists of energy sources.
4. Bill(s) Undergoing Pre-Announcement of Legislation/Administration
⑤ Partial Amendment to the Housing Lease Protection Act (Bill)
This Amendment clarifies that a person who intends to enter into a lease contract may request consent from the lessor to provide information such as senior bonds or tax arrears, and the lessor must agree.
5. Serious Accidents Punishment Act ("SAPA") Related Editorials and Columns from Major Dailies
