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 lc@draju.com.
1. Proposed Bill(s)
① Partial Amendment to the Depositor Protection Act
This Amendment requires the deposit insurance coverage limit for the protection of depositors to be no less than 100 million KRW and separately determined by financial business type. The Amendment also requires such limits to be reviewed for appropriateness every five years.
② Partial Amendment to the Product Liability Act
This Amendment requires the manufacturer to bear the burden of proof for proving the cause of defects in the event of an accident involving a sudden unintended acceleration.
2. Pending Bill(s)
③Partial Amendment to the Act on Restriction of Special Taxation
This Amendment raises the tax deduction rate for investment in facilities of national strategic industries, such as the semiconductor industry, from 8% to 15% for major and middle-standing enterprises and from 16% to 25% for small and medium enterprises.
3. Promulgated Bill(s)
④ Enforcement Decree of the National Land Planning and Utilization Act
This Enforcement Decree raises the floor area ratio ("FAR") for industrial complexes with national advanced strategic technologies, such as the semiconductor industry, up to 140% of the maximum limit prescribed by the Act. This Amendment also alleviates the maximum FAR for general industrial areas from 350% to 490%.
4. Bill(s) Undergoing Pre-Announcement of Legislation/Administration
⑤ Partial Amendment to the Labor Standards Act
This Amendment revises the 52-hour work system to allow working hours to be a maximum of 69 hours per week during the busy season and allows workers to use long-term leave.
5. Serious Accidents Punishment Act ("SAPA") Related Editorials and Columns from Major Dailies
