볼커룰의 역외효와 대체준수 (The Extraterritorial Effect of the Volcker Rule and the Substituted Compliance Regime)

서지정보

· 발행기관 : 한국기업법학회
· 수록지 정보 : 기업법연구 / 29권 / 2호 / 181 ~ 216페이지
· 저자명 : 박규찬

초록

이 글에서 필자는 볼커룰의 광범위한 역외효를 제한하고 국제금융규제의 조화로운 적용을 위하여 볼커룰의 집행방법으로 대체준수(substituted compliance) 제도의 도입을 주장한다. 도드-프랭크법상의 파생규제, EU의 자기위험트레이딩 금지와 트레이딩분리규제 등은 제3국의 금융규제가 자신들의 규제와 상응성이나 동등성이 인정되는 경우 대체준수를 인정하고 있다. 그러한 규제들은 대체준수를 허용하든지 아니면 자국의 신용기관들에 대해서만 적용하고 있는 반면, 볼커룰은 대체준수 등의 예외규정이 없고 전세계적으로 역외효력를 가진다. 실제로, 대체준수를 허용하지 않는 경우에는 중복규제, 상호모순, 편의적 규제지 선택(regulatory arbitrage) 등 국제 금융규제의 효율성과 정합성 면에서 문제점이 많다. 또한, 볼커룰은 기본적으로 역외적용을 강하게 인정하고 있으나 국제금융시스템의 안정성을 위한 규제라기보다는 미국 금융시스템의 안정성을 위한 규정이다. 따라서 우리나라의 은행들이 볼커룰을 준수한다고 하더라도 동 준수가 우리나라 금융시스템의 안정에 얼마나 기여하는지는 의문이다. 볼커룰 관련 실사작업을 거쳐 볼커룰이 요구하는 준법프로그램을 정립한다고 하더라도 동 준법프로그램은 미국의 금융시스템 안정을 위한 목적으로 설치된 준법프로그램이기 때문에 우리나라의 금융시스템 안정에 어느 정도 기여할 수 있을지도 의문이다.
EU의 트레이딩분리규제 면에서 보면, 볼커룰을 준수한다고 하더라도 우리나라 규제가 EU에서 동등성을 인정받는다는 보장도 없다. 따라서 이러한 면에서 우리나라도 미국의 볼커룰이나 EU 등의 트레이딩분리 규제와 상응성, 동등성 등을 인정받을 수준의 적절한 규제입법이필요하다. 국제적인 정합성과 우리나라 금융시스템의 안정에 기여할 수 있는 은행 등의 자기위험트레이딩이나 펀드투자 등에 관하여 볼커룰 방식이나 트레이딩분리 방식 또는 제3의 다른 방식의 규제체계 정립이 필요하다. 물론, 미국, EU 등과 함께 감독 및 집행을 위한 협력약정을 체결하고 이행함으로써 승인(recognition), 대체준수(substituted compliance) 등의 이행을 위하여 적극적이고 효율적인 협력이 동반되어야 함은 물론이다.

영어초록

In this thesis, I argue that a substituted compliance regime should be introduced and made available in connection with the enforcement of the Volcker Rule in order to alleviate the comprehensiveness and harshness of the extraterritorial effects of the Volcker Rule, and to harmonize global and local regulations.
On December 10, 2013, five United States federal agencies comprised of the Office of the Comptroller of the Currency of the Department of the Treasury(OCC), the Board of Governors of the Federal Reserve System(Fed), the Federal Deposit Insurance Corporation(FDIC), the Securities and Exchange Commission(SEC), the Commodity Futures Trading Commission(CFTC), issued the final Volcker Rule developed jointly to implement Section 619 of the Dodd-Frank Act. This Volcker Rule has broad extraterritorial effects, with its scope of application encompassing numerous foreign banks including all of their affiliates located across the globe. Although there are several exemptions provided in the Volcker Rule, it is very difficult to meet conditions in order to claim such exemptions. Even in the case that banking entities satisfy the conditions of such exemptions, such entities are still required to develop and provide for the continued administration of a compliance program that is reasonably designed to ensure and monitor compliance with the prohibition and restrictions on proprietary trading and covered fund activities and investments as set forth in Section 13 of the Bank Holding Company Act and the Volcker Rule. In fact, the Volcker Rule’s direct extraterritorial effects on foreign banks result in large-scale interventions in financial regulatory authorities' regulatory powers in the home country, and a significant amount of compliance costs being incurred by its market participants.
Having a substituted compliance regime as an alternative to the Volcker Rule and its broad extraterritorial effects will act to counter unnecessary interventions and compliance costs. A substituted compliance regime would be a way for a host country to recognize the regulations of a home country when the regulatory system of the home country is equivalent or comparable to that of the host country. That is, the substituted compliance would be a way of promoting recognition or deference between jurisdictions by promoting coordination between international regulatory systems. The concept of a substituted compliance regime was first suggested by Ethiopis Tafara and Robert J. Peterson in the article entitled A Buleprint for Cross-Border Access to U.S. Investors: A New International Framework, Harvard International Law Journal, Vol.48, No.1 (Winter 2007), and the CFTC, SEC, and International Organization of Securities Commissions(IOSCO) have introduced the substituted compliance regime into their own report, rules, and regulations in order to achieve harmonization in relation to international financial regulations. The European Union, United Kingdom, France, and Germany, which have implemented EMIR(European Market Infrastructure Regulation) or ring-fencing policies under their financial regulations that are different from the Volker Rule in the United States, have also adopted the substituted compliance regime or the national treatment regime.
In this regard, the Korean government should first establish sound financial regulations and continue to dialogue and cooperate closely with the United States, European Union, and other major jurisdictions in order to be able to argue that the substituted compliance regime should be introduced in connection with the enforcement of the Volcker Rule. If Korea does not have proper financial regulations in place, it would not be in a position to begin a dialogue with the European Union, United States or other major jurisdictions, as the substituted compliance regime is premised on the determination by such countries that the financial regulations of Korea are equivalent to those of their own jurisdictions. The Volcker Rule and ring-fencing regulations have been legislated to promote the needs of the United States, European Union, and other major jurisdictions, and were not intended for the safety and soundness of Korean banking entities or to promote financial stability in Korea.
Now, it is necessary for Korea to seriously consider establishing similar regulations such as Volcker Rule and ring-fencing regulations or other regulations in order to promote the stability and soundness of the financial system of its own banking entities. It is critical that we begin a dialogue with the United States, European Union, and other major jurisdictions at this time with a view to introducing the substituted compliance regime in connection with the enforcement of the Volcker Rule. With such efforts, Korea would be able to avoid incurring significant compliance costs, promote its own banking industry, and work to harmonize Korean financial regulations with global financial regulations.

참고자료

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