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 Act on Corporate Governance of Financial Companies
This Amendment mandates the representative director of a financial company to conduct inspections, improve internal control standards, and report the results to the board of directors. This Amendment also requires financial companies to designate managing officers for mis-selling, embezzlement, breach of trust, etc.
② Special Act on Maintenance and Support for Decrepit Planned Cities
This Bill targets decrepit planned cities across the country, including local innovation cities, and provides them with advantages regarding the relaxation or exemption of safety examination, changes in land use, and increase in floor area ratio, to improve the functionality and settlement conditions of these cities and facilitate their transformation into future cities.
2. Pending Bill(s)
③Special Act on the Promotion of Distributed Energy
This Bill requires regions that consume electricity distributed through transmission networks to pay more than regions that produce electricity.
3. Promulgated Bill(s)
④ Enforcement Decree of the Industrial Education Enhancement and Industry-academia-research Cooperation Promotion Act
This Enforcement Decree enables universities to foster talented individuals in high-tech industries, such as semiconductors, by increasing the contract quotas of relevant departments without establishing a separate agreed department.
4. Bill(s) Undergoing Pre-Announcement of Legislation/Administration
⑤ Partial Amendment to the Enforcement Rule of the Special Act on Private Rental Housing
This Amendment grants lessees the right to terminate or cancel a rental agreement if the rental business entity fails to purchase a guarantee.
5. Serious Accidents Punishment Act ("SAPA") Related Editorials and Columns from Major Dailies
