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 Financial Holding Companies Act
This Amendment removes a subjective requisite regarding the prohibition of exercise of undue influence by a major investor of a bank holding company that stipulates that the conduct must be for the personal interest of the major investor and imposes sanctions on objectively revealed conducts of undue influence.
② Partial Amendment to the Act on Corporate Governance of Financial Companies
This Amendment suspends an executive officer of a financial company from performing duties for up to six months if the executive officer embezzles KRW 50 million or more.
2. Pending Bill(s)
③Partial Amendment to the Trade Union and Labor Relations AdjustmentAct
This Amendment prohibits claims for damage against workers or trade unions that participated in collective bargaining and industrial actions of trade unions, with the exception of direct damage caused by acts of violence or destruction. This Amendment also expands the scope of the Act to also apply to subcontractors, workers in special employment types, freelancers, platform workers, etc.
3. Promulgated Bill(s)
④ Trademark Act
This Amendment introduces a trademark re-examination system, allowing persons whose trademark registration were rejected to request for re-examination.
4. Bill(s) Undergoing Pre-Announcement of Legislation/Administration
⑤ Partial Amendment to the Enforcement Decree of the Fair Agency Transactions Act
This Amendment provides a reduction in penalty surcharge to a maximum 70% if suppliers who abuse their superior bargaining position against agencies voluntarily correct their violations and cooperate in the investigation and deliberation of the Korea Fair Trade Commission.
5. Serious Accidents Punishment Act ("SAPA") Related Editorials and Columns from Major Dailies
