FOREIGN INVESTMENT BANK LAW IN NORTH KOREA

• 발행기관: 통일과 북한법학회(구 북한법연구회)
• 저자명: Woong Shik Shin
• 간행물 정보: 『북한법연구』제1호, 86~104쪽, 전체 19쪽
• 주제분류: 법학 > 법학
• 파일형태: PDF
• 발행일자: 1998.12.30

영문 초록

On November 24, 1993, the Supreme People’s Assembly of North Korea has introduced and promulgated the Foreign Investment Bank Law of the Decision No. 42 (hereinafter referred to as “the Law”). The Law seems to have been largely influenced by China’s “Foreign Equity Bank of Foreign —Chinese Joint Equity Related Regulation of the Economic Special Zone” in its similarity. The intent and purpose of introducing the Law is to attract foreign capitals in the Free Economic and Trade Zone of North Korea and to increase cooperation with the foreigner in international economy and finance. The Law is also designed for regulating the foreign capital controls and financing foreign investment companies. Prior to the establishment of the “Law”, there were only three joint equity banks. Namely, the Chosun Joint Equity Bank (established in 1989), Chosun Paradise Financial Company(1987), and Chosun Unification Development Bank(1991). These three banks played a leading role in financing and banking transactions for the joint equity business in North Korea. However, these banks were not able to govern over or to apply to the Foreign Investment Bank of North Korea* Only the Law of Joint Equity Bank was used to regulate and govern the foreign investment banks in North Korea The Law under these circumstances is not only applied to the joint equity banks, but also applied to the foreign banks (100% foreign owned bank) and their branches. The Law is said to be the special law for the banking business of the foreign investment companies in North Korea and can also be the general law for the foreign banks in North Korea. The original Law had many defects and insufficiencies for it only had a total of 5 chapters and 32 articles. However, the Law was amended by the General Administrative Committee’s decision on December 28, 1994. The enforcement regulations consists of the total 6 chapters and 68 articles. Chapter 1 (articles 1—9) provides the general provisions, Chapter 2 (articles 10—35) the establishment procedures and changes of the foreign investment bank, chapter 3 (articles 36—42) the capital amount and investment amount of foreign investment bank), chapter 4 (article 43—59) the business and resolution of the foreign investment bank, chapter 5 (articles 60—63) the dissolution of the foreign investment bank, and chapter 6 (articles 64—68) with restrictions and dispute resolutions of the foreign investment banks in North Korea, respectively. The Law is expected to influence foreign investors, including the South Korean investors, who are currently making heavy investments in North Korea. In the mean time, the “Law of the Foreign Representative Offices in the Free Economic and Trade Zone” applies only to those representative offices, branches, liaison offices of foreign financial institutions, which are permitted to be established in the zone, but restricted only to the liaison, consulting, and advertising businesses for non-profit.

목차

L ENACTMENT PURPOSE OF THE FOREIGN INVESTMENT BANK LAW

II. THE PR INCIPAL CONTENTS OF FOREIGN INVESTMENT BANK LAW AND IT S REGULATIONS