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 Financial Investment Services and Capital Markets Act 

This Amendment raises the preferential allocation limit for members of employee stock ownership associations in connection with IPOs or paid-in capital increases from the current 20% to 30% of the total issued shares.  

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

This Amendment provides a tax credit equal to 15% of production costs incurred in the domestic manufacture of products utilizing national strategic technologies such as AI, semiconductors, and biotechnology. 

2. Pending Bill(s)

③ Partial Amendment to the Act on Reporting and Using Specified Financial Transaction Information 

This Amendment abolishes the “one exchange, one bank” rule, transferring provisions concerning the registration of virtual asset service providers under the Act on Reporting and Using Specified Financial Transaction Information to the Framework Act on Virtual Assets, and allows virtual asset service providers to obtain real-name verified deposit and withdrawal accounts from one or more financial institutions. 

3. Promulgated Bill(s)

④ Act on Promotion and Communications Network Utilization and Information Protection 

This Bill introduces aggravated damages of up to five times the amount of actual damages, where a person who posts information exceeding a certain scale intentionally distributes unlawful, false, or manipulated information and thereby causes harm to another person. It also imposes an administrative surcharge of up to KRW 1 billion where a person repeatedly distributes information that has been finally determined by a court to constitute unlawful, false, or manipulated information. 

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

⑤ Partial Amendment to the Enforcement Decree of the Personal Information Protection Act 

This Amendment expands the scope of sectors subject to the right to request the transmission of personal information to third parties to include the education and employment sectors.
 
5. Serious Accidents Punishment Act ("SAPA") Related Editorials and Columns from Major Dailies

[Labor Today] Supreme Court Finalizes First Acquittal of CEO under SAPA Due to “Prosecution’s Erroneous Indictment"