韓國商事法學會 半世紀의 措 ㅁ

이범찬 한국상사법학회 2002 商事法硏究 Vol.21 No.1

회사법의 과제들 - 2019년 (사)한국상사법학회 하계대회 기조발제문 -

김정호 한국상사법학회 2019 商事法硏究 Vol.38 No.3

Nowadays we have so many opportunities to watch the phenomina surrounding technical innovations, like artificial intelligence or blockchain etc., so that we cannot escape from the daily unstableness. Not a few people could also experience some feelings of isolation, due to the newly upcoming expressions like robo-adviser, robo-directors, electronic person and DAO. In this article the author tried to show some tasks out of corporate law at present time in Korea. He explores, at first, the possibilities to introduce a separate statute specialized for company law in Korea, where the traditional Commercial Code has so far maintained a stable position. It was enacted in 1962 and has been implemented since 1963. The U.S. State of Delaware has its 'General Corporation Law' and U.K. has also its separate 'Companies Act', which was revised on a large scale in 2006. The author offered a comparative review on various cases of legislation, which took place in some civilized countries like U.S., Germany and Japan. The second task was to solve the problem of 'personalized stock corporation (private companies)', which was triggered predominantly by the overwhelming number of stock corporations in korean economy. The legal form of stock corporation enjoys there an extreme popularity in comparison to the other legal forms. It now takes up over 90% out of all registered companies, which have been established according to the Korean Commercial Code. It is clear that the 'personalized' stock corporation is a stock corporation in legal meaning, but its substance is nothing more than a partnership. The author says that a separate or classified legislation is needed according to the size of the company. The third assignment of this article was to resolve the confrontation between the bills on economic democratization and those on defense of management right. The author suggested that the institute of double derivative suit should be implemented also in Korea via common law by accumulating relevant cases and the dual-class-stock system needs to be introduced also in Korea, like any other civilized countries. The fourth task was to promote the development of the law of fiduciary duties in Korea. The author emphasizes the importance of procedural aspect for court decisions. At last he made some possible mentions on the interplay between artificial intelligence and company law. Due to its rapid technological development, nobody denies nowadays that artificial intelligence can enter corporate boardroom in near future. The author concluded that it is necessary for corporate lawyers in Korea to take steady steps to perform the above-mentioned assignments. 본고에서 필자는 회사법의 당면과제를 다루고 있다. 첫째는 회사법을 독립된 법률로 하는 문제이다. 기존의 상법전에서 회사법을 떼어내 독립된 법률로 할 경우 예상되는 문제점들을 서술하였다. 둘째는 주식회사의 법형태가 압도적으로 다수를 점하는 국내 회사의 현실 속에서 인적 주식회사의 문제를 다루었다. 필자는 지난 60년간 우리 경제의 극심한 변화를 고려하여 특히 주식회사법 분야에서는 기본적인 변화가 불가피하다고 주장한다. 즉 과거 대규모 공개회사 위주의 법제에서 오히려 방향을 바꾸어 우리 경제에서 가장 다수를 점하고 있는 폐쇄형 주식회사를 원칙적인 모습으로 한 후 공개회사나 상장사에 대해서는 추가로 특례규정을 두는 방식에 비중을 두어야 한다고 주장한다. 셋째는 경제민주화법안과 경영권 방어법제간의 갈등을 다루었다. 이에 있어서 이중대표소송제도를 판례법으로 도입하는 것과 복수의결권 주식제도의 도입을 주장하고 있다. 넷째는 기타의 문제들로서 인공지능이 회사법에 미칠 영향 나아가 이사의 신인의무법의 발전방향에 대하여 언급하였다. 끝으로 필자는 경제기반의 변화에 즉응하는 회사법제의 구축은 난제중의 난제이지만 서두르지 말고 꾸준히 비교법적으로 접근하는 자세가 필요하다고 주장하고 있다.

금융소비자보호법의 바람직한 제정 방향에 대한 고찰 -통합 금융분쟁조정원(가칭)의 설립을 제안하며-

성희활 한국상사법학회 2011 商事法硏究 Vol.30 No.2

This article deals and proposes a desirable enactment of ‘Financial Consumer Protection Act’ which is now under consideration by Financial Services Commission(FSC). The study, to begin with, clarifies the concept of ‘financial consumer’, and after reviewing various concepts and scope regarding to ‘financial consumer protection’, it circumscribes the concept and scope of ‘financial consumer protection’ within financial dispute resolution, financial education, and independent advice for financial products. It, especially, opposes to the so-called ‘Twin peaks model’ in which prudential regulation and business conduct regulation are separated. The main proposal of this paper is to establish a ‘Financial Dispute Resolution Institute’ which is in charge of the financial consumer protection tasks at current stage. The Institute, with being separated from Financial Supervisory Service, consolidates the present dispute resolution functions of Financial Supervisory Service, Korea Exchange, Korea Financial Investment Association, and Korea Consumer Agency. The study deals with three critical issues for the function of 'Financial Dispute Resolution Institute' and suggests that first, there be mandatory mediation before going to the court, second, one-side binding effect of mediation decision not be permitted, and last, independent financial advisory function be enhanced. The paper, in the latter section, reviews the FSC's plan for enactment of 'Financial Consumer Protection Act’ and makes some suggestions. First,'Suitability test’ is not appropriate for the loans of banks and Credit Specialized Financial Business Companies. Second, applying 'Adequacy test'to insurance products needs to be reconsidered. Finally, special damage presumption needs to be given to actions caused by violation of suitability test such as violation of duty to explain.

기술발전에 따른 전자책(e-Book)보급 활성화와 저작권 보호방안 - 전자책도서관을 중심으로 -

정연덕 한국상사법학회 2007 商事法硏究 Vol.26 No.3

The Legal Protection and Development of e-Book Industry in relation with Public Digital Library

조건부자본증권에 대한 법적 연구

정순섭 한국상사법학회 2011 商事法硏究 Vol.30 No.3

The recent global financial crisis exposed the inefficiencies and weaknesses of traditional prudential regulatory system which mainly relied on the concept of capital adequacy ratio. Basle Committee on Banking Supervision and other international rule-setters emphasize the importance of financial instrument potentially enhancing the loss absorbency of financial institutions in times of financial distress. Contingent capital securities refer to debt securities to be converted into common stocks when pre-determined conditions such as depreciation of capital adequacy ratios are met. Contingent capital securities are a type of hybrid securities involving the nature of both equity and debt instruments. However, its distinct feature is that the triggering events of that instrument involve aggravating financial condition of issuers. This paper examines the legal nature of contingent capital securities under the current Commercial Law, the Banking Act and the Financial Investment Services and Capital Markets Act, and analyses the feasibility of the Amendment Bill revising the Financial Investment Services and Capital Markets Act on contingent capital securities. Industrial companies can also use the instrument for diversifying corporate financial strategies. However, its main user may be, financial institutions, in particular systemically important financial institutions. There should be mandatory in future for banks and other systemically important financial institutions to issue contingent capital securities.

주식회사의 計算 公開에 관한 日本商法의 改正試案에 대한 고찰

김두환 한국상사법학회 1980 商事法硏究 Vol.1 No.-

최근 미국 델라웨어주 판례법상 MFW 심사기준과 경영판단의 원칙

신연수 한국상사법학회 2020 商事法硏究 Vol.39 No.3

This paper analyzes Delaware lawʼs recent evolution that introduced a new procedural standard and expanded the applicability of business judgment rule in fiduciary duty litigation. While the business judgment rule has been the default standard of review in Delaware courts, going-private mergers were traditionally subject to entire fairness review, with the burden of proof on controlling stockholders. In 2014, however, the Delaware Supreme Court held in Kahn v. M&F Worldwide Corp. (ʻʻMFWʼʼ) that the business judgment rule applies to a going-private merger if the transaction is conditioned ab initio on approval by both (i) a properly empowered, independent special committee and (ii) the majority of fully-informed, uncoerced, disinterested shareholders. Developing a uniformed framework that incentivizes the desired safeguards for minority shareholders, MFW confirmed the Courtʼs judicial deference under the business judgment rule and resolved open doctrinal and policy questions regarding the incoherence in Delaware law that treated economically similar freezeout transactions differently. Since then, the Delaware courts have expanded the MFW standard to other forms of conflicted-controller transactions and significantly transformed transactional practice. Recent court decisions in 2019 and 2020 refined ab initio and independence requirements, reinforcing the MFW standard. The Republic of Korea allowed freezeout by amending its Commercial Code in 2011, with different requirements and appraisal measures designed to protect minority shareholders. Korean controlling shareholders have different backgrounds, ownership structure, and policy issues to which Delaware cases regarding controllers and business judgment rule are not directly relevant. However, the MFW framework provides valuable reference factors concerning the independence of directors and the special committeeʼs role in disabling a controllerʼs influence over transactions that involve egregious conflicts of interest. 미국 델라웨어주 법원의 최신 판례는 이해충돌이 문제되는 거래에 대해 새로운 심사기준을 도입하고 경영판단의 원칙을 널리 적용함으로써 대주주가 있는 기업의 인수합병실무 전반에 큰 변화를 예고하고 있다. 본 논문은 미국 판례법상 소수주주축출 법리에 가장 큰 변화를 가져온 델라웨어주 최신 판례들과 실무상 변화를 분석함으로써, 소수주주축출 등 지배주주가 관련된 거래에 적용되는 외국의 사법심사 기준에 대한 비교법적 연구에 기여하고자 한다. 델라웨어 주대법원이 2014년 도입한 MFW 심사기준은 기존에 엄격한 전체적 공정성 기준이 적용되던 소수주주축출거래라 할지라도 실질적인 거래협상을 시작할 때부터 ① 독립적인 특별위원회의 승인과 ② 소수주주 과반수의 승인을 조건으로 하는 경우에는 경영판단의 원칙을 적용한다. 이는 기존의 판례법이 비판받던 법리적 모순점과 정책적 문제점을 시정하고, 경영판단의 원칙을 존중하되, 지배주주로 하여금 스스로 소수주주를 보호하는 절차를 강화하도록 유인을 부여했다는 점에서 긍정적인 변화로 평가된다. 이후 MFW 심사기준은 소수주주축출 거래 이외에도 지배주주의 이해충돌이 문제되는 다양한 유형에 확대될 조짐을 보이고 있다. 이와 관련하여 2019년과 2020년의 최신 판례는 MFW 심사기준이 적용되는 세부조건을 명확히 하여 소수주주보호절차를 더욱 강화하였는바, 미국의 기업인수합병실무는 최근의 판례에 발맞추어 MFW 심사기준을 준수하고 대주주의 절차적 개입을 차단하는 방향으로 빠르게 변하고 있다. 우리나라는 2011년 상법개정을 통해 소수주주축출제를 도입하면서 미국과 다른 요건과 보호장치를 마련하였고, 지배주주의 이해충돌이 문제되는 배경, 지분구조, 실무상 주요 쟁점 역시 미국과 상당히 다르기 때문에 미국 델라웨어주 판례법상 심사기준을 직접적으로 준용할 수는 없다. 그러나 다수의 국내기업이 지배주주의 영향 하에 있고 여전히 지배주주의 사익추구가 문제되는 점을 고려하면 미국의 MFW 법리와 경영판단의 원칙이 우리나라에 시사하는 바가 크다. 특히 델라웨어주의 MFW 심사기준과 실무상 구체적인 적용사례에서 거래실무상 유인과 경영상 판단을 존중하면서도, 예측가능하고 일관된 기준을 적용함으로써, 이사의 독립성을 확보하고 특별위원회의 기능을 강화하여 지배주주의 이해충돌을 방지하려는 움직임은 정책적으로 참고할 만 하다.

기업지배구조 개선과 공시주의 -의결권 대리행사의 권유를 중심으로 -

최민용 한국상사법학회 2012 商事法硏究 Vol.31 No.2

For a long time, a Board of Directors(the “BOD”) has been the center of the corporate management. However, since the Sup-prime Mortgage Crisis and prior economic crises, such directors supremacy has been criticized. Shareholder activism and its supremacy have been on the rise. I believe we have to keep in mind one point in reviewing this dispute. The important thing is to check the BOD so as to create the corporate value. Not to provide the shareholder with more powers itself. In strengthening the shareholder power, there are two ways. One is substantial endowment of a right. The other is enhancing the disclosure obligation of a corporation to the shareholder. Taking the first way, we have to be very careful because corporation involves various parties and related parties and very complicated mechanism works. In this paper, I suggest to take more reinforced disclosure system especially in the Proxy Solicitation. In the United States, the Dood Frank Act and SEC Rules have tried a lot of methods to check the BOD. SEC has been strengthening the Proxy Rules and Regulations. Recently, SEC provided the shareholder with the Proxy Access under its new rules. However, the court invalidated the new rule. I would like to introduce this movement and propose certain implication. It is generally believed that the shareholder should exercise its voting right in an appropriate way to improve the corporate governance and we should operate the shareholders’ meeting as a place for disclosing the information to shareholders. In this context, I suggest to impose more tight disclosure obligation on the corporation in a Proxy Solicitation. It means that a Proxy Statement must reflect more information which is material to the shareholders in exercising their voting rights. Especially I propose to link the annual report to such disclosure obligation. Trust is not only important in the family or friend relationships. In financial market, it is also very important. With such trust, the investors are willing to participate in the market and the market would prosper. Discloure system protect the shareholder's right in a substantial way. It also provides the corporation with indemnification. At the same time, it means the regulatory method to secure efficiency and fairness in the financial market. What kinds of information must be disclosed and who must stand the expenses should be open to the further discussion.

차등의결권주식을 상법에 도입하여야 하는 이유 및 도입 방법

문준우 한국상사법학회 2012 商事法硏究 Vol.31 No.2

Chapter Ⅰ is about the definition and types of dual-class stock. Dual-class stock are the stock that voting rights are different. Dual-class stock are composed of multiple share, nonvoting share, fractional share, tenure voting, capped voting plan, scaled voting plan. Chapter Ⅱ includes dual-class stock of corporation law in the foreign countries(the U.S, EU(the U.K, the Germany, the France and so on), the Japan)). In Chapter Ⅲ, the writer addresses the reasons of introducing dual-class stock to corporate law. By issuing dual-class stock, the corporation can protect the management right, raise a capital, transparentize the corporate governance, enhance the business competition, and secure a strong stockholder. Chapter Ⅳ is about the demerits and remedies by issuing dual-class stock. Dual-class stock are contrary to one share one vote principle. Therefore dual-class stock can not be issued by articles. However, because dual-class stock hold the merits and remedies, we should introduce the dual-class stock to corporate law. In Chapter Ⅴ, the writer suggests some ways to introduce dual class shares to corporate law. They are about the issuance and transfer of dual-class stock, and finally protection of the shareholders. Chapter Ⅵ is the conclusion.

자본시장법상 불공정거래행위에 대한 과징금제도의 도입

김병연 한국상사법학회 2014 商事法硏究 Vol.32 No.4

In the capital markets, there is a high level of asymmetry of informationdue to none-face-to-face transactions among an unspecified number ofparties. Regardless of continuous efforts by financial supervisory authority toremove unfair transactions in the capital markets, unfair trade practices arestill prevalent. In addition, the types of violations are becoming morecomplex and cunning, as well as increasing in numbers. In order to cope with unfair transactions, the Capital Markets andFinancial Investment Services Act(hereinafter called as ‘the Act’) has sanctionsagainst violations as well as disclosure regulations. Recently, there is acontroversy because the Act imposes financial penalty in violating disclosureregulations, but not in unfair transactions. For the effective regulations in the capital markets, there are numeroussteps that we must go through. First of all, we need to block all possibilityof violations beforehand needed. Second, strict sanctions are needed. Fromthe perspectives of the crime economy, if committing a crime or an illegaltransaction has more benefits than its penalties, there would be a lot moreunfair transactions. However, if the penalties of illegal transactions weremuch more severe than their profits, unfair trade practices can be smallerbecause the economic incentives are too low. Financial penalty systems against unfair transactions exist in the US, UK,and Japan. Thus, Korea should introduce financial penalty in order to dealwith several types of unfair transactions effectively. Finally, introducing theconcept of ‘market abuse’ under the proposal by FSC and Department ofJustice, dated on April 18, 2013, may cause confusion with the meaning of‘unfair trading’ under Article 178 of the Act. Therefore, the proposal must berevised.