自由貿易協定과 金融産業의 法的 課題
FTA and Some Legal Tasks in the Area of Financial Industries
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This article deals with some legal tasks in the area of financial industries in relation with the financial services part in FTAs with a primary focus on the Korea-United States FTA. First is the issue of the “new financial services”. The newly adopted negative system for the definition of financial instruments or securities in the “Capital Market and Financial Investment Services Act” may invite substantial challenges from the US financial companies. In addition, the Korean financial regulators may face with some difficulties regulating the challenges since there seem to be limits in the authorizing power and process for the new financial services to be introduced by foreign financial companies. Despite these problems, however, the “new financial services” are taken for granted for the internationalization of Korean financial industries, so we need to improve our capability with positive thinking. In the issue of the “cross-border trade”, the paper points that first, the Internet blurs the distinction between the Mode 1 (cross-border supply) and the Mode 2 (consumption abroad). Next, For the application of the regulation regarding the “cross-border trade”, it suggests that in the early stage the regulation of a consuming country be applied and gradually to convert to the application of the supplying country's regulation. For the issue of the oversea transfer of financial information, the article recommends the clarification of the scope of the “information” to be transferred and the revision of the current “Use and Protection of Credit Information Act”. International cooperation among the financial regulators around the world is one of the keystones strongly holding the integrity of the world financial markets. Especially since the IOSCO MMoU and the Boca Declaration are regarded as the basic frameworks for the international capital market regulation, the Korean financial regulators are advised to join the multilateral cooperation schemes. Finally, the Korea Exchange needs, on the one hand, to be ensured stable management by limiting the total ownership by foreigners, on the other hand to be allowed to freely exchange share ownership with other exchanges for strategic alliances.
Abstract
This article deals with some legal tasks in the area of financial industries in relation with the financial services part in FTAs with a primary focus on the Korea-United States FTA. First is the issue of the “new financial services”. The newly adopted negative system for the definition of financial instruments or securities in the “Capital Market and Financial Investment Services Act” may invite substantial challenges from the US financial companies. In addition, the Korean financial regulators may face with some difficulties regulating the challenges since there seem to be limits in the authorizing power and process for the new financial services to be introduced by foreign financial companies. Despite these problems, however, the “new financial services” are taken for granted for the internationalization of Korean financial industries, so we need to improve our capability with positive thinking. In the issue of the “cross-border trade”, the paper points that first, the Internet blurs the distinction between the Mode 1 (cross-border supply) and the Mode 2 (consumption abroad). Next, For the application of the regulation regarding the “cross-border trade”, it suggests that in the early stage the regulation of a consuming country be applied and gradually to convert to the application of the supplying country's regulation. For the issue of the oversea transfer of financial information, the article recommends the clarification of the scope of the “information” to be transferred and the revision of the current “Use and Protection of Credit Information Act”. International cooperation among the financial regulators around the world is one of the keystones strongly holding the integrity of the world financial markets. Especially since the IOSCO MMoU and the Boca Declaration are regarded as the basic frameworks for the international capital market regulation, the Korean financial regulators are advised to join the multilateral cooperation schemes. Finally, the Korea Exchange needs, on the one hand, to be ensured stable management by limiting the total ownership by foreigners, on the other hand to be allowed to freely exchange share ownership with other exchanges for strategic alliances.
참고문헌 (17)
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- 정성구, "신용정보법상의 개인정보보호의 문제와 그 개선방향", 25(2) (2006), 상사법학회
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- 최희갑, "한미 FTA에 따른 금융환경변화와 대응전략", (59) (2006), 증권예탁결제원
- Aaditya Mattoo, "Preempting Protectionism in Services: The GATS and Outsourcing"
- Emad Tinawi, "E-SERVICES AND THE WTO: THE ADEQUACY OF THE GATS CLASSIFICATION FRAMEWORK"
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- Office of the United States Trade Representative, "Free Trade with Korea Summary of the KORUS FTA"