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Entry Regulation of Securities Businesses in Korea : Historical Review and Legal Challenges
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증권업 진입규제의 개선에 관한 고찰 -증권업 규제의 연혁적 고찰을 겸하여-

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Type
Academic journal
Author
Chun Changmin (서울과학기술대학교)
Journal
Korea Financial Law Association 금융법연구 금융법연구 제15권 제1호 KCI Accredited Journals
Published
2018.1
Pages
81 - 110 (30page)

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Entry Regulation of Securities Businesses in Korea : Historical Review and Legal Challenges
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Abstract· Keywords

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The main purpose of modern banking regulation is to prevent system risk, while that of the securities businesses regulation is to protect investors and efficiency of capital market. Therefore, the entry regulation of securities businesses has a pivotal role to prevent unsuitable firms from doing securities businesses in the capital market enhancing investor protection and promoting market efficiency. Securities firms are superior to investors in terms of information and therefore are in conflicts of interest according to the agency theory. Accordingly, the proper and efficient entry regulation of securities firms is necessary to secure investor protection and the soundness, fairness and reliability of the capital market. However, the current entry regulation of securities firms under the Financial Investment Services and Capital Markets Act ("FSCMA") is unreasonably strong. Currently, entry units are excessively subdivided, which in practice acts as an entry barrier and hindrance to business extension. For instance, there are cases in which the individual entry unit itself is not meaningful enough to be able to perform specific services only if it has to receive multiple unit authorisation at the same time. As a result, unlike the original purpose of deregulation, the level of entry regulation has been substantially higher. In this respect, it would be desirable to significantly simplify the entry unit of the securities businesses, as in the case of U.S. and U.K., which could ensure the business scalability inherent in the capital market. In addition, the entry capital requirements for entry must also be significantly reduced. This is because the strict and heavy entry capital requirement deter financial innovation and diversity in the capital markets Of course, some entry units that are at a high risk or in need of higher investor protection, the entry capital requirements should be relatively high. Even in this case, however, it is desirable that the absolute level of the entry capital requirement should be significantly mitigated. The current high entry regulation is partially due to the policy consideration to foster the securities industry through the restriction of competition and to enhance the credibility of the securities industry. However, for the creative risk taking and the emergence of new securities firms operating in various sectors, material mitigation of entry capital requirements is essential. In short, the license system for the securities businesses should be simplified, and the entry barriers should be lowered.
#entry regulation of securities businesses #financial industry regulation #securities regulation #financial regulation #own capital regulation #authorisation requirements #investor protection

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금융위원회 / 2009 / 금융투자업 인가의 기본방향과 운용계획 / 2009. 3. 5 보도자료 google schola 금융위원회 / 2009 / 2단계 금융투자업 인가방향과 운용계획 / 2009. 7. 30 보도자료 google schola 금융위원회 / 2010 / 향후 금융투자업 인가방향과 운용계획 / 2010. 5. 31 보도자료 google schola 금융위원회 / 2014 / 금융투자업 인가제도 개선 및 운영 방안 / 2014. 7. 14 보도자료 google schola 금융위원회 / 2017 / 금융업 진입규제 개편 TF 개최 / 2017. 8. 22 보도자료 google schola

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