캐나다 증권시장 자율규제시스템에 관한 소고

• 영문명: A Review on SRO in Canadian Securities Market
• 발행기관: 경희법학연구소
• 저자명: 김병연(Kim, Byoung-Youn)
• 간행물 정보: 『경희법학』제45권 제2호, 185~218쪽, 전체 34쪽
• 주제분류: 법학 > 민법
• 파일형태: PDF
• 발행일자: 2010.06.30

영문 초록

This paper discusses the functions and effective form of Self-Regulatory Organizations in the capital market. What is the appropriate form of self-regulatory organizations under the Capital Market and Financial Investment Business Act(CMFIBA) in Korea is very important. It is eventually up to policy-making decision based on considering historical development and uniqueness of capital markets in Korea. It is necessary for the Korean Financial Industry Association to consider what factors should be required and how to develop current system for improving the capital market. IDA, which was the predecessor of IIROC in Canadian capital market, separated the member-supporting function from its authority. The fact that a regulatory agency has member-supporting services as one of its works may dilute the characteristics of the regulatory agency. IIROC is the Canadian regulatory body independent from the Canadian government and the Exchange. It has member-supporting and regulatory functions at the same time because there is no federal-level supervisory body in Canadian capital market. In Korea, Korea Exchange, as SRO, member-supporting and regulatory functions. However, KOFIA does have member-supporting services, but does not have powerful regulatory function. We must consider the separation of member-supporting and regulatory functions in KOFIA in order to improve its regulatory function as SRO, because the fact that KOFIA has member-supporting services may dilute the characteristics of the regulatory agency. Korea established CMFIBA to achieve the advancement of capital markets in 2009. Because CMFIBA was not long after the launch, we need more time to wait until the complete separation of regulatory functions and member-supporting functions of the KOFIA in order to support the development of the financial investment industry. But, it is required to set up some firewall or chinese wall between member-supporting and regulatory functions inside KOFIA to prevent the possibility of conflict of interest. Further, it is required to strengthen the mutual independence of two functions in structural and financial aspects.

목차

l. 서 - 캐나다 증권시장의 규제체제 개요

ll. 캐나다 증권시장의 자율규제기관 - IIROC를 중심으로

lll. 불공정행위규제와 관련된 IIROC의 자율규제기능

lV. 예방적 자율규제와 관련된 IIROC의 기능

V. 결론 및 시사점

키워드

자율규제 자율규제기관 금융투자협회 한국거래소 캐나다 IIROC 적합성원칙 준법감시 광고규제 중재 Self Regulation SRO Financial Investment Association,Korea Exchange Canada IIROC Suitability Compliance Advertisement Regulation Arbitration.