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 Monopoly Regulation and Fair Trade Act
This Amendment extends the statute of limitations for providing unfair benefits to a related contractor, such as the children of a company owner, to a maximum of 15 years.
② Act on the Management and Promotion of Real Estate Sales Agency Business
This Bill outlines the general matters of the real estate sales agency industry, encompassing all real estate types. It covers qualifications, obligations, and prohibited acts. In particular, it requires individuals who intend to start a real estate sales agency business to possess a minimum capital of KRW 200 million, have experts fulfilling specific qualifications, and be duly registered by the mayor or the Do Governor.
2. Pending Bill(s)
③ Partial Amendment to the Framework Act on the Construction Industry
This Bill cancels the registration of constructors whose intentional or negligent performance of defective construction work leads to substantial damage and fatal accidents involving the death of five or more individuals, including construction project participants, or three or more individuals excluding construction project participants. It further imposes a five-year restriction on their new registration.
3. Promulgated Bill(s)
④ Enforcement Decree of the Act on the Protection of Financial Consumers
In line with the upcoming November introduction of a fast-track system to address disputes between financial companies and consumers, this Act enables the Financial Supervisory Service to deliberate applications for mediation without necessitating a settlement recommendation by agreement, given that specific requirements are met.
4. Bill(s) Undergoing Pre-Announcement of Legislation/Administration
⑤ Partial Amendment to the Enforcement Rule of the Wastes Control Act
This Amendment exempts cases where dead electric car batteries are recycled and reused from the duty to establish a waste recycling facility.
5. Serious Accidents Punishment Act ("SAPA") Related Editorials and Columns from Major Dailies
