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 Special Measures for Strengthening and Protecting the Competitiveness of National High-tech Strategic Industries
This Amendment raises the maximum fines for divulging high-tech strategic technologies protected under this Act to foreign countries from KRW 2 billion to KRW 2.5 billion.
② Partial Amendment to the Civil Act
This Amendment requires digital product providers to provide and maintain digital products of reasonable quality. It also establishes a two-year liability period for warranties on digital products.
2. Pending Bill(s)
③ Special Act on Local Investment Promotion
This Act offers businesses that invest in regions designated as "Opportunity Development Zones" a 100% deduction of corporate and property tax for the first ten years and a 50% tax deduction for the subsequent ten years.
3. Promulgated Bill(s)
④ Special Act on Promotion of Distributed Energy
This Act promotes the widespread adoption of distributed energy by stipulating an electronic power system impact assessment system, a virtual power plant system, and a mandatory distributed energy installation system, assigning electric distribution business entities with the role of managing distribution networks, implementing a regional electricity fee system and a distributed energy specialized region system, and establishing a distributed energy promotion center and a distribution energy supporting center.
4. Bill(s) Undergoing Pre-Announcement of Legislation/Administration
⑤ Partial Amendment to the Enforcement Decree of Trade Union and Labor Relations Adjustment Act
This Amendment requires trade unions with 1,000 or more members to disclose the result of their settlement of accounts. If a trade union fails to fulfil this duty, this Amendment excludes the trade union and its affiliated unions from tax credits for union dues.
5. Serious Accidents Punishment Act ("SAPA") Related Editorials and Columns from Major Dailies
