Legislation & Government Relations Consulting Center 2024-03-13
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Weekly Legislative Report (For the week of March 4, 2024 – March 8, 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 Special Measures for Strengthening the Competitiveness of, and Protecting National High-tech Strategic Industries

This Amendment includes mobility and hydrogen technologies in the scope of national high-tech strategic technologies.

② Partial Amendment to the Telecommunications Business Act

This Amendment incorporates essential provisions for consumer protection into the Telecommunications Business Act, including the continuation of the discounted subscription plan and the requirement for the separate indication of the mobile device cost from service charges.

2. Pending Bill(s)

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

This Amendment proposes canceling the planned implementation of the financial income tax system scheduled for January 1, 2025, and maintaining the current capital gains tax system.

3. Promulgated Bill(s)

④ Enforcement Decree of the Financial Investment Services and Capital Markets Act

This Bill enables executives and employees of foreign companies residing in Korea to trade their listed stocks, such as stock options received as performance compensation, directly through foreign stock firms.

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

⑤ Pre-Announcement of Legislation for the Partial Amendment to the Enforcement Decree of the Financial Investment Services and Capital Markets Act and Public Notice on the Partial Amendment to the Regulations on Issuance, Public Disclosure, Etc. of Securities

This Bill requires the board of directors to draft a written opinion that includes the board's opinion regarding the appropriateness of the transaction terms, such as a merger's purpose, enterprise values, merger ratio, and reasons for any director's opposition to the merger.

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

[Maeil Business News] Controversy over SAPA Persists ... “Only Major Companies with Law Firms Can Avoid Penalties”
[Yonhap News] Rising Demands for Safety Managers Due to SAPA ... Government to Expand Training Programs
[The JoongAng] Industrial Accident Fatalities Fell to Approximately 500 Last Year ... “Attributed to Economic Downturns, Such as Slump in Construction Industry”

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