Legislation & Government Relations Consulting Center 2024-01-31
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Weekly Legislative Report (For the week of January 22, 2024 – January 26, 2024)

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 .

1. Proposed Bill(s)

① Partial Amendment to the Act on Labeling and Advertising of Foods

This Amendment requires companies to indicate changes in product volumes or material content on the product packaging. 

② Partial Amendment to the Act on Restriction on Special Cases Concerning Taxation

This Amendment extends the expiration period of the tax credits for investments in national strategic technologies (15% for large and middle-standing enterprises and 25% for SMEs) by an additional six years.

2. Pending Bill(s)

③ Partial Amendment to the Serious Accidents Punishment Act

This Amendment extends the postponement of the SAPA application to businesses with fewer than 50 employees for an additional two years.

3. Promulgated Bill(s)

④ Financial Investment Services and Capital Markets Act

This Bill imposes a penalty surcharge on individuals engaged in unfair trading practices, such as market price manipulations, within a range not exceeding twice the amount of profit earned by such practices. In cases where no profit is generated or where calculating profit proves challenging, the maximum penalty shall be capped at KRW 4 billion.

4. Bill(s) Undergoing Pre-Announcement of Legislation/Administration

⑤ Partial Amendment to the Enforcement Decree of the Radio Waves Act

This Amendment improves the inspection procedures for radio stations, such as mobile communication base stations, allowing adjustments to the inspection date. It also eases the regulations regarding the use of private 5G terminals, changing the permission system to a reporting system. Moreover, this Amendment extends the exemption of spectrum use fees for resale phones by one year until the end of this year, reducing the fees related to radio waves.

5. Serious Accidents Punishment Act ("SAPA") Related Editorials and Columns from Major Dailies

[The Chosun Ilbo] Launch of an Application Enhancing Workers’ Safety … Complimentary Access for Businesses with Fewer than 50 Employees 
[The JoongAng] President Yoon Urges Definite Passage of the Amendment to the SAPA 
[The Dong-a Ilbo] People Power Party Interim Leader Han Dong-hoon Strongly Urges for a Two-Year Grace Period for the Expanded Enforcement of the SAPA from the Democratic Party of Korea
[Maeil Business News] “Postponement of the SAPA Is Unsuccessful” … Floor Leader Hong Ihk-pyo States, “Difficult to Pass the Bill Today"

*For more details, please download the PDF file attached.