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 Telecommunications Business Act
 
This Amendment prohibits retaliatory business actions by global app market operators such as Google and Apple and holds violators liable for punitive damages of up to three times the actual harm.
 
② Partial Amendment to the Korea Development Bank Act

This Amendment explicitly stipulates the duty of policy financial institutions to promote balanced regional development by adding the phrase “balanced regional development and the balanced development of the national economy” to Article 1 of the Export-Import Bank of Korea Act, the Industrial Bank of Korea Act, and the Korea Credit Guarantee Fund Act.

2. Pending Bill(s)
 
③ Special Act on the Promotion and Support of the Secondary Battery Industry

This Bill (i) requires the government to establish and implement a framework plan every five years to foster and support the battery industry; (ii) establishes the Secondary Battery Industry Innovation Committee under the supervision of the President; and (iii) introduces systematic and comprehensive national-level policies to support the secondary battery industry, including various special provisions such as exemptions for utility charges and the provision of production subsidies.
 
3. Promulgated Bill(s)
 
④ Safety Control and Business of Liquefied Petroleum Gas Act
 
This Bill allows drivers to directly fill their own fuel tanks at liquefied petroleum gas (“LPG”) filling stations equipped with necessary gas filling facilities, including safety facilities.

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

⑤ Partial Amendment to the Enforcement Decree of the Insurance Business Act

This Amendment lowers the supervisory benchmark of the Korea Insurance Capital Standard (K-ICS), the risk-based capital ratio for insurers, from the current 150 percent to 130 percent.

5. Serious Accidents Punishment Act ("SAPA") Related Editorials and Columns from Major Dailies
 
[Sports Kyunghyang] K League Distributes “Safety Inspection Manual for Compliance with the SAPA” to All Clubs
[The Financial News] Increase in CEO Arrests Under the SAPA … Companies Expand Investment in Fire Prevention

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