조건부자본증권에 대한 법적 연구
Legal Aspects of Contingent Capital
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The recent global financial crisis exposed the inefficiencies and weaknesses of traditional prudential regulatory system which mainly relied on the concept of capital adequacy ratio. Basle Committee on Banking Supervision and other international rule-setters emphasize the importance of financial instrument potentially enhancing the loss absorbency of financial institutions in times of financial distress. Contingent capital securities refer to debt securities to be converted into common stocks when pre-determined conditions such as depreciation of capital adequacy ratios are met. Contingent capital securities are a type of hybrid securities involving the nature of both equity and debt instruments. However, its distinct feature is that the triggering events of that instrument involve aggravating financial condition of issuers. This paper examines the legal nature of contingent capital securities under the current Commercial Law, the Banking Act and the Financial Investment Services and Capital Markets Act, and analyses the feasibility of the Amendment Bill revising the Financial Investment Services and Capital Markets Act on contingent capital securities. Industrial companies can also use the instrument for diversifying corporate financial strategies. However, its main user may be, financial institutions, in particular systemically important financial institutions. There should be mandatory in future for banks and other systemically important financial institutions to issue contingent capital securities.
Abstract
The recent global financial crisis exposed the inefficiencies and weaknesses of traditional prudential regulatory system which mainly relied on the concept of capital adequacy ratio. Basle Committee on Banking Supervision and other international rule-setters emphasize the importance of financial instrument potentially enhancing the loss absorbency of financial institutions in times of financial distress. Contingent capital securities refer to debt securities to be converted into common stocks when pre-determined conditions such as depreciation of capital adequacy ratios are met. Contingent capital securities are a type of hybrid securities involving the nature of both equity and debt instruments. However, its distinct feature is that the triggering events of that instrument involve aggravating financial condition of issuers. This paper examines the legal nature of contingent capital securities under the current Commercial Law, the Banking Act and the Financial Investment Services and Capital Markets Act, and analyses the feasibility of the Amendment Bill revising the Financial Investment Services and Capital Markets Act on contingent capital securities. Industrial companies can also use the instrument for diversifying corporate financial strategies. However, its main user may be, financial institutions, in particular systemically important financial institutions. There should be mandatory in future for banks and other systemically important financial institutions to issue contingent capital securities.
참고문헌 (26)
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