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 Commercial Act
This Amendment expands the "3% rule," which restricts the voting rights of major shareholders to 3% when appointing an auditor.
② Partial Amendment to the Financial Investment Services and Capital Markets Act
This Amendment specifies that when newly issued stocks are publicly offered to list a company established through a split, at least 70/100 of the stocks must be preferentially allocated to the minority shareholders of the parent company.
2. Pending Bill(s)
③ 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.
3. Promulgated Bill(s)
④ Enforcement Decree of the Specialized Credit Finance Business Act
This Bill broadens the scope of concurrently operated businesses for specialized credit finance companies, such as card companies, to include corporate credit inquiry services.
4. Bill(s) Undergoing Pre-Announcement of Legislation/Administration
⑤ Partial Amendment to the Enforcement Decree of the Occupational Safety and Health Act
This Amendment imposes the duty to report the dismissal of a safety officer, health officer, or occupational medicine doctor, or the termination of an entrustment contract. It also introduces a requirement for businesses involved in the installation and dismantling of tower cranes to report changes in human resources.
5. Serious Accidents Punishment Act ("SAPA") Related Editorials and Columns from Major Dailies
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