電子證券 保有의 法的 構造에 관한 考察

Abstract

This article has been written with two purposes in mind: to define the legal standing of investor on the electronic securities, and to clarify the interests in the right of investor. My conclusion could be summarized as follows. First, look-through approach is most likely to be adopted in Korean indirect securities holding system, not because it is best recommendable, but because it is best familiar to Korean legal system. As such, an investor governs directly the electronic securities through intermediaries. The investor is the owner of electronic securities. Secondly, investors co-own electronic securities issued by a certain securities issuer. If the aggregate amount of recorded securities in the books of the intermediaries should exceed that of electronic securities actually issued, issuer would not be charged additional obligation. Instead, investors assume the loss arising from the failure to keep record correctly. Consequently, the volume of investor's right is reduced pro rata. If intermediaries responsible for the failure make up for the shortage of electronic securities, the rights of investors are restored.