As the first-ever Korean law firm to issue specialized legislative journals, D&A 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, D&A 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 Labor Standards Act
 
This Amendment prohibits comprehensive wage agreements and requires employers to record the actual number of working days and hours in the wage ledger.
 
② Class Action Act

This Bill expands the scope of the class action system, which is currently limited to the securities sector, to cover general torts, including personal data breaches and consumer disputes. It also specifies that an organization delegated by 50 or more victims may file an action to confirm liability against corporations. In addition, it stipulates that representatives of a class action who receive improper solicitations in connection with their official duties shall be subject to a fine of up to KRW 100 million, life imprisonment, or imprisonment of not less than 10 years.

2. Pending Bill(s)
 
③ Partial Amendment to the Occupational Safety and Health Act

This Amendment imposes a penalty surcharge of up to 5 percent of operating profits, with a minimum amount of KRW 3 billion, on a business that causes accidents resulting in the deaths of three or more workers within a year.
 
3. Promulgated Bill(s)
 
④ Enforcement Decree of the Financial Investment Services and Capital Markets Act
 
This Bill requires listed companies holding treasury shares amounting to one percent or more of their total issued shares to disclose the status of their treasury share holdings and their disposal plans on a semiannual basis.

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

⑤ Partial Amendment to the Enforcement Decree of the Microfinance Support Act

This Amendment raises the common contribution rate for banks from the current 0.06 percent to the statutory maximum rate of 0.1 percent, taking into account banks’ position within the financial sector and the need for them to fulfill their social responsibilities.

5. Serious Accidents Punishment Act ("SAPA") Related Editorials and Columns from Major Dailies
 
[News 1] Public Procurement Service Tightens Safety Checks for Public Housing Construction and Expands Penalties for Serious Accidents
[Segye Ilbo] Mandatory Expert Consultation on Mechanical Equipment in Public Buildings
[The Munwha Ilbo] KOMSA Unveils AI-Powered Strategy to Enhance Maritime Safety: Fishing Vessel Risk Index Prediction and Advanced Navigation Forecasting

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