Legislation & Government Relations Consulting Center 2023-10-25
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Weekly Legislative Report (For the week of October 16, 2023 – October 20, 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 Unfair Competition Prevention and Trade Secret Protection Act

This Amendment includes individuals who employ a trade secret in a foreign country or knowingly leak a trade secret for use in a foreign country within the scope of reporting.

② Partial Amendment to the Export-Import Bank of Korea Act

This Amendment raises the capital stock of the Export-Import Bank from KRW 15 trillion to KRW 35 trillion.

2. Pending Bill(s)

③ Partial Amendment to the Depositor Protection Act

This Amendment raises the maximum deposit insurance amount from KRW 50 million to KRW 100 million.

3. Promulgated Bill(s)

④ Enforcement Decree of the Depositor Protection Act

This Bill separates pension savings held under a trust or insurance contract, accident insurance claims, and SME retirement pension funds from regular deposits and applies a maximum deposit insurance coverage of KRW 50 million to each one of them.

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

⑤ Partial Amendment to the Enforcement Decree of the Act on Special Cases Concerning the Regulation of Regulation-free Special Zones and Special Economic Zones for Specialized Regional Development

This Amendment establishes a list of regulations on matters prohibited or restricted by other laws and enables the demonstration of new technologies not included in the list, promoting opportunities for collaborative technology development with foreign clusters based on solidarity and cooperation.

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

[The Kyunghyang Shinmun] The Center for Freedom of Information and Transparent Society Files a Lawsuit Against the Labor Ministry for “Non-disclosure of Companies with Serious Accidents” 
[The Hankyoreh] Will the SAPA Apply to the Coupang Subcontractor Delivery Driver Who Died from Overwork? 
[The Kyunghyang Shinmun] “80% of Serious Accidents Occur in Businesses with Fewer than 50 Employees” … KCTU Launches Signature Campaign Against Deferring SAPA Implementation 
[Chosun Biz] Six Economic Organizations Call for “Suspension of the Amendment to the Labor Union Act and Improvements in the SAPA”

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