의무보호예수제도의 고찰 및 정합성 제고 방안

A lock-up agreement system has various reasons and mandatory holders for applying and the mandatory holding period for the stocks is different. However, despite various reasons for application and obligatory holders, most of the mandatory holding periods of the stocks are 6 months or 1 year, so they are applied uniformly. Accordingly, it is needed to examine whether the reason for the application of a lock-up agreement system and the mandatory holding period according to the characteristics of the obligator fit well with the purpose of market stability and investor protection. The proposed improvement plan is to diversify the mandatory holding period of the stocks held by each obligatory holder for the same reason, along with the introduction of measures to remove the system. In addition, there are several systems related to the reasons for the application of a lock-up agreement system, among which the stock-option system and the Korean stock ownership system were presented with consistency problems and improvement measures. In the case of a lock-up agreement of stocks exercising stock-options, more than two years of tenure or tenure are required to acquire the stocks, but applying the six-month mandatory retention period to the acquired stocks is excessive. Compared to the fact that the mandatory holding period of stock-options is one year, the mandatory holding period of stocks is six months, and it is necessary to reduce the mandatory holding period of our shareholders to less than six months.