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 expands the scope of assets that can be held in trust, previously limited to seven types such as money, securities, and movables, to include liabilities and collateral rights, thereby allowing housing with a housing mortgage loan to be managed by the trust.
② Act on the Promotion of Artificial Intelligence
This Bill provides the foundation to support the development of AI technologies, promote the growth of related industries, and ensure the safe and reliable development and use of AI to advance the AI sector.
2. Pending Bill(s)
③ Partial Amendment to the Telecommunications Business Act
This Amendment restricts the market dominance of conglomerates or affiliated MVNOs.
3. Promulgated Bill(s)
④ Enforcement Decree of the Industrial Sites and Development Act
This Bill allows vertical farms or plant factories in the form of buildings to be installed within industrial facilities.
4. Bill(s) Undergoing Pre-Announcement of Legislation/Administration
⑤ Partial Amendment to the Enforcement Decree of the Microfinance Support Act
This Amendment adjusts the contribution rates of banks to supplementary microfinance from 0.035% to 0.06% to ensure a stable financial supply for the general public and vulnerable groups.
5. Serious Accidents Punishment Act ("SAPA") Related Editorials and Columns from Major Dailies
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