규제샌드박스법상 상사법 규정의 적용대상에 관한 연구-지역특구법상 사례를 중심으로-

The Regulatory Sandbox Act, such as the Regional Special Zone Act, grants special demonstrations or temporary permits when it is difficult to promote a business using new technologies and services due to regulations. In order to be granted this, regulations must exist. This is the most important requirement for the designation of a special regulatory free zone. The existence of a regulation depends on the definition and scope of the regulation. The special regulation-free zone is subject to administrative regulations under the Framework Act on Administrative Regulations, and how they are stipulated and interpreted has a significant impact on the effectiveness of the system. However, the ambiguity and narrowness of the concept of administrative regulation consumes a lot of energy in judging whether or not there is an administrative regulation in practice, and is used as the main reason for the refusal of special regulatory exceptions by the regulatory agencies. This is especially true in the case of commercial law, which regulates the legal relationship between private parties, unlike in the field of administrative law, where administrative regulation is relatively clear. In this paper, the application of commercial law, which is one of the most important issues when designating a special zone with respect to the subject of application of the regional special zone law, has been considered, focusing on the cases of applications for special empirical cases in Articles 25 and 35 of the Electronic Securities Act. A business in which a collective investment business entity issues digital securities based on distributed ledgers for the creation and operation of real estate funds and trades them on a trading platform cannot be electronically registered with an electronic registration authority under the Electronic Securities Act, and accordingly, the legal effect on digital securities is also reduced. It does not happen, so it is difficult to promote the business. Special exceptions to Articles 25 and 35 of the Electronic Securities Act are necessary, and these provisions must fall under administrative regulations. The theory of denial of administrative regulation argues that the regulation on the electronic registration of beneficiary certificates cannot be regarded as an 'administrative regulation' as it is a regulation that sets the requirements for the occurrence and effect of a legal relationship related to beneficiary certificates, and therefore cannot be subject to an application for special demonstration. On the other hand, the positive theory of administrative regulation argues that electronic registration is mandatory for the realization of special administrative purposes, and thus falls under administrative regulation. Judgment whether or not administrative regulations of the Commercial Act are related to commercial transactions should not be excluded uniformly, but should be comprehensively considered in terms of relevant laws, purposes, and purports. However, under the current law, the concept of administrative regulation is too narrowly defined, making it difficult to secure the effectiveness of the system. It is necessary to expand to include the improvement of civil and commercial systems. There is a possibility of a violation of legislative rights as to whether it can give effect to the establishment and change of legal relations, such as general judicial rights of the people, but an active interpretation is necessary in consideration of the temporary and provisional nature of the regulatory sandbox. Matters that do not require the intervention of administrative agencies and whether or not the requirements for application for special demonstration cases are directly stipulated by the law are problematic as Article 86 of the Regional Special Administrative Region Act stipulates the application requirements as an indeterminate concept. Through the review of these issues, improvement measures are suggested to compensate for the incompleteness and inadequacies of the system.