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 Real Estate Development Project Management Act
This Bill mandates the creation of a comprehensive system for systematically managing and analyzing information related to public finance (PF) projects, aiming to prevent crises in real estate PF.
② Partial Amendment to the Act on Prevention of Divulgence and Protection of Industrial Technology
This Amendment grants the Minister of Trade, Industry and Energy the authority to request the determination of a technology possessed by an enterprise as a national core technology. It also obligates institutions with national core technologies to be registered based on this determination and increases the compensation limit for willful industrial technology infringement from three times the recognized damages to five times.
2. Pending Bill(s)
③ Partial Amendment to the Commercial Act
This Amendment expands the scope of directors' duty of loyalty from "the company" to "shareholders' proportional interests and the company."
3. Promulgated Bill(s)
④ Enforcement Decree of the Personal Information Protection Act
This Bill requires online business operators to use clear indication with easily understandable language when obtaining consent for the collection and use of personal information. It also allows them to collect and use personal information related to service usage contracts without consent.
4. Bill(s) Undergoing Pre-Announcement of Legislation/Administration
⑤ Partial Amendment to the Enforcement Decree of the Act on the Allocation and Trading of Greenhouse Gas Emission Permits
This Amendment expands the scope of participants in the greenhouse gas emissions trading market to include financial asset managers, banks and insurance companies, fund managers, etc.
5. Serious Accidents Punishment Act ("SAPA") Related Editorials and Columns from Major Dailies
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