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 Fair Transactions in Franchise Business Act
This Amendment restricts “essential goods” to goods necessary to protect the trademark of the franchiser and maintain the quality of products and authorizes the Fair Trade Commission to take measures in the event that a franchiser compels a franchisee to purchase items beyond the range thereof.
② Partial Amendment to the Overseas Resources Development Business Act
This Amendment imposes the duty to conduct due diligence on human rights and environments to persons who intend to conduct overseas resources development business in the “conflict and high-risk areas” that the Minister of Trade, Industry and Energy and the Minister of Foreign Affairs designated together and imposes penalties to violators thereof.
2. Pending Bill(s)
③ Partial Amendment to the Income Tax Act
This Amendment postpones the enactment of the financial investment income tax for 2 years until 2025 and adjusts the criteria of a majority stockholder as a person who holds at least KRW 10 billion for each type of stock item.
3. Promulgated Bill(s)
④ Enforcement Decree of the Hydrogen Economy Promotion and Hydrogen Safety Management Act
This Enforcement Decree promotes the operation of the supply ratio system and the bidding market under the Hydrogen Economy Promotion and Hydrogen Safety Management Act, the implementation of a separate rate system for natural gas for hydrogen power generation, a mandatory system for sales and use of clean hydrogen sales, a supply system for electricity companies to purchase hydrogen power generation, and the implementation of a hydrogen power market.
4. Bill(s) Undergoing Pre-Announcement of Legislation/Administration
⑤ Partial Amendment to the Rules on Supply of Housing (Bill)
This Bill prescribes that 60% of the supply for small and mediumsized areas (less than 85 square meters for exclusive use) of private apartments in Seoul will be sold by lottery starting April next year.
5. Serious Accidents Punishment Act ("SAPA") Related Editorials and Columns from Major Dailies