2022 프랑스 담보법 개정의 내용과 시사점

In this paper, the reform of French securities law that came into effect on January 1, 2022, is examined. The new French securities law, which follows the 2006 amendment to the French securities law, addresses various issues that arose during the implementation of the latter and complements the amendments that were not made in 2006, including revisions to the guarantee convenience and the introduction of a new security reflecting practice. While the scope of the amendments varies depending on the type of securities, common aspects include easing the establishment of contracts, flexibilizing the enforcement process, and introducing provisions to adjust the interests between the parties. Additionally, the amendments abolish securities scattered in various special laws and integrate them into civil law. These amendments to the French Civil Code have implications for our law as well. In South Korea, regulations of securities are scattered across various special laws, making them challenging to understand. The enforcement process is rigid, and the costs incurred during the enforcement process are considerable. There are no general provisions regarding the priority of various claims, including collateral rights and preferential set-off rights, making it difficult to understand and grasp the content of claims with preferential set-off rights. The integration of various collateral rights into civil law, diversification of enforcement methods, and strengthening of the registry system achieved in the recent French securities law amendments are worth considering for adoption in our legal system. Furthermore, it is noteworthy that France also revised the insolvency law concurrently with the securities law reform, aiming to achieve harmony between the two regulations.