Legislation & Government Relations Consulting Center 2024-02-21
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Weekly Legislative Report (For the week of February 12, 2024 – February 16, 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 Act on the Improvement of Urban Areas and Residential Environments

This Amendment expands the conditions regarding the number of owners of a plot of land from the current less than 20 to less than 50 to streamline the implementation of redevelopment projects. 

② Partial Amendment to the Export-Import Bank of Korea Act

This Amendment raises the legal capital of the Export-Import Bank from KRW 15 trillion to KRW 50 trillion.

2. Pending Bill(s)

③ Partial Amendment to the Act on Restriction on Special Cases Concerning Taxation

This Amendment provides tax incentives to companies that offer financial support for marriage, childbirth, and child-rearing to their full-time employees.

3. Promulgated Bill(s)

④ Motor Vehicle Management Act

This Bill requires motor vehicle manufacturers to establish a cybersecurity management system that covers manufacturing to operation and obtain certification from the Ministry of Land, Infrastructure and Transport.

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

⑤ Partial Amendment to the Enforcement Decree and Management Regulations of the Act on Corporate Governance of Financial Companies

This Amendment requires financial companies to prepare documentation outlining the detailed responsibilities of each executive position (responsibility descriptions) and a schematic representation of these responsibilities (responsibilities map). These documents must be submitted to financial authorities within seven business days from the date of the resolution of the board of directors.

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

[Sedaily] Surge in Inquiries Regarding Compensation Insurance Following Expansion of SAPA … Stringent Conditions and High Insurance Premiums Are Obstacles
[Chosun Biz] “Call for Postponement of SAPA” … SME Circles Hold Resolution Meetings Nationwide 
[Kukmin Ilbo] Despite Annual Allocation of KRW 1 Trillion into Safety Budget … Industrial Accidents Persist in Shipyards

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