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 Acton Labeling and Advertising of Foods
This Amendment requires the indication of details before and after changes in the volume or the quality of products in accordance with the public notice issued by the Fair Trade Commission.
② Partial Amendment to the Securities-related Class Action Act
This Amendment allows class actions against directors of a corporation or the head of conglomerates, expanding the scope of class actions beyond securities and financial companies.
2. Pending Bill(s)
③ Act on Online Platform Monopoly Regulation
This Bill establishes the criteria for designating a "market-dominant platform business operator," requiring an average annual sale of at least KRW 3 trillion and the provision of an online platform service with a monthly average of at least 10 million users or a monthly average of at least 50,000 business users.
3. Promulgated Bill(s)
④ Enforcement Decree of the Act on External Audit of Stock Companies
This Bill proposes a five-year postponement of the introduction period for the internal accounting control regulation system for stock-listed corporations with a total asset of less than KRW 2 trillion.
4. Bill(s) Undergoing Pre-Announcement of Legislation/Administration
⑤ Act on Mediation of Disputes Related to Fair Trade
This Bill streamlines dispute mediation procedures for cases with fewer issues by introducing a simplified mediation system and extending the subcommittee system. It also consolidates provisions related to disputes, previously dispersed across various acts, into a single act by enacting legislation regarding the dispute mediation system.
5. Serious Accidents Punishment Act ("SAPA") Related Editorials and Columns from Major Dailies
