신탁법에 기초한 영미 충실의무법리의 계수와 발전: 회사법, 금융법의 충실의무를 중심으로 = Reception of Anglo-American concept of Fiduciary Law

다국어 초록 (Multilingual Abstract)

In common law countries, the principle of fiduciary law has been developed separately by the chancery court as opposed to the common law court and plays a pivotal role in regulating with utmost flexibility situations involving conflicts of interests or discretionary powers. On the other hand, in civil law countries, there is no equivalent general principle of fiduciary law. Instead, there are isolated specific provisions dealing with conflicts of interests such as prohibition of self-dealing and prohibition of competition with the principal, etc. Although these scattered provisions may play a similar role in regulating conflict of interests or discretionary powers, I argue that there exists a significant difference between the two regimes, and that powerful judges armed with flexible fiduciary law would do a better monitoring or guarding job by undertaking gap-filling mechanism in private law, thereby lowering overall agency costs. While the chancery court has inherent and unlimited discretion in recognizing the fiduciary status of a person in a conflicting position and in granting flexible fiduciary remedies, the civil law courts have to resort to relevant statutory provisions and are inevitably subject to the limitation resulting from the statutory interpretation of those provisions, and the available remedies are normally limited to damages only. Therefore, in order to deal with conflict of interest or discretionary powers efficiently and universally, it is arguable that the introduction of Anglo-American fiduciary law into Korean law should be accomplished systemically as a whole, rather than through piecemeal amendments of various legislations. Also the introduction should be executed in two stages: first, there should be legislative measures to introduce enabling provisions of fiduciary concept into as many legislations as possible first for trust law as a springboard and then for corporate and financial law; second, there should be guiding scholarly efforts as well as efforts by the judiciary to draw out and establish uniform fiduciary principles across different areas of laws facing possible conflict of interest situations (such as the no-conflict rule and no-profit rule, duty of loyalty, duty of disclosure etc). In particular, the Korean Courts should be empowered to be active and willing to interpret and enforce those statutory provisions broadly, so as to allow the provisions to operate in a similar manner as Anglo-American fiduciary law.

참고문헌 (Reference)

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