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 Labor Standards Act
This Amendment excludes workers engaged in R&D in national high-tech strategic industries, such as semiconductors, displays, biotechnology, and secondary batteries, from the 52-hour workweek limit.
② Partial Amendment to the Telecommunications Business Act
This Amendment stipulates that domestic and foreign large value-added telecommunications entities, such as Google, must enter into a network usage agreement with facilities-based telecommunications business operators and provide them with fair compensation when operating services using the information and communication networks of these operators.
2. Pending Bill(s)
③ Partial Amendment to the Commercial Act
This Amendment limits the voting rights of shares exceeding three percent held by the largest shareholder and their specially related persons when a large listed company attempts to amend its articles of association to exclude cumulative voting or when affiliates conduct stock transfers or mergers among themselves. Additionally, it expands the number of directors elected separately as members of the audit committee from the current 1-2 people to the entire number of directors for listed companies with assets of at least KRW 2 trillion.
3. Promulgated Bill(s)
④ Quantum Science Technologies and Quantum Industry Promotion Act
This Bill stipulates the formation of a comprehensive plan for the promotion of quantum science technologies and the quantum industry, the establishment of a quantum strategic committee involving all ministries, the creation of an R&D hub to consolidate national capabilities, the development of a quantum technology ecosystem, and the training and management of experts across all stages. It also includes the commercialization of technologies to establish a virtuous circle between technology development and the industry, as well as to provide systematic support for global cooperation.
4. Bill(s) Undergoing Pre-Announcement of Legislation/Administration
⑤ Partial Amendment to the Enforcement Decree of the Special Act on Promotion and Support for Saemangeum Project
This Amendment facilitates foreign investment by requiring the project implementation eligibility criteria of a domestic corporation newly founded by a foreign entity to be based on the credit rating and capital strength of its parent company.
5. Serious Accidents Punishment Act ("SAPA") Related Editorials and Columns from Major Dailies
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