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 the Development of Artificial Intelligence and the Establishment of a Foundation for Trust
 
This Amendment defers the implementation of certain regulatory provisions that impose obligations or responsibilities on AI service providers for three years.
 
② Partial Amendment to the Act on Restriction on Special Cases Concerning Taxation

This Amendment allows companies with limited business profits to receive cash support equivalent to the amount of tax credits.

2. Pending Bill(s)
 
③ Partial Amendment to the Interest Limitation Act

This Amendment lowers the statutory interest rate ceiling from the current 25% for unregistered lenders and individuals, and 27.9% for registered lending businesses and credit finance institutions, to 15%.
 
3. Promulgated Bill(s)
 
④ Space Development Promotion Act
 
This Bill establishes legal grounds for the designation of investment promotion zones in space industry clusters (Jeonnam, Gyeongnam, and Daejeon) and specialized aerospace industry complexes (Sacheon, Gyeongnam) and for the provision of support of those zones.

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

⑤ Partial Amendment to the Enforcement Regulation of the Act on the Improvement of Urban Areas and Residential Environments

This Amendment includes unlicensed buildings as a factor in the designation criteria for reconstruction areas or improvement areas, and expands the assessment items in the residential environment category of reconstruction inspections.

5. Serious Accidents Punishment Act ("SAPA") Related Editorials and Columns from Major Dailies
 
[Bridge News] Labor Ministry Conducts Urgent On-site Inspections at 207 Tunnel Construction Sites Nationwide Following Shin Ansan Line Tunnel Collapse
[Asia Business Daily] Dairy Manufacturer Cleared of SAPA Violation Charges As Prosecution Drops Case Over “Fatal Worker Entrapment Accident”
[Yonhap News] Prime Contractor CEO in Busan’s Second SAPA Violation Case Sentenced to Suspended Prison Term

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