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 Software Promotion Act
This Amendment introduces exceptions allowing large enterprises to engage in design and planning projects ordered separately from software development projects. It also allows the companies belonging to a business group subject to limitations on cross-shareholding to participate in large-scale projects exceeding a certain size.
② Partial Amendment to the Korea Development Bank Act
This Amendment aims to allocate KRW 40 trillion from the Key Industry Stabilization Fund, initially established to support businesses facing liquidity crisis due to COVID-19, to support the development of high-tech industries, such as batteries, semiconductors, and biotechnology.
2. Pending Bill(s)
③ Partial Amendment to the Serious Accidents Punishment Act
This Amendment postpones the enforcement of the Act for businesses with fewer than 50 employees by an additional two years.
3. Promulgated Bill(s)
④ Enforcement Decree of the Act on the Improvement of Urban Areas and Residential Environments
This Bill provides improvement zones near a station with special benefits such as ease in floor area ratios and construction regulation and requires the increased number of housing units due to such benefits to be sold as public housing.
4. Bill(s) Undergoing Pre-Announcement of Legislation/Administration
⑤ Partial Amendment to the Enforcement Decree of the Fair Transactions in Franchise Business Act
This Amendment requires the franchisers intending to modify transaction conditions in a manner that adversely affects the franchisees to engage in prior consultation with the franchisees.
5. Serious Accidents Punishment Act ("SAPA") Related Editorials and Columns from Major Dailies
