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 allows shareholders holding at least 1/100 of the total issued stocks to request a suspension of a merger if there are concerns that shareholders may be at a disadvantage due to an unfair merger ratio.
② Partial Amendment to the Motor Vehicle Management Act
This Amendment requires EV manufacturers to include detailed information about the battery in the specifications of their EV models, including the manufacturer and model name.
2. Pending Bill(s)
③ Special Act on the Expansion of the National Power Grid
This Bill proposes the establishment of a committee chaired by the Prime Minister, simplified administrative procedures and the improvement of licensing procedures, a rational land compensation system and a differentiated support system, and programs to promote participation from the private sector and facility construction to shorten the construction period.
3. Promulgated Bill(s)
④ Unfair Competition Prevention and Trade Secret Protection Act
This Bill increases the maximum punitive damages for the extortion of ideas to five times the amount of loss and grants the Commissioner of the Korean Intellectual Property Office the authority to issue corrective orders to individuals who have committed acts of unfair competition, such as idea extortion.
4. Bill(s) Undergoing Pre-Announcement of Legislation/Administration
⑤ Partial Amendment to the Enforcement Decree of the Act on Promotion of Transition to Circular Economy and Society
This Amendment recommends business operators to design easily repairable products and provide information on which parts can or cannot be repaired by consumers. It also recommends the provision of safety and cautionary information related to the repair process.
5. Serious Accidents Punishment Act ("SAPA") Related Editorials and Columns from Major Dailies
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