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        파생상품의 위험성과 규제에 관한 자본시장법의 재정비

        송호신 ( Ho Shin Song ) 경상대학교 법학연구소 2011 法學硏究 Vol.19 No.1

        파생상품 거래에 기본이 되는 규제 법률은 「자본시장과 금융투자업에 관한 법률」이다. 자본시장법은 2007년 7월 3일 자본시장의 금융혁신과 경쟁을 촉진하여 우리나라의 자본시장을 동북아시아 금융시장의 중심으로 세우고, 경쟁력 있는 세계적 투자은행(Invest Bank)을 출현시킬 목적으로 제정되었다. 자본시장법은 선도 · 옵션 · 스왑과 같은 파생상품(derivatives)의 개념을 체계화하였고 파생상품의 기초자산의 범위를 확대하였다. 또한 종래 구「증권거래법」 · 구「선물거래법」 · 구「간접투자자산운용업법」 · 구「신탁업법」 · 구「종합금융회사에관한법률」 등에 흩어져 있던 파생상품에 관한 규정들을 통합하였다. 파생상품의 종류를 각종 법령들에 제한적으로 열거하였던 것을 포괄주의로 전환하며 완화함으로써, 신종 파생상품의 설계나 판매 및 중개에 제약요인으로 작용하였던 한계를 극복하고자 하였다. 그런데 2008년부터 미국발 금융위기가 전세계를 강타하게 되었고, 우리나라 역시 그 파고를 피해갈 수 없었다. 「서브프라임모기지론(subprime mortgage loan)」이라는 부동산 담보대출과 관련된 파생상품들로 인하여 시작된 동 위기는 파생상품의 위험성을 경각시키게 하는 계기가 되었고, 우리나라 역시 환헤지 장외파생상품인 「KIKO」로 인해 기업이 대량도산 위기를 초래하는 파생상품의 위험성을 실감할 수 있었다. 금융파생상품이 경제위기와 기업파산으로 이끄는 위험성을 내포하고 있다는 사실은 아무도 아무도 고려하지 못하는 사이에 우리나라는 파생상품에 대한 규제와 빗장을 풀어버린 상태가 되어버렸다. 그 사이에 미국에서는 「도드-프랭크법」이 통과되었고, 유럽 역시 강력한 금융규제법을 제정함으로써 2007년 제정된 자본시장법을 그대로 적용해야 할 것인가를 놓고 논란이 일어나게 되었다. 이제 자본시장법은 파생상품의 자율을 확대하면서 동시에 규제를 강화해야 하는 모순에 직면해 있다. 빅뱅은 필요하지만 그렇다고 규제완화가 파생상품의 위험을 조장해서는 아니 된다. 이러한 모순을 어떻게 풀어나갈 것인지가 자본시장법의 재정비와 관련된 과제로 남게 되었다. 파생상품의 위험성과 그에 따른 규제와 관련하여 아래와 같은 자본시장법의 재조정을 모색하여야 할 젓이다. ① 자본시장법의 규제에서 제외되었던 은행법과 보험법 및 서민관련 금융법 분야 그리고 실질적인 금융법률인 여신전문금융업법·부동산투자회사법·선박투자회사법·중소기업창업지원법·사회기반시설에대한민간투자법 등에 대한 정비와 조정이 필요하다. 파생상품이 이들 법률을 기반으로 설계된다면 실질적으로 자본시장법을 통한 규제일원화는 달성될 수 없을 것이기 때문이다. ② 파생상품의 포괄적 개념화에도 불구하고 그 개념을 명확히 할 필요가 있으며, 기초자산의 확대에 따라 유발될 수 있는 규제범위의 혼동과 충돌, 업종간 업무영역의 충돌, 재정건전성 등의 문제에 대한 법적 보완과 감독제도의 정비가 요청된다. ③ 자본시장통합법에서 배제된 은행법이나 보험법과의 관계에서 규제 형평성을 도모해야 하며, 이의 해결을 위해서는 은행법과 보험법을 포함한 보다 완전한 형태의 금융법의 정비가 수반되어야 할 것이다. 또한 ④ 금융투자회사의 겸영과 업무범위의 확대와 관련하여 은행·보험·증권 등 각 업종간에 전업체계의 기본 틀을 유지하면서, 자본 시장법상의 기능별 규제와 연계할 수 있도록 하는 방안을 모색하여야 한다. 예컨대 핵심업무 사이의 겸영은 원칙적으로 제한하여 업종간 장벽을 유지하되, 부수업무인 여신업·보험중개대리·자산운용·투자일임·투자자문·자산의 보관관리 등에 대해서는 겸영을 확대하는 것이 바람직하다고 본다. Capital Market Act that regulate the derivatives trading were integrated with systematizing the concept of derivatives about the scope of the underlying assets, the existing "Securities Act" and the "Futures Trading" and the "Indirect Investment Asset" and the "Trust Business Act" and the "Foreign Exchange Law" and so scattered about the regulations on derivatives. Accordingly, the existing regulations on financial products in a positive regulation by switching a negative regulation were overcome a New design and sales of derivative works, and intermediaries constrained by the limitations, However, a capital markets law enforcement to be 4 days before the February 2009, since 2008, world had been hit the subprime mortgages that are real estate mortgage loans and related derivatives due to the global financial crisis. Korea also could not have escaped the tide of financial crisis, and KIKO that is derivatives of hedge, due to the mass of the crisis was faced with bankruptcy. In the face of this financial crisis, each state focuses on the strengthening of financial regulation has been actively promoted the legislation. especially in the United States was passed the "Dodd - Frank Act" that is assessed as the most powerful financial control law since the Great Depression. Currently, depending on the response of capital markets in these countries, Capital Market Act of Korea is facing the contradiction that the regulation must be strengthened with expanding self-regulation. How these contradictions will find the solution about derivatives is remain issues of Capital Market Act. Thus, this paper is finding solution in below such a law on the issue of Capital Market Act regulation and a judicial solution to a problem. Firstly, the Bank Act and Insurance Act and the field of financial law related to the common people were not to be unified in the current capital market system regulation. In addition, discipline systems are still confined because it is not included integration of the Fincial Act Credit Financial Business Act, Real Estate Investment Company Act Ship Investment Company Act, Small Business Establishment Act. Derivatives based on these Acts designed to govern as if the unification of intent of Capital Market Act is doubtful whether there can be achieved. especially, derivatives are traded in various financial industries such as banks, insurance and securities, but it can be caused problems that can be said the dual regulation of Capital Markets Act and Bank Act because trading derivatives is ``collateral business dimension" at the Bank Act. Secondly, regulatory supplements that can be triggered as the expansion of regulatory scope and conflict, a conflict of each section of business areas, such as financial soundness, and continuous supervision of the authorities are required. it is because comprehensive conceptualization of derivatives based on underlying assets ex post and the expansion into a comprehensive regulatory system. Thirdly, functional regulation only apply financial investment business but it has limits that still can not be applied to other areas. Derivatives transactions performed by a bank or insurance company were more likely to be applied, as being changed conventional financial institutions, each equal to one another to perform a regulatory system in place that limited financial investment company with a leadership position. In other words equity issues of regulation still remains, because the Bank Act and Insurance Act were excluded from the Capital Market Act. Eventually it is to be resolved by enacting the act including Bank Act and Insurance Act, as if full integration of Fincial Act. Fourthly, while maintaining a system of specialist of banking, insurance, securities, etc. with respect the dual management and the expansion of business scope of financial investment company of the system, there is plan to be align Functional regulation of Capital Markets Act. in other words, in principle while maintaining barriers to limit each section of business about the dual management of each core business, it is to be considered that it is dual management about the secondary task that is a loan and insurance brokerage agency, asset management, discretionary investment, investment advisory, asset management.

      • KCI등재

        복합운송에 대한 2010년 상법개정안의 분석과 비판

        송호신(Song, HoShin) 한양법학회 2011 漢陽法學 Vol.34 No.-

        In November 2010, Department of Justice announced to the legislative notice of the bill to revise the Commercial Code for the multimodal transport regulations. the Bill contained nine provisions such as the significance of multimodal transport contract, a multimodal transport policy, liabilities of multimodal transport operators, obligation of the consignee, the carrier’s receivables and debt combined duration of the extinction, reduction and exemption for multimodal transport operators’ liability, including the prohibition. It had the goal of advancing the land and sea and air transport law by building a complete form of the foundation of the development of logistics and multimodal transport legislation. However, for multimodal transport needs to enact legislation so hasty about that question. In Korea, the establishment of an international agreement must play leading roles that were motivated to be the center of international shipping was very impatient. Since the bill was the result of the initiative is very poorly can not escape criticism. Firstly, Multimodal Transport Regulations have been questioned on whether the location is appropriate. The Commercial Act in the Commercial Code 「Part 5 carriage」 to create, in the 「Chapter 1 Maritime Transportation」 and 「Chapter 2 Air Transport」 and 「Chapter 3 Intermodal Transportation」, it is desirable to configure. Nextly, the following details of the proposed the bill may be criticized as follows. “The significance of a multimodal transport contract” in the definition the concept is wrong. However, the concept of multimodal transport operators and Freight Forwarder’s missing is a fully equipped difficult to see in the form of regulations. Multimodal transport policy can happen to the securities, but in all sectors should be treated as securities is a problem. Combined with regard to liability of the carrier, in the 2010 bill to the Commercial Code article 150(3) to 153(6) regulations from the very confusing information. Accidents in the same section of a multimodal transport contract, depending on the extent of the carrier’s responsibility to reward, and are not subject to liability even if it may cause confusion. In addition, the mandatory provisions such as Article 150(4) and 150(9) are restricted on commerce rather than to the reasonable level of agreement on the responsibility of preventing the action can be questioned. If the terms of the Himalayas Clause, multimodal transport operator to avoid responsibility for what is not a concern are granted amnesty. Multimodal transport contract to any other applicable statute of limitations period and that ever cause confusion. The International Convention for the combined transport has not been finalized yet. United States, England and Japan, yet the rules for multimodal transport law does not place. Under these circumstances, the 2010 bill must be enacted prematurely haneungae can not agree upon. Settlement of international agreements and legislation of other maritime powers, depending on the situation is considered desirable to promote.

      • KCI등재

        클라우드 컴퓨팅의 활성화에 따른 법제 정비 방안

        송호신(Song, Ho-Shin) 한양법학회 2014 漢陽法學 Vol.25 No.4

        Recently, “cloud computing” has established itself as a new model in the IT industry, and as a new concept whereby companies can freely utilize the third infrastructure as if it were their own infrastructure, instead of developing and using their own proprietary system with their infrastructure. However, users are very concerned about unforeseen service interruptions or malfunctions as the data is saved and managed by the service operated by the cloud service provider. Also, there is concern about dependency due to leaks of confidential information (as the data is saved outside) and insufficient compatibility among cloud systems. In particular, if the user is an enterprise, and the service is stopped abruptly or the service provider goes bankrupt, the damage to the business could be enormous. Therefore, it is important that preparatory measures against such risks be taken to promote cloud computing. This paper reviews the method of protecting users against the cloud computing service provider’s bankruptcy and system malfunction, and resolved concerns about the risk of security and information leakage.

      • KCI등재

        하수관 비굴착 공법용 튜브의 국산화 개발제품에 대한 현장 적용 및 품질평가에 대한 연구

        송호면 ( Song Ho-myen ),황환국 ( Hwang Hwan-kook ),김상희 ( Kim Sang-hee ),전대영 ( Jun Dae-young ),심연주 ( Shim Yeon-ju ) 한국환경기술학회 2001 한국환경기술학회지 Vol.2 No.2

        비굴착방식으로 노후하수관을 보수 · 보강하는 기술이 국내에 적용되고 있으나, 이에 대한 자재의 해외 의존도가 높은 실정이다. 비굴착공법에 사용되는 재료는 크게 튜브와 수지로 분류한다. 이 중 국산화 개발이 미비한 튜브에 대한 자재 개발을 연구하였고, 개발된 튜브에 대해 다양한 품질시험을 수행하였다. 또한 현장 적용성을 평가하고 최종 완성품에 대하여 휨실험 및 내화학성실험 분석을 하여 품질의 우수성을 평가 하였다. Existing sewer renovation techniques are using in country, but internal no-dig companies have paid the techniques royalty. Moreover they have imported the materials. The materials of cipp lining are resin and tube. The tube of the two was not prepared to develop the domestic manufacture, that`s why we`ve been research and development about it, and done QC test. Also it was evaluated to the application on the field for the tube, and the good quality through flexural properties test and chemical-resistance test.

      • KCI등재후보

        적대적 기업매수에 대한 방어행위의 법리

        송호신(Song, HoShin) 한양법학회 2007 漢陽法學 Vol.20 No.-

        Before the year 1980’s, it was general situation that the right of corporate control was guarantee. And in the eye of the law, Hostile Takeover was prohibit. In the year 1990’s it was permitted, many corporations used to Hostile Takeover. After the year 2000’s, increase it. On the contrary, the Defenses are forbid. But problems of the Hostile Takeover is revealed on the corporate raider speculate on gambling, specially foreigners attack in waves. For example Sovereign Global Investment purchased 14.99% stock of the SK Corporation and GMO(Grantham, Mayo, Van Otterloo & Co. LLC) Emerging Fund bought 11% share of the Hyundai Elevator Co.,Ltd. So economic organization as the Korea Chamber of Commerce and Industry and the Federation of Korean Industries demand legislation on the Defenses against Hostile Takeover. The outstanding legal problem on the Defenses against Hostile Takeover are permission of the defenses and agreement of interests between attacker and defender. A view in the affirmative insist on the target corporation of the manager as officer and director can defense against Hostile Takeover base on business judgment. On the contrary, a opinion in the negative persist in objection. I think that the Defense against Hostile Takeover have to permit, on condition that manager’s act with fiduciary duty and business judgment rule. But it have to prohibit, is of private business for his own interest like a protecting for his corporate control right. In the existing law, method of defenses have application to treasury shares and payment of retirement grants and rewards. But it is desirable that legislate on the defenses against Hostile Takeover such as shark repellant charter amendments, staggered board, lock-in provisions, fair-price charter amendment, white squire, poison pills, white knight, crown jewels, green-mail, standstill-agreement, golden parachute, pac-man defense and so on.

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