이해상충방지를 위한 내부통제시스템에 관한 연구 -자본시장법을 중심으로-

Reinforcement of the Capital Market Act made possible co-management with financial investment businesses and as for the results of that, issues on conflicts of interest came to the surface. Co-management with financial investment businesses has a positive aspect to create synergy effect among the businesses, but creates a negative aspect of conflicts of interest as well. Because to solve this problem, it is important for the company to be equipped with the internal control capacities to understand what causes conflicts of interest, the Capital Market Act includes the legal regulation measures of the internal control such as “practice regulations,” “unfair trading regulations,” “disclosure regulations,” “chinse wall installation,” “the law-abiding compliance system,” and “supervision controls.”This study presents the efficient methods to manage the internal control system of the Capital Market Act as these: First, as a new supervision method, principles based regulation system that can respond to the change of the financial market actively is considered to be introduced. But the principle-driven regulation without firm law-abiding supervision and the internal control system could generate the large-scaled financial accidents. Therefore, the premise of introduction of the principle-driven supervision is to reinforce the internal control capacity of the company. Second, as for the issue of installation of Chinese Wall, high-ranking decision makers of financial institutions must be excluded from the application of Chinese Wall because preventing information by Chinese Wall could impede their management efficiencies. Third, the Capital Market Act should require stipulation of regulations that hold the responsibilities to the company, the CEO and compliance officer along with the person who violates the law when the internal control team confirms the illegal acts. These internal control systems and their strong reinforcement are the basics to minimize the problems of conflicts of interests and to protect the investors.