베트남 金融關係法의 最近 制ㆍ改正 動向과 示唆點

高東源(Ko Dong-Won) 한국법학원 2005 저스티스 Vol.- No.86

최근 베트남 경제가 급속하게 성장하면서 베트남 금융시장에 대한 관심이 높아지고 있다. 특히 2003년 7월에 외국인 투자자의 베트남 상장회사에 대한 투자 한도가 총 발행 주식의 20%에서 30%로 상향 조정되고, 2000년 7월 호치민市(Ho Chi Minh City)에의 증권거래소 개설에 이어 2005년 3월 하노이市 (Hanoi City)에도 증권거래소가 개설되면서 베트남 증권시장에 대한 관심이 더 높아가고 있다. 은행산업의 경우에도 종전 외국인합작투자은행 허용에서 2004년 10월에 100% 완전 외국인 소유 은행의 설립을 허용함으로써 외국 금융기관에 대하여 보다 적극적으로 베트남 시장을 개방하고 있다. 본 논문은 베트남 금융관계법의 최근의 제ㆍ개정 동향을 소개하고 그 시사점을 알아봄으로써 베트남 투자를 고려하고 있는 은행 등 금융기관 및 일반 기업, 더 나아가서는 이에 관련되는 법률 실무자들에게 도움을 주고자 함에있다. 본 논문은 은행산업 및 증권산업 관련 금융관계법을 중심으로 하여 살펴보고 있다. 우선 은행산업의 경우에는 앞서 언급한 100% 완전 소유 외국인 은행의 설립 허용이 특징적인 것이며, 이외에도 은행의 영업소 설치 및 은행 업무범위 결정 등에 중앙은행인 베트남국가은행(State Bank of Vietnam)의 인가를 얻도록 하는 등 비교적 규제가 엄격한 편이고, 은행의 임원 자격 요건도 까다로운 편으로 평가된다. 이외에도 은행의 자기자본비율 규제 등 건전성 규제도 비교적 국제기준에 따르는 것으로 평가되나, 국제적인 회계기준을 반영하지 못한 회계기준을 적용함으로써 은행들의 재무상황이 정확히 파악되고 있지 않은 것은 문제점으로 지적되고 있다. 그러나 최근 베트남의 세계무역기구(WTO)에의 가입 노력 등에 따라 은행의 여신 심사에 대한 자율권 확대 및 건전성 규제 내용의 명확화 등의 조치가 취해지고 있어 많은 제도적인 개선이 이루어지고 있다. 증권산업의 경우에도 2003년에 베트남 상장회사에 대한 외국인 투자한도의 확대 등 기업 인수합병(M&A)의 활성화를 위한 여러 제도적인 장치가 도입되었으며, 이와 더불어 투자자를 보호하기 위하여 상장회사의 경영진에 대한 소송 제기 등 주가에 영향을 미치는 특별 정보 (extraordinary information)를 24시간 이내에 공시하도록 하는 등 공시(disclosure) 요건도 강화되었다. 특히 경쟁법이 2005년 5월부터 시행되어 기업 인수합병과 관련하여 기업결합 후 시장점유율이 50%를 넘게 되는 경우에는 경쟁당국의 승인을 얻도록 하는 등의 규제 조치가 취해지게 된 점도 주목할 만한 일이다. 베트남 금융시장의 최근 동향을 살펴볼 때 우리 나라 금융기관 및 기업들도 더욱 관심을 가질 필요가 있다고 본다. 특히 은행의 경우에는 성장하는 베트남 시장을 볼 때 현행의 지점 및 합작투자은행의 설립에서 더 나아가서 100% 현지법인 자은행을 설립하는 것도 고려할만하다고 본다. 이와 관련하여 본 논문은 은행의 해외 시장 진출 활성화를 위하여 국내 은행의 해외 현지법인 설립 시 금융감독당국과 사전 협의를 해야 하는 제도를 규제 완화 차원에서 사전 신고 제도로 운영할 것을 제안하고 있다. 더 나아가서 현행 은행의 자회사 기준(다른 회사의 의결권 있는 발행 주식 총수의 15%를 초과하여 소유하고 있는 경우)을 상향 조정하여 자회사 출자 제한이나 자회사와의 거래 제한 등의 적용을 받지 않고 투자(portfolio)할 수 있는 범위를 확대할 필요가 있음을 강조하고 있다.

자발적 공시를 위한 기업회계보고서 모델

高東元(Ko, Dong-won) 한국전통상학회 2007 韓國傳統商學硏究 Vol.21 No.1

Market Globalization and development of information communication technology adapted by more international sense about all corporations and complicated corporation environment, accounting information is supplied through real time web and information user could use corporation's account information conveniently and rapidly. According as offer an investment opportunity that capital market does estimate impossibility under these environment, investors require various information still more about corporation activity. Information users want corporation information more addition enemies by increase of an investment opportunity and these trend may increase continuously. Necessity of voluntary accounting information disclosure is emphasized more in situation that corporation must inform continuously. Also, is going to refer and conclude conclusion about trend of voluntary disclosure through web after examine voluntary corporation information public notification model who virtue investigators propose.

지방전문대학홍보에서 인터넷 매체의 효율적 활용

고동원(Dong-Won Ko) 한국콘텐츠학회 2010 한국콘텐츠학회논문지 Vol.10 No.9

많은 지방전문대학들이 온ㆍ오프라인 매체를 활용하여 대학을 홍보하고 있으나 홍보매체에 대한 효과를 검증하고 효율성을 극대화할 수 있는 구체적인 홍보 방안에 대한 연구는 부족한 실정이다. 본 연구는 지방전문대학에서 실시하는 다양한 홍보매체 중에서 인터넷 매체의 중요성을 대학신입생을 대상으로 설문조사한 결과를 제시하였다. 연구결과, 지방전문대학 신입생들은 온라인 매체의 중요성이 오프라인 매체보다 낮았으며, 추가모집시 여학생들의 인터넷 입시사이트 활용도가 높았다. 그리고 전문계 고등학교 학생들은 수시, 인문계 고등학교 학생들은 추가모집 시기에 인터넷 매체의 활용도가 높았으며, 대학홈페이지의 경우 추가모집 시기에 활용도가 다른 모집시기에 비해 가장 낮은 것으로 나타났다. A lot of local colleges are public relation(PR) using onㆍoff line media. However, to examine the effectiveness and efficiency can be maximized to promote research is still lacking. This study was presented to the utilization of the Internet media in local colleges. As a result, local college students were used more offline than online media. Add admission period, girls were higher utilization of the internet entrance site. When nonscheduled admission, vocation high school students were more internet media use. Academic high school students used the internet media, when add admission period.

코넥스(KONEX)시장의 지속 성장을 위한 법제도적 개선 방안

고동원(Ko, Dong Won) 한국증권법학회 2018 증권법연구 Vol.19 No.1

2013년 7월에 개설된 코넥스(KONEX)시장은 성장 가능성이 높은 유망 중소기업을 위한 증권시장이다. 상장 적격성 심사 및 관련 자문 업무를 수행하는 지정자문인(nominated adviser) 제도를 운영하는 것이 큰 특징 중의 하나이다. 다른 증권시장인 유가증권시장이나 코스닥시장에 비하여 상장 요건을 완화하고 공시 의무도 완화하는 등 중소기업을 위한 여러 가지 특례 제도를 운영하고 있다. 비교적 성공적이라는 평가를 받고 있는 코넥스시장의 지속적인 성장을 위해서 법제도적 개선 방안을 모색할 필요가 있다. 이 글은 다음과 같은 개선 방향을 제시하고 있다. 첫째, 정보 공시의 강화를 통하여 정보의 비대칭성 문제를 해소할 필요가 있는데, 일반회계기준이 아닌 국제회계기준을 적용하여 정확한 재무 정보가 시장에 제공되도록 할 필요가 있으며, 사외이사를 두게 하여 기업 경영의 투명성을 높일 필요가 있다. 둘째, 지정자문인 제도와 관련하여 독립성 유지를 위한 구체적인 기준을 자세히 규정하고, 지정자문인의 승인 및 퇴출 제도를 도입할 필요가 있다. 셋째, 기본예탁금 제도를 폐지하고, 소액투자전용계좌의 연간 납입 금액 한도를 높이거나 한도를 폐지하여, 일반 투자자의 투자 확대를 유도할 필요가 있다. 넷째, 상장 대상 기업을 중소기업으로 한정하는 것을 없앨 필요가 있다. 다섯째, 외국 기업을 유치하여 국제적인 증권시장으로 육성하기 위하여 외국 기업에 관한 규정을 둘 필요가 있다. The Korea New Exchange (“KONEX”) market, launched in July 2013, is a securities exchange exclusively for small and medium-sized companies which possess a potential growth, like the Alternative Investment Market (AIM) of United Kingdom, the Catalist Market of Singapore, and the Growth Enterprise Market (GEM) of Hong Kong. The Korean government introduced this KONEX market in addition to other securities exchange such as KOSPI market and KOSDAQ market, both of which require much stricter listing requirements. This article is intended to suggest some improvements for a sustainable growth of the KONEX market. First, this article suggests that disclosure requirements for listing companies should be more strengthened by adopting an the Korean adopted international financial reporting standards, rather the Korean generally accepted accounting principle, and requiring outsider directors for listing companies. Second, in relation to a nominated adviser, independence requirements should be in detail prescribed, and an approval and removal scheme for a nominated adviser should be introduced. Third, an entry barrier for investments by non-institutional investors need to be lowered by abolishing a basic margin requirement of 300 million Won, which will contribute to providing more liquidity to the market. Fourth, the requirements for listing limited to a “small and medium-sized companies” should be lifted. Fifth, foreign firms need to be listed in the KONEX market by revising the relevant regulations in order for the KONEX market to develop into an international securities market, as shown in the cases of the AIM, the Catalist and the GEM. Finally, when the Korea Exchange converts into a holding company system, the KONEX market should be an independent subsidiary of a holding company, in order for the KONEX market to attain a sustainable growth.

「자본시장과 금융투자업에 관한 법률」에서 신탁업의 분리와 입법 과제

고동원(Dong Won Ko),권태율(Tae-Yul Kwon) 한국기업법학회 2017 企業法硏究 Vol.31 No.3

이 글은 「자본시장과 금융투자업에 관한 법률」(이하 “자본시장법”)에서 신탁업을 분리하는 것이 왜 타당한지에 대하여 살펴보고, 독자적인 신탁업에 관한 새로운 법률을 제정하는 경우 신탁업의 발전을 위해서 과연 어떤 사항을 담아야 하는지에 관한 입법 개선 과제를 다루고 있다. 그동안 신탁업을 자본시장법상의 ‘금융투자업’의 하나로 규율하는 입법 방식에 대해서는 법 체계적으로나 신탁업의 종합 재산 관리 기능이라는 본래적인 기능의 활성화 면에서 정합성이 떨어진다는 비판적인 의견이 제기되어 왔는데, 2017년 2월 금융당국인 금융위원회는 신탁업에 관한 별도의 법률을 제정하는 방안을 발표한 바 있다. 이 글은 자본시장법으로부터 신탁업 분리 필요성에 대한 여러 논거를 살펴보면서, 향후 새로운 법률에 반영되어야 할 몇 가지 입법 과제를 제시하고 있는데, 그 주요 내용은 다음과 같다. 첫째, 투자성이 있는 신탁상품에 대해서 판매 행위 규제 등에 관한 사항은 자본시장법을 준용하는 것보다 새로 제정되는 법률에서 일괄적으로 규정하는 것이 좋을 것으로 본다. 둘째, 그동안 금지되어 온 불특정금전신탁과 집합(합동) 운용은 다시 허용되는 것이 신탁의 본질과 소비자 혜택이라는 점에서 타당하다고 본다. 셋째, 다양한 신탁업자가 출현할 수 있도록 진입규제를 완화하고, 관리형 신탁업자와 운용형 신탁업자로 구분하여 진입 규제를 설정할 필요가 있다. 넷째, 신탁재산의 범위를 포괄주의 방식으로 변경하여 신탁업자가 다양한 신탁상품을 개발할 수 있도록 할 필요가 있다. 다섯째, 신탁재산의 운용 규제를 대폭 완화하여 운용 수익을 극대화 할 필요가 있다. 여섯째, 신탁업자에게 보호예수나 채무보증 등 부수업무를 허용해 주어 신탁업자의 수익성을 높일 수 있도록 할 필요가 있다. 일곱째, 신탁업자가 ‘영업(사업)신탁업’을 영위할 수 있도록 근거 규정을 둘 필요가 있다. 여덟째, 신탁재산의 재신탁 필요성이 있으므로 이와 관련한 재신탁의 기준이나 방법 및 절차에 관한 사항을 규정할 필요가 있다. 아홉째, 수익증권발행신탁의 경우 신탁재산의 종류와 상관없이 수익증권을 발행할 수 있도록 허용하고, 자본시장법상 ‘집합투자’의 정의에서 수익증권발행신탁을 제외하며, 다수의 투자자 보호를 위한 영업 행위 규제 규정을 둘 필요가 있다. 마지막으로 신탁업자가 사채를 발행하는 경우 신탁사채의 발행 절차 등 투자자를 보호하기 위한 규정을 둘 필요가 있다. This article is intended to review the reasons why the relevant provisions regarding trust business should be separated from the Financial Investment Services and Capital Markets Act (the “FSMA”) and to discuss legislative tasks for what should be included in a new separated trust business law for the purpose of developing trust business. This article argues that the FSMA is not appropriate to prescribe trust business in that the FSMA contains a feature of regulating ‘financial business,’ while trust business has a characteristic of non-financial business as well as financial business. This article also observes that separating trust business from the FSMA would contribute to the development of trust business industry. Further, this article suggests some improvements or tasks to be included in a new separated trust business law. First, business conduct rules regarding a sale of trust products whose principal is not guaranteed should be added in a new trust business law, rather than applying the current rules in the FSMA. Second, ‘unspecified money trust products’ and collective trust asset management should be allowed. Third, it is necessary to lower entry barriers of trust business, which will lead to the development of various types of trust products. Fourth, the scope of trust property should be expanded by adopting a comprehensive definition of trust assets. Fifth, it is necessary to significantly relax restrictions on a trustee company’s operation of trust assets. Sixth, a trustee company’s incidental activities such as safe custody or guarantee business should be permitted in terms of increasing its profitability. Seventh, a trustee company should be permitted to engage in ‘business trust activities.’ Eighth, it is necessary to prescribe the relevant provisions such as methods and procedures regarding re-trust. Ninth, the relevant provisions for protecting investors should be inserted in relation to issuing beneficial certificates of trust. Lastly, it is necessary to prescribe the relevant provisions for protecting investors in regard to issuing bonds based on a trust property.

금융산업 구조 변화의 현황과 전망 및 과제

고동원(Ko Dong Won) 성균관대학교 법학연구소 2007 성균관법학 Vol.19 No.3

  This article is to review the results of the past financial restructuring that happened after the 1997 financial crisis in Korea and to look at the prospects of and tasks for the future developments in the Korean financial system. The main features of the results of the financial restructuring are those of (ⅰ) the launch of large sized financial institutions, in particular. banking institutions through merger and acquisitions, and (ⅱ) the expansion of business scope of financial institutions, engaging in other financial business than their own core business (e.g., in ease of banks, bancasurrance business and fund distribution activities). In particular, the launch of a financial holding company system in 2000 is regarded as an another characteristic of the Korean financial system.<BR>  As to future prospects of the financial system in Korea, the trends of large size, expansion of business scope. globalization and internationalization are expected to continue in that (ⅰ) the recently enacted "Capital Market and Financial Investment Business Act" in August 2007 aims to encourage the establishment of a large-sized financial investment company (e.g., investment bank) which is able to conduct securities. asset management, and futures business concurrently, and in competition with those companies, banking institutions and insurance companies are highly likely to pursue the large size, (ⅱ) expansion of their business scope is one of the ways to survive in the competing world, and (ⅲ) the Korean government is implementing the strategy of making it a financial hub country.<BR>  However, there exist so me tasks for achieving the enhanced developments of the Korean financial system, among others: (ⅰ) deregulations of the financial holding company system (e.g., increase of the ceiling of its investments in subsidiaries and other companies), (ⅱ) gradual introduction of a universal banking system. (ⅲ) deregulatoins for overseas expansion of financial institutions, (ⅳ) improvements for corporate governance of financial institutions, (ⅴ) deregulations of the financial institution entry system and (ⅵ) continuing implementation of the strategy for a financial hub country (e.g., need of government supports for education of financial experts, including financial law professionals and the establishment of government-supported "Financial Law Research Institute").

은행 소유 규제의 현황과 개선 과제

고동원(Ko, Dong Won) 성균관대학교 법학연구소 2010 성균관법학 Vol.22 No.2

This article is to analyze the regulations on a bank ownership under the Bank Act in Korea and to suggest some improvements in respect of legal issues and financial policy matters. Also, this paper reviews the history of regulations of a bank ownership since 1950 when the Bank Act was enacted. The core issue on the bank ownership regulation under the Bank Act is whether a non-financial firm group should be permitted to control a bank, and further, if permitted, how much such ownership should be allowed. Until the amendment of the Bank Act in June 2009 (effective in October 2009), a strict policy on bank ownership by a non-financial group had been taken. However, the 2009 Bank Act amendments allowed a non-financial group to own up to 9% of voting shares of a nationwide commercial bank, increasing from the previous 4% limit, although an approval from a financial regulator should be obtained if such ownership triggers certain conditions. However, this financial policy deregulating the bank ownership restrictions is evaluated not to be desirable in that such policy might incur the negative effects, including that such a non-financial group might abuse its power as a large shareholder, exercise undue influences on the bank, and eventually harm the soundness of the bank as well as the sound financial system. Alternatively, other methods to improve the competitiveness of the bank industry (According to the Government, the improvement of the banks' competitiveness is one of the aims to deregulate the bank ownership restrictions.), may be considered: expanding the scope of bank activities, improving the corporate governance of a bank, and abolishing unnecessary regulations or deregulating strict regulations imposed on banks. Another issue to note is that the control on a bank by a private equity fund ("PEF") should be prohibited in that such PEF in nature seeks to gain profits in the short-term rather than in the long-term, considering that long-term strategies and investments (such as information technology investments) are essential to banking institutions.

보험회사 영업행위 규제의 개선 방안

고동원(Ko, Dong-Won),노태석(Roh, Tae-Seok) 성균관대학교 법학연구소 2011 성균관법학 Vol.23 No.3

Along with the new trends of reinforcing the protection of financial consumers due to global financial crisis in 2008, the 2010 amended Insurance Business Act (IBA) of Korea has strengthened the regulations on conducts of business of an insurance company. The main purpose for such reinforcement is to protect the rights of insurance policy holders more efficiently, because such policy holders' bargaining power is believed to be so weak, compared with that of an insurance company. According to this amended IBA, such strengthened regulations including the suitability principle, the duty of explanation and insurance product advertisement regulations, have been newly introduced and implemented. Overall, it is assessed that the new strengthened measures are desirable and have positive effects on insurance consumers in terms of their protection. However, several issues need to be still improved. Thus, this article aims to analyze the problems and issues in regard to the current regulations on business conducts of an insurance company under the IBA and to suggest some recommendations for more efficient protection of insurance consumers. First, since there remain regulatory duplicate by the Fair Trade Commission and the Financial Services Commission (FSC) and double penalties against an insurance company which violates the relevant regulations on insurance product advertisements and general terms and conditions for insurance contracts, these problems need to be so rectified that the FSC should be an unitary regulator in this respect. Second, because the scope of application of the suitability principle is so narrow that it is not sufficient to protect policy holders more efficiently, the suitability principle needs to be applied regardless of whether an insurance contract is offered to potential policy holders by an insurance company, and further it should apply to other insurance products in addition to the current insurance product with variable insurance amount. Third, since the duty of explanation also applies only to an policy holder whom an insurance company promotes, this duty does not operate efficiently to fully protect insurance consumers so that it should apply to insurance consumers regardless of the time of offer of an insurance contract. In sum, the scope of application of the suitability principle and the duty of explanation should be expanded in order to protect insurance consumers more fully.

주제별 논단 : 기타 ; 개편된 금융감독기구의 문제점과 개선 방향

고동원 ( Dong Won Ko ) 한국금융법학회 2008 金融法硏究 Vol.5 No.1

On February 29, 2008, a new revised law on a financial supervisory organization was enacted as one of measures for the government organization reshuffle by the launch of a new government in February 2008. One of key measures was to consolidate financial policy function (which had been conducted by the former Ministry of Finance and Economy) and financial supervision function (which had been performed by the Financial Supervisory Commission) and to establish the new Financial Services Commission (the "FSC"). However, this consolidation plan was severely attacked by the civil movement groups as well as many reputable academic scholars. This consolidation of financial policy and financial supervision by one government authority may lead to the possibility of power concentration and inefficient financial supervision function. This new FSC may be also deeply influenced by the government and so be not highly likely to engage in financial supervisory role independently. In addition, the FSC will find it difficult to recruit highly financial specialized staff and employees since it is a government organization. In particular, the staff organization to the FSC, a secretariat, may have a possibility to expand its business into on-site examination on and sanctions against financial institutions in terms of legal aspect, in which case, financial supervision and examinations would be performed by government organizations and so might give negative effects on the financial system and infrastructure. To rectify these problems, a separation between financial policy function and financial supervision function need to be taken as soon as possible, and it is necessary to convert a financial supervisory organization into an independent nongovernment institution. This trend is more persuasive taking into account the cases of other countries, particularly financially advanced countries. It is also believed that this measure would be in line with the global standard in financial supervision and contribute to the enhancement and upgrade of the financial institution and system.

한국은행의 조직 및 기능과 그 법적 문제점에 관한 고찰

고동원(Ko, Dong Won) 성균관대학교 비교법연구소 2009 성균관법학 Vol.21 No.1

The role of a central bank in a country is great and important. Typically, a central bank conducts monetary and credit policy and through that, pursues price stability in a country. In addition, a central bank performs the function of a lender of last resort, which is very important especially during the period of financial and economic crunch, as seen in Korea during the latter half of 2008. In some countries, the function of a central bank expands into financial stability or financial market stability, which becomes a hot issue in Korea during the recent financial crisis. In Korea, the Bank of Korea acts as a central bank, and conducts monetary policy, including the function of a lender of last resort. But, yet, it is generally understood that the Bank of Korea Act does not confer to the Bank of Korea the function of financial stability as one of its establishment purpose, although that issue has been raised since the recent economic and financial crisis. This article is to review some legal issues in relation to the various functions of the Bank of Korea under the Bank of Korea Act, and to suggest some recommendations from the legal perspective. First, the current Bank of Korea Act provides that it only applies to banks and bank holding companies, but does not include special banks (such as the Korea Development Bank and the Industrial Bank of Korea) and other financial institutions (such as a credit union's association and a savings bank's association), as its applicable financial institutions, although those banks and financial institutions are subject to the Bank of Korea Act in certain areas according to their respective establishment laws. Thus, it is recommended that for more clarification, those special banks and financial institutions be included in the scope of the applicable financial institutions under the Bank of Korea Act. Second, since the scope of the permitted foreign exchange business under the Bank of Korea Act is not clear, it is controversial whether the Bank of Korea may engage in such foreign exchange business permitted by the Foreign Exchange Transaction Act. So, it is desirable to clarify the scope of the foreign exchange business permitted under the Bank of Korea Act. Third, the scope of the financial institutions subject to open market operations, currently prescribed by the Bank of Korea's regulations, should be clearly inserted in the Bank of Korea Act. Fourth, the system for sharing of financial information among the Bank of Korea and other relevant financial government departments and regulators, including the Ministry of Strategy and Finance and the Financial Services Commission, should be improved. For example, it should be considered to set up an independent financial information sharing council or agency, which will facilitate financial information sharing more efficiently, and further to include the Financial Supervisory Service and the Korea Deposit Insurance Corporation as one of financial information sharing institutions, respectively.