간접보유증권의 선의취득에 관한 연구 ― UNIDROIT 간접보유증권협약안을 중심으로 ―

As recently the holding of securities with intermediary is being generalized and the cross-board transaction of securities increased rapidly, the multi-tiered indirect holding system of securities becomes popular. The transfers and collateral transactions are critical to the liquidity of the financial markets and to financial stability, therefore market participants and regulators have become increasingly concerned with not only the legal soundness, the internal consistency, also the international compatibility of national laws regulating the holding and transfer of securities held with an intermediary. As an effort to promote internal soundness and cross-border system compatibility by providing the basic legal framework for the modern intermediated securities holding system, UNIDROIT started the draft Convention on Substantive Rules regarding Intermediated Securities and implemented this draft. As this draft will be the standard of the legislation with respect to the intermediated securities when UNIDROIT confirm it, Korean legal system would be better to prepare for the new legislation or to amend the related acts with regard to intermediated securities. Therefore this report focuses on trying the accurate construction and comprehension of the draft and presenting the direction of the legislation relating to the intermediated securities. Conclusively, this report presents 3 legislative directions with respect to intermediated securities, which are such as 1) the approach to the negotiation of intermediated securities, which is based on not principles of negotiable instruments but the new book entry system, 2) a stronger protection of the parties who believed the book entry and transacted with other parties, 4) the protection of the integrity of the indirect securities holding system.