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 Banking Act
This Amendment requires banks intending to close a branch to report the closure to the Financial Services Commission six months before the date of closure.
② Partial Amendment to the Minimum Wage Act
This Amendment requires minimum wages to be determined differently based on the type, scale, and region of businesses, as well as the age of workers, but ensures that the gap between minimum wages does not exceed a certain rate.
2. Pending Bill(s)
③ Partial Amendment to the Act on Restriction on Special Cases Concerning Taxation
This Amendment extends the tax credit for national strategic technologies by ten years to 2034.
3. Promulgated Bill(s)
④ Financial Investment Services and Capital Markets Act
This Bill requires executive officers and major shareholders of stock-listed corporations who intend to trade or engage in other transactions involving specific securities to report the transaction plan to the Securities and Future Commission and the exchange within 30 to 90 days prior to the commencement of the transaction period.
4. Bill(s) Undergoing Pre-Announcement of Legislation/Administration
⑤ Partial Amendment to the Enforcement Decree of the Act on the Consumer Protection in Electronic Commerce
This Amendment mandates e-commerce and OTT platform businesses who wish to increase a recurring payment to obtain prior consent from subscribers and notify them 30 days before increasing the amount of payment.
5. Serious Accidents Punishment Act ("SAPA") Related Editorials and Columns from Major Dailies
.png)
