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 Act on the Promotion of the Development, Use and Diffusion of New and Renewable Energy
This Amendment mandates off-road parking lots with more than 80 parking spots to install new and renewable energy facilities for at least 50% of the total area.
② Partial Amendment to the United Defense Act
This Amendment designates private facilities, such as data centers, as "important national facilities" so that such private facilities can be not only protected and managed during peacetime but also have defense measures established in preparation for a war situation.
2. Pending Bill(s)
③Partial Amendment to the BankingAct
This Amendment requires commercial banks to report the interest rate spread and revenue earned therefrom to financial authorities at least twice a year.
3. Promulgated Bill(s)
④ Enforcement Decree of the Building Act
This Bill adds a rent-type dormitory leased by public housing project operators to the use of buildings as a dormitory.
4. Bill(s) Undergoing Pre-Announcement of Legislation/Administration
⑤ Partial Amendment to the Monopoly Regulation and Fair Trade Act
This Amendment aims to alleviate the burden of reporting on the combination of enterprises by exempting cases with a low chance of limiting competition in the market from the duty to report, including (i) a merger or business transfer between the parent company and its subsidiary; (ii) the establishment of a private equity fund (PEF); and (iii) concurrent holdings of an executive position that are less than one-third of the total number of executives (excluding representative directors).
5. Serious Accidents Punishment Act ("SAPA") Related Editorials and Columns from Major Dailies
