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 Construction Technology Promotion Act
This Amendment mandates the quarterly online disclosure of the list of construction companies where industrial fatal accidents occurred, the names of construction projects, and the number of fatalities.
② Partial Amendment to the Financial Investment Services and Capital Markets Act
This Amendment introduces the “Cornerstone Investor Program,”which pre-allocates a portion of publicly offered shares to institutional investors who agree to hold them for a certain period and commit to their investment, as well as the “Pre-Demand Survey System” to assess institutional investors' investment demand in advance.
2. Pending Bill(s)
③ Partial Amendment to the Housing Act
This Amendment allows housing remodeling associations, etc., to request the verification of construction costs incurred by renovation to the Korea Real Estate Board, the Korea Land and Housing Corporation (LH), or a local public corporation, if the costs have increased by more than 5 percent compared to the initial contract price after selecting a remodeling contractor (either before or after obtaining project implementation authorization) or if more than 20 percent of the members of the association agree to the request for verification.
3. Promulgated Bill(s)
④ Enforcement Decree of the Act on Restriction on Special Cases Concerning Taxation
This Bill expands the scope of new growth and source technologies and national strategic technologies eligible for tax credits for research and human resource development expenses, aiming to reinforce support for high-tech strategic industries and prospective future industries.
4. Bill(s) Undergoing Pre-Announcement of Legislation/Administration
⑤ Partial Amendment to the Enforcement Decree of the Act on the Improvement of Urban Areas and Residential Environments
This Amendment requires local governments that receive a request for a reconstruction inspection to notify the reconstruction inspection implementation plan within 30 days of the request, without conducting on-site checks.
5. Serious Accidents Punishment Act ("SAPA") Related Editorials and Columns from Major Dailies
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