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 Act on Corporate Governance of Financial Companies
This Amendment removes the provision that exempts subsidiaries, which are financial companies, from the mandatory requirement to establish internal control and risk management standards. It also requires financial companies to regularly inspect the effectiveness of their internal control standards and grants risk management officers of financial companies the authority to report risk management results to the audit committee or an auditor.
② Partial Amendment to the Commercial Act
This Amendment clarifies the directors' duty to protect shareholders and imposes responsibilities on directors to ensure sound corporate management in consideration of the environment and society.
2. Pending Bill(s)
③ Partial Amendment to the Act on Promotion of Information and Communications Network Utilization and Information Protection
This Amendment establishes a daily limit on social media usage for adolescents under the age of 16 and requires them to obtain parental consent for accepting algorithms that may encourage addiction.
3. Promulgated Bill(s)
④ Enforcement Decree of the Community Credit Cooperatives Act
This Bill increases the number of external experts on the personnel recommendation committee for recommending candidates for key executives, including the full-time director of the Korean Federation of Community Credit Cooperatives, from three to five members.
4. Bill(s) Undergoing Pre-Announcement of Legislation/Administration
⑤ Partial Amendment to the Framework Act on Science and Technology
This Amendment introduces a system to preemptively evaluate the feasibility and appropriateness of the implementation of research and development projects involving large-scale construction, following the abolition of preliminary feasibility studies for such projects.
5. Serious Accidents Punishment Act ("SAPA") Related Editorials and Columns from Major Dailies
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