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 Financial Investment Services and Capital Markets Act    
  
This Amendment provides that for treasury shares acquired by listed companies, the clause “where it is necessary for achieving management purposes,” one of the grounds for exception to the mandatory treasury share cancellation requirement under the Commercial Act, shall not apply.

② Partial Amendment to the Act on Restriction on Special Cases Concerning Taxation

This Amendment provides income or corporate tax credits for the domestic production and sale of products utilizing national strategic technologies.


2. Pending Bill(s)
 
③ Special Act on 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 neglect of safety duties, while capping the penalty surcharge at KRW 100 billion.


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

④ Partial Amendment to the Rule on Safety of Drug, etc.

This Amendment allows for the omission of the “specifications of active pharmaceutical ingredients” from the mandatory information required to be included on drug containers, packaging, or package inserts, and eases the threshold for registering changes in the manufacturing scale of active pharmaceutical ingredient from “10 times or more” to “more than 10 times.”


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

[The Hankyoreh] Labor Ministry to Conduct Comprehensive Inspection of 100,000 High-Risk Workplaces for Industrial Accidents
[Edaily] 8 out of 10 Industrial Deaths Occur at Workplaces with Fewer Than 50 Employees…KOSHA and KBIZ Partner for Industrial Accident Prevention

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