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 the Collection of Insurance Premiums for Employment Insurance and Industrial Accident Compensation Insurance
This Amendment recovers the reduced industrial accident compensation insurance premiums if a serious accident occurs during the certification period.
② Partial Amendment to the Commercial Act
This Amendment specifies the directors' duty of loyalty and duty of fairness and restricts the voting rights of management and major shareholders who have been indicted for embezzlement or misappropriation.
2. Pending Bill(s)
③ Act on the Promotion of AI Advancement and the Establishment of Trust Framework for AI
This Amendment mandates a triennial AI master plan covering policy direction, industry promotion, and trust framework establishment; the creation of a National AI Committee, National AI Center, and AI Safety Research Institute; high-risk AI business operators' duty to ensure reliability and safety; and indication for operating generative AI.
3. Promulgated Bill(s)
④ Game Industry Promotion Act
This Bill requires foreign game providers to appoint a domestic representative to fulfill indication obligations for game products. Violations may result in fines of up to KRW 20 million.
4. Bill(s) Undergoing Pre-Announcement of Legislation/Administration
⑤ Partial Amendment to the Enforcement Decree of the Broadcasting Act
This Amendment eases the entry regulation for program providers in radio, data, and VOD by changing the registration system into a reporting system. It also removes restrictions that limit IPTV providers from excessive channel ownership or influence.
5. Serious Accidents Punishment Act ("SAPA") Related Editorials and Columns from Major Dailies