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 Financial Investment Services and Capital Markets Act
This Amendment requires companies to disclose climate-related information, including (i) opportunities and risks related to climate change and corresponding response plans, (ii) greenhouse gas emissions per factors contributing to global warming, total greenhouse gas emissions and goals for reduction, and (iii) the implementation status and decision-making structure of response plans and reduction goals.
② Partial Amendment to the Housing Act
This Amendment mandates the disclosure of the number of owners obtaining ownership of the site for the housing construction in an advertisement for recruiting members of a local-based housing association.
2. Pending Bill(s)
③ Partial Amendment to the Housing Act
This Amendment proposes the abolition of the residency obligation imposed on residents of housing in the Seoul Metropolitan area subject to the sales price ceiling system.
3. Promulgated Bill(s)
④ Corporate Restructuring Promotion Act
This Bill extends the effective period of the Corporate Restructuring Promotion Act, which expired in October 2023, to 2026. It aims to identify early signs of insolvency in companies before bankruptcy and expedite their normalization through the autonomous consultation of the creditors.
4. Bill(s) Undergoing Pre-Announcement of Legislation/Administration
⑤ Partial Amendment to the Regulations for Performance and Safety Standards of Motor Vehicle and Vehicle Parts
This Bill expands the items that must be recorded on the EDR from 45 to 67 items, including the activation of the emergency automatic braking system and the braking pressure. It also expands the EDR recording conditions from cases where airbags are deployed to include cases of collision with pedestrians.
5. Serious Accidents Punishment Act ("SAPA") Related Editorials and Columns from Major Dailies
