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. 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 Special Act on Underground Safety Management
This Amendment requires underground development project operators to monitor adjacent ground and facilities following the completion of projects, while strengthening the compensation for victims of accidents such as ground subsidence.
② Special Act on Promoting and Supporting the Development of Physical Artificial Intelligence
This Bill seeks to relax restrictions on the use of raw data for robot operation and training, introduce incentives to attract global talent, and build foundational infrastructure to support the integration of artificial intelligence into the manufacturing sector.
2. Pending Bill(s)
③ Partial Amendment to the Electronic Financial Transactions Act
This Amendment expands the scope of safety measures to be implemented by financial companies to include obligations to prevent the loss, theft, leakage, forgery, alteration, or damage of transaction information. Furthermore, it imposes an administrative fine of up to 3% of the company’s maximum sales, where financial information is lost, stolen, or leaked due to a failure to fulfill such obligations.
3. Promulgated Bill(s)
④ Act on Fostering and Supporting National Defense Semiconductors
This Bill establishes a government-wide framework for advancing defense semiconductor policies, including supply chain assessments, support for research and development, preferential use of domestically produced defense semiconductors, and the protection of key technologies.
4. Bill(s) Undergoing Pre-Announcement of Legislation/Administration
⑤ Partial Amendment to the Enforcement Decree of the Credit Unions Act
This Amendment defines the scope of non-business assets that may be acquired by a credit union asset management company to include: (i) assets acquired by credit unions, the National Federations or companies invested in by the National Federation as a result of non-performing loans; (ii) fixed assets required to be disposed of pursuant to management or financial condition improvement measures; and (iii) fixed assets no longer used in business due to mergers, business transfers, transfers of contracts, or similar transactions.
5. Serious Accidents Punishment Act ("SAPA") Related Editorials and Columns from Major Dailies
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