일본의 금융기관 설명의무 입법에 대한 연구

As financial products are becoming more diversified and complex, there arise the risk (and costs) of disputes on the sales of financial products between financial services providers and consumers. In particular, with the introduction of negative approach to the definition of financial products, the current regulatory approach based on an ex ante administrative intervention could not be as effective as it is under the current definition. Accordingly, it should be noted that it is essential to build a consumer protection system with judicial and ex post remedial nature. For the effectiveness and efficiency of dispute resolution system, its rules and procedures must be to clarify the duties and liabilities of the parties to financial transactions, to ensure the efficiency of dispute resolution procedures, and to enhance the property of the substance and procedure of sanctions. In Korea, it is an issue of hot discussion how to clarify the duties and liabilities of the parties to financial transactions with the introduction of a new law (now not enacted) based on a negative approach to the definition of financial products. In this regard, this paper examines Japan's legal reform on the duty to explain of financial institutions. In particular, two recently enacted Japanese statutes including the Financial Products Transactions Act 2006 and the Act Concerning the Sales etc of Financial Products 2000 as amended in 2006 of great use in that they have detailed provisions on the subject matter and method of the duty to explain in financial transactions.