은행에서의 조건부자본증권 도입에 관한 연구 -자본시장법 개정안의 논의를 중심으로- (Legal Aspects of Introducing Contingent Capital Securities in Bank: Focusing on the proposed revision of Korean Capital Market Act)

서지정보

· 발행기관 : 한국금융법학회
· 수록지 정보 : 금융법연구 / 9권 / 1호 / 255 ~ 289페이지
· 저자명 : 양기진

초록

Contingent capital has been designed to perform functions of loss sharing by creditors. The Basel Committee on Banking Supervision has conclusively introduced the non-viability contingent capital in Basel Ⅲ final framework. On the other hand, it has not forced banks to adopt the going-concern contingent capital by banks.
In Korea, the contingent capital securities(hereinafter, CCS) is expected to be introduced not by Banking Act but by revised bill of Financial Investment Services and Capital Markets Act(hereinafter, Capital Market Act). Therefore, there is legal uncertainty about the matter of whether non-listed banks can issue CCS. Moreover, whether the unlisted banks can issue CCS and what kinds of CCS banks can issue will depend on revised bill of Capital Market Act.
Another issue about the present revised bill of Capital Market Act is that this bill authorizes most of matters to its Presidential Decree, so the future revision of the related Decree will be very important. Not only non-viability contingent capital but also going-concern CCS should be included in the revision of related Decree.
Third issue is setting the trigger. Setting trigger appropriately is the matter of common interest to both issuers and investors. However, according to the present revision bill of Capital Market Act, there exists uncertainty about kinds of triggers will be allowed or not. Furthermore, there is also uncertainty about whether the new CCS will be operated and/or converted as the two parties interested originally agreed.
The intrinsic attribute of going-concern CCS is openness which denies any prototype or a set pattern. Therefore, the future revision of the related Decree has the key for whether CCS will be successfully stabilized or not in Korea.

영어초록

Contingent capital has been designed to perform functions of loss sharing by creditors. The Basel Committee on Banking Supervision has conclusively introduced the non-viability contingent capital in Basel Ⅲ final framework. On the other hand, it has not forced banks to adopt the going-concern contingent capital by banks.
In Korea, the contingent capital securities(hereinafter, CCS) is expected to be introduced not by Banking Act but by revised bill of Financial Investment Services and Capital Markets Act(hereinafter, Capital Market Act). Therefore, there is legal uncertainty about the matter of whether non-listed banks can issue CCS. Moreover, whether the unlisted banks can issue CCS and what kinds of CCS banks can issue will depend on revised bill of Capital Market Act.
Another issue about the present revised bill of Capital Market Act is that this bill authorizes most of matters to its Presidential Decree, so the future revision of the related Decree will be very important. Not only non-viability contingent capital but also going-concern CCS should be included in the revision of related Decree.
Third issue is setting the trigger. Setting trigger appropriately is the matter of common interest to both issuers and investors. However, according to the present revision bill of Capital Market Act, there exists uncertainty about kinds of triggers will be allowed or not. Furthermore, there is also uncertainty about whether the new CCS will be operated and/or converted as the two parties interested originally agreed.
The intrinsic attribute of going-concern CCS is openness which denies any prototype or a set pattern. Therefore, the future revision of the related Decree has the key for whether CCS will be successfully stabilized or not in Korea.

참고자료

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