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 Trade Union and Labor Relations Adjustment Act
 
This Amendment defers the enforcement date of the so-called Yellow Envelope Act, which expands the scope of employers and labor disputes and restricts companies’ claims for damages against striking workers, by one year, from six months to eighteen months after promulgation.
 
② Partial Amendment to the Act on Restriction on Special Cases Concerning Taxation

This Amendment introduces a capital gain deduction of up to 100%, depending on the timing of the sale, for proceeds from the sale of foreign stocks that are reinvested in domestic capital markets through Reshoring Investment Accounts (RIAs).

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

This Amendment mandates the cancellation of treasury shares within one year of acquisition and requires companies holding treasury shares as of the effective date of the Amendment to cancel such shares within 18 months of its enforcement.
 
3. Promulgated Bill(s)
 
④ Digital Medical Products Act
 
This Bill provides for the designation of the scope of digital medical or health support devices, adopts a voluntary reporting and information disclosure system, introduces performance certification, and establishes provisions to supervise the distribution of products involving false or exaggerated advertising.

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

⑤ Partial Amendment to the Enforcement Decree of the Specialized Credit Finance Business Act

This Amendment establishes a legal basis for allowing minors aged 12 or older to be issued family credit cards for their own use, upon application by their parents, and permits non-face-to-face onboarding of credit card merchants.

5. Serious Accidents Punishment Act ("SAPA") Related Editorials and Columns from Major Dailies
 
[Newsis] Labor Ministry to Inspect Workplaces with Repeated Serious Injury Accidents, Even Without Fatalities
[The Financial News] “Preventing Industrial Accidents Before They Occur”: Bill to Institutionalize Support for Honorary Industrial Safety Inspectors
[The Kyunghyang Shinmun] Expanding Train Warning Systems to Prevent Serious Accidents Involving Tunnel Workers

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