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 Act on the Protection of Financial Consumers
This Amendment requires financial companies that have acquired a net interest margin exceeding 120% of their average net interest income over the past five years to contribute up to 40% of the excess income as a “mutual finance contribution.”
② Partial Amendment to the Financial Investment Services and Capital Markets Act
This Amendment introduces fines for illegal short-selling, set at three times the amount of the profit accrued or loss avoided if the amount exceeds KRW 5 billion and twice the amount of the profit accrued or loss avoided if the amount is more than KRW 500 million but less than KRW 5 billion.
2. Pending Bill(s)
③ Special Act on the Maintenance and Support for Decrepit Planned Cities
This Bill targets decrepit planned cities across the country, including local innovation cities, providing them with advantages regarding the relaxation or exemption of safety examinations, changes in land use, and increase in floor area ratio to improve the functionality and settlement conditions of these cities and facilitate their transformation into future cities.
3. Promulgated Bill(s)
④ Act on Special Measures for the Promotion of Venture Businesses
This Bill allows founders of venture companies to possess multiple voting rights, with a maximum of ten votes per share.
4. Bill(s) Undergoing Pre-Announcement of Legislation/Administration
⑤ Partial Amendment to the Enforcement Decree of the Game Industry Promotion Act
This Amendment requires the disclosure of information, including the type and drop rate of probabilistic items, to be prominently featured within the game, as well as on homepages and in advertisements, starting next year.
5. Serious Accidents Punishment Act ("SAPA") Related Editorials and Columns from Major Dailies
