'1st Anniversary' YK Public Policy Institute, Legislative Support Achievements... 'National Assembly Response TF to be Launched'

[Financial News] When a law firm (law office) establishes a bill that affects companies or specific industries, it actively responds to the National Assembly and the executive branch from the decision-making process. Through so-called 'public policy work', the activity area of law firms is expanding from the existing 'judicial' field to the 'legislative' field.
According to Law Firm YK on the 21st, the YK Public Policy Institute, launched in July last year, has been playing the role of a policy partner in the public sector for companies and organizations over the past year. The institute stated that since the launch of the new government, it has been supporting companies to grow in a freer environment along with the regulatory reforms it has been promoting.
Since its launch, the institute has been performing tasks such as △ identifying and analyzing issues related to various systems and policies △ supporting legislation in the National Assembly △ advising on national audits, hearings, and National Assembly petitions △ responding to government law enactment and revision and regulations △ advising on audit-related matters of the Board of Audit and Inspection △ responding to and managing crises such as policy bills and regulatory issues.
Among these, the core role is 'legislative support'. The institute aims to practically support the legislative process of parliamentary offices that lack manpower and resources. It provides practical assistance at various stages of the legislative process, such as listening to expert opinions or conducting basic data research. It contributes to enhancing the completeness of legislative bills by gathering opinions from various stakeholders and collaborating with expert groups.
Recently, this legislative support has also led to concrete achievements. In the process of enacting the 'Digital Asset Basic Law' proposed last June, the institute closely collaborated with the office of Min Byeong-deok, a member of the Democratic Party of Korea, to organize related forums and handle practical consultations. The bill attracted attention by clearly defining the definition and legal nature of digital assets and including entry regulations by industry. Lee Sang-young, a YK lawyer, attended two bill review meetings, analyzing the legal implications of the proposed bill and its potential impact on future regulations, contributing to the refinement of the bill.
In addition, the institute is also participating in discussions on the institutionalization of digital assets, such as the second legislation of the Virtual Asset User Protection Act, allowing corporate transactions, and reorganizing the tax system. It plans to continue collaborating with the National Assembly and related organizations by hosting public hearings, submitting opinions on legislative notices, and participating in forums for system improvement.
Another role of the institute is the advisory function related to national audits and hearings. In line with changes in government policy direction, it is providing practical assistance in establishing response strategies in advance of national audits. Kim Seong-su, Director of the Public Policy Institute, explained, "The Lee Jae-myung government is based on 'practical marketism', and the national tasks and national audits supporting it are likely to proceed in the direction of checking and improving obstacles to economic recovery," and that analysis and strategy establishment are underway ahead of national audits and policy changes. He added, "Based on the pool of personnel and know-how, we plan to launch a TF for responding to the 2025 national audit soon."
The future operational direction of the institute is focused on 'regulatory innovation'. Director Kim said, "We have been focusing on designing institutional opportunities for new leaps and giving breathing space to companies that had difficulty conducting business under the existing system," and "We have sought proactive policy proposals and diverse solutions based on strategic alliances with companies, not just staying on the issues requested for consultation."



scottchoi15@fnnews.com Choi Eun-sol Reporter