Consolidation and Reform of Financial Market Regulation in Korea

韓國進行金融管制改革的方式是制訂新法:金融投資服務與資本市場法已於2009年2月4日生效。此一新法改善韓國資本市場管制規範的方法,是整合以往個別規制不同型態金融行業的多種法律,並同時嘗試促進其管制成效。本法建立了一套能夠規範資本市場中所有金融投資商品的體系,並且引入了以功能為判準,對金融投資服務、金融投資商品與投資者進行分類的管制方法。本法拓展了金融投資服務公司的營業範圍,並同時增強了投資者保障機制。藉由強化杜絕不法交易的管制規範,本法健全了維繫資本市場整全性所需的規範架構。本法同時也引入了針對跨國資本市場交易與商業活動的新管制規範。雖然本法引入的新概念引發了若干爭議,我們仍預計它將成為韓國資本市場發展的基礎。

Korea undertook a reform of its financial regulations through the enactment of new legislation – the Financial Investment Services and Capital Markets Act, which became effective on February 4, 2009. The new legislation is intended to improve the regulation of Korean capital markets by consolidating various statutes which used to govern the financial industry by type and improving their regulation. It established a system which can regulate all financial investment products traded in the capital markets and introduced regulations classifying financial investment services, financial investment products and investors based on functions. The new legislation expanded the business scope of financial investment service companies and at the same time reinforced investor protection mechanisms. It improved the structures for maintaining the market's integrity by reinforcing regulations against unlawful transactions. It also introduced new regulations on cross-border capital market transactions and business activities. Although some controversial issues remain in connection with the new concepts introduced in the legislation, it is expected to be a foundation for the development of the Korean capital markets.