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 Distribution Industry Development Act
This Amendment allows discount stores to operate online order services during business restrictions hours and compulsory closedown dates.
② Partial Amendment to the Product Liability Act
This Amendment expands the subject of provision that shifts the burden of proof to include "products requiring advanced technologies" pursuant to the Presidential Decree, in addition to motor vehicles, and applies the court-ordered data submission system to the Act.
2. Pending Bill(s)
③ Act on Artificial Intelligence Industry Promotion and Trust Securement
This Bill requires the preparation of policy measures to establish a trust foundation for the safe utilization of AI technology, expert training for the development of AI technology and promotion of the AI industry, and the establishment of an institutional foundation to facilitate various initiatives aimed at securing overseas AI experts.
3. Promulgated Bill(s)
④ Act on the Protection of Virtual Asset Users
This Bill prescribes the protection of users' deposits and virtual assets, prohibits unfair trade practices such as market price manipulation, and stipulates the authority to monitor, inspect, and restrict virtual asset service providers, as well as investigate or take measures against persons engaged in unfair practices.
4. Bill(s) Undergoing Pre-Announcement of Legislation/Administration
⑤ Partial Amendment to the Enforcement Decree of the Specialized Credit Finance Business Act
This Amendment requires insiders of a listed company, such as executives and major shareholders, to disclose their transaction plans before executing a share transaction exceeding a certain scale.
5. Serious Accidents Punishment Act ("SAPA") Related Editorials and Columns from Major Dailies
.png)
