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 Income Tax Act
This Amendment requires trade unions to submit and disclose a statement of accounts like public interest organizations.
② Partial Amendment to the Financial Investment Services and Capital Markets Act
This Amendment mandates an individual who becomes the largest shareholder with possession of at least 25% of the total stocks in the M&A process to make a tender offer for a minimum of "50% of the total stocks held plus one stock." It also ensures general shareholders with opportunities to sell their stocks at favorable prices during the M&A process.
2. Pending Bill(s)
③ Partial Amendment to the Trade Union and Labor Relations Adjustment Act
This Amendment expands the coverage of the Act to include subcontractors, workers in special employment types, freelancers, platform workers, etc., and prohibits claims for compensation against trade unions or workers for damages resulting from collective bargaining or industrial actions, except in cases of direct damages caused by acts of violence or destruction.
3. Promulgated Bill(s)
④ Enforcement Decree of the Monopoly Regulation and Fair Trade Act
This Bill increases the threshold amount of internal transactions subject to the resolution of the board of directors and public disclosure from KRW 5 billion to KRW 10 billion.
4. Bill(s) Undergoing Pre-Announcement of Legislation/Administration
⑤ Partial Amendment to the Enforcement Decree of the Act on the Integrated Control of Pollutant-Discharging Facilities
This Amendment lowers the maximum nitrogen oxide emission standard of cement factories equipped with kilns from 270ppm to 240ppm and reinforces the restriction on emission concentration of hazardous substances such as hydrogen chloride, benzene, and formaldehyde.
5. Serious Accidents Punishment Act ("SAPA") Related Editorials and Columns from Major Dailies
