주제별 논단 : 미국금융개혁법과 우리의 과제 ; 미국 금융개혁법의 소개와 전망: 장외파생상품의 규제를 중심으로

신현탁 ( Hyeon Tak Shin ) 한국금융법학회 2010 金融法硏究 Vol.7 No.2

For the financial regulatory reform of the United States, Dodd-Frank Wall Street Reform and Consumer Protection Act was legislated in July, 2010, and OTC derivatives would face tougher regulation. First, swaps and security-based swaps like CDS shall be submitted for clearing to a derivatives clearing organization, if CFTC or SEC determines that these are required to be cleared and the clearing house accepts it for clearing. Second, no federal assistance may be provided to any swaps entity with respect to any swap or security-based swap. Third, in connection with the listing of contracts or swaps in excluded commodities that are based upon the occurrence, extent of an occurrence, or contingency, CFTC may determine that such contracts are contrary to the public interest. Fourth, CFTC and SEC are supposed to cooperate with each other in the approval process of novel derivative products. These regulatory change reflects the fact that the suffering of american people was so severe that they would not endure any longer a harm the investment with such OTC derivative may cause to national economy.

감사 직무대행자의 임기에 관한 고찰

신현탁 ( Hyeon Tak Shin ) 한국상사판례학회 2013 상사판례연구 Vol.26 No.2

Article 386(2) of the Commercial Act shall apply mutatis mutandis to auditors in accordance with Article 415 of the Commercial Act, and, thus, acting auditor may be appointed by the court, if it deems necessary, upon the request of director, auditor or any other interested party. Although acting director shall automatically lose its position when the incoming director is appointed, it is not clear if the term of office of acting director shall apply mutatis mutandis to acting auditor as well. Historically, the Commercial Act before 1984 stipulated only the maximum period of 1 year for the term of office of auditor, and respective company could have freely designated the term of office of auditor. Thus, at that time, there was no problem in applying the term of office of acting director to acting auditor. However, after the revision of the Commercial Act in 1984, Article 410 of the Commercial Act is regarded as a compulsory provision, which provides that the term of office of auditor shall expire upon the closing of an ordinary general meeting of shareholders convened in respect of the last period for the settlement of accounts within 3 years after his/her inauguration. The legislative purpose of such revision was to guaranty the independency of auditor, and promote the efficiency and effectiveness of the performance of auditor. This spirit shall govern the term of office of acting auditor as well. Term of office less than 1 year is too short for the acting auditor to fully perform its duties after the acting auditor grasps all the financial status of the company, and, furthermore, acting auditor cannot be independent from the shareholders of the company because the acting auditor wants to be appointed as a regular auditor in the next shareholders` meeting. Thus, the term of office of acting auditor shall be construed to expire upon the closing of an ordinary general meeting of shareholders convened in respect of the last period for the settlement of accounts within 3 years after his/her inauguration as in the case of auditor.

자본시장법상 온라인소액투자중개업자의 법적 지위에 관한 해석론상 문제점

신현탁(Shin, Hyeon Tak) 한국증권법학회 2016 증권법연구 Vol.17 No.2

자본시장법 시행령에서 온라인소액투자중개업자의 업무범위에 해당되는 것으로 나열하고 있는 행위 유형들은 자본시장법상의 청약권유금지·자문금지·주선금지 규정 등과 충돌하기 때문에 정작 온라인소액투자중개업자가 적법하게 영위할 수 있는 업무범위는 단순한 체약대행(청약권유의 대행/청약의 대행/승낙의 대행) 업무에 불과하며, 위 시행령상 규정된 업무범위는 유명무실하다. 또한 자본시장법상 온라인소액투자중개업자는 온라인소액증권발행인이 크라우드펀딩 플랫폼에 게재하려는 사항에 관하여 사실 여부를 확인할 의무를 부담하는데, 이에 따른 사실확인 업무를 제3자에게 위탁하는 것은 가능하지만, 본질적 업무로 규정되어 있기 때문에 수탁자가 온라인소액투자중개업자의 자격을 갖추도록 위탁에 제한이 가해진다. 그러나 사실확인 업무는 대부분 단순한 서류대조 작업에 의하여 처리될 성질의 것이기 때문에 굳이 수탁자의 자격을 제한할 필요가 없다. 온라인소액투자중개업자에 대한 진입규제를 투자자문업자 수준으로 완화하였다 하더라도 단순히 체약대행 업무만을 영위하는 온라인소액투자중개업자의 지위에 비추어 여전히 과잉 규제이다. 온라인소액투자중개업자에 대한 진입규제를 현재 수준보다 더 완화해야 한다. As of Jan. 25, 2016, the amendments of Financial Investment Services and Capital Markets Act (hereinafter, the “FISCMA”) and its Presidential Decree had taken effect with introducing crowdfunding. Until now, 13 Crowdfunding Platforms (Online Small Investment Intermediary) has been registered with the Financial Supervisory Service. Crowdfunding Platform is stipulated to be a investment broker under the FISCMA, and allowed to perform brokerage, underwriting, solicitation, etc. in accordance with the presidential Decree of the FISCMA, but, in reality, other provisions of the FISCMA prohibit Crowdfunding Platforms from doing the above works except for the simple agency business of offer and/or accept of the online small investment. Thus, the role of Crowdfunding Platforms is restrained to simple proxy business, rather than investment brokerage business. In addition, Crowdfunding Platforms may entrust a third party to perform the certification business regarding the facts disclosed by the issuer, which should have been performed by Crowdfunding Platforms, but, the FISCMA requires the trustee to be registered as Crowdfunding Platform as well. Such certification business is supposed to be performed through checking the documents submitted by the issuer, which is never meant to be a complicated or hard work. Thus, the requirement of trsutee’s eligibility is unnecessary. Considering that the role of Crowdfunding Platform is simple agency business, the registration requirement of Crowdfunding Platform shall be much lower than other financial investment business entities under the FISCMA, and current regulation on Crowdfunding Platform is too burdensome.

사업기회유용 금지의무 위반의 효과

申鉉卓(Hyeon-Tak Shin) 한국기업법학회 2014 企業法硏究 Vol.28 No.3

새로 도입된 상법 제397조의2 제2항에서는 이사의 사업기회유용 금지의무 위반에 따른 법적효과에 대하여 규정하고 있으나, 현실적으로 발생 가능한 다양한 사례에 적용하기 위해서는 충분한 해석론적 논의가 요구된다. 원칙적으로 이사회의 승인이 없다면 당해이사는 사업기회를 유용해서는 안되는데, 이 때 이사회 승인은 특별이해관계 있는 이사를 포함한 재적이사의 3분의 2 이상의 찬성에 의하여 이루어져야 한다. 다만 특별이해관계 있는 이사는 의결권을 행사할 수 없으므로 그러한 이사가 많을 경우에는 회사와의 이해상충 가능성이 심각한 경우로서 이사회 승인이 불가능할 수 있다. 이사회 승인이 있었다 하더라도 이사회에서 성실심의의무를 위반한 경우가 문제되는데, 그러한 이사회 승인도 유효한 것이므로 이를 성실하게 신뢰하고 사업기회를 성공적으로 이용한 당해이사는 주의의무를 위반한 사실이 없으므로 손해배상책임이 인정되어서는 안 된다. 반면 성실심의의무를 위반하여 사업기회 이용을 승인한 이사들은 회사에 대하여 손해배상책임을 부담하며, 이때에는 당해이사 등이 사업기회를 통하여 얻은 이익이 회사의 손해로 추정되어야 할 것이다. Corporate opportunity doctrine has been introduced into the Korean Commercial Act (“KCC”). When a corporate opportunity was approved by the board of directors (“BOD”), the director, who used the corporate opportunity, will not be responsible for the damages of the company, if any. However, it is controversial with the liability of the director, if the BOD did not fully perform the duty of care in the approval of the corporate opportunity. In this regard, Section 2 of the Article 397-2 of the KCC is ambiguous, and requires special elaborations to explore an untrodden field without referring to the examples of other countries. Korean commercial Act does not recognize the fairness test in regard with the corporate opportunity, nor constructive trusts on the contrary to the American cases. On the other hand, the director"s liability results from any violation of his/her obligations in accordance with section 2 of the Article 397-2 of the KCC. Then, if the director used the corporate opportunity under the approval of the BOD, there is no violation of obligation in the side of the director. Even if the BOD failed to perform their duty of care, the liability shall be on the BOD rather than the director, because the approval itself is still valid. Thus, in this case, the director shall be exempted from any liability from the damages of the company, only if he/her used the corporate opportunity under the approval of the BOD, even if the BOD made the approval without fully performing the duty of care.

회사법의 최근 쟁점 주권미발행 회사의 명의개서에 관한 연구 -대상판결 대법원 2014. 4. 30. 선고 2013다99942 판결

신현탁 ( Hyeon Tak Shin ) 고려대학교 법학연구원 2015 고려법학 Vol.0 No.77

The process and legal effects of the shareholder registry generally assume the fact that the share certificate is already issued. However, in many cases, share certificates are not issued, and, then, the process and legal effects of the shareholder registry shall be differently reviewed. In this regard, this article tries a critical review on a supreme court case (Case No: Supreme Court Decision 2013Da99942 Decided on April 30, 2014). When share certificates are not issued, shares can be transferred by the mutual agreement between the parties, and, with a notice of the transferor or an acceptance of the obligor (i.e., the stock company), the transferee acquires the shares. Even if there are double transfer of the shares, thereafter, the second transferee cannot acquire the shares, and the record in the shareholder registry of the second transferee, if any, is illegal and void. Because share certificates are not issued, double transfer of shares may easily happen. Thus, the stock company, who did not perform its own duty to issue share certificates, shall be liable with a duty to materially verify new shareholders, who request to the stock company to record himself/herself in the shareholder registry as well as endowed with a right to materially verify new shareholders.If the transferee did not request the change of record in the shareholder registry, in principle, the stock company may regard the transferor, whose name remains in the shareholder registry, as a true shareholder. On the other hand, in special circumstances that the stock company knows the fact that the share is already transferred and the stock company can easily prove the fact, the stock company shall not regard the transferor as a true shareholder based on the outdated shareholder registry. In this case, however, the transferee may not argue that s/he can perform a shareholder``s right without a change of record in the shareholder registry. The transferee shall be registered first in the shareholder registry in order to exercise the shareholder``s rights such as a voting right.

면적에 따른 매토종자 변화에 관한 연구

이명훈(Myung-Hoon Yi),신현탁(Hyun-Tak Shin),박석곤(Seok-Gon Park),윤정원(Jung-Won Yoo),김기송(Gi-Song Kim),성정원(Jung-Won Sung),박기환(Ki-Hwan Park),이창현(Chang- Hyeon Lee) 한국자원식물학회 2013 한국자원식물학회 학술심포지엄 Vol.2013 No.5

경주국립공원의 관속식물상

윤정원 ( Jung Won Yoon ),김용식 ( Yong Shik Kim ),신현탁 ( Hyun Tak Shin ),김기송 ( Gi Song Kim ),성정원 ( Jung Won Sung ),이창현 ( Chang Hyeon Lee ),박기환 ( Ki Hwan Park ),이명훈 ( Myung Hoon Yi ) 한국환경생태학회 2013 한국환경생태학회지 Vol.27 No.2

본 연구는 경주국립공원(남산, 토함산, 단석산)의 관속식물상을 밝히고 주요 식물들의 분포를 조사하였다. 2011년 7월부터 2012년 5월까지 총 7회 조사하였다. 조사결과 관속식물은 96과 284속 385속 4아종 41변종 6품종으로 총 436분류군을 확인하였다. 그 중 산림청 지정 희귀식물은 7분류군, 특산식물은 13분류군이다. 식물구계학적 특정식물은 41분류군으로 Ⅴ등급 1분류군, Ⅳ등급 3분류군, Ⅲ등급 9분류군, Ⅱ등급 4분류군,Ⅰ등급 24분류군이다. 한편 귀화식물은 29분류군으로 확인하였으며, 귀화율은 6.65%, 도시화지수는 9.03%이다. 조사된 436분류군의 유용도는 목초용 자원식물이 182분류군(41.7%), 식용 176분류군(40.4%), 약용 147분류군(33.7%), 관상용 52분류군(11.9%), 목재용 18분류군(4.1%), 염료용 16분류군(3.7%), 섬유용 8분류군(1.8%), 공업용 자원식물이 1분류군(0.2%) 그리고 용도가 밝혀지지 않은 식물이 79분류군(18.1%)으로 나타났다. This study was carried out to investigate the vascular flora of Mt. Nam, Mt. Toham, and Mt. Danseok in Gyeongju National Park . The vascular plants were surveyed for 7 times from July 2011 to May 2012. The results were summarized as 436 taxa, 96families, 284 genera, 385 species, 4 subspecies, 41 varieties, and 6 forms. The 13 taxa were categorized as Korean endemic plants species and the other 7 taxa as rare plants species, which categorized by the Korea Forest Service. Based on the Floristic Degrees categorized by the Specific Distribution of Plants Species, one taxa grouped as the Floristic Degree Ⅴ, 3 for Floristic Degree Ⅳ, and 9 for Floristic Degree Ⅲ, 4 for Floristic Degree Ⅱ, and 24 taxa for Floristic Degree I. The naturalized plants were recorded as 29 taxa, and their Naturalization Ratio and Urbanization Index were recorded as 6.65%, and 9.03%, respectively. 436 taxa listed consists of 182 taxa(41.7%) of pasturing plant, 176 taxa(40.4%) of edible plants, 147 taxa(33.7%) of medicinal plants, 52 taxa(11.9%) of ornamental plants, 18 taxa(4.1%) of timber plants, 16 taxa(3.7%) of stain plants, 8 taxa(1.8%) of fiber plants, 1 taxa(0.2%) of industrial plants and 79 taxa(18.1%) of unknown plants.