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 Motor Vehicle Management Act
This Amendment mandates car manufacturers and sellers to install dashboard cameras that record pedal activities, in accordance with the standards set by an order by the Ministry of Land, Infrastructure and Transport, which include vehicle types, usage, and maximum passenger capacity.
② Partial Amendment to the Act on Restriction on Special Cases Concerning Taxation
This Amendment increases the integrated investment tax credit rate by 10% for semiconductor technologies, making the new tax credit rates 25% for large companies and 35% for small and medium companies. It also increases the tax credit rates by 10% for semiconductor R&D, raising the rates to 40% for large companies and 50% for small and medium companies. Additionally, it extends the sunset clause, originally scheduled to expire this year, by ten years.
2. Promulgated Bill(s)
③ Act on Corporate Governance of Financial Companies
This Bill introduces an accountability structure chart for the financial industry. It mandates that financial companies submit this chart to the financial authority to ensure the establishment of internal control standards and the effective management of internal controls in practice.
3. Bill(s) Undergoing Pre-Announcement of Legislation/Administration
④ Partial Amendment to the Enforcement Decree of the Electronic Financial Transactions Act
This Amendment mandates the prompt reporting of failure in computer systems, such as mobile banking, to the Financial Services Commission. It also increases the administrative fines for violating the duty to report from the current KRW 6 million to KRW 10 million.
4. Serious Accidents Punishment Act ("SAPA") Related Editorials and Columns from Major Dailies
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