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 Financial Investment Services and Capital Markets Act
This Amendment establishes the legal grounds for security tokens, creates an issuer's account management agency, introduces curb brokers, and enhances investor protection.
② Partial Amendment to the Act on Restriction on Special Cases Concerning Taxation
This Amendment provides tax benefits to companies that deliver shareholder returns exceeding 120% of the average market shareholder return from the previous year by allowing a deduction of 5% of the excess amount from their corporate tax.
2. Pending Bill(s)
③ Partial Amendment to the Act on Prohibition of Age Discrimination in Employment and Elderly Employment Promotion
This Amendment raises the retirement age from 60 years to 65 years by 2033.
3. Promulgated Bill(s)
④ Insurance Business Act
This Bill enables hospitals to automatically claim medical indemnity insurance proceeds without visiting the office or submitting complex documents.
4. Bill(s) Undergoing Pre-Announcement of Legislation/Administration
⑤ Enforcement Decree of the Act on the Support for Urban Complex Development
This Bill offers special benefits, including a shortened deliberation period and an increased floor area ratio, for urban complexes developed by the private sector.
5. Serious Accidents Punishment Act ("SAPA") Related Editorials and Columns from Major Dailies
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