미국 엑슨-플로리오법의 특징 및 시사점
Characteristics and Implications of the Exon-Florio Amendment- a study on its application to the telecommunications sector
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초록
본고는 시장방임주의를 표방하는 미국이 무역제한적인 속성을 강하게 내재한 엑슨-플로리오법을 유지하는 배경을 살펴보고자, 동법을 기초로 외국인투자에 대해 적용되는 미국 공익성심사의 절차, 기준, 시한 및 적용사례 등을 분석한다. 특히 동법이 개별산업 분야에 적용되는 법적 메커니즘과 공익성심사의 구체적 내용을 파악하고자, 통신사업자간 인수합병에 대한 엑슨-플로리오법 및 통신법 제310조의 병렬적 적용사례를 다룬다. 간략한 분석결과 및 시사점은 다음과 같다. (i) 국내산업 보호 관점에서 공익성심사의 실질적인 활용가치는 외국인투자의 지연에 국한되며, 통신망 보안협정과 같은 승인조건은 그 강도 여하에 따라 국익에 유리 또는 불리할 수 있다. (ii) 정성적 규제인 공익성심사가 정량적 규제완화의 대체수단으로 활용 가능하지만 공익 개념의 불확정성, 공익성심사의 절차적 불투명성 및 외국인 차별성 등이 통상 관점에서 문제될 수 있으므로 유의해야 한다. (iii) 이 가운데 공익 개념의 확정성 제고는 한편으로 규제의 유연성을 일정 부분 상응하는 대가로 지불해야 하나, 다른 한편으로는 제도운영의 투명성이나 외국인투자에는 긍정적으로 작용할 수 있다.
Abstract
This study analyzes the pubic interest test under the “Exon-Florio Amendment”, with the objective of evaluating the mechanisms of governing foreign capital. It is argued that the public interest test under this law has trade-restrictive attributes, as it is applied only against foreign investors. An in-depth case study of foreign M&A in the telecommunications sector was conducted as public interest tests under both Section 310 of the Telecommunications Act and the Exon-Florio Amendment are applied. This study makes the following conclusions. (i) The real effect of the public interest test lies in delaying the domestic market entry of foreign capital; requiring Network Security Agreements (NSA) only on foreigners may have both positive or negative effect on the national interest. (ii) As qualitative regulation, the public interest test may be used in place of quantitative regulations no longer permissible under WTO rules; however its implementation must be carefully considered since the concept of public interest and its review process may be viewed as barriers to trade. (iii) Thus, the concept of public interest, if clarified or stipulated explicitly into law, may compromise regulatory flexibility but can provide for greater institutional transparency and market incentive for foreign capital.
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