전자증권제도 도입시 국채의 합리적 발행등록방안
A Reasonable Suggestion for the Initial Registration of Government Bonds and Bills under the Complete Dematerialization System of Securities in Korea
김용재(고려대학교); 조인호(덕성여자대학교)
22권 3호, 345~376쪽
초록
On July 11th of 2007, the Korean government suggested a basic plan for the complete dematerialization system of all types of securities. The Ministry of Justice made a preliminary announcement that it would reform the Korea Commercial Act by introducing the securities materialization system, that is the electronic registration of stocks and corporate bonds. The necessity and adequacy of the securities materialization system have been deeply analyzed in a well-researched report on September of 2006 written by Booz/Allen/Hamilton Consulting Firm of which title is "the Master Plan for the adoption of the securities materialization." Then, the report was officially submitted to the Korean Securities Depository. Some minor issues should be solved in advance for the soft and successful landing of the securities dematerialization, including an issue that who get the power in the initial (or primary) registration of government bonds and bills between the Bank of Korea and the Korean Securities Depository. The conflict of interest problem between both institutions should be solved following to several rationales which have been well grounded in terms of neutrality and objectivity in the securities sectors. A turf war between both institutions based on institutional selfishness should be avoided. This paper reviews three alternative models currently available in the world. Model I is that the central securities depository has either a primary registration power or a secondary registration power in the course of dematerialization process of government securities. Model Ⅱ is that the central securities depository has only the secondary registration power and the central bank has the initial registration power. Model Ⅲ is an absolutely opposite one to Model I and the central bank has all the registration powers in the government securities. This paper concludes that Model I should be a norm in the near future in terms of either an international perspective or a efficiency and scale economy aspect on a domestic level.
Abstract
On July 11th of 2007, the Korean government suggested a basic plan for the complete dematerialization system of all types of securities. The Ministry of Justice made a preliminary announcement that it would reform the Korea Commercial Act by introducing the securities materialization system, that is the electronic registration of stocks and corporate bonds. The necessity and adequacy of the securities materialization system have been deeply analyzed in a well-researched report on September of 2006 written by Booz/Allen/Hamilton Consulting Firm of which title is "the Master Plan for the adoption of the securities materialization." Then, the report was officially submitted to the Korean Securities Depository. Some minor issues should be solved in advance for the soft and successful landing of the securities dematerialization, including an issue that who get the power in the initial (or primary) registration of government bonds and bills between the Bank of Korea and the Korean Securities Depository. The conflict of interest problem between both institutions should be solved following to several rationales which have been well grounded in terms of neutrality and objectivity in the securities sectors. A turf war between both institutions based on institutional selfishness should be avoided. This paper reviews three alternative models currently available in the world. Model I is that the central securities depository has either a primary registration power or a secondary registration power in the course of dematerialization process of government securities. Model Ⅱ is that the central securities depository has only the secondary registration power and the central bank has the initial registration power. Model Ⅲ is an absolutely opposite one to Model I and the central bank has all the registration powers in the government securities. This paper concludes that Model I should be a norm in the near future in terms of either an international perspective or a efficiency and scale economy aspect on a domestic level.
- 발행기관:
- 한국기업법학회
- 분류:
- 법학