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Legislation & Government Relations Consulting Center 2023-01-25
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Weekly Legislative Report (For the week of January 16, 2023 – January 20, 2023)

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 Banking Act

This Amendment mandates commercial banks to report on interest rate spread at least twice a year to financial authorities.

② Partial Amendment to the Serious Accidents Punishment Act

This Amendment mandates the public disclosure of details regarding the occurrence of serious accidents, including the name of the business site, the date, time, and place of the accident, and the causes thereof.


2. Pending Bill(s)

③ Act on the Restoration of Fairness in the Digital Asset Market and Establishment of Safe Transaction Environment

This Act protects investors and regulates unfair practices by i) stipulating extra-territorial regulations applicable to practices conducted outside of the country; ii) prohibiting unfair trading practices such as the use of material nonpublic information, market price manipulation, and unfair trading; and iii) vesting the Financial Services Commission with the authority to monitor, examine, investigate the digital asset market and issue orders thereto.


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

④ Enforcement Decree of the Act on the Integrated Control of PollutantDischarging Facilities

This Enforcement Decree includes cement manufacturing businesses to the scope of pollutant-discharging facilities that require permits and requires them to receive the reinforced monitoring and management of environmental authorities to minimize the discharge of pollutants.


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

⑤ Partial Amendment to the Enforcement Decree of the Act on the Promotion of the Development, Use and Diffusion of New and Renewable Energy (Bill)

This Amendment reduces the mandatory supply ratio under the Renewable Energy Portfolio Standard (RPS) to 13% by 2023.
 

5. Serious Accidents Punishment Act ("SAPA") Related Editorials and Columns from Major Dailies


[Edaily] The Government Investing KRW 35.4 Billion in Safety Facilities Maintenance to Prevent Serious Port Accidents
[The Hankyoreh] The Government Should Not “Deteriorate” For the SAPA Revision
[Yonhap News] Discussion on the SAPA Revision Begins in Earnest … MOEL Launches Task Force


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