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 Act on Appraisal and Certified Appraisers
 
This Amendment imposes a fine of up to KRW 30 million on any person who conducts an appraisal without commissioning an authorized appraisal corporation.
 
② Partial Amendment to the Act on Corporate Governance of Financial Companies

This Amendment requires a special resolution of the general meeting of shareholders for the consecutive reappointment of a financial holding company CEO and applies enhanced voting requirements, including a quorum of at least one-third of the total voting shares and the affirmative vote of at least two-thirds of the shares represented at the meeting.

2. Pending Bill(s)
 
③ Special Act on the Construction Safety

This Bill imposes a penalty surcharge of up to 3% of sales or a business suspension of up to one year on construction companies in cases of repeated fatal accidents caused by negligence in the performance of safety obligations, with the penalty surcharge capped at KRW 100 billion.
 
3. Promulgated Bill(s)
 
④ Occupational Safety and Health Act
 
This Bill requires corporations, public institutions, local government-invested public corporations, and local public agencies exceeding a certain size prescribed by Presidential Decree to publicly disclose their safety and health management systems, the status of industrial accident occurrences, and the performance and plans of safety and health investments and activities.

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

⑤ Partial Amendment to the Enforcement Rule of the Clean Air Conservation Act

This Amendment mandates the use of the roller painting method, instead of the spray method, for exterior painting work at facilities used by children or senior citizens in order to reduce airborne pollutants.

5. Serious Accidents Punishment Act ("SAPA") Related Editorials and Columns from Major Dailies

[The Herald Business] “Competition for On-Site Improvements, Not Just Paperwork” … Labor Ministry Seeks Best Practice Risk Assessment Cases
[Sedaily] Five Years After Enforcement, SAPA Still Lacks Sentencing Guidelines
[Maeil Business News] Rep. Kim Eun-hye Introduces Bill to Include Aircraft Defect-Related Accidents Under SAPA

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