체제적으로 중요한 금융기관(SIFI)의 효율적인 정리 제도 구축 방안

The 2008 global financial crisis has brought a lot of regulatory reforms globally as well as domestically. Among others, conspicuous reform measures have been taken in the area of effective resolution for ‘Systemically Important Financial Institutions’ (“SIFIs”). The Korean government decided to introduce three new regimes in this regard: first, recovery and resolution plan; second, bail-in; and third, temporary stay on early termination rights. This article is intended to analyze legal issues on the above three schemes, and to suggest some improvements. First, in relation to recovery and resolution plan, this article suggests that a recovery plan should be prepared by SIFIs themselves, while a resolution plan should be made by an resolution authority, and further recommends that the Korea Depository Insurance Corporation should be a resolution authority, rather than the Financial Services Commission in terms of its specialty in resolution activities. Second, in regard to introduction of a bail-in system, this article argues that a bail-in scheme would not violate the Korean Constitution in that a bail-in will not impair creditors’ rights, and the maximum amount of deposit claims to be excluded in a bail-in scheme should be above a deposit insurance amount, for the purpose of which deposit claims being preferred should be added in the Bank Act. Third, with regard to temporary stay on early termination rights, the transactions to be applied should be those financial contracts subject to early termination rights, being not limited to those qualified financial transactions prescribed under the current Insolvency Act, and the period for a temporary stay should be limited to 2 business days.