주식 및 사채의 전자등록제 도입에 관한 상법개정안 고찰 = Analysis of the Bill to Amend the Commercial Code of Korea for the Introduction of Electronic Registration System on Stocks and Bonds

다국어 초록 (Multilingual Abstract)

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.

참고문헌 (Reference)

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