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 Banking Act
This Amendment requires banks to regularly disclose specific items affecting additional interest rates, such as their target profit margin rates.
② Partial Amendment to the Telecommunications Business Act
This Amendment limits the market dominance of affiliates of mobile network operators to 50% by the Presidential Decree. It also specifies the grounds for imposing registration requirements that differ between mobile network operators and independent large telecommunication resellers, as well as between large and small or medium-sized telecommunication resellers.
2. Pending Bill(s)
③ Act on Special Measures to Strengthen and Support the Semiconductor Industry Ecosystem
This Bill specifies the establishment of the National Semiconductor Committee, obligates the government to establish infrastructure such as electricity, industrial water, and roads, and provides special supports such as exemptions from preliminary feasibility surveys, preferential selection, and expedited processing of authorizations and permits. It also supports the supply and installation costs of renewable energy facilities for RE100.
3. Promulgated Bill(s)
④ Food Technology Industry Promotion Act
This Bill defines food technology and the food technology industry, imposes responsibilities on the State and local governments to formulate and implement policy measures to foster the food technology industry, requires the Ministry of Agriculture, Food and Rural Affairs to develop a master plan every five years to promote the food technology industry, and mandates the collection of factual surveys and statistics.
4. Bill(s) Undergoing Pre-Announcement of Legislation/Administration
⑤ Regulation on the Assignment of Institutions Pursuant to the Digital Medical Products Act
This Bill includes provisions on the classification and grading of digital medical products; permission, certification, reporting, examination, and evaluation; manufacturing and quality management criteria for digital medical devices; approval, implementation, and management of clinical trial plans for digital medical devices; security guidelines for electronic infringements involving digital medical devices; criteria for good management system certification; fees for authorization of digital convergent medicines; and the designation of institutions pursuant to the Digital Medical Products Act.
5. Serious Accidents Punishment Act ("SAPA") Related Editorials and Columns from Major Dailies
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