證券會社의 派生金融商品 去來 規制에 관한 法的 考察

• 영문명: Legal Review of Regulations on Securities Companies' Financial Derivative Transactions in Korea
• 발행기관: 한국사법학회(구 한국비교사법학회)
• 저자명: 고동원(Dong-Won Ko)
• 간행물 정보: 『비교사법』비교사법 제12권 2호, 485~516쪽, 전체 32쪽
• 주제분류: 법학 > 법학
• 파일형태: PDF
• 발행일자: 2005.06.01

영문 초록

It is noted that recently the size of financial derivative transactions in worldwide and domestically has been rapidly increasing and is expected to increase continually. Since financial derivative products have a high risk in themselves although they are used for hedging risks of underlying assets, it would be necessary to regulate financial derivative transactions conducted by, in particular, financial institutions. Therefore, this article is intended to review the regulations imposed on securities companies in Korea in connection with their financial derivative transaction activities under the relevant laws and regulations, such as the Securities and Exchange Act ("SEA") and its regulations, and the Foreign Exchange Transaction Act ("FETA") and its regulations, to analyze some legal problematic issues and to recommend some measures to boost securities companies' financial derivative activities. Under the SEA and its regulations, securities companies are allowed to directly conduct stock options and stock-index options, and through a futures company, to engage in other types of futures transactions on the futures exchange; and in addition, securities companies satisfying certain requirements such as minimum equity capital of 100 billion Won and obtaining of all three types of securities business licenses (i.e. dealing, brokerage and underwriting) from the regulators have been allowed to engage in OTC financial derivative transactions since July 2002, further including credit derivatives since March 2005. According to the FETA and its regulations, securities companies are also permitted to engage in certain limited foreign exchange-related OTC financial derivative transactions, but excluding foreign exchanged-related credit derivatives. This article, however, in order to activate securities companies' financial derivative business as one of measures to promote the securities industry, suggests that the requirements (the minimum equity amount and the three securities business licenses) for engaging in OTC financial derivative transactions should be abolished as soon as possible, and foreign exchange-related credit derivatives should be also permitted to securities companies, considering that it would be essential to boost financial derivative markets and the demand for credit derivatives is expected to increase according to the soon-to-be implementation of the new Basel Accord Ⅱ in Korea.

목차

Ⅰ. 머리말

Ⅱ. 證券去來法令上의 派生金融商品 去來 規制

Ⅲ. 外國換去來法令上의 外換 關聯 場外 派生金融商品 去來 規制

Ⅳ. 場外 派生金融商品 去來의 活性化 方案

Ⅴ. 맺음말

[참고문헌]

【ABSTRACT】