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 Commercial Act
This Amendment introduces the "duty of fairness" for corporate directors, mandating the protection of shareholders.
② Partial Amendment to the Act on the Consumer Protection in Electronic Commerce
This Amendment requires mail order brokers to pay the amount received from customers to partner sellers within seven days from the date of purchase confirmation or ten days from the date of delivery completion. It also mandates them to pay interest if payment is delayed.
2. Pending Bill(s)
③ Partial Amendment to the Act on Promotion of Information and Communications Network Utilization and Information Protection
This Amendment mandates the use of watermarks to indicate the use of AI technologies when uploading AI-generated content, such as deep fake videos or audio.
3. Promulgated Bill(s)
④ Enforcement Decree of the Special Act on the Development of Enterprise Cities
This Bill eases the regulations on development zones in enterprise cities by reducing the minimum area from 1 million square meters to 500,000 square meters.
4. Bill(s) Undergoing Pre-Announcement of Legislation/Administration
⑤ Enforcement Decree of the Special Act on National Resource Security
This Amendment designates public enterprises related to energy and resources, such as the Korea National Oil Corporation and Korea Gas Corporation, as dedicated institutions for national resource and requires them to stockpile a certain amount of key resources.
5. Serious Accidents Punishment Act ("SAPA") Related Editorials and Columns from Major Dailies
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