개정 「금융산업의 구조개선에 관한 법률」 제24조의 법적 검토와 개선 방향

• 영문명: Legal Review on 2007 Amendments to Article 24 of the Financial Industry Structure Improvement Act in Korea
• 발행기관: 한국사법학회(구 한국비교사법학회)
• 저자명: 고동원(Dong-Won Ko)
• 간행물 정보: 『비교사법』比較私法 제14권 제4호, 559~589쪽, 전체 31쪽
• 주제분류: 법학 > 법학
• 파일형태: PDF
• 발행일자: 2007.12.30

영문 초록

  Recently, in January 2007, amendments were made to Article 24 of the Financial Industry Structure Improvement Act (“FISIA”) and took effect in April 2007. Article 24 of the FISIA mainly deals with the controversial issue in Korea of the prohibition of financial institutions’ control over non-financial companies. The 2007 amendment to Article 24 of the FISIA introduces a FSC post approval system and clarifies the scope of shares with voting rights for such approval. Several important legal issues regarding Article 24 and its amendments are discussed.
  Article 24 of FISIA provides that “the prior approval of the Financial Supervisory Commission (“FSC”), a supervisory authority in Korea, is required when a financial institution (as defined in the FISIA) with its affiliated financial companies seeks to (ⅰ) own 20% or more of voting shares of ‘another company’ or (ⅱ) own 5% or more of voting shares of ‘another company’, and together with their affiliated non-financial companies, have a de facto control over that company(i.e., (ⅰ) being the largest shareholder of the targeted company or (ⅱ) having a control relationship by exercising voting rights), except that such approval is exempt when a separate approval or authorization is obtained in accordance with the relevant laws under which the concerned financial institutions are established.” Further, according to Article 24, once such ownership exceeds 25% and 33% respectively, another separate FSC prior approval is required. In addition, Article 24 sets out the restrictions for the requirements of the FSC’s approval: (ⅰ) the ownership should not lead to a de facto control over non-financial companies (such scope of ‘non-financial companies’ is defined in Article 24); and (ⅱ) the ownership should not restrict competition in the relevant market.
  In this regard, this article suggests some measures for the improvement of Article 24, among others, including the following: (ⅰ) an investment company, a paper company and special purpose company and regarded as ‘financial products’, which is a targeted company, should be excluded within the scope of ‘another company’; (ⅱ) the definition of ‘de facto control’, which is a very important factor, should be inserted in detail; (ⅲ) a factor triggering a FSC post approval, which allows the discretion of the FSC, should be abolished; (ⅳ) a foreign company should be expressly excluded in the scope of ‘another company’; (ⅴ) interests in the ownership of ‘another company’ should be included in the scope of ‘shares’ with voting rights; and (ⅵ) the purpose clause of the FISIA should be amended to include the contents of Article 24.

목차

Ⅰ. 머리말
Ⅱ. 금산법 제24조의 개관
Ⅲ. 개정 금산법 제24조의 검토
Ⅳ. 문제점 및 개선 방향
Ⅴ. 맺음말
【참고문헌】
[Abstract]

키워드

산업자본 금융자본 사실상 지배 시정조치 주식처분명령권 기업결합 Industry Capital Financial Capital De facto Control Corrective Action Order of Share Disposal Enterprise Merger or Consolidation