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 further clarifies the details and extent of liability for the same person, establishing explicit responsibilities for business groups while mitigating excessive penalties.
② Companies Act
This Bill combines company-related laws that are currently scattered across multiple laws, including the Commercial Act, the Financial Investment Services and Capital Markets Act, and the Monopoly Regulation and Fair Trade Act, and enacts them as a single law.
2. Pending Bill(s)
③ Partial Amendment to the Special Act on Private Rental Housing
This Amendment recognizes the preferential transfer right of the lessee in private rental housing and determines the objective criteria to calculate sales price so that it follows procedures by the Transfer Price Review Committee.
3. Promulgated Bill(s)
④ Act on the Promotion of Mutually Beneficial Cooperation Between Large Enterprises and Small and Medium Enterprises
This Bill requires the fluctuation of raw materials to be reflected in the price of delivered goods. It also imposes administrative fines or penalty points in cases where the application of the price linkage system is not specified in the commissioning agreement or when large enterprises keep SMEs from adopting the price linkage system.
4. Bill(s) Undergoing Pre-Announcement of Legislation/Administration
⑤ Partial Amendment to the Enforcement Decree of the Act on Fair Transactions in Large Retail Business
This Bill establishes legal grounds to prohibit large retail business entities from interfering with the management activities of suppliers.
5. Serious Accidents Punishment Act ("SAPA") Related Editorials and Columns from Major Dailies
