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 Trade Union and Labor Relations Adjustment Act
This Amendment limits the scope of an employer who is not a party to an employment contract to “a person who assumes certain authority and responsibilities over an employee’s basic working conditions to such an extent that the person may be deemed as equivalent to the employer who hired the employee,” with the detailed criteria to be prescribed by Presidential Decree.
② Partial Amendment to the Minimum Wage Act
This Amendment revises the criteria for determining the minimum wage by requiring comprehensive consideration of employers’ actual ability to pay wages and the impact on employment stability. It also permits differentiated minimum wages to be applied based on the size of businesses and geographic regions, in addition to the existing differentiation by type of business.
2. Pending Bill(s)
③ Framework Act on Digital Assets
This Bill provides for: (i) the legal definitions of digital assets and digital asset businesses and the scope of application of the Act; (ii) systematic policy support through the establishment of the Digital Asset Committee under the President; (iii) regulation of transparent market entry through authorization, registration, or notification to the Financial Services Commission (FSC); (iv) the establishment of internal control and sound management standards for ensuring the sound management of digital asset business operators; (v) the introduction of a prior authorization regime for asset-linked digital assets, such as stablecoins; (vi) the prohibition of unfair trading practices and the protection of users’ rights and interests in the digital asset market; (vii) the establishment of a self-regulatory regime within the industry through the Korea Digital Asset Association; and (viii) the conferring on the FSC of the authority to supervise, conduct inspections and investigations, and issue dispositions.
3. Promulgated Bill(s)
④ Framework Act on the Development of Artificial Intelligence and the Creation of a Foundation for Trust
This Bill (i) requires the labelling of generative AI; (ii) clarifies the management framework for high-impact AI; (iii) requires priority consideration to be given to AI products or services when intending to procure products or services; (iv) provides financial support for the use of AI products and services; (v) enhances the accessibility of AI products and services for AI-vulnerable groups; and (vi) supports business start-ups in the AI industry through the fund of funds for venture investment.
4. Bill(s) Undergoing Pre-Announcement of Legislation/Administration
⑤ Partial Amendment to the Enforcement Decree of the Building Act
This Amendment eases the requirement to install fire compartments between floors in semiconductor factories, taking into account the characteristics of semiconductor factories, provided that sprinkler systems with fire safety performance equivalent to or greater than that of fire compartments between floors are installed.
5. Serious Accidents Punishment Act ("SAPA") Related Editorials and Columns from Major Dailies
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