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 Financial Investment Services and Capital Markets Act
This Amendment removes the provision that fixes the eligibility for dividend payout to be stockholders registered as of the last days of March, June, and September. It allows a board of directors to decide on the amount of quarterly or half-yearly dividends before determining the eligible stockholders.
② Partial Amendment to the Act on Promotion of Information and Communications Network Utilization and Information Protection
This Amendment prohibits the installation, delivery, or distribution of backdoors in information and communication networks with malicious intent and punishes violators by imprisonment for not more than five years or by a fine not exceeding KRW 50 million.
2. Pending Bill(s)
③Act on the Restoration of Fairness in the Digital Asset Market and Establishment of a Safe Transaction Environment
This Bill protects investors and regulates unfair practices by (i) stipulating extra-territorial regulations applicable to practices conducted outside of the country; (ii) prohibiting unfair trading practices such as the use of material nonpublic information, market price manipulation, and unfair trading; and (iii) vesting the Financial Services Commission with the authority to monitor, examine, and investigate the digital asset market and issue orders thereto.
3. Promulgated Bill(s)
④ Special Act on the Construction of Daegu-Gyeongbuk Integrated New Airport
This Bill prescribes matters for the construction of Daegu-Gyongbuk Integrated New Airport and other sites, including the exemption of preliminary feasibility studies, permissions and approvals, and the establishment of the Office for the Promotion of Integrated New Airport Construction, etc.
4. Bill(s) Undergoing Pre-Announcement of Legislation/Administration
⑤ Partial Amendment to the Enforcement Decree of the Subsidy Management Act
This Amendment lowers the threshold for subsidy programs and indirect subsidy programs whose subsidy settlement reports are subject to external audit from programs worth KRW 300 million to KRW 100 million.
5. Serious Accidents Punishment Act ("SAPA") Related Editorials and Columns from Major Dailies
