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 Special Act on the Transition of Elevated Metro Lines Including Line 1 of Seoul to Underground Lines
This Bill designates the transition project of elevated railways to underground railways as a top-priority project and establishes a dedicated organization for its implementation. It also introduces provisions enabling the exemption of preliminary feasibility surveys when deemed necessary. Moreover, this Bill prescribes that the Ministry of Land, Transport and Maritime Affairs and the administrator of local governments may designate certain areas surrounding railway stations as peripheral development prospect areas and promote the related projects.
② Partial Amendment to the Act on Restriction on Special Cases Concerning Taxation
This Amendment prescribes that the taxation of inherited corporate shares shall be deferred to the time of the disposal of such shares rather than at the time of inheritance, thereby encouraging heirs to continue managing the corporation.
2. Pending Bill(s)
③ Partial Amendment to the Act on Corporate Governance of Financial Companies
This Amendment strengthens the board of directors' role in monitoring internal control and delineates specific responsibilities and duties regarding internal control for each executive within their respective areas, aiming at promoting the responsible operation of internal control systems within financial companies and enhancing executives' awareness of internal control.
3. Promulgated Bill(s)
④ Intelligent Robots Development and Distribution Promotion Act
This Bill recognizes an outdoor mobile robot with safety certification as a pedestrian.
4. Bill(s) Undergoing Pre-Announcement of Legislation/Administration
⑤ Partial Amendment to the Examination Standards for Corporate Consolidation
This Amendment requires the consideration of the availability of substitutes to meet demands in cases of service deterioration and network effects resulting from increased user numbers or data, along with the consideration of price increases when determining a market.
5. Serious Accidents Punishment Act ("SAPA") Related Editorials and Columns from Major Dailies
