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 Act on Testimony and Appraisal Before the National Assembly
 
This Amendment expands the scope of authority to issue an order of accompaniment of a witness adopted by the National Assembly to include plenary sessions of standing committees and other general cases. It imposes an administrative fine of up to KRW 30 million on a witness who fails to attend without a justifiable reason or intentionally refuses to receive a request for attendance and an administrative fine of up to KRW 50 million on a witness who does not comply with an order of accompaniment or deliberately evades receipt of an accompanying warrant.
 
② Special Act on the Promotion and Support of Small Modular Reactor Technology Development

This Bill establishes a comprehensive government-level support system, including support for SMR technology research, development, and demonstration; administrative and financial support for fostering private sector companies and providing sites and facilities; and the formulation of a master plan and the training of experts.

2. Pending Bill(s)
 
③ Partial Amendment to the Fair Transactions in Subcontracting Act

This Amendment requires project owners to directly pay the subcontract price to subcontractors if prime contractors fail to pay one or more installments of the subcontract price or pay it in cash at a lower percentage than the percentage they received from project owners. It also stipulates that, of the contractor price that project owners must pay to prime contractors, the portion equivalent to the subcontract price earned by subcontractors through the performance of duties such as manufacturing, repair, construction, or service provision shall not be subject to seizure, transfer, or exemption.
 
3. Promulgated Bill(s)
 
④ Enforcement Decree of the Financial Investment Services and Capital Markets Act
 
This Bill establishes a new business unit eligible for authorization, namely “investment brokers for beneficiary certificates,” to bring fractional investment platforms under regulatory oversight.

4. Serious Accidents Punishment Act ("SAPA") Related Editorials and Columns from Major Dailies
 
[The Korea Economic Daily] Shipbuilding Company Employees Indicted for Covering up Safety Violations After Receiving Bribes
[The Chosun Ilbo] Worker Dies of Heatstroke After Working Without Breaks During Heatwave—First Heatstroke Conviction Under SAPA

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