원칙중심규제의 논리와 한계

Abstract

In general, rule-based regulation refers to a regulation which are based on a list of concrete and prescriptive rules, whereas principles-based regulation means a system based on more broadly written principles. The US and Japan are now trying to introduce a proper combination of the rule-based regulation and principles-based regulation. In Korea, the FSC also announced a plan to add a principles-based regulation in our financial regulatory system. It is of no use to define these two systems as mutually exclusive concepts. Rather they are considered complementary for each other. Financial regulation is one of the main elements defining the competitiveness of a country. It should be noted that the principles-based regulation can make Korean regulatory system more market-friendly. However, a strict enforcement of regulation has nothing to do with a more market-friendly regulatory system. A principles-based regulation does not mean a deregulation or less regulation. There exist several prerequisites for the proper functioning of principles-based regulation in Korea. Firstly, from the legal perspective a more principles-based regulatory approach may violate the principle of administration according to the law. Secondly, there should be some structural changes in the compliance and internal control system of banks and other financial institutions. Thirdly, we must keep in mind the preference for the uniformity and standardization of rules and their interpretations in Korean financial sector.