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 Act on Protection of Digital Service Users
This Bill requires business operators planning to deliver personalized services to inform users in a clear and convenient manner about the usage of their browsing and search history. It also requires digital service providers that use algorithms to offer recommendation services to disclose the major criteria for information ordering.
② Act on the Promotion of Fair Competition in the Online Platform Market
This Bill establishes regulations to curb the abuse of market-dominant positions and unfair brokerage transaction practices by market-dominant online platform business operators, proposing measures to limit the expansion of excessive market dominance.
2. Pending Bill(s)
③ Act on the Capture, Transportation, Storage, and Utilization of Carbon Dioxide
This Bill defines CCUS business, excludes captured carbon dioxide as well as substances and products resulting from its utilization from being classified as wastes, and requires the government to formulate and implement master and implementation plans concerning carbon dioxide captures every five years.
3. Promulgated Bill(s)
④ Enforcement Decree of the Act on Restriction on Special Cases Concerning Taxation
This Bill designates key biomedicine technologies as national strategic technologies, enhancing support for research and development in this field and allowing companies to receive tax credits with coverage of up to 50 percent (for SMEs) of relevant research and development expenses.
4. Bill(s) Undergoing Pre-Announcement of Legislation/Administration
⑤ Partial Amendment to the Commercial Act
This Amendment introduces an electronic general shareholders' meeting system, in which the entire process, including summoning, voting, and discussions, is conducted online. It also broadens the applicability of the provision that grants appraisal rights to shareholders dissenting spin-offs of significant business units to encompass unlisted companies.
5. Serious Accidents Punishment Act ("SAPA") Related Editorials and Columns from Major Dailies
