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 Petroleum and Alternative Fuel Business Act
This Amendment allows petroleum refiners to input recycled substances, including pyrolytic oil manufactured from waste plastics, to petrochemical and refinery processes after diluting them with crude oil.
② Partial Amendment to the Environmental Technology and Industry Support Act
This Amendment bans companies dependent on fossil fuel power generation businesses or businesses related to mining, importing, processing, or selling fossil fuels for power generation for at least 30 percent of their power generation or sales from being designated as green enterprises.
2. Pending Bill(s)
③ Partial Amendment to the Act on the Consumer Protection in Electronic Commerce
This Amendment prohibits the use of dark patterns, a deceptive marketing tactic that induces inattentive consumers into enrolling in automatic payments or service subscriptions.
3. Promulgated Bill(s)
④ Enforcement Decree of the Banking Act
This Bill requires banks to obtain authorization from the Financial Services Commissions when they intend to close a banking service of which asset accounts for 10 percent of their total assets.
4. Bill(s) Undergoing Pre-Announcement of Legislation/Administration
⑤ Partial Amendment to the Enforcement Decree of the Act on Special Measures for the Promotion of Venture Businesses
This Amendment exclusively allows the issuance of dual-class stocks for venture companies that have secured investments of at least KRW 10 billion after their establishment.
5. Serious Accidents Punishment Act ("SAPA") Related Editorials and Columns from Major Dailies
