Soft Law의 충격- 국제금융기준의 수용과 관련된 시론적 접근 -

After the monetary crisis in the late of 1997, Korea has reformed the financial and corporate legal system. Codes and acts were legislated, revised, abrogated. The Contents of the regal reforms were the adoption of the international financial Standards. The international financial standards is recommendations which are so called as “Soft Law” The adoption of standards is consisted of 3 stages. In case of active adoption of standard in the first stage, peer pressure rule is applied. In the case of passive adoption of standards in the second stage, assesment programs are applied and credit rating systems are also applied. In the case of negative adoption in the third stage, market is operated. Codifications of standards also contain problems legally. International financial standards are influenced by Englo-American legal system. They have been accustomed to the Soft Law. Continental legal system faced, however, with important problems in the operation of standards because of soft law's inconsistency to his legal system. In the course of codification of soft law, they have not been possessed of the characters of soft law, flexibility, liquidity, speediness. Besides the problems of not possession of soft law's characters, they are faced with the most important problem, 'enforcement of soft law' Soft law are not supported by the courts. In the Englo-American legal system, this problem is solved by the operation of market attended by many players. The Continental legal system are not accustomed to the operation of market.