Legislation & Government Relations Consulting Center 2023-05-31
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Weekly Legislative Report (For the week of May 22, 2023 – May 26, 2023)

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 .

1. Proposed Bill(s)

① Partial Amendment to the Motor Vehicle Management Act

This Amendment mandates the investigation of the cause of a car accident involving suspected sudden unintended acceleration and requires car manufacturers to submit relevant materials to substantiate the accident.

② Partial Amendment to the Content Industry Promotion Act

This Amendment requires content producers to indicate when they create AI-generated content, whether it is text, image, or music.

2. Pending Bill(s)

③ Partial Amendment to the Financial Investment Services and Capital Markets Act

This Amendment introduces fines of up to twice the amount of profits obtained or losses avoided for engagement in unfair trade practices, including the utilization of material nonpublic information, market price manipulation, and stock manipulation.

3. Promulgated Bill(s)

④ Special Act on the Promotion of Business Conversion in Small and Medium Enterprises

This Bill allows preferential approval for the business conversion plans of small and medium business operators who promote business conversion for the purpose of environmental protection, social responsibility, and governance enhancement.

4. Bill(s) Undergoing Pre-Announcement of Legislation/Administration

⑤ Partial Amendment to the Enforcement Decree of the Personal Information Protection Act

This Amendment specifies the principle of collecting and processing private data, ensuring that individuals can recognize they are giving consent based on their right of choice. It also requires data controllers to provide separate options for granting or denying consent when obtaining consent regarding private data.

5. Serious Accidents Punishment Act ("SAPA") Related Editorials and Columns from Major Dailies

[Sedaily] The MOEL Determines "A Company’s Headquarters Will Not Be Subject to the SAPA with Its Stake in Subsidiaries"
*For more details, please download the PDF file attached.