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 Act on Special Cases Concerning the Promotion of Reconstruction and Redevelopment Projects
This Bill simplifies the complicated procedures associated with reconstruction and redevelopment projects. It also temporarily alleviates the floor area ratio limit in station areas to 1.3 times the legal restriction for the next three years.
② Partial Amendment to the Act on Promotion of Information and Communications Network Utilization and Information Protection
This Amendment requires online platform businesses, including portals, to indicate when content is generated using AI.
2. Pending Bill(s)
③ Partial Amendment to the Financial Investment Services and Capital Markets Act
This Amendment requires business reports and half-yearly reports to include ESG-related matters for individual investors.
3. Promulgated Bill(s)
④ Fair Transactions in Subcontracting Act
This Bill requires a prime contractor who inflicts damage to a subcontractor by unfairly using technical data acquired from the subcontractor, either for their own benefit or for a third party, to compensate up to five times the amount of losses.
4. Bill(s) Undergoing Pre-Announcement of Legislation/Administration
⑤ Partial Amendment to the Credit Information Use and Protection Act
This Amendment eliminates investment requirements for financial companies entering corporate credit rating services to rationalize entry regulations.
5. Serious Accidents Punishment Act ("SAPA") Related Editorials and Columns from Major Dailies
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