전자증권제도의 시행과 법적 쟁점의 검토

With the development of IT, the Electronic Securities Act was enacted in March 2016 and the electronic securities system is scheduled to begin from September 2019. The electronic securities system is a system in which issuing of paper securities are stopped and issue, distribution and exercise of rights for securities are processed through electronic registration. Because the execution of the electronic securities system may affect other laws such as commercial laws and the Capital Market Act, it is necessary to update the relevant laws. In the case of commercial papers (CP) or unlisted stocks, the electronic securities system may be excluded from application thereby causing confusion and inconveniences to the market and investors. It is therefore necessary in the long run to abolish the existing securities deposit system and unify it under the electronics securities system. Once the electronic securities act is enacted, security of the electronic system will become crucial. This is because damages to electronically registered information or errors in its contents due to hacking or input errors can cause property damages to investors. Hence, the electronic registration institute must construct the best physical and personnel security system in terms of IT security and information management. From this perspective, utilization of block-chain technologies that procure reliability in transaction logs can be one alternative. And in the event that there are surpluses in electronically registered stocks, etc. the electronic registration should be liable for resolving the surplus by working with an account management institute and in preparation of such joint responsibility, it is necessary to come up with financial measures such as expanding capital or accumulating indemnity compensation funds.