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 Act on the Protection of Virtual Asset Users
This Amendment requires virtual asset service providers to promptly report incidents that significantly affect the management status of their services, such as hacking or computer failures, to the Financial Services Commission and publicly disclose such information to users through their websites or other suitable channels.
② Partial Amendment to the Immigration Act
This Amendment streamlines the visa issuance standards and procedures to attract top foreign talents in advanced industries such as semiconductors, software, displays, biotechnology, secondary batteries, and batteries.
2. Pending Bill(s)
③ Partial Amendment to the Telecommunications Business Act
This Amendment limits the market dominance of MVNOs that are affiliates to the three leading mobile carriers or large companies to 60%.
3. Promulgated Bill(s)
④ Act to Promote the Development and Commercialization of Autonomous Ships
This Bill specifies detailed matters related to autonomous ships, including the establishment procedures and content of a five-year master plan for autonomous ships; provisions for supporting performance demonstrations and expert training; the establishment of a marine logistics system, research and development projects, and methods for evaluating navigation zones; and procedures for demonstration approval.
4. Bill(s) Undergoing Pre-Announcement of Legislation/Administration
⑤ Partial Amendment to the Enforcement Rule of the Act on Labeling and Advertising of Foods
This Amendment requires the font size of important information, including product names, use-by dates, allergy-causing substances, and storage instructions, to be increased from 10 point to 12 point while maintaining the letter width at 90%. Other information must be provided via electronic labels such as QR codes.
5. Serious Accidents Punishment Act ("SAPA") Related Editorials and Columns from Major Dailies
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