Legislation & Government Relations Consulting Center 2024-03-27
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Weekly Legislative Report (For the week of March 18, 2024 – March 22, 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 Game Industry Promotion Act

This Amendment introduces a punitive damages system that mandates a compensation of twice the maximum damages in cases involving intentional indication of misinformation regarding the probability of obtaining probabilistic items.

2. Pending Bill(s)

② Act on Artificial Intelligence Industry Promotion and Trust Securement

This Bill establishes the legal foundation to support the AI industry and mandates that businesses utilizing AI technologies in high-risk sectors ensure safety and credibility.

3. Promulgated Bill(s)

③ Export-Import Bank of Korea Act

This Bill raises the legal capital of the Export-Import Bank of Korea from the current KRW 15 trillion to KRW 25 trillion

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

④ Partial Amendment to the Enforcement Decree of the Financial Investment Services and Capital Markets Act and Partial Amendment to the Regulations on Financial Investment Business

This Amendment requires security companies to strengthen risk management practices and provide guidance to customers, aiming to enhance their investment practices in long or short-term maturity mismatching in trust or wrap products.

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

[Sedaily] Former CEO of YEOCHUN NCC Acquitted of “Four Fatalities” Accident Under SAPA … Labor Ministry and Prosecution Differ in Judgment, Despite Collaborative Investigation
[Newsis] SAPA Heads to Constitutional Court … Filing of Constitutional Complaint Scheduled for April 1st
[The Kyunghyang Shinmun] Labor Ministry Conducts “Autonomous and Comprehensive Workplace Diagnosis” to Assist in Preventing Serious Accidents for Businesses with Fewer than 50 Employees 

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