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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 : 9권 1호 (2012)

발간사(發刊辭)

정찬형
한국금융법학회|금융법연구  9권 1호, 2012 pp. 3-4 ( 총 2 pages)
1,000
키워드보기
초록보기

신용부도스왑을 포함한 신용파생상품은 보험이며 보험업법의 적용을 받는가?

정경영 ( Gyung Young Jung )
한국금융법학회|금융법연구  9권 1호, 2012 pp. 3-32 ( 총 30 pages)
7,000
초록보기
글로벌 금융위기의 중심에 있었던 파생상품 특히 신용부도스왑(CDS)에 관해 미국과 EU를 비롯한 전세계가 규제의 필요성을 인식하고 있으나, 어떠한 방법으로 규제할 것인가 하는 점에 관해 의견이 일치하지 않고 있다. 특히 CDS는 채무자(보장매수인)가 자신의 채무자의 채무불이행 위험을 제3자(보장매도인)에게 이전하고 그 대가로 일정한 수수료를 지급하는 거래로서 채무자의 신용위험이 현실화될 경우 즉 채무자가 채무를 불이행할 경우 합의된 금액을 채권자에게 지급하게 된다. 이는 일정한 우연한 사고의 발생을 조건으로 일방의 채무가 발생하는 보험계약과 유사한 면이 없지 않다. 우리나라의 경우 채무자의 신용위험과 관련하여 보증보험, 신용보험이 도입되어 있고, 채무자가 보험에 가입하는 보증보험과 달리 신용보험은 채권자가 보험에 가입하는 자기를 위한 보험이므로 CDS계약과 매우 흡사하다. 보험계약과 신용파생계약 특히 신용부도스왑계약이 유사하다는 이유로 보험에 관한 규제를 신용파생상품에 적용할 수 있는가 하는 점에 관해 논란이 되고 있다. 보험과 신용파생상품을 비교할 때 양자는 위험의 이전을 본질로 한다는 점, 우연한 사고를 요건으로 한다는 점 등에서 유사한 면이 있다. 하지만 보험은 위험의 이전에 그치지 않고 위험의 분산을 본질적으로 시도하므로 보험은 단순한 양당사자간의 계약관계인 신용파생상품계약과 달리 위험의 분산을 본질로 하는 특이한 계약구조를 가진다는 점, 보험계약은 도덕적 위험을 방지하기 위해 피보험이익 원리를 중요하게 평가한다는 점, 보험사고가 발생한 경우 손해의 유무와 무관하게 약속된 금액을 지급하는 신용파생상품과 달리 보험계약에서 보험자는 발생한 손해액만큼 보상한다는 점 등에서 구별된다. 신용부도스왑은 신용사고를 보험사고로 하고 있을 뿐만 아니라 보험과 유사하게 도덕적 위험이 문제될 수 있어 신용보험과 더욱 유사하게 보일 수 있지만, 위험의 분산이 예정되어 있지 않고 도덕적 위험을 방지하는 방법 등에서 본질적으로 구별된다고 본다. 따라서 새로운 신용파생상품이 보험의 본질에 부합하지 않는 한 이에 대해 성질면에서 구별되는 보험법리를 적용하는 것은 원칙적으로 적합하지 않다고 보며 새로운 규제체계를 마련할 필요가 있다.

한국의 부동산프로젝트파이낸싱과 은행감독

최동준 ( Dong Jun Choi )
한국금융법학회|금융법연구  9권 1호, 2012 pp. 33-52 ( 총 20 pages)
6,000
초록보기
글로벌 금융위기 이후 한국의 부동산경기는 침체상태가 계속되고 있다. 대규모 아파트와 상가 등의 미분양, 할인분양은 부동산PF대출의 부실을 초래하여, 은행의 자산건전성을 악화시키고 있다. 그리고 미분양은 고용효과가 높은 건설사의 유동성곤란으로 건설사의 법정관리신청, 부도 등의 문제를 초래하고, 분양계약을 체결한 수분양자에게는 주거불안정이라는 사회문제를 만들고 있다. 당초 부동산개발금융은 주로 시공자금융과 부동산개발신탁이었다. 한국의 금융위기 이후 2000년대 초기의 ABS, MBS, REITs, 부동산펀드와 자산유동화 등의 구조화금융의 정착으로 부동산 프로젝트파이낸싱(PF)이 도입되어 주택경기의 호황을 만들었다. 한국의 부동산PF의 사업구조는 국제적 PF와는 달리 시공자의 보증을 요구하는 기업금융의 한 유형이거나 변형된 기업금융이다. 부동산PF대출은 사업의 미래 현금흐름에 의존하는 것이 아니라 시공자 금융에 의존하는 기업금융과 유사하다. 그 결과 시공자는 사업위험의 대부분을 부담한다. 부동산PF은 2007~2008년 기간에 최고수준을 시현하였으나, 글로벌금융위기로 부동산시장이 하락하기 시작하고 수요도 급감하였다. 그 결과 PF사업장의 절반가량이 공사착공을 하지 못하거나 중단되었다. 미분양 또는 할인분양에 의한 시공사의 부실은 시공자 금융에 의한 부동산PF의 구조상 은행부실로 연결되었다. 은행감독은 은행의 건전경영을 도모하여 신용질서의 유지와 금융시장안정을 도모하는 것을 목적으로 한다. 이러한 목적달성을 위하여 감독기관은 행정지도, 거시건전성 감독수단인 대손충당금 적립비율의 조정, 감독규정의 제·개정에 의한 공적 규제, 시장감시를 위한 공시, 감독방향의 제시 등의 감독수단을 활용한다. 부동산PF대출을 대처하는 과정에서 일부 문제점이 발견된다는 S&P의 평가가 있었으나, 한국의 은행감독기관은 부동산경기의 변동에 따라 부동산PF에 대한 은행감독수단을 적절히 활용하여 부동산개발사업의 구조조정으로 은행의 건전성을 제고하고 부동산시장의 안정에 기여한 것으로 판단된다. 감독수단의 활용을 살펴보면, 2007년~2008년 부동산 호경기 때에는 향후의 잠재불안요인에 대비하여 정상분류 부동산PF의 대손충당금 적립비율을 상향조정하고, 부동산 PF사업장의 사후관리를 위하여 리스크관리모범규준을 제정·운용토록 지도하여 시장안정을 저해할 수 있는 구조적 요인에 선제적으로 대응하였다. 그리고 이러한 대응조치와 병행하여 부동산PF사업장에 대하여 사업성 분석을 실시하고, 이에 기초하여 시장에 의한 자율적인 부실사업장의 정리를 유도하였다. 이는 향후 부동산경기 침체의 장기화시 은행이 보유한 부동산PF의 부실로 인한 건전성 악화를 예방하고 시장전반의 취약요인으로 확산되지 않도록 하는 연착륙방안이었다. 감독조치의 마지막 단계는 부동산PF의 상시감시시스템의 구축이었다. 이는 감독유관기관 간의 정보공유와 시장감시를 위한 공시를 가능하도록 하여 은행의 부동산PF대출의 사후관리를 강화하게 하였다. 그 결과 부동산경기 침체의 지속 아래에서 부동산PF대출의 부실채권비율, 연체율은 안정적인 등락세를 유지하고 있다. 유럽 재정위기 지속 등으로 세계경제 성장세 둔화 및 국제금융시장 변동성 확대가 예상되는 가운데, 한국도 부동산경기의 둔화 등으로 중소기업·서민층의 어려움이 예상되고 금융부문에서도 금융시장의 변동성이 확대될 가능성이 있다. 부동산경기는 과거 3년여의 불황을 쉽게 회복하기는 어려울 것이나, 12월 대선에서의 개발공약과 주택시장에서의 지난 수년 동안의 공급부족 등으로 경기회복 가능성도 엿보이고 있다. 부동산개발PF에 대한 은행감독이 실효성 있게 작동되어 은행의 건전성이 제고되고 부동산PF시장의 안정을 기대한다.

금융지배구조법의 주요 내용 및 향후과제 -금융회사 지배구조에 대한 내용을 중심으로

원동욱 ( Dong Wook Won )
한국금융법학회|금융법연구  9권 1호, 2012 pp. 55-105 ( 총 51 pages)
12,600
초록보기
After global financial downturn, the U.S. administration proposed a financial regulatory reform. And the U.S. Senate and the House of Representatives passed the Dodd-Frank Wall Street Reform and Consumer Protection Act. The UK government tries to review corporate governance in UK banks in the light of the experience of critical loss and failure throughout the banking system. The other advanced countries are in the same situation. The Korean government amended the system concerning the outside director after the global economic crisis. And it tries to enact the consolidated law related to the corporate governance in the financial institutions. It tries to regulate the role of board of director, independence of outside director, enforcing the monitoring role of audit committee, introducing de facto officer etc. of financial institutions in Corporate Governance of Financial Institution Act. It is necessary to enforce the roles of board of directors in some points. But it is a important issue to consider the particularities among the bank, investment company, insurance firm and etc. It cannot be taken for granted that a model is better than any other; it depends very much on the particular circumstances of the country concerned. It is not necessary to enact the Corporate Governance of Financial Institution Act in Korea.

미국 금융위기의 경험에 따른 금융감독법제(金融監督法制)의 형성과 시사점

이정두 ( Jeong Doo Lee )
한국금융법학회|금융법연구  9권 1호, 2012 pp. 107-153 ( 총 47 pages)
12,200
초록보기
Financial Crisis and change of government are the best dynamic for the reform on the financial regulatory system. In case of the U.S., sub-prime mortgage crisis and the change of government from Republican Party to Democratic Party caused financial reform through the Dodd-Frank Act. In the U.K., under the influence of global financial crisis and change of ruling party from Labour Party to Conservative Party, another financial reform is being progressed. Korea also adopted system of Financial Supervisory Commission after the experience of IMF crisis and change of government. And, considering recent global financial crisis and presidential election of 2012, this is the best time for discussion on the next reform of financial regulatory system. In addition, with recent financial crisis, protection of financial comsumer became critical issue in domestic and foreign. The U.S. established CFPB (Bureau of Consumer Financial Protection) among the FRB and the U.K. is pursuing to separate FCA (Financial Conduct Authority) from the prudential regulatory agency. This paper is aimed to find lessons from these situation relating to regulatory reform. At first, this paper will overview the U.S. reform process and evaluates its outputs. It also considers the U.K. and Australian system with financial consumer protection. Then, it will conclude with policy implications for financial regulatory reform in Korea.

한국 금융법의 연혁 및 현황

정찬형 ( Chan Hyung Chung )
한국금융법학회|금융법연구  9권 1호, 2012 pp. 157-209 ( 총 53 pages)
12,800
초록보기
The financial business in Korea includes banking business, financial investment business, insurance business and small-loan finance business. The principal acts which regulate banking business are Banking Act, Bank of Korea Act etc. The most important act which regulates financial investment business is Financial Investment Services and Capital Market Act. The principal acts which regulate insurance business are Commercial Code part 4(insurance contract) and Insurance Business Act etc. The principal acts which regulate small-loan finance business are Mutual Savings Banks Act, Loan Business Act etc. Korean Banking Act stipulates general provisions(purpose, definitions of terms etc.), permission of banking business, limitation on owning the shares of a bank, governance of a bank, banking operations, maintain of sound management, supervision and inspection, etc. Korean Insurance Business Act regulates general provisions(purpose, definitions of terms etc.), permission of insurance business, insurance company, insurance solicitation, asset operation of insurance company, accounting, supervision of insurance company, dissolution and liquidation, protection of a third party in non-life insurance, insurance organization concerned etc. Act on Financial Investment Services and Capital Market Act regulates general provisions(purpose, definitions of terms etc.), financial investment business, issuance and circulation of securities, restriction of unfair trade, collective investment scheme, financial investment organization concerned, Korea Exchange, supervision, etc. This year(2012) Korean government(financial services commission) submitted the Act on Governance of Financial Institutions(Draft) and the Amendment Draft of Financial Investment Services and Capital Market Act to National Assembly. I think these drafts should be examined thoroughly in advance in order to harmonize them with Korean Commercial Code(corporation).

韓國金融法的沿革及現狀

정찬형 ( Chan Hyung Chung ) , 장진보
한국금융법학회|금융법연구  9권 1호, 2012 pp. 211-254 ( 총 44 pages)
11,900
초록보기
The financial business in Korea includes banking business, financial investment business, insurance business and small-loan finance business. The principal acts which regulate banking business are Banking Act, Bank of Korea Act etc. The most important act which regulates financial investment business is Financial Investment Services and Capital Market Act. The principal acts which regulate insurance business are Commercial Code part 4(insurance contract) and Insurance Business Act etc. The principal acts which regulate small-loan finance business are Mutual Savings Banks Act, Loan Business Act etc. Korean Banking Act stipulates general provisions(purpose, definitions of terms etc.), permission of banking business, limitation on owning the shares of a bank, governance of a bank, banking operations, maintain of sound management, supervision and inspection, etc. Korean Insurance Business Act regulates general provisions(purpose, definitions of terms etc.), permission of insurance business, insurance company, insurance solicitation, asset operation of insurance company, accounting, supervision of insurance company, dissolution and liquidation, protection of a third party in non-life insurance, insurance organization concerned etc.. Act on Financial Investment Services and Capital Market Act regulates general provisions(purpose, definitions of terms etc.), financial investment business, issuance and circulation of securities, restriction of unfair trade, collective investment scheme, financial investment organization concerned, Korea Exchange, supervision, etc. This year(2012) Korean government(financial services commission) submitted the Act on Governance of Financial Institutions(Draft) and the Amendment Draft of Financial Investment Services and Capital Market Act to National Assembly. I think these drafts should be examined thoroughly in advance in order to harmonize them with Korean Commercial Code(corporation).

은행에서의 조건부자본증권 도입에 관한 연구 -자본시장법 개정안의 논의를 중심으로-

양기진 ( Gi Jin Yang )
한국금융법학회|금융법연구  9권 1호, 2012 pp. 255-289 ( 총 35 pages)
7,500
초록보기
Contingent capital has been designed to perform functions of loss sharing by creditors. The Basel Committee on Banking Supervision has conclusively introduced the non-viability contingent capital in Basel Ⅲ final framework. On the other hand, it has not forced banks to adopt the going-concern contingent capital by banks. In Korea, the contingent capital securities(hereinafter, CCS) is expected to be introduced not by Banking Act but by revised bill of Financial Investment Services and Capital Markets Act(hereinafter, Capital Market Act). Therefore, there is legal uncertainty about the matter of whether non-listed banks can issue CCS. Moreover, whether the unlisted banks can issue CCS and what kinds of CCS banks can issue will depend on revised bill of Capital Market Act. Another issue about the present revised bill of Capital Market Act is that this bill authorizes most of matters to its Presidential Decree, so the future revision of the related Decree will be very important. Not only non-viability contingent capital but also going-concern CCS should be included in the revision of related Decree. Third issue is setting the trigger. Setting trigger appropriately is the matter of common interest to both issuers and investors. However, according to the present revision bill of Capital Market Act, there exists uncertainty about kinds of triggers will be allowed or not. Furthermore, there is also uncertainty about whether the new CCS will be operated and/or converted as the two parties interested originally agreed. The intrinsic attribute of going-concern CCS is openness which denies any prototype or a set pattern. Therefore, the future revision of the related Decree has the key for whether CCS will be successfully stabilized or not in Korea.

타인의 생명보험의 규제에 관한 연구

이성남 ( Sung Nam Lee )
한국금융법학회|금융법연구  9권 1호, 2012 pp. 291-344 ( 총 54 pages)
12,900
초록보기
In Korea, Insurance Contract on Another Person`s Life have been regulated under consent requirements. It appears that these regulations have adequately performed the role of preventing instances of moral hazard, gambling on another`s life through life insurance and violation of personal rights. Recently, there has been an increase in insurance fraud related to the insured own life and health. Therefore, to deal with these instances there is the need to implement the doctrine of insurable interest in life insurance contracts along with the consent requirement to suppress the abuse of the insurance system. The decision of the Korean Supreme Court which voids Insurance Contract on Another Person`s Life contracts without the insured signed consent leads to unnecessary increase in processes and transactional costs and does not further the intent of the laws. Therefore, there is the need to reconsider the effects of the decision, such as deciding that these instances be voidable. Regarding the method of consent the Korean Commercial Code requires written consent. With the advances in information technology such as the internet, it is expected that sales of insurance contracts will be increasingly transacted over new channels such as on-line or through other media channels. Therefore, there is the need to improve the method of receiving consent while ensuring that consent has been clearly made, such as allowing consent made through voice recording or electronic documents. Regarding the legal position of the insured in Insurance Contract on Another Person`s Life contracts, there must be processes established where the insured may remove him/herself from the position of being insured where his/her circumstances have changed. Also, there must be consideration of providing to the insured the right to request the cancellation of the insurance contract or a special right to cancel the contract. There has been ongoing controversy regarding the ownership of proceeds in group insurance contracts. Therefore, at the enrollment stage, there must be clear understanding of the rights of the member as well as notice that the member has been enrolled in group insurance to prevent enrollment without the member`s knowledge. Also, at the proceed payment stage, there must be an improvement in the payment system, such as the legislation enacted in China, to ensure that the member or the member`s heirs receive payment. Finally, considering at the stage of enrollment there are only broad guidelines on the qualification to be enrolled, there must be systems in place to exempt the consent requirement under certain circumstances such as limiting the amount of benefits because it may be irrational to require written consent for accident insurance which is provided as part of a service to a customer or where the insurable interest cannot be confirmed beforehand.

외국회사의 국내 상장에 따른 국내주주 보호를 위한 법적 과제

정승화 ( Seung Hwa Chung )
한국금융법학회|금융법연구  9권 1호, 2012 pp. 345-393 ( 총 49 pages)
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Regarding protection for domestic shareholders investing in a foreign company listed in Korea (ⅰ) law and regulation system of each country differs and Company Law and Capital Market Act among countries collide in some aspect (ⅱ) international treaty that has binding force and the power to execute is lacking (ⅲ) limitation on substantial and effective administration and supervision due to difference of location between foreign listed corporate body and investors (ⅳ) limitation upon asymmetric information about foreign listed corporate body of domestic investors (ⅴ) lack of reliable accounting and limitation on conducting due diligence on the spot. While understanding the fundamental cause of such problems and limitations, improvement in legal system and operational system for investor protection along with investors` effort to recognize investment risk themselves are needed. In addition, foreign listed corporate body should make effort to convey information on foreign companies and stocks to investors and shareholders in clear and easy way. Meanwhile, although investor protection with transparency can be left autonomously to the foreign company, there is certainly a need for an operational transparency system. In other words, it is necessary to specify abovementioned details on foreign company`s articles of association, deposit agreement with foreign companies, or Standard Stock Service Agent Agreement Section. Considering that the holding companies are listed as a matter of form, not the subsidiary which carries out actual business activity, there needs to be an international effort to set an operational system that assigns authority of right of inspection of books and records and representative suit of shareholder to shareholders of the holding company so as to monitor business activities.
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