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 Issuance and Distribution of Value-Stable Digital Assets
 
This Bill requires any person intending to issue stablecoins to obtain prior authorization from the Financial Services Commission. It also specifies eligibility requirements, including being either a financial institution or a stock company under the Commercial Act, having a minimum equity capital of KRW 5 billion, and maintaining appropriate electronic facilities and a dedicated workforce.
 
② Special Act on Strengthening the Competitiveness of the Steel Industry and Transition to Green Steel Technology

This Bill provides for the establishment of the Special Committee for Strengthening the Competitiveness of the Steel Industry under the President; the expansion of infrastructure and provision of tax incentives to enhance the competitiveness of the steel industry; the heightening of restrictions on the import and distribution of non-conforming steel products and responses to unfair trade practices; the designation of Green Steel Zones and the granting of special regulatory exemptions to such zones; and the provision of support for the development of green steel technologies.

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

This Amendment stipulates that domestic and foreign large value-added telecommunications entities must enter into a network usage agreement with facilities-based telecommunications business operators and provide them with fair compensation when operating their services using the information and communication networks of these operators.
 
3. Promulgated Bill(s)
 
④ Game Industry Promotion Act
 
This Bill provides that game companies shall be liable for up to three times the amount of the recognized loss if they falsely disclose information regarding probabilistic items.

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

⑤ Partial Amendment to the Enforcement Decree of the Financial Investment Services and Capital Markets Act

This Amendment strengthens the penalty surcharges for unfair transactions and false disclosures, setting them at no less than the amount of unjust profits. It also lays the foundation for shifting exchanges' market surveillance system from an account-based model to an individual-based model, aiming to facilitate faster and easier detection of market price manipulation and cross trading.

5. Serious Accidents Punishment Act ("SAPA") Related Editorials and Columns from Major Dailies
 
[Yonhap News] Labor Ministry Reviews Introducing Multilingual Services for Serious Accident Siren System
[Newsis] More Than Half of Construction Site Fall Accidents Last Year Involved Workers Aged 60 And Above
[The Korea Economic Daily] Police to Establish Dedicated Investigative Team Following President Lee’s Directive for “Stricter Punishment of Companies Responsible for Industrial Accidents”
[The Herald Business] Minister of Trade Emphasizes Maximum Penalties Under “Zero-Tolerance Policy” for State-run Energy Companies Responsible for Serious Accidents

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