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 Inheritance Tax and Gift Tax Act
 
This Amendment stipulates that if the market price of listed stocks falls below a certain threshold, the inheritance or gift tax on such stocks shall be calculated based on assets and earnings, as is the case for unlisted stocks.
 
② Partial Amendment to the Telecommunications Business Act

This Amendment specifies prohibited acts by major app market business operators, such as Google, and prohibits the imposition of unreasonable or discriminatory conditions on the use of external payment systems.

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

This Amendment requires banks intending to close a branch to report the planned closure to the Financial Services Commission no later than six months from the date of closure.
 
3. Promulgated Bill(s)
 
④ Act on the Improvement of Urban Areas and Residential Environments
 
This Bill lowers the consent threshold for establishing a reconstruction project association from at least 75% to at least 70% of all persons holding strata title in each unit of a housing complex.

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

⑤ Partial Amendment to the Enforcement Decree of the Special Act on the Prevention of Loss Caused by Telecommunications-Based Financial Fraud and Refund for Loss

This Amendment obliges specialized credit finance companies and credit service providers with assets of KRW 50 billion or more, excluding new technology venture financing companies, to take measures to identify their users under the Special Act on the Prevention of Loss Caused by Telecommunications-Based Financial Fraud and Refund for Loss.

5. Serious Accidents Punishment Act ("SAPA") Related Editorials and Columns from Major Dailies
 
[The Korea Economic Daily] Construction Companies Join Safety Campaign to Minimize Serious Accidents at Construction Sites
[The Hankyoreh] Bereaved Families of Airline A Crash File Complaint Against Minister of Land, Infrastructure and Transport for SAPA Violations

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