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 Act on the Establishment and Operation of the Southeastern Regional Industrial Investment Corporation
 
This Bill establishes a local investment institution for companies in the Southeastern region of Korea, with approximately KRW 3 trillion in capital contributed by public institutions, including the Government, Busan Metropolitan City, Ulsan Metropolitan City, Gyeongsangnam-do, and the Korea Development Bank. It also creates an industrial innovation fund to provide investment and financing to support local companies—not only in traditionally strong sectors such as shipbuilding and automobiles, but also in emerging industries such as bio and renewable energy.
 
② Partial Amendment to the Financial Investment Services and Capital Markets Act

This Amendment clarifies the exception requirements under the bulk shareholding reporting system, which are currently broadly defined as “holding shares to influence management authority.” While retaining the provision that limits voting rights in cases of violations of public disclosure obligations, it removes the authority to order the disposal of shares, which had been carried over from the now-abolished bulk acquisition prohibition system.

2. Pending Bill(s)
 
③ Special Act on Strengthening Competitiveness and Promoting Innovative Growth in the Semiconductor Industry

This Bill enables the State and local governments to swiftly develop and support industrial infrastructure, such as electricity and water supply, with financial support, including subsidies, to strengthen the competitiveness of the semiconductor industry. It also allows for the exclusion of R&D workers in the semiconductor industry from the 52-hour weekly working limit, provided there is an agreement between the worker and the company.
 
3. Promulgated Bill(s)
 
④ Special Act on Underground Safety Management
 
This Bill authorizes the Minister of Land, Infrastructure and Transport to conduct on-site inspections to assess the implementation of safety management measures for underground facilities and surrounding ground in areas vulnerable to subsidence, as part of efforts to strengthen the management system for such areas.

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

⑤ Partial Amendment to the Enforcement Decree of the Personal Information Protection Act

This Amendment allows overseas business operators to designate as their domestic agents either (i) corporations they have established in Korea or (ii) domestic corporations over which they have dominant influence with respect to the composition of officers or business operations.

5. Serious Accidents Punishment Act ("SAPA") Related Editorials and Columns from Major Dailies
 
[The Korea Economic Daily] Construction Association of Korea Calls for “Tax Cuts And SAPA Easing”
[D News] Introduction of Smart Safety Management System to Enhance Worker Protection

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