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 Change of Jurisdiction of Gyeonggi-do and Seoul Metropolitan City
This Bill excludes Hanam from the jurisdiction of Gyeonggi-do and establishes Hanam-gu as a part of Seoul Metropolitan City.
② Partial Amendment to the Special Act on Support for Financial Innovation
This Amendment extends the period for the improvement of statutes and regulations to a maximum of two and a half years, aligning it with practical requirements, and provides opportunities for civilian members to be elected as chairpersons of the Innovative Finance Review Committee.
2. Pending Bill(s)
③ Partial Amendment to the Act on Restriction on Special Cases Concerning Taxation
This Amendment provides a 30% tax exemption for investments in facilities that design or manufacture eco-friendly vehicles and vehicle components, applying it to income tax or corporate tax, akin to U.S. regulations.
3. Promulgated Bill(s)
④ Framework Act on the Construction Industry
This Bill establishes a 10-year defects liability period for the structural load-bearing capacity of constructed buildings and exempts subcontractors from defects liability if the defect arises from inherent material characteristics.
4. Bill(s) Undergoing Pre-Announcement of Legislation/Administration
⑤ Partial Amendment to the Enforcement Decree of the Management of the National Funds Act
This Amendment enables the company to receive the entire contracted payment as advance payment when entering into contracts with governmental agencies.
5. Serious Accidents Punishment Act ("SAPA") Related Editorials and Columns from Major Dailies
