Recently the Ministry of Finance and Economy announced that the financial Laws should be reformed and integrated by a function oriented approach. It means that in the future the same financial activities, which are operated by financial institutions in different financial sections, would be regulated in an consolidated Law. By now the korean financial system has been regulated by various financial Laws on the basis of differently separate financial sectors. The integration work was undertaken by the Financial Law Center at the Seoul National University and its draft may be modeled after the Financial Services and Markets Act of 2000 (FSMA 2000) of U.K. The Background of this movement could be somewhat understandable, from the viewpoint that traditional institution-oriented regulation over our financial system has failed in overcoming the discrimination and asymmetry of regulating standards among the each financial laws and even in realizing the effective financial supervision. Nevertheless the conception of the government to consolidate the different laws in one must result in failure and have various problems. Above of all it may lead to make a huge legal complex, which would be combined with coreless provisions of different financial laws, as well as the FSMA 2000 does. It could be successful in physical combination, but not chemical. The desirable figure of financial legal system in the future could be seen in acknowledging and accepting the differences and diversity between the regulating factors of different financial sectors. Therefore this paper propose that our financial regulation system should maintain the ``the rule of rational discrimination`in dealing with the consolidating the financial laws. In this regard the financial laws which are regulated on the basis of same regulating philosophy can be integrated in one legal system, however the other legal sectors should remain as itself. On the other hand as another proposal a constitution of horizontal supervisory system, which can subsume the borderless financial activities and fill up the vacuum of supervision, may be a substitution for the unreasonable governmental attempt.