일본 금융상품거래법의 주요 내용과 자본시장통합법의 과제

The recent global financial turmoil started in the U.S. is causing worldwide currency crisis, pushing many investment banks towards bankruptcy. With the unprecedented crisis threatening existing capital market system, major changes in the regulatory structures are expected across the countries. The financial landscape had rapidly changed with financial engineering represented by development of financial products so complicated that ordinary investors find impossible to grasp. At this point, countries make an effort to proactively address latest changes and to develop international competitiveness by redesigning regulatory structures for increasingly complex financial systems. This dissertation aims at introducing Financial Transaction Act established in Japan in 2006 and revised in 2008, while, based on the study of the Act, suggesting a few changes in Capital Market Integration Act of Korea which will take effect from 2009. Financial Product Trading Act in Japan is characterized by the following; broadly protecting investors from highly speculative products, expanding public announcement system, strengthening exchange’s self-regulatory measures, and blocking unfair trade through strict preventative measures. The Act was then revised in 2008 to achieve the following additional objectives: creating markets limiting participation of certain investors with particularly strong financial background, promoting diversification of investment trust products, allowing financial product traders to hold additional positions, and modifying methods for calculating surcharge and deciding those who are to be fined. Capital Market Integration Act of Korea established in 2007 is designed to develop competitive power of the country’s capital market, introducing various inclusive measures and regulatory structures tailored to individual areas, while reinforcing investor protection. As we have seen dramatic changes in financial landscape since establishment of the act, with increasing risks facing financial market, gradual revision is in need for provisions on investor classification and conversion, conflict of interests of financial product traders, and surcharge system.