This study can be said to be the first comprehensive research on the co-regulation systems in Korea, which is conducted from the perspective of regulatory reforms. It is intended to introduce the concept of co- regulations systems and to re-define and...
This study can be said to be the first comprehensive research on the co-regulation systems in Korea, which is conducted from the perspective of regulatory reforms. It is intended to introduce the concept of co- regulations systems and to re-define and analyze the current regulatory systems in the major areas which have been operated under the title of `self-regulations` in Korea. For the purpose, it reviews the co-regulatory systems in EU countries and finds the lessons from their experience in systems and operation of the co-regulations. Utilizing the frames for analysis in the EU studies as a research tool, this study diagnoses the regulatory systems and operating mechanism in the areas of Internet Contents, Internet Advertising, and Stock and Finance Market in Korea.
Based on the diagnoses of the regulatory systems in the three major areas in Korea, we make the following suggestions. First, it is the most important for the success of the co-regulatory systems to establish the proper division of functions among the government and SROs(Self- Regulatory Organizations). Basically, it is desirable that the government frames the goals and general principles for the regulation while the SROs elaborate the specific contents of the regulation and are in charge of implementing the regulation. Secondly, it is necessary to empower the SROs to function effectively, particularly by providing the mechanism to enforce their memberships. In addition, it is urgent to unify the current dispersed SROs which cause various overlapping problems and inefficiency. Thirdly, it is suggested to establish the self-regulatory mechanism with independence and discretion to guarantee its effectiveness. Among the several alternatives, it is preferrable to locate the SROs in the relevant industry associations and to strengthen the SROs` influencing power by providing them with considerable power of personnel and finance. Lastly, for the participation of citizen groups in the co-regulatory systems, it is necessary to include the NGOs or relevant experts and citizens in the SROs.