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 Monopoly Regulation and Fair Trade Act
 
This Amendment defines the scope of "same person" under the Act, excludes companies managed by outside directors of affiliates or executive officers of non-profit corporations from the definition of a business group, and exempts same persons who are natural persons from being subject to material requests for designation.
 
② Partial Amendment to the Financial Investment Services and Capital Markets Act

This Amendment specifies mandatory provisions for dominant shareholders in situations including delisting, paid-in capital increases, issuance of convertible bonds, as well as major transactions such as mergers and acquisitions (M&A), split-offs, post-split mergers, and business or asset transfers and acquisitions.

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 Enforcement Decree of the Credit Unions Act
 
This Bill increases the proportion of repayment reserves that credit unions are required to deposit with the National Credit Union Federation of Korea from 50% to 80% of the total repayment reserves held by the credit unions.

4. Bill(s) Undergoing Pre-Announcement of Legislation/Administration

⑤ Enforcement Decree of the Financial Investment Services and Capital Markets Act

This Bill restricts individuals involved in unfair transactions in the capital market, such as stock price manipulation and unfair transactions using undisclosed information, as well as those engaged in illegal short selling, from participating in financial investment instrument transactions and being appointed as executive officers of listed companies and financial institutions, including banks, insurance companies, and mutual savings banks.

5. Serious Accidents Punishment Act ("SAPA") Related Editorials and Columns from Major Dailies
 
[Herald Business] CEO of Busan Port Authority Conducts Urgent Special Safety Inspection to Prevent Serious Accidents
[The JoongAng] Police Investigate “Concrete Mound” that Contributed to J-Air Tragic Accident
[The Korea Times] Subcontracted Worker in His 20s Dies While Diving Alone Three Months After Joining Company

*For more details, please download the PDF file attached.