리스 계약상 보험책임문제에 대한 검토 : 미국 통일상법전 제2A 편을 중심으로

고재종 한국상사법학회 1999 商事法硏究 Vol.18 No.1

고빈도 거래의 투자자 보호를 위한 규제 방안

고재종 한국외국어대학교 법학연구소 2018 외법논집 Vol.42 No.1

Recently, high frequency trades(HFT) that generate profits by using the latencies between the confirmation of trading and the entrance into the contracts through co-location or flash trading etc. have appeared. These transactions is a significant parts of the stock market of developed countries since 2000 year and the amount of trades is continuously increasing each year. To meet with these situations, the EU, Germany, and the United States are committed to allowing and activating the high frequency trading as well as striving for measures to ensure the effectiveness, fairness, stability and investor’ protection of high frequency trades. But in our country, these high frequency trades are not frequent yet. Nevertheless, high frequency transactions are regarded as illegal trades and if the investor commit a violation act of the provisions of the Capital Market Law, they are punished as the result of such act. In addition, the Korea Exchange presented "A Guideline on the Algorithmic Trading" in 2010 year, which also imposes member sanctions under the Exchange Market Monitoring Regulations when it impedes the trading order of the market. Accordingly, In this article, I will examine the background, the present conditions, and the regulation trends of HFT in the EU, Germany and USA. Although HFT is still in its starting stage and related accidents rarely is occurred in our country, I think that HFT improve in our country gradually. Therefore, it is necessary to establish countermeasures for protection of investors. 최근 코 로케이션(co-location)나 플래시 거래(flash trading) 등을 통해 거래주문 확인이나 계약 체결에 걸리는 시간차이(latency)를 이용하여 수익을 창출하는 고빈도 거래(High Frequency Trade, 이하HFT라고 함)가 등장하였다. 이러한 거래는 2000년 이후 선진국의 주식시장에서 매우 중요한 위치를차지하고 있으며, 거래량도 계속 증가하고 있다. 따라서 EU 및 독일, 미국은 고빈도 거래를 허용하여활성화시킴과 동시에 고빈도 거래의 실효성·공정성·안정성의 확보와 투자자보호를 위한 대책의 마련을 위하여 노력하고 있다. 반면 우리나라는 아직 고빈도 거래가 빈번하지 않으며, 단지 선물시장에서약간 이용되고 있을 뿐이다. 그럼에도 불구하고 고빈도 거래를 불법거래로 보고 위반시 이를 처벌하고있다. 뿐만 아니라 2010년 한국거래소가 “알고리즘 트레이딩 관련 가이드라인”을 제시하였는데, 이또한 시장의 거래질서를 저해하는 경우 거래소 시장감시규정에 의한 회원 제재 조치를 취하고 있다. 이에 본 논문은 HFT의 등장 배경과 그 실태, EU와 독일, 미국의 HFT규제 동향의 검토를 통해, 아직HFT가 걸음마 단계에 해당하고 비록 관련 사고도 거의 발생하지 않았지만 우리나라도 점차 확산될것으로 예상되므로 HFT 거래의 투자자보호를 위한 대처방안을 마련하고자 하였다.

ESG 관련 기관투자자 및 이사의 의무에 대한 고찰

고재종 아주대학교 법학연구소 2022 아주법학 Vol.15 No.4

The ESG management has been recognized since the early 2000s. In addition, related investments expanded gradually. As of 2020, ESG-related investment of all over the world was $35.301 trillion, and the size of domestic ESG funds is estimated to be 370.7 billion won. Just as the investment related ESG is increasing and the size of investment is expanding rapidly, related investment risks are also growing that much. The UK has been interested in and continued to discuss ESG-related issues since the 1920s. In addition, by establishing ESG-related regulations in the Company Act of 2006, institutional investors or directors of the company were obligated to consider ESG. On the other hand, Korea's current legal system has no regulations related to ESG. However, by revising the only National Pension Act in 2015, it stipulates that factors such as environmental, social, and governance related to investment targets can be considered in order to increase long-term and stable profits. But since this regulation is a voluntary regulation, it can be said that even if institutional investors do not consider it, they are losing its effectiveness, such as not taking any responsibility for it. Therefore, hereinafter, I would like to prepare methods to improve the current legal system in Korea through a review of the UK system. Specifically, the UK's ESG-related discussion background and process in Chapter 2, the institutional investor's fiduciary duty in Chapter 3, and Because the duty of institutional investors in Chapter 3 are based on the fiduciary duty of directors under the Company Act, the fiduciary duty of directors under the Company Act are considered In Chapter 4. And in Chapter 5, I would like to present methods to improve Korea's legal system related to ESG. As a result, it is necessary to revise the Capital Markets Act or the Commercial Act as follows. First, since ESG consideration is a global trend, it is necessary to legislate the company's institutional investors or directors to be obligated to consider ESG. Second, when making a company's management decision, the interests of ordinary shareholders and the interests of the company are considered. However, when considering ESG, it is necessary to broadly interpret the interests of the company to consider the interests of stakeholders.Third, even if institutional investors or directors consider ESG factors, there is controversy over what specific matters to consider, and it is necessary to establish evaluation criteria for this. Finally, just as the UK discloses ESG-related business contents, our country needs to disclose them in the Capital Markets Act or the Commercial Act to suit our situation.

미국에 있어서 최선집행의무의 규제 동향

고재종 한국증권법학회 2018 증권법연구 Vol.19 No.3

Best execution refers to the duty of an investment services firm (such as a stock broker) executing orders on behalf of customers to ensure the best execution possible for their customers' orders. Some of the factors the broker must consider when seeking best execution of their customers' orders include: the opportunity to get a better price than what Is currently quoted, and the likelihood and speed of execution. In 2013, Our country introduced the best execution system as well as permitted the establishment of Alternative trading system to the financial investment services and Capital Markets Act. This system was modeled on European methods. However, the problem is that it is difficult to compare the market integration and compliance with best practices in the European fashion, and it is not sufficient to protect investors. Therefore, in this article, I will consider the best implementation of the U.S. system and the measures to improve the current system in Korea. In detailed methods, first, though this system did not regulate on the related act, this system is recognized on the basis of the agency principles at common law and the fiduciary duty at case law. Regulations are also provided by the Financial Industry Regulatory Authority (FINRA) and the regulatory National Market System, which is an autonomous regulating system. Therefore, I will review on above system. Although our country was introduced under the legal system, the introduction of ATS has been suspended due to several problems. Once these issues are resolved in the future, the ATS system will be introduced and the best execution duty will be meaningful. Therefore, this paper is intended to look at the problems and the improvement method of best execution duty practice in the light of the activation of the ATS system. The specifics are referred to in chapter 4. Although it is not an urgent matter to be improved immediately, I believe that if ATS is established and operated, its best execution duty will also need to be reviewed once again to protect investors. 최선집행의무란 복수의 거래시장에서 기업이 고객의 주문을 집행할 때에 고객에게 최선의 결과를 가져오도록 모든 적절한 단계를 밟지 않으면 안 되는 의무로 기업은 금융상품의 가격, 주문 집행의 속도와 비용 등의 요소를 고려하여 주문을 집행하여야 하고, 개인투자자에게는 주문 집행시 상품의 가격 및 비용에 대하여 가장 이상적인 결과를 얻을 수 있도록 함에 있다. 우리나라가 도입한 모델은 유럽식의 모델이다. 유럽식 모델의 경우 시장통합과 최선집행준수 여부에 대한 비교 검증이 어려우며, 투자자 보호를 충분히 할 수 없다는 문제점이 지적되고 있다. 따라서 본 논문에서는 미국식의 최선집행의무를 검토함으로써 우리나라의 현행 제도의 문제점과 개선 방안을 마련하고자 한 것이다. 하지만, 현재 우리나라는 몇 가지 문제로 인하여 ATS제도의 도입 논의가 중단된 상태이다. 따라서 이 논문은 당장의 의미를 갖는다기보다는 ATS제도가 활성화될 경우를 염두에 두고 최선집행의무의 문제점과 개선 방안을 살펴보고자 한 것이다. 그 구체적인 내용은 제4장에서 언급하였다. 어쨌든 당장 개선해야 할 시급한 문제는 아니지만, ATS가 설립되어 운용된다면 최선집행의무도 투자자 보호를 위하여 다시 한 번 재검토되어야 할 것으로 본다.

시(詩)가 있는 풍경 : 날랜 사랑

고재종 (사)율곡연구원(구 사단법인 율곡학회) 2005 밤나무골 이야기 Vol.18 No.-

[시] 空册 외 1편

고재종 실천문학 2015 실천문학 Vol.118 No.-

인터넷 뱅킹의 부정거래와 그에 대한 책임의 귀속

고재종 원광대학교 법학연구소 2009 圓光法學 Vol.25 No.2

인터넷 뱅킹(internet Banking)이란 인터넷을 통하여 간단한 온라인 송금으로부터 가상은행을 통한 대출 등 거의 모든 은행 업무를 제공받을 수 있는 인터넷 상의 서비스를 말한다. 이러한 인터넷 뱅킹은 ‘1995년 10월 미국의 SFNB(Security First Network Bank)가 시작한 이래 외국의 많은 은행들이 인터넷 뱅킹 서비스를 제공하고 있다. 우리나라는 ’1999년 7월부터 인터넷 뱅킹 서비스가 제공되고 있다. 하지만, 이러한 인터넷 뱅킹의 이면에는 해킹 등으로부터 거액의 예금이 인출되는 사고 등 불안감이 내재되어 있다. 만약 해킹 등으로 인하여 고객의 계좌에서 예금이 인출되었을 경우 그 책임은 과연 누가 질 것인가? 이와 관련하여 은행들은 대부분 인터넷뱅킹 관련 약관에 면책조항을 두어 그들의 책임을 면하면서 오히려 그 책임을 고객에게 돌리는 경향이 많다. 이에 본 논문은 인터넷 뱅킹에 따른 금융 사고가 발생하는 경우 누가 그에 대한 책임을 지며, 은행의 면책조항은 과연 유효한 지의 여부를 검토하고자 하였다. In the case of American and Europe, the financial transaction by the on - line was began at the early and mid of 1990s. But in our country, such transaction system is not introduced until the end of 1990s after the financial crisis rose. Through our country is late the introduced time of the such system, our country developed the transaction amounts of the internet banking rapidly and in the present, our transaction amount of the internet banking takes precedence over the amounts of the developed country. By a formal announcement of the Korea Financial Telecommunication and Clearings Institute(KFTC), the rate of the electronic payment system of the our country is 75.6% and this rate takes the initiative in the rate 63.5% of the developed 14 countries such as American, England, Germany, France etc. Besides, the financial commission of the government recently submit the reform methods about the financial regulation to the government. The one of the methods is that found the internet specialized Bank. In the near future, we think that many internet Bank found in our country. But in other aspect, the several systems appeared by the internet occur any problems to the customer of the internet bank. The one of the problems is the responsibility of the damages occurred by the non-authorized third party. As fact, by the bank, the customer is obliged to obey the responsibility, without the willfulness and the negligence. Also, the internet bank have an agreement about the exemptions of the damages unrelated the ideas of the customer. In such point, I will make sure the customer don't get treated differently from the internet bank. Therefore in this theories, I will inquire at the following points. At first, I will study on the legal framework of the internet banking transaction. Secondly, I will study in the several problems of the internet transaction as like hacking and the unlawful transaction of the non-authority third party. Thirdly, I will give careful consideration to the effectiveness of the agreement written by the bank. Also, in case of the customer bear the responsibility for the event about the internet banking, I will inspire the legal basis on that responsibility.

[시] 장작불 외 1편

고재종 실천문학 2017 실천문학 Vol.125 No.-

주식회사(株式會社)에 있어서 주주(株主)의 질문권(質問權)과 임원(任員)의 설명의무(說明義務)

高在鍾 한국외국어대학교 법학연구소 2000 외법논집 Vol.8 No.-

여는 시-설움에 대하여

고재종 우리신학연구소 1997 갈라진 시대의 기쁜소식 Vol.- No.301