Legislation & Government Relations Consulting Center 2023-09-20
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Weekly Legislative Report (For the week of September 11, 2023 – September 15, 2023)

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 .

1. Proposed Bill(s)

① ⁠Partial Amendment to the Act on Corporate Governance of Financial Companies

This Amendment establishes an internal control committee under the board of directors to strengthen the board's responsibility to monitor the internal control system. It also assigns the ultimate liability for the failure of a financial company’s internal control system to its CEO.

② Partial Amendment to the Serious Accidents Punishment Act

This Amendment prolongs the postponement of the SAPA application to businesses with fewer than 50 employees by two years, from January 27, 2024, to January 27, 2026.

2. Pending Bill(s)

③ Partial Amendment to the Act on Press Arbitration and Damage Remedies

This Amendment includes internet news services into the scope of the press, requiring them to assume the social responsibilities of the press prescribed under the current legal system.

3. Promulgated Bill(s)

④ Enforcement Decree of the Personal Information Protection Act

This Bill modifies the calculation standard for the maximum penalty surcharge applicable to entities that have violated the Personal Information Protection Act from the sales revenue related to the violation to the total sales revenue.

4. Bill(s) Undergoing Pre-Announcement of Legislation/Administration

⑤ Partial Amendment to the Enforcement Rule of the Framework Act on the Construction Industry

This Amendment increases the importance of safety and quality in assessing a constructor's execution capacity. It also deducts points from constructors found associated with faulty work, fatal accidents on construction sites, delayed payment of construction costs, or engagement in illegal subcontracting.

5. Serious Accidents Punishment Act ("SAPA") Related Editorials and Columns from Major Dailies

[News 1] Military Authorities Prepare for the Upcoming Expanded SAPA Application Next Year with Plan to Overhaul Construction Site Manuals
[The Kyunghyang Shinmun] The MOEL Imposes Fines on Costco for the Delayed Reporting of “Its Employee’s Death Caused by Heat Wave” 
[The JoongAng] Prosecution Sentences CEO of DImaterials Corporation to One-Year Imprisonment, Marking “the First Indictment Under the SAPA”

*For more details, please download the PDF file attached.