企業金融에 있어서의 後順位債(Subordinated Debt)에 관한 연구 - 우리나라의 최근 발행현황과 관련한 비교법적 검토

남유선(You-Sun Nam) 한국비교사법학회 2006 比較私法 Vol.13 No.1

  It is in this context, under the backdrop of a complete absence of specific provisions or guidance related to subordinated debt, that this paper operates. Accordingly, the paper focuses on legal measures, including legislation and court attitudes, adopted by other countries (primarily the United States) as providing the most beneficial guidance for Korean policy makers in navigating the potentially rough present and future waters associated with the adoption of a comprehensive equitable framework for the treatment of certain key subordinated debt matters.<BR>  Specifically, this paper addresses the important role that policy governing subordinated debt should play in the current debate and adoption of the related statutes.<BR>  Although the paper discusses diverse aspects of corporate finance and bankruptcy law, as it pertains to subordination, the primary focus remains on the significance of judicial enforcement of subordination agreements. This paper also articulates the important role that subordinated debt plays from an economic and policy standpoint, with particular mention of relevant lessons learned from the Asian financial crisis. It examines the conditions giving rise to the creation of subordination agreements and the prevalent past and present business uses of such arrangements. This further explores the important differences between subordinated debt versus equity financing, including a definition of various types of subordination agreements.<BR>  On the other hand, the reality of Korean law recounts special emphasis on the relationship between subordination and the BIS Capital Adequacy Ratio regulations. The paper additionally focuses on the potentially vital role that subordination could/should play in the business and financial arena and discusses certain legalities which are central to the current debate. The last part of this paper finalize the adoption of guidelines for the enforcement of subordination agreements.

항공기(航空機) Lease계약(契約)의 법적(法的) 문제와 Private Jet(자가(自家) 항공기(航空機)) Lease계약(契約)의 현황에 관한 연구(硏究)

남유선 ( You Sun Nam ) 한국항공운항학회 2009 한국항공운항학회지 Vol.17 No.2

In Korea, there is great lack in jet lease agreements compared to many other countries. Due to such scarcity in numbers of jet lease agreements, problems have never truly surfaced and legal foundation dealing with such issues have not yet been formulated. However, as the globalization is making the world smaller and smaller, the demand for jets will grow. As the Korean aviation industry is expanding tremendously, although very preliminary at this time, the interest and actual execution on private jet lease agreements will grow. The prediction of increase in the private jet ownership is causing the lease industry to be nervous and may require particular preparatory foundation works. Particularly, legal analysis and detailed review maybe necessary to set a precedent with will serve as the grounded rule in the future. It is notable that Vietnam, a country which is believed have a less developed aviation industry than Korea, had already established a specialized jet leasing company, VALC in 2007. Also, when leasing an airplane from a foreign financial institution, it is possible to obtain a government issued guarantee. Therefore, it is urgent for Korea to prepare the legal foundation for the future demands in aviation leasing, as well as private jet leases which in turn would promote national wealth and further develop the financial industry.

중소·벤처기업의 자금조달 다각화와 KONEX

남유선(Nam, You Sun) 한국증권법학회 2013 증권법연구 Vol.14 No.3

장기화된 경기침체와 불황형 자금난이 계속되는 가운데, 정부와 각종 중소기업 관련단체에서 대기업과 중소기업의 상생방안을 탐색하며 중소기업의 육성방안에 대한 구체적 방안을 탐색하는 것은 바람직한 일이다. 특히 자본시장에서 중소?벤처 기업의 직접금융을 통한 자금조달을 강화하는 것은 은행대출에 편중된 자금구조를 개선시키고 선순환에 기여할 것으로 예측된다. 이러한 측면에서 창업 초반기에 있는 중소?벤처기업들이 자본시장을 통해 원활한 자금조달의 창구역할을 할 중소?벤처기업전용시장인 KONEX의 개설은 환영할 일임에 분명하다. 21개의 최초상장기업을 가진 지난 7월의 KONEX 개장은 이제 첫걸음에 불과한 것이고, 초기단계라는 표현조차 걸맞지 않을 정도로 시장에서는 아직 생소한 측면이 있는 것이 사실이다. 한편 어느 경제 신문에서 지적하였듯이 인기를 못 얻으면 망할 수 있는 K-POP스타와 같은 특성도 있다. 따라서 KONEX의 활성화 여부는 결국 투자가치가 높은 기업들이 얼마나 발굴되어 상장되고, 이러한 기업들이 성장을 거쳐 상위시장에 성공적으로 이전?안착할 수 있도록 하는데 달려 있다고 할 것이다. 즉 초기성장형중소기업, 코스닥시장의 예비시장의 기능역할을 확실히 수행하도록 하고 효율적인 연계시스템을 제도적으로 보완해야 하는 점도 과제이다. 아울러 정책금융자금 등 공공금융 부문의 적극적 참여를 유도하고, 장기적으로는 민간부문의 다양한 투자수요와 펀드 등 일반투자자를 위한 금융상픔의 개발도 구체적인 검토와 시행이 필요하다. 물론 시장활성화를 위한 인센티브의 핵심이라고 할 수 있는 세제혜택 등도 법 개정 등을 통해 이루어져야 한다. 규제와 감독 측면에서는 완화된 진입장벽, 상장유지비용의 감경 등의 혜택에 상응하여 불공정거래 등 부작용의 발생을 방지하기 위한 제도보완이 지속적으로 이루어져야 한다. 즉 대폭 완화된 규제 및 진입기준을 채택해서 초기중소기업의 상장유지부담의 경감이라는 측면은 불공정매매에 대한 보다 더 엄격한 감시체계와 횡령, 배임공시, 영업지속성과 관련한 상장폐지기준 등 시장건전성 확보를 위한 장치를 유지하는 부단한 노력이 필요하다고 할 것이다. 또한 기존의 정규시장과는 도입취지와 설계가 다른 새로운 시장의 출발이므로 성급히 결과를 예측하고 단정하기보다는 인내심을 가지며, 지켜보고 지원하는 시장참여자와 감독기관의 자세도 중요하다고 할 것이다. Economic Democratization and Creative Economy Initiative that were emphasized by current administration substantially affected financial market, so small business finance and capital market - two most important sectors which drive Korean economy alongside large companies. - attracts people"s attention. On the one hand reviews about coexisting measure between large companies and small businesses have been made from various angles especially in terms of real economy but on the other arguments about small/venture businesses’ position have been limited. Most small/venture companies in early growth stage - as new growth engines of Korean economy - are facing chronic financial difficulty unlike large companies and mid-size companies. Besides it has been hard for them to attract investors’ attention in existing official stock market, KOSDAQ and Freeboard market. In this circumstance the new bourse KONEX (Korea New Exchange), opened on 1st of July, is designed to establish the innovative turning-point which vitalizes small/ venture businesses’ financing. Therefore right understanding and perception about its necessity should take precedence. Furthermore various and consistent institutional examination and supplement will be needed in order that KONEX accomplishes intended goal and more. First, this article starts argument by examining market structure, and current small/ venture companies’ financing status and suggesting hardships they are facing in each market and problems. Second, this article examines other nation’s bourses for exclusive for small/ venture companies. It analyzes their critical success factors and compares with KONEX.

개정상법 및 시행령상 기업지배구조 변화에 관한 연구

남유선(You-Sun Nam) 한국기업법학회 2012 企業法硏究 Vol.26 No.1

The 2011 revised Commercial Act and its introduced an Enforcement Executive System and a Compliance Officer System to separate executive functions and supervising functions in order to improve the effectiveness and efficiency of business activities and decision making processes and to strengthen the law-abiding business managements. While there had often been disputes over the qualification of compliance officers and which companies should be subjected to the compliance officer system, the stipulated standard of KRW 500 billion, in the 2011 E, is deemed to be a reasonable standard which does not overburden the companies while its effectiveness is expected. Also, it is deemed appropriate to open the door to the applicants with working experience and abolish the requirement of the bachelor’s degree in Jurisprudence. However, the problematic issues raised and discussed in this paper should be monitored and be subjected to improvements during the execution of the enforcement processes in the future. Also, it should be noted that, especially regarding the Compliance Officer System, as shown by the information sharing process within the Chinese Wall Policy, even in absence of a substantive enactment, the United States and other nations have established a near-ideal system through practical operation in their business practice. Therefore, errors intensifying the confusion by taking an indiscreet amendment process should be avoided and instead, a direction which decreases trials and errors through continuous monitoring process should be taken. Recently, a notice of legislative mandates for the proposed legislation regarding the financial corporate governance which strengthens the outside director system has been published. Also, the Ministry of Justice is expected to amend the commercial law to strengthen the outside director system. The Enforcement Executive System, Compliance Officer System, and Outside Director System are significant changes which have important bearing on the corporate governance. The economic circle, legal circle, and the government are expected to work in accord to reduce the distrust incurred in the past so as to improve the transparency and efficiency of corporate governance.

UN의 온라인분쟁해결(ODR)에 관한 국제규범정립을 위한 논의 및 전망과 그 향후 과제

남유선(Nam You-sun),윤민섭(Yun Min-seop) 법무부 국제법무정책과 2016 통상법률 Vol.- No.127

With the rise of the internet, cross-border e-commerce transaction endowed both businesses and consumer convenience; however, it also triggered various issues as well. Despite the various problems, there is no set procedural rule to solve such online disputes. Indeed, general methods to resolve disputes such as negotiation, facilitated settlement, arbitration, trials may also be used for international dispute resolution. However, general dispute resolution procedures are focused on offline, and there are many problems regarding online trade disputes such as jurisdiction and cost. Therefore, it is not suitable for resolving cross-border e-commerce transaction disputes dealing with low-value transactions. Especially the cost is the issue. Dispute resolution cost becoming larger than the transaction cost is the problem. To solve these kinds of issues, in 2010 UNCITRAL (United Nations Commission on International Trade Law) commission conference, Working group III (WG III) received the duty to set the international rule (standard) for Online Dispute Resolution Procedural (ODR). From December 2010, 22nd session, WG III started the session to make the ODR regulations. Currently, the session has been held to the 32nd session and the final results for the ODR are projected to come out in the February 2016 33rd session. Due to the characteristic of international conferences, along with the specific contents of the regulations, the entire system may be modified during the discussion. Although there is only one session left (the 33rd session) for the WG III, the contents may be altered anytime. Therefore, in this study, we will look at the discussion changes so far, and the contents of the technical notes (UNCITRAL guideline) proposed by the United States of America on the 32ndsession.

UN의 온라인분쟁해결에 관한 기술지침의 주요내용과 시사점

남유선(Nam You-Sun),윤민섭(Yun Min Seop) 전북대학교 법학연구소 2016 法學硏究 Vol.49 No.-

전자상거래의 증가와 함께 분쟁도 나날이 증가하고 있다. 전자상거래에서 발생하는 분쟁의 양이 어느 정도인지 정확한 통계는 존재하지 않지만, 분쟁해결기관 및 전자상거래업체 등에게 분쟁해결과 관련된 IT 기술을 제공하는 회사인 Modria에 따르면 전자상거래 거래량의 1~3%에서 분쟁이 발생한다고 한다. 분쟁이 발생하여도 분쟁을 해결할 수 있는 기준과 방법이 명확하다면 쉽게 분쟁을 해결할 수 있기 때문에 큰 문제가 되지 않을 것이다. 국제 전자상거래의 경우 분쟁을 해결하는 것은 상당히 어려운 일이다. 구매자와 판매자간 다른 국가에 위치하고 있기 때문에 언어, 문화, 법체계가 상이하다는 것은 별론으로 하더라도, 당사자간 분쟁을 담당할 수 있는 기관 및 절차에 관해서 규범이 존재하지 않기 때문이다. 국제적으로 통용될 수 있는 분쟁해결방법은 국가의 사법권에 의한 판단 즉 재판이 있다. 국제 전자상거래상 분쟁을 재판으로 해결하기 위해서는 당사자간 계약 또는 각국의 준거법에 의하여 관할권 및 준거법이 결정되어야 한다. 그러나 관할권 및 준거법을 결정하기 위해서는 당사자간 합의가 있어야 하는데, 구매자와 판매자가 동등한 지위 즉 양자 모두 사업자인 경우 계약체결 또는 분쟁발생 후 합의로 결정될 것이다. 반면 구매자가 소비자라면 문제는 복잡해질 수 있다. 한국의 소비자가 미국의 전자상거래사이트에서 구매를 한 경우 거래약관에 관할권 및 준거법의 기준을 미국으로 하면서 중재로 분쟁을 해결하기로 하는 내용이 포함되어 있다면 해당 약관의 효력이 한국의 소비자에게 미치는가라는 점부터 문제가 발생하게 된다. 이러한 국제 전자상거래에서 발생하는 분쟁을 해결하기 위해 다양한 시도가 이루어지고 있었지만, 기존의 논의는 전통적인 분쟁해결방식 즉 재판과 중재에 상호효력을 인정하는 것에 그치고 있었고, 이는 B2C거래에서는 효율적이지 못하였다. 이에 일부 ADR기관 및 전자상거래업자를 중심으로 고비용⋅대면방식의 분쟁해결을 지양하고, 새로운 분쟁해결방식을 찾기 시작하였고, 그 결과 온라인분쟁해결 즉 ODR(Online Dispute Resolution)이 등장하였다. ODR은 IT기술을 활용하여 Online 공간에서 해결하는 분쟁해결 수단을 의미한다. ODR은 전자소송과 같은 재판에 의한 것도 존재하지만, 일반적으로는 대체적 분쟁해결수단(Alternative Dispute Resolution, ADR)에서 주로 활용되는 방법이다. 이에 EU나 UN은 ODR에 관한 공통의 규범을 만들기 위해 노력을 시작하였고, 최근 그 결실을 맺게 되었다. UN은 유엔국제상거래위원회(Untied Nations Commission on International Trade Law, UNCITRAL) 제43차 회의에서 제3실무작업반(Working group Ⅲ, WG Ⅲ)에서 해당 논의를 하기로 결정한 이후 12차례 회의를 거쳐 지난 2016년 2월 제33차 WG Ⅲ회의에서 최종안 「ODR에 관한 기술지침(Technical Notes on Online Dispute Resolution, 이하 ODR 기술지침)」을 확정하여 제49차 본회의에 제출하였고, 본회의에서는 이를 채택하였다. EU ODR 규정은 EU 내 거주하는 소비자와 EU 내 사업자 사이의 전자상거래에만 적용되지 때문에 그 적용범위가 매우 제한적이며, 싱글포인트 개념의 분쟁해결 포털을 목표로 하고 있다. 반면 UN의 ODR 기술지침은 전세계에 통용될 수 있는 기준을 정립하고자 하였기 때문에 적용범위에 있어 전자상거래로만 제한할 뿐이다. 이에 이하에서는 ODR 기술지침을 중심으로 살펴보고자 한다. As e-commerce transactions are growing, disputes related to e-commerce transactions are also growing. Even though there’s no statistics, which shows exact number of disputes arisen from e-commerce transections, according to Modria, a US company which offers IT solutions for dispute resolution organizations, disputes are occurred within 1~3% out of total e-commerce transactions. Regarding cross-boarder e-commerce, it is considerably difficult to resolve disputes arisen from cross-boarder e-commerce transactions, since there is no institution or procedural regulation other than differences on location, language or legal system. Internationally applicable resolution measures may be the lawsuits, and to resolve cross-boarder disputes, the governing law and jurisdiction must be decided by agreement between contractual parties or applicable laws. In case of B2B transactions, jurisdiction and governing law would be decided via agreement or both parties’ consent after occurrence of disputes. However, B2C transactions may be much more complicated to resolve. In the event that a customer in Korea purchase a product in a U.S website, it would be controversial whether General Terms and Conditions of the website would apply for the customer in Korea. To resolve cross-boarder e-commerce disputes, various approaches have been tried. However, they were not effective within B2C transactions in terms of they merely admit mutual validity between lawsuits and arbitration. Accordingly several ADR institutions and e-commerce businesses started to look for new dispute resolution measures other than high cost / face to face resolutions, and finally ODR (Online Dispute Resolution) was born. ODR resolves disputes online, using IT technology. Online lawsuit is one of ODR measures, but ODR is commonly used in Alternative Dispute Resolutions. In this regard, EU or UN tried to make common regulation regarding ODR, and they recently they have succeeded. UN determined establishment of Working Group Ⅲ, WG Ⅲ) to begin works in online disputes resolutions in forty-third session. In thirty-third WG Ⅲ session in March 2016, WG Ⅲ finalized Technical Notes on Online Dispute Resolution (hereinafter “Technical Notes”) after twelve times of deliberation, submitted the Technical Notes to forty-ninth session, and forty-ninth session adopted the Technical Notes. Since EU ODR regulation is applicable within EU business owners and customers, it is very limited and it targets single point dispute resolution portal. On the other hand, UN’s Technical Notes focuses on making regulation, which is internationally used, so it only limits the scope of the Technical Notes to e-commerce transactions. Accordingly in this paper focuses on the Technical Notes on Online Dispute Resolution.

M&A계약교섭단계에서의 법적 책임에 관한 연구

남유선(You-Sun Nam) 한국증권법학회 2009 증권법연구 Vol.10 No.1

M&A법이라고 함은 각 영역을 모두 포괄하는 법 영역이지만, 각 영역의 목적 또는 취지는 각각의 규율영역마다 다르고 규율하여야 할 대상도 광범위한 것이 특징이다. 본고는 이러한 여러 가지 법적 규율의 출발점이라고 할 수 있을 M&A계약을 계약의 구조를 시초로 계약의 진행과정에 따른 법적인 책임의 문제를 다루고자 하였다. 특히 M&A계약의 교섭단계에서 양해각서(MOU, Memorandum Of Understanding, LOI, Letter Of Intent)가 체결된 경우에 한정하여 법적인 책임을 비교법적 차원에서 검토하고, 이를 위하여 계약법적인 기본원리의 틀에서 출발하여, 최종적으로 최근의 우리 대법원 판례를 통하여 합리적인 해석을 도출해 보고자 하였다. 특히, 2008년 하반기이후 사상초유의 금융위기는 M&A시장을 재편함과 동시에 새로운 이슈들을 등장시키고 있다. 즉 최근 들어 글로벌 경제의 지속적인 성장과 함께 계약의 규모와 범위가 증대하고 있고, 계약 체결에 이르기까지 많은 시간과 비용이 소요되는 경우가 늘고 있는 반면에 경제상황의 악화와 원활치 못한 자금공급으로 인해 당사자간의 합의가 本契約으로 이행되지 못하는 상황이 빈번히 발생한다. 이처럼 많은 비용이 소요된 계약이 결국 체결되지 못하여 손해를 입게 되는 경우 불가피하게 법적인 분쟁이 발생하게 되는데, 이와 관련된 법적 문제가 전계약적 책임(precon-tractural liability)이라는 주제로 다루어지는 계약법상의 문제이기도 하며, 한편으로는 M&A계약에 있어서의 특수한 경제상황을 전제로 하는 것이기에 특별한 논의가 필요하다고 하겠다. 종래 학계나 실무에서는 계약교섭단계에서의 일반적인 법적 책임의 성질에 초점을 두었고, M&A계약교섭과 관련하여서는 계약의 진행과정을 입체적으로 분석하지 못해 그 구체적 사정을 감안한 책임발생의 근거 및 요건, 책임의 범위 등에 대한 집중적인 논의도 필요하다. 이러한 관점에서 대법원 2008.2.14 선고 2006다18969판결은 M&A계약교섭단계에서 양해각서(MOU, Memorandum of Understanding, LOI, Letter of Intent)가 체결된 경우의 법적 책임에 관한 이러한 논쟁을 명확하게 해결해 주는 주목할 만한 판례이며, 기존의 실무와 학계의 입장을 잘 정리해 주는 지극히 타당한 판례라고 사료된다. While overcoming foreign exchange crisis, Korean corporations started to actively turn to M&A as a corporate restructuring scheme. Around mid-2000, period when corporate M&A were settling down, active M&A scene has allowed corporations to experience high-risk, high-return, as it is only inherent for many venture companies. However, after the end of 2008, the financial crisis unlike any we have faced before, had brought about new issues while reorganizing the M&A market. In other words, with the continuous growth in the global economy in the recent years, there has been increase in the number of and scope of corporate agreements. Furthermore, with the increase in number and complexity in deals, the negotiation period for agreements have expanded and great amount of time and costs incur for the agreement to be finally executed. However, with the downturn in the economic situation and unstable flow of capital, the agreements between the parties often end up non-executed. Such events lead to legal disputes since parties have already spent great amount of money and time. These disputes may be considered under the contracts theory as precontractual liability, but also, on the other hand, these issues should be given a special attention for discussion as they arise under special circumstance during M&A agreement processes. In the traditional academics or legal practices, such issues were reviewed under the general legal liability theory in view of the agreement negotiation. However, such issues were not seen in the view of the M&A negotiation and discussion, thus, lacking multidimensional analysis and step by step processes, which is unique to M&A agreements. Thus, it is necessary to review and carefully analyze the root of liability, conditions, scope of liability, etc. In view of the foregoing, the Supreme Court decision of 2006da18969, rendered on February 14, 2008, which reviewed the legal effect of a memorandum of understanding (MOU, LOI - Letter of Intent) has been entered into between the parties during the M&A negotiation discussion, is a notable decision. This case would be an excellent legal precedent, which well outlines the existing practices and academical positions.

금융포용의 관점에서 바라본 국내 자본시장 재편정책의 바람직한 추진방향 -국내 중소기업 대상 자본시장을 중심으로-

남유선 ( You Sun Nam ),김정주 ( Jeong Ju Kim ) 한국금융소비자학회 2013 금융소비자연구 Vol.3 No.2

본 연구는 금융포용의 관점에서 국내 중소기업 대상 자본시장의 바람직한 개편방안을 모색해본 연구이다. 금융포용이란 사회적 약자나 저소득 집단에서 적절한 비용과 공정하고 투명한 방식으로 그들의 필요로 하는 제도권 금융 상품과 서비스가 제공될 수 있도록 보장하는 과정을 의미한다. 지난 글로벌 경제위기 이후 선직국들을 중심으로 금융포용의 중요성에 대한 인식이 높아지고 있으며, 최근 우리나라에서도 금융포용이란 용어가 정치권과 정부에서 빈번하게 사용되고 있다. 그러나 아직까지 그 정확한 개념과 금융포용을 실현하기 위한 전력적 방법에 대한 이해의 정도는 높지 않다. 이에 본 녁구에서는 기존해외 연구들을 기초로 금융포용의 개념적 차원과 금융포용을 실현하기 위한 전략적 요소들을 규명함과 동시에 금융포용을 실현하기 위한 전략적 요소들로 구성된 개념적 틀을 구성해 보았다. 그리고 이러한 틀에 기초해 국내 중소기업 대상 자본시장의 금융배제적 특성을 규명하고, 동시에 최근 정부가 추진중인 중소기업 자본시장 개선정책을 평가한 뒤, 현 정부의 정책들을 보완할 수 있는 개선방향들을 제시해 보았다. This study is on exploring desirable approach toward Korean SME capital market from the perspective of Financial Inclusion. Financial Inclusion means the process through which vulnerable members of a society or low-income class are provided with proper financial products or services in a fair and transparent way at moderate cost After 2008 global financial crisis, interest about financial inclusion is increasing among developed counties and the term is also frequently used by politicians and the government in Korea. However the level of understanding the accurate meaning and strategic ways of accomplishing it is not that enough. In this study, we tried to form a framework that is comprized with conceptual dimensions of financial inclusion and strategic factors to fulfill it. Based upon it, financially excluding characteristics of Korean SME capital market were clarified and currently ongoing capital market reshuffling policies were assessed. And ways to supplement them were finally suggested.

A study on Comparative Analysis related to Australian Insider Trading Regime

남유선(You Sun Nam),윤장원(Jang won Yun) 한국비교사법학회 2015 比較私法 Vol.22 No.1

높은 위험성이 존재하는 유가증권시장에서 정보에 대한 접근성이 매우 중시되기 때문에 모든 투자자들은 정보 취득에 있어서 동등한 접근성을 가져야 한다. 이를 달성하기 위해 대부분의 국가들은 내부정보를 사용함으로써 시장질서를 무너뜨리는 행위를 규제해왔다. 1970년 대에 들어 내부거래를 규제하기 시작한 호주의 경우 Corporations Legislation Amendment Act 1991 및 the Financial Services Reform Act 2001 (Cth) 등의 입법 또는 개정을 통해 유가증권시장을 활성화시키고 투명성을 유지하기 위해적극적인 움직임을 보여왔고 상대적으로 광범위하게 내부자거래를 규정하여왔으나 매우 적은 내부거래자들 만이 형사처벌을 받았다. 이와 같은 결과에 대한 주요 원인으로는 관련법규 상 내부자거래의 정의가 명백하게 명시되어 있지 않아 처벌 대상에 대한 혼란이 있어왔다는 점이다. 따라서 본 논문에서는 호주 관련 법 상 내부자거래의 정의를 살펴보고, 특히 규제대상이 되는 내부정보의 범위에 대해 연구하고자 한다. 또한 이를 토대로 호주 내부자거래 규제의 맹점을 찾고 이를 해결할 방안을 제시한다. Despite the development of the insider trading regulation for the last few decades, debates on insider trading activity and efficacy of the insider trading regime are still remaining. Indeed, very few persons have been prosecuted for insider trading since insider trading was introduced, and only small number of offenders have been successfully convicted. Surprisingly, compared to other countries, the Australian judiciary is maintaining a relatively wide scope of insider trading offence grounded on "market fairness and market efficiency" policy. For example, the Corporation Act 2011 penalises persons for insider trading, no matter where private information comes, so far as it is characterised as material non-public one. The primary problem with respect to the Australian insider trading regime is that the definition of the elements of insider trading is not clearly stated in the Act. As a consequence, market professionals and investors are likely to fall into confusion, which might hinder investments in the securities market. Eventually, such phenomenon would bring about Australian financial market lagging behind that of other countries. Accordingly, to begin with, the definition and rationale of insider trading will be examined. In particular, the scope of inside information will be explored thoroughly, and a main focus will be drawn to issues concerning the scope, which is the most critical point in regulating insider trading. Then, the shortcomings of the Australian insider trading regime will be pointed out, and criticiz​e​d. Also, this essay will seek to suggest steps that should be taken to improve the insider trading regime​ especially related to korean regulatory system.

금융포용관점과 자본시장에서의 기업금융 활성화 방안

남유선(You-Sun Nam) 한국기업법학회 2013 企業法硏究 Vol.27 No.4

The new object in the financial sector is “the warm and strong establishment of the future of creative financial support” that is commensurate with idea of Economic democracy and Creative economy which have being concentrated by the current government. The basic trend of policy can be said as steps of the foundation-the redemption-the re-challenge, is for the creative industries support which means “The warm finance”: Focusing on protecting a financial customer. “The strong finance”: The smooth fund financing to enterprises and improvement of corporate governance and also getting rid of underground economy. The concept of Financial Inclusion is unfamiliar though it has come to fore recently, it will be able to properly include the orientation of the current government. This concept is also expected to be a guidance that reflects difficulties of common people and medium and small enterprises in the financial administration. First of all, this paper defines the Financial Inclusion based on matters that is addressed internationally, tries to understand the current situation by analyzing index and especially it examines the financial inclusion in expansion policy along with the expansion system of the Financial Inclusion which bases on the central bank. The necessity and its assignment of Crowdfunding and problems of Angel investment had been addressed especially when it is related to medium and small enterprises’ fund financing, and this is basically intended to involve and strengthen the role of capital market which supply small sum of capital of initial foundation and also to reflect and reinforce the expansion system and fund financing of medium and small enterprises in the point of Financial Inclusion’s view. Along with the previous events, an introduction plan of Crowd funding system and amendment to the task of Korean Capital Market Act had been mentioned.