The Change and Trend of Financial Regulation in Korea - Focusing on Banking Regulation -

서지정보

ㆍ발행기관 : 은행법학회 ㆍ수록지정보 : 은행법연구 / 5권 / 2호
ㆍ저자명 : Seung Pil Choi

목차

Ⅰ. Introduction
Ⅱ. Concept and Scope of Financial Regulation
1. Concept of Financial Regulation
2. Principle and Method of Financial Regulation
Ⅲ. Change of Financial Regulation System in Korea
1. Substructure Section
2. Bank
3. Securities and Investment
4. Insurance
5. Foreign Exchange
Ⅳ. History and Status of Banking Regulation
1. Entry and Liquidation Regulation
2. Ownership Regulation
3. Business Regulation
4. Financial Soundness and Liquidity Regulation
5. Interest Conflict Regulation
6. Personnel Regulation
Ⅴ. Changes of Financial Regulation Methods and New Regulation Issues

한국어 초록

금융규제라함은 금융상품의 생산자인 금융기관과 금융수요자간의 거래관계에서 시장질서의 유
지를 위하여 국가가 일정한 거래행위에 제한을 두고, 그 준수를 강제하는 것을 말한다. 우리나라의
금융규제체제는 외환위기, 글로벌 금융위기, 한미 FTA를 모멘텀으로 하여 큰 변화를 보여왔다. 이
러한 변화는 감독체제를 포함한 하부구조, 은행분야, 증권 및 투자분야 보험분야, 외환분야의 전체
에 걸쳐서 일어났다. 근년에는 자본시장법이 도입되어 증권 및 투자분야를 중심으로 영위할 수
있는 업종이 대폭 늘어났으며, 이에 맞추어 은행 및 보험업자가 운영할 수 있는 영업의 범위도
확대․조정되었다.
은행규제분야의 경우 진입규제에서 은행의 대형화에 따라 진입조건이 확대되었으며, 소유규제
의 경우 산업자본과 은행자본의 분리를 의미하는 은산분리의 원칙이 적용되고 있다. 영업규제는
각각 고유업무, 부수업무, 겸영업무로 나누어 금융산업의 발전에 따라 그 범위가 확대 또는 조정되
고 있다. 재무건전성 및 유동성규제의 경우에는 Basel Capital Accord의 변화에 맞추어 규제가 변
화하고 있으며, 글로벌 금융위기 이후 동 규제는 강화되어 나가는 추세를 보이고 있다. 이외에도
이해상충규제, 인적규제가 이루어지고 있다.
최근 금융산업을 규제하는 방식에서 이슈가 되고 있는 것은 행정지도의 문제이다. 특히 행정지
도의 경우 한미 FTA의 시행으로 그 방식면에서 투명성을 강화하는 방향으로 제도개선이 이루어지
고 있다. 또한 전문규제기관(금융위)과 일반규제기관(공정위)간의 권한의 획정문제도 이슈가 되고
있다. 한편, 시장에서의 과도한 규제가 금융산업의 효율성을 저해한다는 면을 고려하여 준법감시
제도를 포함한 자율규제가 확대되어 가고 있다. 한편, 금융소비자보호의 문제는 최근 가장 중요한
이슈로 부각되고 있으며, 금융감독원내에 금융소비자보호처가 신설되었다. 이외에도 국내적으로
는 Negative 규제로 규제방향을 선회하는 제도개선이 진행되고 있으며, 국제적으로는 SIFI에 대한
규제강화가 논의되고 있다.
오늘날 금융산업은 은행, 증권 및 투자, 보험의 각 분야에서 업역별 장벽이 사라지고 통합화
되어가는 경향을 보이고 있으며, 이에 맞추어 복합금융그룹 감독과 같은 새로운 규제가 설정되거
나, 감독적 측면에서 감독업무의 재편이 이루어지고 있다.

영어 초록

Financial regulation can be referred to "an authority puts limit in certain activities and
enforces compliance in order to maintain market order in trade among financial institutes,
producers of financial products, and financial customers. Changes of financial regulation
systems in Korea have been accelerated mainly by the foreign exchange crisis, the global
financial crisis and FTA(Free Trade Agreement between Korea and Unites States of America,
KORUS). Especially, ‘market regulation establishment’ and ‘competition strengthening’ suggested
by the IMF bail-out program are evaluated to be an important motivation behind reinforcing
sound regulations in the Korean financial law system and improving unnecessary entry
regulations and the ‘Iron Wall’ in each section. The biggest momentum of changes between
the foreign exchange crisis in 1998 and the recent global financial crisis was the establishment
of Financial Investment Services and Capital Market Act. Now, the financial regulation system
has been facing a new trend of international agreement in regulation through the re-regulation
trend since the global financial crisis and FTA.
In the Banking Industry, entry and liquidation are regulated through an approval to protect
depositors or investors. The Banking Act contains the requirements for approval of entry and
liquidation. Ownership regulation was introduced to prevent banks from becoming a ‘piggy
bank’ of industrial capital and to ban interest conflicts by major shareholders and illegal profits
through moral hazards according to the result of interest conflicts. Banking business under
business regulation is divided into original, incidental and concurrently running parts, and each
business is expanded and changed following development of financial market. Prudential
regulation with Basel Capital Accord can be found in Art. 2 Para. 1 Nr. 5 of the Banking Act
and Art. 1-2 of the Enforcement decree. Basel Capital Accord II was introduced to Korea in
2007. In Dec. 2010 the Basel Committee issued the Basel Capital Accord III, which presented
recent global regulatory standards on bank capital adequacy and liquidity endorsed by the
Seoul G20 summit in Nov. 2010. In addition to these regulation, there are interest conflict
regulation and personnel regulation.
Regulations through administrative guidance are preferred as one of the non-typical methods
of financial regulation. Its original purpose is that a government attracts economic activities to
a certain direction based on agreements of partners. However, the administrative guidance is
authoritative in reality. The Financial Services Commission enacted an operational rule on
administrative guidance to improve transparency of administrative guidance in 2007. One of
recent issues is competition over authority between FSC and FTC. However, they could not
address this case from the legal point of view and ended up closing the trouble merely by
making an agreement on cooperation in advance through mutual MOU.
Today an important part of financial institutes’ supervisory system is the self regulation
system, and an significant point of this regulation is compliance. Meanwhile, the integral
Financial Consumer Protection Bureau is established for consumer protection in Financial
Market in this year.
Reorganization of a regulation system followed by integration of financial sectors is another
consistent issue. This phenomenon is occurring in the legal field as well and complications
happen in authority of supervisory agencies. In this situation, the core of financial regulation
to bring successful results in the future will depend how to cope with such integral businesses
of financial institutions.

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