전자증권제도 시행의 주요 법적과제

According to the securities depository scheme introduced in 1974 in Korea, the concentrated deposit of securities has been advanced and immobilized. As a result, the collective issuance and deposit system of securities and the non-issuance became commonplace, creating an environment in which the electronic securities system, which does not completely dispose of physical securities, could be introduced. The electronic securities system has already been introduced and implemented in 32 of the 34 OECD countries. In the case of France, Denmark and Sweden, the electronic securities system was already introduced in the mid 1980s. Although it was late in Korea, Electronic registration of stocks and bonds, Law No. 14096 (2016.3.29) was enacted and promulgated in March 2016, and it was enacted to be enforced within 4 year after the enactment. Accordingly, the enactment bill for the Enforcement Decree of the Electronic Securities Act is expected to be enacted by the electronic securities system on September 16, 2019. The electronic securities system will be able to enhance the transparency of Korea’s capital market through electronic management of issuance and distribution of securities and will help to protect investors by eliminating asymmetric information of investors. In addition, it can be a bridgehead to innovate the management and operation of the capital market by improving the efficiency of the Korean capital market through the electronization of issuance and transfer of securities. In order to successfully introduce the electronic securities system, it is necessary to minimize the inconvenience caused by the protection of investors with physical securities and the enforcement of electronic securities by strengthening the deposit of unsecured physical securities. Next, it is necessary to establish a statutory basis for the issuer’s amendment to the Articles of Incorporation of the listed stocks and to make the contents of the Articles of Incorporation consistent with the electronic securities system. In addition, it is necessary to double the effects of the introduction of the electronic securities system through shortening the stock issuance and office processing schedule. In order to minimize the inconvenience that unlisted debentures are not included in the electronic registration object, it is necessary to make the electronic securities system available selectively including the electronic registration object. On the other hand, if the electronic securities system is settled, it is necessary to abolish the deposit system of securities in the long term and to gradually enhance the capital market of Korea by gradually expanding the electronic securities system and use electronic securities system as a bridgehead for innovation.