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논문검색은 역시 페이퍼서치

금융법연구검색

Korea Financial Law Association


  • - 주제 : 사회과학분야 > 법학
  • - 성격 : 학술지
  • - 간기: 연3회
  • - 국내 등재 : KCI 등재
  • - 해외 등재 : -
  • - ISSN : 1738-3706
  • - 간행물명 변경 사항 :
논문제목
수록 범위 : 8권 2호 (2011)

발간사(發刊辭)

정찬형
한국금융법학회|금융법연구  8권 2호, 2011 pp. 3-4 ( 총 2 pages)
1,000
키워드보기
초록보기

유럽의 파생결합증권 규제와 시사점

남길남 ( Gil Nam Nam )
한국금융법학회|금융법연구  8권 2호, 2011 pp. 3-24 ( 총 22 pages)
6,200
초록보기
Structured retail products have vitalized the Korean capital markets by providing innovative products. However, the structured retail products market has weaknesses, especially related to investor protection, because of high information asymmetry and the opaque market structure. After retail investors` losses from these products in the UK, Norway, and Hong Kong, the EU has enhanced disclosure rules and improved sales practices in the structured retail products market to prevent mis-selling and to protect retail investors. The EC published proposals on the regulations for Packaged Retail Investment Products (PRIPs) to standardize disclosures and selling practices for PRIPs. Furthermore, regulations for investor protection have been strengthened in the UK, Norway, France, Denmark, and Belgium. The reforms related to remuneration of sellers, detailed disclosure of fee structures, and risk factors offer relevant suggestions for the Korean markets.

파생결합증권 발행제도에 관한 법적 과제

정승화 ( Seung Hwa Chung )
한국금융법학회|금융법연구  8권 2호, 2011 pp. 25-67 ( 총 43 pages)
11,800
초록보기
There is no legal foundation on issuing or not issuing physical certificates of securitized derivatives of which concept was established by the Capital Market and Financial Investment Business Act (CMFIB). Therefore, it is necessary to enhance the legal stability of securitized derivatives by laying the legal foundation for issuing or not issuing the physical certificates of securitized derivatives. What is also required is to standardize the terminology of the securities so that the explanation obligation towards investors can be carried out effectively. It would help solve the problems deriving from information asymmetry, too. To this end, efforts to standardize the terminology among issuers should be made and legal support for those efforts should be given. In relation with the issuance of securitized derivatives, it is desirable that corporations without license for financial investment business, in principle, should only be allowed to issue the interest-linked derivatives-embedded debt securities that are structured to guarantee principal payment. In case when the details and methods of issuing derivatives-embedded debt securities are included into the Presidential Decree of Commercial Code, their symmetry with the CMFIB should be taken into consideration. The symmetry would be effective in preventing regulatory arbitrage between securitized derivatives and the derivatives-embedded debt securities under the amended Commercial Code and in preventing investor confusion.

DLS(Derivative-Linked Securities)의 법적 과제: 금융회사의 상품조사의무 도입 시론(試論)

안수현 ( Soo Hyun Ahn )
한국금융법학회|금융법연구  8권 2호, 2011 pp. 69-108 ( 총 40 pages)
8,000
초록보기
In these days, the derivatives linked securities (DLS) market has experienced gradual growth in Korea. The growth of this market is expected to continue given the still comparatively small size of this market and the expected increase in demand for DLS by both institutional investors and general investors who want to fully diversify their portfolios. However, these complex and complicated products raise important investor protection concerns. Because these kind products often include embedded options, investors could not adequately understand the complicated payoff structure of these products and implicit fees being charged for these products. In addition, these products are not liquid and transparent. The secondary market for most DLS is highly illiquid, which means that investors who want to resell their securities face high transaction costs. However, Capital Market Law regulates these kind product as a securities. To date there are a few complaints of investors who suffering financial losses, it is expected to grow soon. Because most of sales of DLS are principal protected products now, the portion of non-principal protected products are increasing. Capital Market Law should provide a regulatory regime that prevents investors from unknowingly holding inappropriate structured products in their investment portfolios. DLS differs from l traditional investment vehicle such as stock, fund. These products are much more complicated to understand, often relying on complex mathematical formulas and models to determine cash payouts and fees. In addition, it is very difficult to compare with other similar products and it makes average investor to discern the risks and rewards of investments. Several possible regulatory approaches are possible to ensure investor production, this paper proposes to adopt Know-Your-Product Rule in Capital Market Law to reduce the probability that investors hold inappropriate derivative-linked securities.
12,900
초록보기
In a modern capitalistic nation, a central bank is a key institution among national financial systems that monopolizes money issuance and controls money supply. After Lehman Brothers` filing for bankruptcy protection in September 2008, major countries such as the United States of America and the Great Britain intensified the roles of financial stability in their central banks through financial reforms. The Bank of Korea has striven actively to respond to the financial and economic turmoil through diverse policy instruments such as reduction of base rate, encouragement of flows of funds to financial markets, stabilization of foreign exchange and foreign currency funding markets, and so forth. But the Bank of Korea did not have powers enough to overcome the financial and economic turmoil. So there was a lively discussions in the National Assembly on the amendment of the Bank of Korea Act in order to strengthen the functions of the Bank such as financial stability and banking supervision. This paper is to analyze an overview of banking supervision, the relationship between a central bank and the function of banking supervision, the contents and suggestions of financial reforms in such countries as USA and England and EU, the changes of banking supervision in the Bank of Korea, and the discussions and evaluations of the amendment of the Bank of Korea Act after the global financial and economic turmoil since 2008. Major Revisions to the Bank of Korea Act are specifying responsibility for financial stability, enhancing access to information, improving emergency liquidity support facilities, improving the reserve requirement system, strengthening currency management, increasing retention of net profit, and enhancing accountability. As the importance of macroprudential policies has grown globally - based on lessons drawn from the 2008 global financial crisis - the revision of the Bank of Korea Act is directed toward strengthening the financial stability role of the central bank in line with this trend. It will consequently contribute to elevating the international profiles of both Korea and its central bank, by enhancing Korean financial system stability while at the same time heightening Korea`s external credibility.

저축은행 부당인출예금의 회수방안 -채권자취소권과 부인권을 중심으로-

곽아량 ( A Ryang Kwak ) , 김용재 ( Yong Jae Kim )
한국금융법학회|금융법연구  8권 2호, 2011 pp. 165-193 ( 총 29 pages)
6,900
초록보기
The Financial Service Commission suspended the Basan Savings Bank Group that has failed to meet capital adequacy ratio by the International Bank of Settlement, including major players Busan and Daejeon Savings Banks. However, some accidents happened immediately before the suspension at those banks. According to a preliminary probe by the Financial Supervisory Service, a total of 8.5 billion won was illegally withdrawn from two banks, that is Busan and Daejeon Savings Banks, hours before their operations were suspended on February 16th, 2011. Managers and employees of the banks first took their money back and they allegedly called their relatives, friends and VIP customers to ask them to withdraw their deposits ahead of the shutdown. Some employees even withdrew huge sums of deposits randomly from their VIP customers who did not answer phone calls, to help them avoid an asset freeze following the suspension. Prosecutors believe that 5 billion won out of the total withdrawal was drawn out on bank employees` and major shareholders` tip-offs and they have a plan to punish those who were paid in return for notifying of the scheduled suspension. Prosecutors are also investigating into who leaked the inside information of the suspension. Along with the investigation, the financial authorities` decision to attempt to retrieve the deposits that were improperly withdrawn is under legal review. This paper aims at analyzing the application of revocation and avoidance powers by bona fide depositors who have not withdrawn their deposits before suspension. The analysis is the first trial in Korea that have not considered by any one before. Thus, this paper may be the cornerstone of later studies related to the most important issue in the bankruptcy cases of banks, that is malicious withdrawals by depositors before shutdown and their disposal.

보험금청구권에 대한 저당권자의 물상대위 가능성 -우리나라와 독일의 비교법적인 관점에서-

유주선 ( Ju Seon Yoo )
한국금융법학회|금융법연구  8권 2호, 2011 pp. 195-217 ( 총 23 pages)
6,300
초록보기
Bei dieser Arbeit geht es um die Wirksamkeit der Zahlung gegenuber Hypothekenglaubiger gem. §§93, 94 Versicherungsvertragsgesetz (VVG) in Deutschland. Der Anwendungsbereich des §94 VVG ist nach dem Willen des Gesetzgebers eroffnet, wenn der Versicherungsvertrag eine klausel "mit dem in §93 beschriebenen Inhalt" und damit eine sog. einfache Widederherstellungs- bzw. -beschaffungsklausel vorsieht. Das Grundpfandrecht und die Reallast mussen vor dem Versicherungsfall entstanden, d.h. im Grundbuch eingetragen oder zumindest vorgemerkt sein. Unerheblich ist hingegen, ob die Hypotheken, Grund- oder Rentenschuld zu diesem Zeitpunkt bereits ganz oder teilweise valutiert war. Samtlichen Realglaubigern muss mitgeteilt werden, dass der Versicherer die Neuwertspitze an den Versicherungsnehmer auskehren will, bevor die Wiederherstellung bzw. -beschaffung der versicherten Sache gesichert ist. Die Enstschadigungsleistung soll in diesem Fall also vor ihrer Falligkeit erfolgen. Eine Benachteiligung der Realglaubiger hat ferner zu erfolgen, soweit die Neuwertspitze nicht zu einer vertragsmaßen Wiederherstellung oder -beschaffung verwendet werden soll. Das Gesetz schreibt keine besondere Form der Mitteilung vor. Ihre Rechtswirkungen treten ein, wenn sie entweder vom Versicherer oder vom Versicherungsnehmer an alle im Grundbuch eingetragenen, vorgemerkten oder dem Versicherer bekannten Realglaubiger gerichtet worden ist. Wenn eine Mitteilung einen unangenessenen Aufwand erforderte, durfen Versicherungsnehmer und Versicherer gem. §94 Abs. 3 Satz 2 von ihr absehen. Das ist der Fall, wenn etwa unver haltnismaßig hohe Kosten oder Schwierigkeiten bei der Ermittlung eines Realglaubiger (z.B. bei unbekanntem Aufenthalt oder unbekannten Erben) zu erwarten. Die Monatsfrist beginnt dann ab dem Zeitpunkt der Fallgikeit der Entschadigungssumme. Der Versicherer kann die Neuwertspitze mit allseits schuldbefriedigender Wirkung den Versicherungsnehmer leisten, wenn samtliche Realglaubiger mit der ungesicherten Auszahlung oder deren klauselwidriger Verwendung einverstanden sind. Infolge der Zustimmung entfallt namlich das schutzbedurfnis. Haben alle Realglaubiger einer ungesicherten Auszahlung der Neuwertspitze oder deren klauselwidriger Verwendung zugestimmt, wird der Versicherer durch Auszahlung der Entschadigungssumme an den Versicherungsnehmer auch gegenuber den Realglaubigern von seiner Leistungspflicht befreit. Die Versicherungsforderung geht durch Erfullung unter, was zum Erloschen des an ihr bestehenden Pfandrrechts fuhrt. Zahlt der Versicherer die Neuwertspitze ohne Zustimmung der Realglaubiger aus, wird er diesem Personenkreis gegenuber nicht von seiner Leistungspflicht befreit. Vielmehr kann jeder Realglaubiger, der nicht zugestimmt hat, verlangen, dass der Versicherer seine Leistung nochmals an den Versicherungsnehmer zur Erfullung der Klausel erbringt. §94 BGB ist halbzwingend ausgestaltet und erlaubt eine Modifikation daher nur zugunsten der Realglaubiger. Im koreanischen Handelsgesetzbuch(KHGB) gibt es keine Vorschriften, die vorhandennnn in Deutschland sind. Ich denkte, dass der Versicherer oder der Versicherungsnehmer dem Hypothekenglaubiger die Zahlung der Versicherungssumme mitteilen muss. Zugleich muss die Zahlung dem Hypothekenglaubiger gegenuber nur wirksam sein, wenn dieser in Textform der Zahlung zugestimmt hat.

독립된 금융소비자보호기구 설립에 관한 소고

이채진 ( Chae Jin Lee )
한국금융법학회|금융법연구  8권 2호, 2011 pp. 219-260 ( 총 42 pages)
11,700
초록보기
In the U.S. the Consumer Financial Protection Bureau (CFPB) was established in 2010, which aimed to strengthen protection of financial consumers. The UK has published its plan to create the Financial Authority Conduct as an independent financial consumer protection agency in February 2011. Likewise, enacting the Financial Consumer Protection Act and creating an independent agency of financial consumer protection are under way in Korea for better protection of them. Implied from the creation of CFPB and debates on it in the States, followings should be guaranteed for its end to be accomplished. First, the agency should be free from improper influence by other prudential regulators, politics, and financial institutions. Second, it should be substantially authorized to suggest and implement customer protection policies and to supervise financial institutions in addition to its power to respond to customers` complaints or to adjust financial disputes, so that it can practically contribute to enhancing financial consumer protection. According to what the Financial Services Commission has announced, however, the Financial Customer Protection Services would be established within the system of the Financial Supervisory Services without any authority to supervise or impose sanctions on financial institutions, while it is responsible for financial literacy programs and empowered to perform researches on financial customer protection. Moreover, its budgetary allocation should be approved by the Financial Services Commission in consultation with the Financial Supervisory Services. Hence, there is a doubt that the foundation of the Financial Customer Protection Services will fulfill its goal. It is called for that details of the Financial Customer Protection Services should be discussed more prudently in the Assembly.

中國破産管理人制度的思考

김향란 ( Xiang Lan Jin )
한국금융법학회|금융법연구  8권 2호, 2011 pp. 261-314 ( 총 54 pages)
12,900
초록보기
Bankruptcy administrator system is the most mature system of western developed countries, and its generation and development is closely related to market economy. Establishment of bankruptcy administrator is inevitable requirement, and bankruptcy administrator plays an important role in the whole bankruptcy procedure. With the acceleration of economic reform and the increase of bankrupt companies, it is increasingly urgent that China perfects the bankruptcy legislation and the necessity and urgency of establishing the system of bankruptcy administrator are considered by the law theoreticians an issue to be earnestly considered. As for developing China, how to build and perfect bankruptcy administrator system is a meaningful subject on theory and practice. This thesis is a study on the concept, rights and obligations, authority, status, function, supervision and other relevant problems of the bankruptcy administrator. Finally, aiming at these problems, this thesis puts forward relevant improvement suggestions. For example, clearly confirming bankruptcy administrator`s independent legal status, carrying out ``bipartite system`` for the appointment of bankruptcy administrator, establishing bankruptcy administrator`s property guarantee system, perfecting bankruptcy administrator`s legal liability system, etc.
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