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 Framework Act on Supply Chain Stabilization Support for Economic Security
This Amendment introduces penalty provisions for violations of emergency supply and demand adjustment measures during a supply chain crisis, as well as for market disturbance practices such as cornering and hoarding. It also establishes liability exemptions for actions taken concerning the supply chain stabilization fund.
② Hydrogen and Hydrogen Compound Business Act
This Bill enhances the business permission and authorization system to encourage flexible participation and fair competition among hydrogen and hydrogen compound business operators. It also aims to establish a stable hydrogen supply foundation through government reserve measures and five-year supply plans. The Bill further outlines the designation of a hydrogen exchange to ensure stable and efficient transactions, mandates insurance subscriptions, strengthens accident prevention measures to prevent market disturbance practices, and introduces strict penalties for illegal activities.
2. Pending Bill(s)
③ Partial Amendment to the Commercial Act
This Amendment broadens the scope of directors' duty of loyalty, introduces cumulative voting for large-scale listed companies, increases the number of audit committee members who are elected separately, and introduces electronic general shareholder meetings.
3. Promulgated Bill(s)
④ Enforcement Decree of the Housing Act
This Bill eases construction restrictions for urban residential housing, allowing it to be developed as small to medium-sized apartment buildings with five or more floors with a maximum size of 85 square meters.
4. Bill(s) Undergoing Pre-Announcement of Legislation/Administration
⑤ Partial Amendment to the Rules on Occupational Safety and Health Standards
This Amendment mandates that business owners provide workers with at least a 20-minute rest break every two hours during heatwaves in workplaces where the apparent temperature reaches 33℃ or higher. It also stipulates that any business owner who fails to comply will face imprisonment for up to five years.
5. Serious Accidents Punishment Act ("SAPA") Related Editorials and Columns from Major Dailies
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