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 Special Act on Regulatory Support on Biomanufacturing CDMOs
This Bill introduces an export manufacturing business and establishes the basis for GMP conformity certification to promote biomedicine exports. It also implements a system for the production of biomedicine source materials and quality certification, sets special provisions for the import procedures of raw materials and source medicines used in biomedicine CDMO, and provides tailored technology support for establishing CDMO manufacturing facilities and enhancing their capacities.
② Partial Amendment to the Act on Restriction on Special Cases Concerning Taxation
This Amendment enhances the existing investment tax credit for national strategic technologies, such as battery manufacturing, which previously only allowed corporate tax deductions, by permitting companies to receive tax refunds directly or transfer them to a third party.
2. Pending Bill(s)
③ Fairness in Online Platform Intermediary Transaction Act
This Bill specifies that if an online platform intermediary with an average market capitalization of issued shares exceeding KRW 15 trillion provides an online platform service to more than 10 million users (with sales exceeding KRW 3 trillion), the intermediary must report the service to the Fair Trade Commission.
3. Promulgated Bill(s)
④ Game Industry Promotion Act
This Bill stipulates that a gaming company that inflicts harm to gamers by failing to appropriately disclose the probabilities of their probabilistic items with the intent of false manipulation may be required to pay punitive damages up to three times the amount of recognized losses.
4. Bill(s) Undergoing Pre-Announcement of Legislation/Administration
⑤ Partial Amendment to the Enforcement Decree of the Financial Investment Services and Capital Markets Act
This Amendment enables the trading of ETF and ETN in alternative trading systems and establishes legal grounds to formalize small licenses for fractional investment platforms in fields such as real estate and music copyrights.
5. Serious Accidents Punishment Act ("SAPA") Related Editorials and Columns from Major Dailies
.png)
.jpg)