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Legislation & Government Relations Consulting Center 2022-03-08
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Weekly Legislative Report (For the week of Feb 21, 2021 – Feb 25, 2021)

Weekly Legislative Report for the week of  Feb 21, 2022 – Feb 25, 2022
 
 
As the first-ever Korean law firm to issue specialized legislative journals, DR & AJU 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, DR & AJU 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 pr@draju.com.


1. Proposed Bill(s)
 
① Partial Amendment to the Passenger Transport Service Act

This Amendment establishes regulations for issuing an improvement order for platform brokerage business and matters to be observed regarding platform brokerage business operators. The Amendment imposes a fine not exceeding KRW 10 million on platform brokerage business operators who violate such regulations.


② Partial Amendment to the Financial Investment Services and Capital Markets Act

This Amendment was designed to adopt a prior reporting system for insider trading, which is already implemented in the United States, to resolve inequalities suffered by minority shareholders from unfair stock trading by insiders using material nonpublic information.


2. Pending Bill(s)

③ Partial Amendment to the Act on the Promotion of Mutually Beneficial Cooperation Between Large Enterprises and Small and Medium Enterprises

This Amendment adopts the price interlocking system to oblige commissioning companies to include additional expenses incurred by a certain percentage of increases in the standard cost of raw materials. It imposes a fine not exceeding KRW 100 million in case of violation.


3. Promulgated Bill(s)

④ Enforcement Decree of the Act on the Promotion of Mutually Beneficial Cooperation Between Large Enterprises and Small and Medium Enterprises

This Bill mandates the execution of a non-disclosure agreement (“NDA”) in consignment transactions and alleviates the burden of proof in small and medium-sized companies. The Bill imposes a fine of KRW 5 million on large companies and a fine of KRW 3 million on small and medium-sized companies that violate the obligation to execute an NDA.


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

⑤ Partial Amendment to the Enforcement Decree of the Fair Agency Transactions Act

This Amendment imposes charges for compelling compliance not exceeding KRW 2 million per day in case of violation of matters settled by commitment decisions.


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


[Hankyung] No Shortcuts to Serious Accident Prevention
[Kyunghyang Shinmun] Thorough Investigation Needed of First Post-SAPA Occupational Diseases Accident
[Maeil Business Newspaper] Supreme Prosecutors’ Office Says Death by Overwork is Subject to the SAPA … Workplace Harassment and Commuting Accidents Are Not
[Kukmin Ilbo] Despite the SAPA, 75 Industrial Deaths This Year… Three More Than Previous Year


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