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 Partial Amendment to the Financial Investment Services and Capital Markets Act
This Amendment requires listed companies buying a target company's stock for an M&A transaction to make a tender offer for the total remaining stocks after the acquisition.
② Special Act for Planned Offshore Wind Farms and Industry Promotion Act
This Bill proposes adopting a location planning method in which the government directly develops offshore wind power project districts and provides comprehensive support for obtaining relevant authorization and permits.
2. Promulgated Bill(s)
③ Rules on the Prevention of Pollution from Ships
This Bill requires ships of 100 gross tonnage and above and fishing vessels with fishing vessel survey certificates that allow them to carry a maximum of 15 or more persons to keep and manage a garbage record book.
3. Bill(s) Undergoing Pre-Announcement of Legislation/Administration
④ Partial Amendment to the Regulation on Supervision of Electronic Financial Transactions
This Amendment aims to address the regulatory blind spot concerning prepayment businesses and protect users' prepaid funds. It broadens the scope of prepayment businesses subject to supervision, mandates the separate management of prepaid funds, and establishes operational rules for prepayment business operators to ensure the safe management of prepayment information.
4. Serious Accidents Punishment Act ("SAPA") Related Editorials and Columns from Major Dailies
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