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 Special Act on Strengthening Competitiveness and Promoting Innovative Growth in the Semiconductor Industry
This Bill enables the State and local governments to swiftly develop and support industrial infrastructure, such as electricity and water supply, with financial support, including subsidies, to strengthen the competitiveness of the semiconductor industry. It also allows for the exclusion of R&D workers in the semiconductor industry from the 52-hour weekly working limit, provided there is an agreement between the worker and the company.
② Partial Amendment to the Act on External Audit of Stock Companies
This Amendment includes limited liability companies that meet certain criteria to the scope of companies subject to external audits.
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 Financial Investment Services and Capital Markets Act
This Bill enables death benefits to be operated according to the policyholder’s wishes and requires them to be paid to the designated beneficiaries. It also permits policyholders to entrust basic life insurance death benefits if they are equal to or above KRW 30 million.
4. Bill(s) Undergoing Pre-Announcement of Legislation/Administration
⑤ Partial Amendment to the Enforcement Decree of the Motor Vehicle Management Act
This Amendment mandates safety certification for batteries installed in electric vehicles. It requires safety testing in 12 areas, such as vibration, shock, and overcharging, starting in February of next year.
5. Serious Accidents Punishment Act ("SAPA") Related Editorials and Columns from Major Dailies
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