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 Road Traffic Act
This Amendment mandates the installation of a DUI prevention device on the vehicles of DUI offenders.
② Partial Amendment to the Fair Hiring Procedure Act
This Amendment mandates the disclosure of essential working conditions, such as wages on job postings. It imposes an administrative fine of KRW 5 million on those who falsely disclose such information and a fine of KRW 3 million on those who do not specify the wage on their hiring advertisement.
2. Pending Bill(s)
③Partial Amendment to the Microfinance Support Act
This Amendment requires banks to contribute 10% of their excess profits to the self-sufficiency support account of the Korea Inclusive Finance Agency when the base rate rises by more than 1 percentage point.
3. Promulgated Bill(s)
④ Enforcement Decree of the Act on External Audit of Stock Companies
This Amendment raises the minimum threshold for large unlisted stock companies that are subject to accounting regulations similar to that of listed stock companies from companies with a total asset amount of KRW 100 billion to KRW 500 billion.
4. Bill(s) Undergoing Pre-Announcement of Legislation/Administration
⑤ Partial Amendments to Six Acts for Regulatory Reform through the Regulatory Special Case System for Services and Products that Utilize New Technology
These Amendments simplify the approval procedures for products or services that use similar or the same content and method with past projects that were previously approved in the regulatory sandbox.
5. Serious Accidents Punishment Act ("SAPA") Related Editorials and Columns from Major Dailies
