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 Copyright Act
This Amendment introduces a punitive compensation system that increases the compensation for copyright infringement of video content using illegal websites by three times the existing penalties. It also grants relevant public officials the authority to investigate the site.
② Partial Amendment to the Special Act on the Prevention of Loss Caused by Telecommunications-based Financial Fraud and Refund for Loss
This Amendment allows simplified money transfer service operators to share transaction information when a scammer uses their services to transfer fraudulently acquired funds.
2. Pending Bill(s)
③ Act on Fostering Artificial Intelligence Technologies and Building Foundation of Trust
This Bill establishes basic principles of artificial intelligence technology and industry, prioritizing human safety and enhancing reliability. It also requires the State and local governments to develop policy measures that ensure smooth societal adaptation to AI-driven changes in various aspects of life, encompassing social, economic, and cultural domains.
3. Promulgated Bill(s)
④ Collection Rules on Patent Fees
This Amendment lowers the patent registration fee by ten percent and fees for applying or registering trademarks by KRW 10,000.
4. Bill(s) Undergoing Pre-Announcement of Legislation/Administration
⑤ Partial Amendment to the Act on Restriction on Special Cases Concerning Taxation
This Amendment raises the tax credit rate for video content production costs to match that of national strategic technologies. It designates core technologies in the biomedicine sector as a national strategic technology, granting them substantial tax credits equivalent to tax credits for semiconductor technologies. Furthermore, it expands the scope of income tax and corporate tax reduction and deduction for businesses relocating to domestic regions after operating at least two years in overseas areas, from 100 percent for five years and 50 percent for two years to 100 percent for seven years and 50 percent for three years.
5. Serious Accidents Punishment Act ("SAPA") Related Editorials and Columns from Major Dailies
