전자증권제도 도입에 따른 주요 법적 과제

최지웅 ( Choi Ji Woong ) 고려대학교 법학연구원 2017 고려법학 Vol.0 No.86

요즘 우리나라뿐 아니라 세계적으로 화두가 되고 있는 것은 4차 산업혁명의 도래로 인하여 변화되는 것이 무엇인지 그리고 이에 대비하여 국가와 개인이 준비해야 할 것은 무엇인가를 규명하는 것이라고 할 수 있다. 이러한 변화의 물결은 우리나라의 증권금융 분야도 예외가 아니어서 실물을 기반으로 발행 및 유통되던 증권이 전자 데이터의 형태로 존재하는 이른바 전자증권제도가 지난 2016년 3월 전자증권법의 제정, 공포로 인하여 2~3년 이내에 시행될 예정이다. 전자증권제도는 현재의 예탁결제제도를 보다 진일보하게 발전시킨 제도로서 실물증권의 발행 없이 전자등록 방식에 의해 권리의 발생, 변경, 소멸 및 행사를 가능하게 하는 제도이다. 자본시장법 및 관련 금융법령상의 증권을 대상으로 하여 전자등록업 허가를 취득한 전자등록기관이 관리하는 전자등록계좌부를 기반으로 제도를 운영하게 된다. 이로 인해 실물 발행비용을 절감하고, 위조, 도난, 조세회피 등의 범죄를 억제하며 증권 발행·유통 사무의 효율성을 획기적으로 증대시킬 것으로 기대되고 있다. 이와 같이 자본시장의 구조에 혁신적 변화를 가져오고 시장참가자에게 큰 효익을 가져다 줄 것으로 예상되는 전자증권제도이지만 기존의 법제와 는 다른 면이 많음으로 인하여 대비해야 할 점도 많은 것이 사실이다. 우선 실물이 없이 전자적으로 존재하는 전자증권의 법적 성질에 대한 규명이 필요하다. 그리하여 실물증권을 기반으로 구성되어 있는 수많은 관련 법령 및 제도의 운영에 무리가 없도록 대비하여야 한다. 다음으로 주주 명부와 전자등록계좌부와의 관계 정립이 필요하다. 주식회사 운영의 근간을 이루고 있는 주주명부는 전자등록계좌부와 매우 밀접한 연관성이 있으며 전자증권제도 도입에 따라 많은 변화가 예상되므로 양자의 역할과 운영방식을 명료화할 필요성이 있다. 마지막으로 전자증권의 권리자가 해당 권리를 취득, 행사 및 증명하는 방식을 정립하여 발행회사의 안정적 의사결정 및 국민의 재산권 보호에 기여할 수 있도록 하여야 한다. What has become the topic nowadays not only in Korea but also worldwide is what will change with the coming of the Fourth Industrial Revolution and what nation and individual have to prepare for this. The field of securities financing is not also an exception to this wave of change and 'electronic securities system' under which securities are issued and circulated in the form of electronic data, not the current physical form, will be enforced within two or three years by the enactment and promulgation of 「Act on the Electronic Registration of Stocks and Bonds etc」 on March 2016. Electronic securities system, which is a great forward from the current deposit settlement system, enables the establishment, change, extinguishment and execution of the right in the form of the electronic registration without the issuance of physical securities. Targeting the securities of 'Financial Investment and Capital Market Act' and finance-related laws, electronic registration institution authorized for electronic registration business operates this system based on the electronic registration account book. This system is expected to reduce the issuing cost of physical securities, to control the crimes related to the forgery, theft and tax evasion and to increase the efficiency of securities issuance and circulation significantly. While the electronic securities system is expected to bring the innovative changes to the capital market structure and great benefits to the market participants, there are many things to prepare to deal with the issues arising from the difference between this system and the current laws and systems. First, the legal nature of the electronic securities needs to be established, which exists without the physical form. Therefore, many laws and systems made based on the concept of physical securities should be fully complemented to be operated without difficulty. Next, the relationship between stockholders' list and electronic registration account book needs to be established. Because the stockholders' list, which forms the backbone of the operation for corporation, is closely related to the electronic registration account book and is expected to bring a lot of changes with the introduction of electronic securities system. Lastly, the establishment of how the holder of right to the electronic securities acquire, execute and authenticate his right should contribute to the stable decision making of the issuing company and protection of property rights.

전자등록제도와 주주총회-주권 무권화와 의결권분리 현상을 고려하면서-

성승제 한국기업법학회 2018 企業法硏究 Vol.32 No.4

It is not entirely unauthorized to cover all the securities of all companies, but at least for the listed stock, all transactions are subsumed by the electronic registration system, and the issuance and distribution information about them is also created and concentrated in the electronic registration system. The electronic registration law will contribute to enhancing the transparency of securities transactions. If the institutional basis is further advanced and the information generated and concentrated in the electronic registration system is collected in almost real time and shared on a regular basis, it became a breakthrough opportunity to maximize the advantages of the unauthorized use in terms of transparency of securities transactions will be. I am disappointed that this legislation has not reached this stage, but I understand that it is the result of considering the burden of rapid change and the acceptance of the concerned parties at the beginning of the introduction of the system, and I expect that there will be progress in the near future. In this paper, we examine the legal problems in the implementation of the electronic registration system for information disclosure and stocks as a critical element in enhancing the transparency of securities transactions, and analyzed the system shown in the Electronic Registration Law, paying attention to two aspects of ease of exercise of minority shareholders' rights. We have focused on examining the limitations of the legal status of issuers, shareholders, and lienes of electronic registered stocks in terms of information access under the electronic registration system and suggesting alternatives to them. In addition, we discussed the question raised concerning the exercise of minority shareholders' rights in relation to the shareholder list system and suggested the necessary system maintenance plan. 주식은 본시 설권증권성이 없었으나 증권의 권리를 이전하는 데에는 소지를 필요로 하는 정도로 설명되는 유가증권이었다. 대략 1970년대 초반부터 社債나 주권을 등록하는 방법에 의하여 실물을 보유하지 아니하면서도 권리를 이전하는 방식이 한 가지가 아니고 여러 가지로 법제도상 규율되면서 확산되기 시작하였다. 이는 산발적으로 다양한 형태로 나타났으나 의결권과 주권이 분리되는 현상으로 요약되어 소개되고 있는 상황이다. 다시 전자등록법이 제정되면서 전자등록에 따른 주식 무권화 현상으로도 포착될 수 있다. 이 양자는 분리된 별개의 현상이었지만 오늘날 두 제도는 접점이 있다. 그리고 자본시장 발전에 따라 의결권 분리 현상은 가속화되고 단순히 소개만 한 여러 제도들이 동반하여 출현하고 있다. 이 글은 공사채등록법 등 단순히 출현한 편의제공수단들이 점차 주권과 의결권분리 현상을 동반하는 추세적 흐름을 조망하려고 하였다. 새도우보팅 등 제도의 경우, 한국에서는 대주주의 편의를 제고함으로써 자본시장 육성을 하겠다는 시장의 양적기준을 조성하려는 의도에서 시작되었다. 당초 의도는 그러했으나, 오늘날 우리는 이 입법들을 달리 적용하고 운용함으로써 우리의 입법목적들을 좀 더 보완할 수 있다. 위에 열거한 제도들을 주주총회 활성화 방안으로 삼는 것은, 주주편의성 제고를 통해 얼마든지 사용가능할 수 있다. 더 나아가 의결권신탁처럼 우리 법 해석상 일치하여 인정된다고 보지 않는 것들이 있음을 소개하였다. 의결권신탁 등도 개인적 소견으로는, 입법적으로 해결함으로써 자본시장에서 활용할 수 있도록 돕고 그럼으로써 한층 자본시장이 융성하는데 기여할 수 있지 않을까 제언하려는 방향을 이 글은 의도하였다. 향후 의결권분리 현상에 대한 착안점을 다시 재구성해볼까 한다.

주식 및 사채의 전자등록제 도입에 관한 상법개정안 고찰

심인숙 한국상사법학회 2009 商事法硏究 Vol.28 No.3

In October 2008, Korean government presented a bill to amend the Commercial Code for the implementation of a full-scale dematerialization of securities including stocks and bonds through an electronic registration system(the “Bill”). Once the Bill passes the National Assembly and the new system becomes effective, stocks and bonds will be owned or transferred through an electronic registration rather than by way of a holding or delivery of physical certificates. While there currently exist a few systems through which securities may be dematerialized or immobilized at a holder's option, the Bill will introduce a mandatory dematerialization system enforceable on all holders once an issuer opts-in. This Article analyses and evaluates the legislative frame and the operating mechanisms for the adoption of the new system in the hope of laying the groundwork for solving the intrinsic attribute problem on securities under the dematerialization system. Part II of this article examines the legislative frame of the Bill. First, the Bill does not have a general provision for the new system toward encompassing all kinds of securities, but have a set of provisions for stocks and then applies them to other kind of securities mutatis mutandis. Secondly, the Bill does not provides for every details for the implementation of the new system, but stipulates fundamental principles only and hands over the power to establish working rules to a separate statute to be legislated(so called "Securities Electronic Registration Act", the "SERA"). Part III goes through various issues involving the new system under the Bill. First, the Bill provides for a electronic book transfer system to be managed by a separate entity to be designated for such service pursuant to the SERA. SERA will specify details of the system including whether to have a direct-access frame or an indirect-access frame(if the latter will be the case, whether to have a two-tiered system or a multi-layered system). Secondly, an issuer will have a choice to adopt the new system with an authorization under its articles of incorporation and once it opts-in physical stock certificates may not be issued. Thirdly, a transfer of, or an establishment of pledge over, stocks will become effective only with an electronic registration. Record holder will be presumed to have the right as registered and a bona-fide purchaser will be protected. Fourth, the Bill does not deal with the stages on the exercise of the stockholders' rights and leaves it to the SERA. SERA will face, among others, an issue of how to treat the current stockholders registry system in connection with the electronic registry under the new system. Fifth, the Bill also provides for the adoption of the new system on the bonds and warrants for new stocks at the option of an issuer with an authorization under its articles of incorporation. In Part IV, I conclude that basically the Bill is in right direction in that it introduces the new system and sets forth only the fundamental layouts and leaves the administrative aspects and details for the implementation of the new system to the realm of the SERA, even though it requires some modifications and supplements on a few provisions. At this stage, it seems premature to make an attempt to inquire into the intrinsic attribute problem on securities under the dematerialization system and needs to wait til a bill for the SERA is proposed. Also the legislation of the SERA as well as the Bill is a requisite for the actual introduction of the new system and therefore I urge the passage of both the Bill and the SERA as soon as practicable.

전자증권제도의 시행과 주주명부제도 개선과제

최지웅 한국경영법률학회 2018 經營法律 Vol.28 No.4

최근 일상적으로 쉽게 접하는 단어가 된 4차 산업혁명과 더불어 정부, 금융기관, 기업뿐 아니라 일반국민들에게도 많은 영향을 미치게 될 전자증권제도가 곧 도입될 예정이다. 전자증권제도는 증권을 실물이 아닌 전자적 방식으로 발행하고, 이를 기반으로 유통 및 제반 권리행사를 처리하는 제도로서 IT기술 발전과 상호 작용하며 자본시장과 기업운영의 전반적인 모습을 바꿔갈 것이라고 예상되고 있다. 원래 전자증권제도는 실물증권을 전제로 발행 및 유통이 이루어지던 초기 자본시장이 양적 성장과 질적 발전을 계속하면서 등장하게 된 증권예탁제도가 그 모태이다. 그러나 도난분실의 위험, 업무처리비용 및 절차적 기회비용과 같이 실물증권이 갖고 있는 한계를 극복할 필요성에 의하여 전자증권제도가 등장하게 되었다. 전자증권제도는 현재 자본시장에서 발행 및 유통되는 거의 대부분의 증권이 적용 대상이나 사실상 주식에 미치는 영향이 가장 클 것으로 보인다. 이는 주식은 자본조달의 수단이면서 가장 대표적인 금융투자상품이고, 기업지배구조를 결정하는 증권이기 때문이다. 그런데 이 주식의 소유 및 변동 내역을 관리하는 제도가 주주명부제도이므로 결국 전자증권제도의 도입에 따라 주주명부제도 역시 큰 변화가 예상되며 주주 및 발행회사 모두 이 변화에 대응할 필요성이 있다. 기본적으로 주주명부는 주식, 주권 및 그 주식을 소유한 주주의 현황을 보여주기 위하여 발행회사가 작성하는 장부로서 상법에 그 근거를 두고 있다. 그러나 자본시장의 성장과 발전에 따라 그 운영방법의 변화를 요구받게 되었고, 증권예탁제도 및 실질주주명부제도와 결합하여 운영되게 되었다. 그런데 전자증권제도가 도입되면 실물증권이 존재하지 않고 전자증권 소유자만이 실시간으로 계좌부에 등재되어 있게 되어 전자등록기관의 소유자명세 작성에 따라 주주명부 작성이 완료된다. 이렇게 되면 주주명부 작성기간이 대폭 단축되어 발행회사는 적시에 주주명부를 활용한 주주관리를 할 수 있게 된다. 또한 전자증권법상 대폭 확대된 주주명부 작성 사유로 인하여 M&A 등의 기업구조조정을 보다 효율적으로 수행할 수 있게 된다. 전자증권제도 도입으로 인한 주주명부제도의 변화는 참가자간의 긴밀한 협조 및 제도 개선 노력이 뒷받침되어야 본래 의도하였던 결실을 거둘 것이라고 본다. 동시에 관계 기관간의 업무체계 구축과 관련 법령의 정비 역시 제도 활성화 및 조기 안정화를 위해 필요한 요소라고 할 수 있다. Along with the Fourth Industrial Revolution which has been exposed and used widely in our daily lives, the electronic securities system that will have much influence on ordinary people as well as government, financial institution and corporation will be introduced soon. Under this system, securities are issued in the digital format, not in the physical one and its circulation and all sorts of corporate actions are processed based on this system, which is expected to change the overall aspects of capital markets and corporation management. Originally the electronic securities system has its roots in the securities depository system which was introduced during the continuous quantitative growth and qualitative development of early capital market where physical securities were issued and circulated. However, the limitations of physical securities such as risks of theft or loss, job processing costs and procedural opportunity costs led to the emergence of electronic securities system. Electronic securities system is expected to have the strongest influence on the stock in reality while it can be basically applied to nearly all the type of securities which are issued and circulated in the current capital markets. That is because stock is the instrument for raising capital, the most representative financial investment instruments and the one which determines corporate structure. In this case, as the main system for the management of the ownership of stocks and its changes, stockholder's list system is expected to change much by the introduction of electronic securities system. Therefore stockholders and issuing companies need to react to this change accordingly. Basically stockholder's list is the ledger used when an issuing company completes the details of equity, stock certificate and the its ownership, based on the Business Law. However, once the electronic securities system is introduced, physical securities are issued no longer and only owners of electronic securities are registered on the electronic ledger in a real-time basis. Then, stockholder's list is completed by the electronic registration institution's making owner's list. In this case, preparation period for stockholder's list can be shortened much, which enables the issuing company to manage stockholders timely. Also, issuing companies can perform corporate restructuring such as M&A more efficiently utilizing the increased reasons for making stockholder's list according to the Electronic Securities Act. The originally intended effect of stockholder's list system by the introduction of electronic securities system can be obtained only in the case where both the close cooperation among participants and the efforts for system improvements are backed up. At the same time, the establishment of operation system among related institutions and modification of related laws and regulations are the necessary factors for the system vitalization and early stabilization.

전자증권제도 시행의 주요 법적과제

정승화 한국외국어대학교 법학연구소 2019 외법논집 Vol.43 No.1

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. 국내에 1974년 도입된 증권예탁결제도에 따라 증권의 집중예탁이 고도화되고 부동화되었다. 이에 따라 증권의 일괄발행 및 예탁제도와 불발행이 보편화되어 실물증권을 전면적으로 불발행하는 전자증 권제도가 도입될 수 있는 환경이 조성되었다. 전자증권제도는 이미 OECD 34개국 중 32개 국가에서 도입하여 시행하고 있으며, 프랑스⋅덴마크⋅스웨덴 등의 경우에는 1980년대 중반에 전자증권제도를 도입하였다. 국내에서는 늦었지만 2016년 3월에 「주식⋅사채 등의 전자등록에 관한 법률 제14096호 (2016.3.29)」이 제정⋅공포되어 4년 이내에 시행하도록 규정되었다(법 부칙 제1조). 이에 전자증권법 시행령 제정안은 2019년 9월 16일에 전자증권제도를 시행하는 것으로 입법예고 되어 있다. 전자증권 제도는 증권의 발행과 유통의 전자적 관리를 통하여 우리나라 자본시장의 투명성을 제고하고, 투자자 의 정보 비대칭의 완화를 통한 투자자 보호에도 일조할 수 있을 것으로 본다. 또한 증권의 발행과 유 통의 전자화로 우리나라 자본시장의 효율성을 제고하는 등 자본시장의 관리 및 운영을 혁신할 수 있 는 교두보가 될 수 있을 것으로 본다. 앞으로 전자증권제도의 성공적인 시행을 위해서 먼저, 예탁되지 않은 실물증권의 예탁 강화를 통하 여 실물증권 보유 투자자 보호와 전자증권제도의 시행에 따른 불편을 최소할 필요가 있다. 다음으로 상장주식의 발행인의 정관 변경에 대한 법상 주의적 근거를 마련하여 정관의 내용을 전자증권제도와 일치시킬 필요가 있다. 이외에도 주식 발행 및 사무처리 일정의 단축을 통하여 전자증권제도 도입 효 과를 배가시킬 필요가 있다. 기발행 비상장사채의 경우 전자등록대상으로 포함되어 있지 않은데 따른 불편을 최소화하기 위하여 전자등록대상으로 포함하여 선택적으로 전자증권제도를 이용할 수 있도록 할 필요가 있다. 한편 전자증권제도가 정착되는 경우 증권예탁제도는 장기적으로 폐지하고 대신에 전 자증권제도를 점진적으로 확대 적용하여 우리나라 자본시장을 더욱 고도화하고 혁신할 수 있는 교두 보로 전자증권제도를 적극 활용할 필요가 있다.

부실등기해소를 위한 방법론에 관한 비교법적 고찰 - 일본 부동산등기법으로부터의 示唆

김병두(Kim Byeong Du) 성균관대학교 법학연구소 2008 성균관법학 Vol.20 No.1

  There are a few exaggerated aspects in the number of improper registrations which have been well known to everyone or expressed on documents. In fact, the number of improper registrations is far lower than that of improper real estate registrations. However, the notary of registration certificate involves ineffective and unreliable problems, which will cause a danger to produce malicious improper registrations if the notary is linked with public trust. Therefore, I believe that the gradual type, which strives for the authenticity of registration by confirming the person himself/herself and the origin of the registration shown as Japanese case. First of all, the preventive system to prevent improper registrations includes judicial scrivener, land and house investigator, unification of the ledger and registration, address confirmation system, analogical application under Clause 2, Article 94 of Japanese Civil Law, etc. In particular, Japanese public registration officials have the formal inspection rights, which strive for speedy registration. In order to prevent predictable improper registration, the ledger and registration has been unified, which authorizes the mark of the registration.<BR>  Recently revised Japanese Real Estate Registration Regulations accept online registration application and strengthen to confirm the person himself/herself by using electronic signature and electronic confirmation system as an alternative means of the seal impression certificate, which will ultimately contribute to the prevention of improper registration. Online registration application is expected to become common as a chain of Registration Computerization in the near future in Korea. Accordingly, the Japanese Real Estate Registration System which has been recently revised will be the model of our future system.<BR>  Originally, this subject is under systemic argument rather than law analysis, so therefore it is difficult to evaluate the objectiveness. In particular, the discussion on the Real Estate Registration System, standing between numerous people who interested, can cause a severe fight to keep so-called ‘own rice bowl (selfish ownprofit)" as we experienced in the discussion on notary system in 1980’s. Nevertheless, the reason I passively insist the point on the introduction of the notary system is to demand intrinsic discussion on whether the notary system is appropriate in practical business of Real Estate Reality Right Change in Korea before unquestioningly accepting the system. As mentioned above, although the Reality Right Change of Japanese Civil Law adopts Registration System of France Law, its Real Estate Registration Regulations have been influenced by German Law. Although Korea has adopted the German Registration System on the Real Estate Reality Right Change, there is a timely discontinuation between law action and registration. So Japanese Registration System has been expropriated to Korean registration system. Based on the assumption of this fact, the Japanese Registration System is very suggestive on Korean System. In the light of the history and operational reality of the registration system, I believe that Japanese Improper Registration Prevention System is a rather easily approachable and realistic scheme compared with other countries’ systems.<BR>  In my opinion, the introduction of Notary System and Public Trust demands to revise Article 186 of Civil Law, so therefore continuous discussions and inquisitive studies shall be carried out first. As the Notary System should be gradually introduced, a convenient means is appropriate to confirm the person himself/herself and the authenticity of the registration. As online registration becomes settled down, the importance of the functions mentioned above will gradually increase.

전자증권제도의 시행과 법적 쟁점의 검토

맹수석 한국경영법률학회 2018 經營法律 Vol.28 No.4

With the development of IT, the Electronic Securities Act was enacted in March 2016 and the electronic securities system is scheduled to begin from September 2019. The electronic securities system is a system in which issuing of paper securities are stopped and issue, distribution and exercise of rights for securities are processed through electronic registration. Because the execution of the electronic securities system may affect other laws such as commercial laws and the Capital Market Act, it is necessary to update the relevant laws. In the case of commercial papers (CP) or unlisted stocks, the electronic securities system may be excluded from application thereby causing confusion and inconveniences to the market and investors. It is therefore necessary in the long run to abolish the existing securities deposit system and unify it under the electronics securities system. Once the electronic securities act is enacted, security of the electronic system will become crucial. This is because damages to electronically registered information or errors in its contents due to hacking or input errors can cause property damages to investors. Hence, the electronic registration institute must construct the best physical and personnel security system in terms of IT security and information management. From this perspective, utilization of block-chain technologies that procure reliability in transaction logs can be one alternative. And in the event that there are surpluses in electronically registered stocks, etc. the electronic registration should be liable for resolving the surplus by working with an account management institute and in preparation of such joint responsibility, it is necessary to come up with financial measures such as expanding capital or accumulating indemnity compensation funds. IT화의 진전에 따라 2016년 3월 전자증권법이 제정되어 2019년 9월부터 전자증권제도가 시행될 예정이다. 전자증권제도란 종이 증권 발행을 중단하고 증권의 발행·유통·권리행사 등의 사무를 전자등록의 방법으로 처리하는 제도를 말한다. 전자증권제도가 시행될 경우 상법과 자본시장법 등 다른 법률에도 영향을 미치기 때문에, 관련 법령의 정비가 필요하다. 특히 전자증권제도는 기업어음(CP)이나 비상장주식의 경우 적용이 제외될 수 있는데, 시장 및 투자자에게 혼란과 불편을 초래할 수 있으므로 장기적으로는 기존의 증권예탁제도를 폐지하고 전자증권제도로 일원화하는 것이 바람직하다고 본다. 전자증권법이 시행되면 전자시스템의 보안이 매우 중요하다. 해킹이나 입력 오류 등으로 전자등록정보가 훼손되거나 내용에 오류가 생기게 되면 투자자가 재산상 손해를 입을 수 있기 때문이다. 따라서 전자등록기관은 블록체인기술의 활용 등 IT보안과 정보관리에 있어서 최고 수준의 물적·인적 보안체계를 구축하여야 할 것이다. 그리고 전자등록주식 등의 초과분이 있는 경우에는 전자등록기관은 계좌관리기관과 연대하여 초과분을 해소할 의무가 있는데, 이러한 연대책임에 대비하여 자본금 확충이나 손해배상기금 적립 등 재무적 대책도 강구할 필요가 있다.

전자등록제도 하에서의 사채관리에 관한 검토

박철영 한국상사법학회 2011 商事法硏究 Vol.30 No.2

The Amended Korean Commercial Code(2011) has introduced the electronic registration system of stocks and corporate bonds by accepting the trend of dematerialization or electronization of securities. Corporate bonds are commonly issuing the type of bearer bonds as most of the rules for corporate bonds require the issuance of certificate in the current Korean Commercial Code. Therefore, the electronic registration system for corporate bonds differs from that of stocks in details. Also the legislative supplementation should be required prior to the implementation of the electronic registration. Firstly, it should be stipulated that the issuance of certificates is forbidden in order to clarify the paperless system. And it is necessary that the electronic bonds should be considered as a completely new type, because there is no difference between bearer bonds and registered bonds due to the nature of electronic registrations. Secondly, it is possible that the electronic bonds could be treated as registered bonds according to the essence. In this case, the issuing company should fill in bondholder’s book in line with the notice of the electronic registration institution, and the procedure of transfer could be exempted. Thirdly, if the type of bearer bonds is kept up, it is mandatory to make a certificate of electronic registration to deposit or to present to the issuing company in order to exercise the bond's right. Regards to this, when an issuing company adopts the electronic voting system, it should prepare for the procedure that bondholders apply for the issuance of certificates in advance. On the one hand, it is desirable to construct a single legal system for the electronic registration regime because it affects all securities under the Financial Investment Services and Capital Markets Act as well as the Commercial Code.

電子登錄 株式의 保有에 대한 檢討

오길영 한국상사법학회 2008 商事法硏究 Vol.27 No.2

The concept of stocks was a legal system to embody intangible properties on a certificate of their rights and to make it easy to use or exchange the rights. In other words, it was a physical certificate which not only made itself to have a unique legal character that was separate from it's rights but also made itself having it's own rules different from the rules of obligations. As the use of stocks increased, people began to deal with enormous amounts of stocks. Thus instead of signing the stock itself they started to use a special register and registered the owner for the exchange of stock or stocks. Through the register system, the original stock system which needed to be held and delivered physically became less important, and registering the owners name on the register had the importance for delivering stocks. That made to bring amendments of the original stock system. But the important issue was that the rights which had to be registered were not the obligatory rights which was in the prior stage of the stock itself, instead the stocks rights itself and that for these reasons it needed to be bound by the legal character of stocks. The academia solved this problem by making a legal theory that the stocks could be in bailment based on the concept of tenants in common. It focuses on several legal mechanisms; the one who have a possessory right of stock, is not the owner but the custodian, and as the method of conferring possessory right to owners, constructed tenants in common mechanism is used. So each owner only have his or her pro rata property interest on the stock. Not only the owner could receive the material rights but he or she could obtain the stock itself, and the owner was protected by the register so that the registered person had the same rights as a true stock holder. Moreover even when the stock holder didn't have his or her own stock certificate, he or she could easily circulate its rights. But the nowadays the electronic stage made the detour process quite difficult. Electronic stocks has in its word 'electronic', which means its material does not exist. Which means a stock without certificate can be brought up in the stock market. Whereas a certificate is the tool for embodying the rights in the stocks, electronic stocks erased the embodied substance for multi and mass transfers of stocks in order to make the market a highly utilized system. While in the existing legal characteristics rights as a shareholder and the rights for the stock certificate was clearly differenciated for its realistic and symbolized existence, in the characteristics of electronic stocks both rights are not easy to divide be cause of the non-existence of the physical certificate. So a difficult question has been brought about the legal theory asking whether the stock without certificate could be in bailment based on the concept of tenants in common. Moreover, when the electronic stocks is used for exchange, its legal process and status are another problem. This thesis presents the problems that are laid in front of us, and brings the matters to an appropriate solution. The concept of stocks was a legal system to embody intangible properties on a certificate of their rights and to make it easy to use or exchange the rights. In other words, it was a physical certificate which not only made itself to have a unique legal character that was separate from it's rights but also made itself having it's own rules different from the rules of obligations. As the use of stocks increased, people began to deal with enormous amounts of stocks. Thus instead of signing the stock itself they started to use a special register and registered the owner for the exchange of stock or stocks. Through the register system, the original stock system which needed to be held and delivered physically became less important, and registering the owners name on the register had the importance for delivering stocks. That made to bring amendments of the original stock system. But the important issue was that the rights which had to be registered were not the obligatory rights which was in the prior stage of the stock itself, instead the stocks rights itself and that for these reasons it needed to be bound by the legal character of stocks. The academia solved this problem by making a legal theory that the stocks could be in bailment based on the concept of tenants in common. It focuses on several legal mechanisms; the one who have a possessory right of stock, is not the owner but the custodian, and as the method of conferring possessory right to owners, constructed tenants in common mechanism is used. So each owner only have his or her pro rata property interest on the stock. Not only the owner could receive the material rights but he or she could obtain the stock itself, and the owner was protected by the register so that the registered person had the same rights as a true stock holder. Moreover even when the stock holder didn't have his or her own stock certificate, he or she could easily circulate its rights. But the nowadays the electronic stage made the detour process quite difficult. Electronic stocks has in its word 'electronic', which means its material does not exist. Which means a stock without certificate can be brought up in the stock market. Whereas a certificate is the tool for embodying the rights in the stocks, electronic stocks erased the embodied substance for multi and mass transfers of stocks in order to make the market a highly utilized system. While in the existing legal characteristics rights as a shareholder and the rights for the stock certificate was clearly differenciated for its realistic and symbolized existence, in the characteristics of electronic stocks both rights are not easy to divide be cause of the non-existence of the physical certificate. So a difficult question has been brought about the legal theory asking whether the stock without certificate could be in bailment based on the concept of tenants in common. Moreover, when the electronic stocks is used for exchange, its legal process and status are another problem. This thesis presents the problems that are laid in front of us, and brings the matters to an appropriate solution.

사법분야 투고논문 : 공인전자주소의 법적 문제에 관한 연구 -개인정보보호와 관련하여-

손영화 ( Young Hoa Son ) 한양대학교 법학연구소 2013 법학논총 Vol.30 No.2

There is the Act on promotion of information and communications network utilization and information protection, etc where it may be said that it is a fundamental law of the personal information protection. An authorized electronic document system and the personal information protection to be concerned with are regulated by the Basic Law on electronic documents and electronic transactions. However, the Act on promotion of information and communications network utilization and information protection, etc which is a fundamental law must be considered together. This thesis examined a personal information protection rule of the Basic Law on electronic documents and electronic transactions and the rule in the business article of agency of authorized electronic document broadcast. There are problems to infringe minimum collection rule and resident registration number collection restrictions rule. In addition, this thesis pointed out a problem in the business that registration made ends meet by the caretaker which was not a charge organization in the registration procedure of the authorized electronic address. This is wrong with a rule of the Basic Law on electronic documents and electronic transactions. It is thought that it do not become if not settled by the reinforcement of the personal information protection system in business and the supplement of the legislation. This thesis watched the issue of information protection when we built the inquiry system of the authorized electronic address. The information protection problem when we performed an inquiry of an authorized electronic address might divide it with three kinds. At first, in the case of an individual, we built the inquiry system of so-called opt-in method. Such a method will contribute to safe protection of the personal information. Second, this thesis suggested that we built the inquiry system of the opt-out method in the case of a corporation. Third, generally, it will be difficult to look at the national authorized electronic address in a state secret. Therefore it is thought that we can build an inquiry system.