금융분야에서의 규제샌드박스(regulatory sandbox)도입과 법적 과제 : 『금융혁신지원특별법(안)』을 소재로

The regulatory sandbox is a kind of regulatory mitigation measure that is intended to temporarily stop the application of the current financial regulations by limiting the target for the experimental test of the project in order to create innovative new business. This new and increasingly evolving technology, especially ICT, can not be confident in its effectiveness and safety, so it need to be allowed within the bounds of a pre-determined. In this regard, regulatory sandboxing is a regulatory technique that coincides with the incentives of companies, consumers, and supervisory agencies. Therefore, it is meaningful as an attempt in the field of financial supervision policy to cope with the current rapid changes in information and communication technology. Recently, in Korea, legislation introducing regulated sandboxes has been proposed to the National Assembly. In this paper, I review the system and main contents of the regulation of sandbox in the context of "Special Law on Financial Innovation Support" . In this paper, I propose some improvements after analyzing and reviewing the contents comparing with the case of foreign countries from the viewpoint of law to increase competition and efficiency between industries and increase the convenience of consumers. First of all, it is the capacity and role of the supervisory authority that is most important in the use of the regulatory sandbox. If the regulatory paradigm shifts from the conventional regulation to the ex-post regulation, the supervision of the administrative supervision agency alone has little effect on the damage of the consumers. Therefore, smart strategic regulatory operation is necessary. In other words, it is desirable to allow actual market launch only in a small scale, and it is desirable to expand the scale to the entire industry by increasing the size of the system, if it is confirmed that the risk is monitored in real time for a certain period of time and the damage prevention device can be quickly detected. Second, through testing, both companies and financial supervisory organization are collecting vivid evidence on regulatory reforms and various information obtained during the test implementation process. The regulatory sandbox allows companies, users, and supervisory agencies to learn from each other, and its effects are very useful for setting and agreeing codes of conduct in today's rapidly changing society. Third, it needs to be complemented by RegTech. As the development of ICT technology, related regulations are likely to be preemptive and complicated for financial consumer protection and supervision enhancement is expected. As it becomes increasingly difficult for regulators to prepare and respond to new risks from new technologies developments, both FinTech and regulatory authorities need to leverage technology in relation to regulation. Finally, it is necessary to prepare measures to prevent and relieve more rapidly in case of the possibility of (mass) consumer disputes due to rapid technological change. For example, it is necessary to consider setting up a victim relief fund.