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 Act on Prevention of Divulgence and Protection of Industrial Technology
This Amendment imposes the civil liability to pay compensation on brokers who arrange job transfers with the precondition of divulging industrial technology, holding them accountable for damages resulting from the information leakage.
② Partial Amendment to the Depositor Protection Act
This Amendment raises the deposit protection limit from KRW 50 million to a maximum of KRW 200 million, with consideration of the loan-deposit margin of financial companies.
2. Pending Bill(s)
③ Partial Amendment to the Labor Standards Act
This Amendment supplements the equal treatment principle by prohibiting discrimination based on employment types and extends the scope of discrimination prohibition by implementing the principle of "equal pay for equal work."
3. Promulgated Bill(s)
④ Act on Restriction of Special Taxation
This Act increases the tax credits for investment in facilities and introduces temporary tax credits for investments that strengthen the competitiveness of national strategic industries, such as semiconductors.
4. Bill(s) Undergoing Pre-Announcement of Legislation/Administration
⑤ Partial Amendment to the Guidelines for Reporting the Establishment and Conversion of Holding Companies and Reporting on the Business Details of Holding Companies
This Amendment defines “other relatives” as blood relatives within the fifth and sixth degree of relationship and affinity relatives within the fourth degree of relationship who possess more than one-hundredth of the shares of a company controlled by the individual as well as the biological mother and father of a child born out of wedlock.
5. Serious Accidents Punishment Act ("SAPA") Related Editorials and Columns from Major Dailies
