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 Banking Act
This Amendment prohibits banks from unfairly transferring their legal costs, such as insurance premiums for deposits or contributions, to loan interests. This Amendment also requires banks to refund any unfairly received loan interest in the past five years to loan borrowers.
② Partial Amendment to the Act on the Protection of Information and Communications Infrastructure
This Amendment enables heads of relevant central administrative agencies to order the head of a critical information and communication infrastructure management organization to comply with protection guidelines and prepares measures to ensure such compliance.
2. Pending Bill(s)
③Partial Amendment to the Trade Union and Labor Relations Adjustment Act
This Amendment enables trade unions to use a public disclosure system for trade unions' accounting to disclose their bylaws, the number of members, and the settlement of accounts autonomously to improve the transparency of trade union accounting.
3. Promulgated Bill(s)
④ Act on Restriction of Special Taxation
This Amendment re-introduces the temporary investment tax deduction and increases the tax deduction rate for national strategy technologies, such as semiconductor technologies.
4. Bill(s) Undergoing Pre-Announcement of Legislation/Administration
⑤ Partial Amendment to the Enforcement Decree of the Banking Act
This Amendment requires banks to obtain authorization from the Financial Services Commission when they partially close, transfer, or acquire a business of which asset amount and gross profits take more than 10% of the overall asset amount and gross profits.
5. Serious Accidents Punishment Act ("SAPA") Related Editorials and Columns from Major Dailies
