저작자표시 2.0 대한민국 이용자는아래의조건을따르는경우에한하여자유롭게 이저작물을복제, 배포, 전송, 전시, 공연및방송할수있습니다. 이차적저작물을작성할수있습니다. 이저작물을영리목적으로이용할수있습니다. 다음과같은조건을따라야합니다 : 저작자표시. 귀하는원저작자를표시하여야합니

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1 저작자표시 2.0 대한민국 이용자는아래의조건을따르는경우에한하여자유롭게 이저작물을복제, 배포, 전송, 전시, 공연및방송할수있습니다. 이차적저작물을작성할수있습니다. 이저작물을영리목적으로이용할수있습니다. 다음과같은조건을따라야합니다 : 저작자표시. 귀하는원저작자를표시하여야합니다. 귀하는, 이저작물의재이용이나배포의경우, 이저작물에적용된이용허락조건을명확하게나타내어야합니다. 저작권자로부터별도의허가를받으면이러한조건들은적용되지않습니다. 저작권법에따른이용자의권리는위의내용에의하여영향을받지않습니다. 이것은이용허락규약 (Legal Code) 을이해하기쉽게요약한것입니다. Disclaimer

2 2013 8

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4 학위논문원문제공서비스에대한동의서 본인의학위논문에대하여서울대학교가아래와같이학위논문저작물을제공하는것에동의합니다 동의사항 본인의논문을보존이나인터넷등을통한온라인서비스목적으로복제할경우저작물의내용을변경하지않는범위내에서의복제를허용합니다 본인의논문을디지털화하여인터넷등정보통신망을통한논문의일부또는전부의복제 배포및전송시무료로제공하는것에동의합니다 개인 저작자 의의무본논문의저작권을타인에게양도하거나또는출판을허락하는등동의내용을변경하고자할때는소속대학 원 에공개의유보또는해지를즉시통보하겠습니다 서울대학교의의무 서울대학교는본논문을외부에제공할경우저작권보호장치 를사용하여야합니다 서울대학교는본논문에대한공개의유보나해지신청시즉시처리해야합니다 논문제목 전자등록주식의법률관계에관한연구 학위구분 석사 박사 학 과 법학과 학 번 연락처 저작자 김대권 인 서울대학교총장귀하 제출일 년 월일

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15 13), IT. 14) (International Securities Service Association : I.S.S.A.) 15) G-30 16). 17) 2011 ( 356 2), ( ), ( 516 7), (, 65 2 ). 18) (,, 27 1,, 2008., 189 5). 13) [ 4], ), ( ), , 113.,, (,, 18 1,, , ). 15) 1988, ( [ 7], 242 5). 16) Group of Thirty G-30 ( [ 7], 242 6;,, 40,, 2001., 11 3). 17) [ 14], 63 ; [ 7], 243 ;,, 22 3,, 2003., ) ( 420 4), ( ), ( 516 7), ( 65 2 ),.

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19 , ( ).., ( ),.,,., ( ),,,., ( ) (Electronic Registration System of Uncertificated Stock) ( ).

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21 24),. 25) (OECD) (88%), (69%). 1993, , ), ABS MBS, ( [ 16], 48 ) 24) <, > ( :,%) 36,118,786 23,327, ,400,558 53,456, ,004,852 23,193, ,633, ,038, ,123,638 46,520, ,034, ,495, ) (68%), OECD (83%).,, 17 1,, 2010., ), : ( ),, ; %(16 ), 100 (, " ", 86, , 10 ).

22 ,,. 27) ), 29). (dematerialized securities) (uncertificated securities) 30). 31), (uncertificated securities) 32), (book-entry securities) (registered security), (electronic securities) 33) (book-entry securities), 34) " ", " " 27) [ 14], ) [ 16], ),, 5,, ; ; ) (dematerialized securities) (uncertificated securities),.,, ( [ 12], 190 8). 31) [ 17], 15 ; [ 16], ) 1977 (UCC Uniform Commercial Code) 1978 (MBCA Model Business Corporation Act) 1995 (The Uncertificated Securities Regulations) (uncertificated securities) ( [ 16], 47 ; [ 21], 132 ). 33) [ 16], ) [ 17], 15.

23 ( ), " "( ), 35), paperless ( - - ), 36).,.,., 37), 38) 39), 40),,. 41) 35),,, 338, ;,, No.1983, ;, :,, ),, - -,,, ) [ 7], ) [ 17], )... 40),. 41) [ 7], 245. [ 19],

24 ,. 42). 43),,.. 44). 42) [ 19], 124 6, ; ;,, 24 2,, 2005., 10 2 ; [ 19], ) [ 19], ; [ 21], 132 ( ).,,, ( ) ( [ 17], 13, 16.). 44),,.

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26 ( 4 1 ),,,,,, ( 4 2 ). 47) ( 4 4 ),,, ( 4 3 ). ( 4 9 ).,. 48),,, ( ). 49) 50) 47)., 4,, 9. (,, 28 3,, 2009., ). 48) [ 45], ) [ 45], ), ( ), (

27 ,.,..,. ( ),. 51) ( ). 52).. o.kr/main.jsp). 51) [ 16], Giro, 1925, 1949, 1968, 1971, ) [ 16], 66.

28 53)..,... 54), ), 56) ( ).,. 57) 53) , 2004,. [ 45], ) [ 45], ) [ 16], ). 57) [ 16], 52..,.

29 ,,. 58),. 59) ( ),. 60) 58) [ 16], ( ),,.,. 59) [ 8], 121 ; [ 19], ) [ 8], 121 ; [ 19], 125 ; [ 17], 21., ( [ 8], 121 ),, ( [ 17], 21 ; [ 16], 46 ).

30 . 61) 1984 ( 358 2),. ( ) ),. 63), ( )., ( ). ( ), 61) [ 17], ) [ 17], ; [ 16], ) [ 17], 25 ; [ 16], 49.

31 ( ). ( ),. ( 189 9, 358 2).,, 64),. 65) ,. 66) ( ). 67), 64) [ 17], 26 ; [ 4], ) [ 17], 26 ; [ 16], 50 ; [ 20], 707 ; [ 14], 71.,. (dematerialization) [ 20], ) [ 17], 26 ; [ 16], 50.

32 (i) 294, (ii) ( ). 1,. 68), ( 4 5 ),. 69) (, global certificate) 1. 70) 71),. ELS ELW 1. 72), 67) 8 1, 13 1, ) [ 17], ) [ 17], ) [ 14], ) [ 14], ) [ 14], 66.

33 . 73).,.,...,. 74),, 1984 ( 59 ) { ; 1990 ( 3 ). }, (JASDEC) ), 73) [ 14], ).

34 76).,, (paperless), ) CP(Commercial 75),,, 2001., ) 1973 ( 127 2), 1975, / ( ). [ 75], ),,, 2006, 32.

35 Paper), 2000 CP (paperless) CP ( ) CP. 78), ( ) ( ) CP, ( ). 79) 80) , (, ), ) [ 36], 2 ; [ 25], ) [ 25], ) 1994, [ ]. {, ( 3 ), (2010), 165 }.

36 , (, ). 81) ( ) 1 5 ( ), ,., 2004, ( ), ( ). ( 214 ). 2004,,. 82),,, 81) [ 35], 277 ; [ 36], 2 82) UFJ,,, 2008, 5.

37 ,. 83). 214 ( ),, ,, (, ,, 214 ).,,. 83), (1) :, No.1950, ,

38 , ( 1, 2 ),. 84) ) 2011,.,,,,, 86), 84), 160. (, :, 4 1,, , 276 ). 85), :, ,. 1 2, IT 1. 86) [ 85], ,.

39 ,,, 87),,, 88), 89).,,,,, 87) [ 85], 194,. 88) [ 85], 195, 202,. 89) [ 85], 197,.

40 90), 91),, 92). 2011, ( ),, ( 356 2).,,,.,,.,,,,, 90) [ 19], ) [ 19], ), IT, 24 2,, , 265 ; [ 19], 104.

41 . 93), ( ), ( ). 94), ( ).. 95), ( ) , (CP), 96),,., 93) [ 47], ) [ 14], ) [ 26] ; ),, 11 1,, 2010., 338.

42 ,.,,,.,,,.,. 97),., 98), 97) [ 47], ) ( ) (i) (CD, CP )

43 .,,,.,. 99),., (ii), (i), (ii) ( [ 17], 50 ; [ 14], 82 ) ( ) (i), (ii), (i), (ii) ( [ 17], 50 ). 99) [ 8], 120.

44 ( ) (book-entry)..,,. 100) (imaging-capture). 101), " " 5 1,.. 100) [ 14], 82. [ 17], 15,, 101) [ 17], 14 ; [ 14], 82 ; [ 19], 125..

45 , ) 103),.,,. 2009,, ( 128 1, 102),, {,,, 24 2, 24 2,, , 103 ;,, ( ) :,, 2002., }. 103) [ 14], 82.

46 6 ). 104) ( 13 1, 7 ), ( ),. 105),. 106),, 107),.,,,,, 104) [ 35], ) [ 35], ) [ 80], ), ( [ 19], 239 ).

47 108) 109).,.,,,. 110), ( ),. 111) 108) [ 16], ; [ 19], ) [ 4], ), 227 1, ,,. 111),

48 ,,,,,. 112),.. 113) 114). 115) 112) [ 16], 78 ; [ 14], ) [ 19], ) [ 19], ),., ( [ 8], 121 ), 355 1, ( [ 20], ),, ( [ 47], 224 )

49 ,,,..., " ( ) ( 4 1 ),,,,,, ( 2 ).,., 17, 1), 2011.,,,, ,.

50 , 116) 117).,,.,,. 118) 2001, 2002, 2004,. 119) 116) ( 308 ),, ( 6 1 ),, ( ),,,, ( 6 3 ). 117) [ 16], 68 ; [ 21], 138 ; [ 19], 92 ( ). 118) [ 14], ) [ 14], 79.,, Covered Warrant (DR),, ( [ 19], 190 ).

51 , ( ),., ( ) ( ) ( ), (two-tier).,, 120), ( ), - - (two-tier). 121),,, 122). 120). 121) [ 19], 134. [ 17], ) [ 26].

52 (two-tier), (multi-tier)., 123), IT. 124)., ( ) ( ) ( ) (two-tier), (multi-tier). 125) 126), 123), UNIDROIT, 45, , 45.,,, UNIDROIT. 124) [ 123], ) [ 12], 188 ; [ 123], ), ( ),, 2004, 3-5.

53 127).. 128),,, (settlement),.,. 129),. 127) [ 77], ) [ 16], ) [ 17], ; [ 21], 139..

54 . 2 2, 3 1,, 130) 8. JASDEC(Japan Securities Depository Center Inc.).., ( 9 1 ). ( 12 1 ), ( 3 ).. 131) 130), ( 1 ), 5 ( 2 ), 5 ( 3 ),, ( 4 ), ( ) ( 5 ), ( 6 ), ( 7 ). 5 ( 5, 1 ), ( 6 ). 131) [ 17], 62.

55 . 132) ) 2 5,,, 294, , , ) 132) ( [ 19], )., (financial intermediary), (member), (account operator), (account controller), ( ) ( [ 17], 62 ). 133) [ 17], ) ( 44 1 ) ( ) 2. ( ) 2 1 ( ) 3. ( ) 2 4.

56 ., ( 45 1, 2 )..,. 135),. ( 309 ), ( ( ) ( ) , , , ( ) ) [ 25], , 56.

57 5 ).,,, ( ),, ( ). 136),,,..,,,,, ( 10 1 ). 137)?. 136) [ 25], ) [ 45], 460.

58 ( ), ( ),. 138). 139),,. 140), 141), 138),...,. 139) [ 19], 136 ; [ 17], ; [ 16], ) [ 19], 136 ; [ 21], 140.,.,, ' ', ( [ 19], 136 ). 141)

59 .. 142). 143),,,,,. 144),. 145), 146),. 142) [ 19], ) [ 19], 138 ; [ 17], ; [ 16], 73.,,,,. 144) [ 19], ). [ 19],

60 147), 148), 149), 150), 151).. VPC(Värdepapperscentralen AB) 152). (nominee) 153). VPC 146) [ 19], ) [ 19], ) [ 19], ) [ 19], ) [ 19], ) [ 19], ) VPC,. [ 16], ) (nominee) ( ) (nominee) ( [ 96], 335 ).. (nominee), (nominee) (nominee). (nominee),, (nominee). [ 19],

61 .. 154) 155) VP(Vaerdipapircentralen),. 156) VP,, VP. VP. 157),,. 158). (SICOVAM) 159). 154) [ 19], 144 ; [ 16], ; [ 19], ) VP. [ 16], ) [ 16], 59 ; [ 19], ) [ 19], 145 ; [ 16], ) [ 19], ) SICOVAM Euroclear Bank Euroclear France ( [ 19], ).

62 . 160), ( ),,. 161), 16. CRESTCo 162). CRESTCo. 163) ETT(Electronic Transfer of Title) CRESTCo. 164) 160) [ 19], 145 ; [ 16], ; [ 19], ) [ 36], ,,. 162) CRESTCo 1995,, ( [ 19], ). CREST,. CREST,, CREST, ( [ 4], 80 ). 163) [ 19], ) [ 19], 193.

63 . 165) ( ) 166), ( ),, 167). (. 2 5 ) ( 12 3, 45 2, )., ( ) ( ) ( ).,,,, 165) [ 19], ; [ 16], ) 3 1 ( ) ( 128 ), JASDEC. : ( 証券保管振替機構 ) Japan Securities Depository Center, Incorporated (JASDEC) 19 ( 14 ), 3 ( ) ( 14 ) , ( ) ( ) ( JASDEC DVP Clearing Corporation; 1,000,000,000, 13, ). ( ) ( 167) ( ), ( ).

64 .. 168) -,,,,,. 168) (, ),,, BFL 33,, , 83 ;,, , 2011., 51 ; [ 126], 86.

65 . 169) 170),.,. 171),.. 172) 169) [ 14], 83 ; [ 26], ),. ( ), 5 3 ( 4 1, 6 ),, 4 1 5,,. 171) [ 19], ) [ 19], ; [ 19], ,,,

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67 ,.,,.,,, ( 4 ), ( 5 1, 2 ), ( 5 3, 4 ), ( 6 ), 4,,,,. 176) 4, 176),.

68 ., ( 423 ), ( 9 2 ),.,, ( 309 ),.,, ( ),,. 177) ( 12 3, 129 ), ( ), ( ). ( ), 177),, ( ), ,

69 178) ( 12 2 ).,.,. 179) 2011,,., (inscription en compte) (instrumentum) (negotium). 180) " " 178).. 179) [ 36], 3.,.,, (une nouvelle théorie générale des valeurs mobilières) ( [ 36], 16 ). 180) [ 36], 16.

70 . 181),,. 182),, (, corpus), 183)., ) 181) [ 36], ) Nizard, Frédéric, La notion de titre négociable, th. Paris II, 2000, Economica, pp ( [ 36], ). 183) Marly, Pierre-Grégoire, Fongibilité et volonté individuelle, Étude sur la qualification juridique desbiens, th. Paris I, 2002, L.G.D.J., pp ( [ 36], ). 184) Carbonnier, Jean, Droit civil, vol. II, Les biens, Les obligations, P.U.F. (1er éd), 2004, p.1904( [ 36], ).

71 .. 185),,. paperless.., (, droits mobiliers incorporels). 186),, (matérialité). 187). 188) 185) Martin, De l inscription en compte d actifs scripturaux, 1998, pp.48-49; Martin, De la nature corporelle des valuers mobilieres (et autres droits scripturaux), 1996, pp.17-18( [ 36], ). 186) [ 36], ) Lassalas, Christine, L inscription en compte des valeurs: la notion de propriété scripturale, th.clermont-ferrand I, 1996, Presses Universitaires de la Faculté de Droit de Clermont-Ferrand:L.G.D.J., pp.84-85( [ 36], ).

72 ( ). 189) 2 190). ( ).. 191) 192). 188) Lassalas, Ibid, p.181( [ 36], ). 189) [ 36], ),. ( )., ( 8 ),, 2010., ) Pélissier, Anne, Possession et meubles incorporels, th. Monpellier, 2000, Dalloz, pp et p.32.( [ 36], ). 192), ( [ 36], 23 ).

73 ,. 193),,,. 194),. 195), 3,., ,,,. 196),, 193) [ 36], ) [ 36], ) [ 190], ) [ 36], 26.

74 . 197) ( ). 198),,,. 199). 200),, 201),,,. 202), (pouvoir de fait). 203)., 197) [ 36], ) [ 36], ) [ 36], ) [ 36], ) Nizard, Ibid, p.267( [ 36], ). 202) Lassalas, Ibid, pp ( [ 36], ). 203) [ 36], 29..

75 ..,, (écriture) 204). ( ), 205),, 206), 204) Nizard, Ibid, pp ( [ 36], ). 205) [ 36], 36.,, 25 4,, , 585.,. 206) [ 205], 570 ; [ 19], 201.

76 .., ( ),.,,.,.,.,. ( ).,

77 ,,. 207), ( ) ( 143 ),.,,. ( )....,, ( ) ) [ 47], 229.

78 ?,,,.,,,. ( ) ( 353 ),,.,,, 208). 208), " ", ( ) :,, 2002., 99.

79 209).,, 210).,. ( 152 ),.,,. 211) ( ).,.,, 209) [ 19], ) [ 19], ).

80 ,.,.,,,,.?,,., 212)., 212) [ 17], 54.

81 . 213). 214),,..,, 3 ( ). ( ), 3, 3 ( 161 ). 215) 2009, ( 352 2). 216),,, ( 352 ). 213) [ 8], ) [ 8], 121.,. 215) UFJ [ 82], ) [ 20], , 716.

82 , ( ), ( 338 ), ( ), ( 354 ),, ( ) ( ).., ,. 217),.. 217) 11,.

83 (, ) 218), ( ).,. 219) 354,, (, ) 220) ( ). ( ). 221) ( ).. 222), 223) ) [ 20], ), [ ],, 2009., ). 221) ( ), ( ),. 222) [ 20], ).

84 ,.,,, 224) 225).,, 226),., ( 29 1 ),, ( 32, 33 ). 224) [ 19], ) [ 21], ), (4) : (2), 1986., 328 ( )

85 ,,,,. 227). 228),,,..,,.,. 227),, No.1660, , 26.,, (, 22 ). 228) [ 42], 29.

86 .. ( ), ( 229) ),.., 230),, 231).,.,,,,,., ( ),, 229) 314, ) [ 3], ), 1 ( ).. ( ).

87 ,,.,. ( ).,.,,,. ( ),.,?,,.

88 M A., ) ,, 396 2,. 233) ,. 232), : M&A, 2005, 2006., ) ;

89 ,,.,,..,,., 396.,,.,, ( ) 234),,. 234) 277, 84, 61

90 ,,..,,,.,,.., 235).,.

91 .,. 236),,,,,, (beneficial co-ownership) (trust), 237),,. 238)., 236) [ 12], ) [ 12], ) [ 12], 197.

92 . 239), 240),.. 241), ( ) 242)243). 244), ( ) 239) [ 19], 172. ( ), ( ), ( ), ( ). 240), ( [ 36], 54 ; 邉, DVP, No.03-1, 2003., 11 ). 241) ( [ 19], ). 242) [ 168], 83 ; [ 36], ),, ( [ 25], 369 ),,,. 244) [ 36], 48.

93 , 1994 (UCC) ) security entitlement 246),. 247), ( ). 248)249) 245) [ 36], UCC 8, {UCC (a)(b)}.,, UCC 8-504, subsection (e) {UCC (d)}. 246) UCC 8-102(a)(17) UCC 8 5 (the rights and property interest of an entitlement holder with respect to a financial asset specified in Part 5.), (Official Comments) (the securities intermediary) (personal rights) (package). (the clearing corporation) {Uniform Commercial Code : Official Text and Comments, Thomson/West(2005), p830}., UCC (security entitlement), 5 1,, ) [ 240], ) [ 36], ) [ 36], 4. DRS(Direct Registration System), ( [ 19], ).

94 ,. 250) 251) 252),.,,. 253) (Code of Federal Regulation), (Investment Company Act) (MBCA : Model Business Corporation Act) 1977 UCC (shares without certificates) (RMBCA ),,,, ( [ 14], 75 ; [ 19], 187 ) 250), [ 19], 196 (. )., Nominee, Nominee,. Nominee,,. 251), [ 12], ),,,, 2003., 1 253) [ 12], (securities holding) (rights holding)., ( )

95 ,. 254), ( ).,.,.,.,.,. 255),, ( [ 12], ). 254) [ 36], ) [ 36], 50.

96 256) 257).,.,.,. 258).,,. 259),,. 260),,, 256) ,.. 257) , ,,. 258) [ 36], ) [ 36], ) [ 36], 51.

97 261),. 262),,. 263) ( ), ( ) 264).., 265),. 261) [ 36], ) [ 36], ) [ 47], ) [ 26]. 265), ( 11 ),, 2011.,

98 266), ( 358 2),,. 267),,.. 268),.,,, 266),. 267),..,.. ( [ 269], 24 ). 268) ( [ 17], 13. [ 16], 40 ).

99 . 269) Opitz, 270),. 271) 272), 273), Opitz 274)., Opitz,, 269). 270),, 3 2,, , 45 ; [ 7], ) [ 270], ; [ 17], 18 ; [ 16], 42.,, Opitz. ( [ 7], 249 ;,, , ). 272) [ 17], 19 ; [ 16], ) [ 17], 19 ; [ 16], ) [ 270],

100 . 275) Ripert,. 276),,. 277). 278), ( ),. 279) 280),,. 275) [ 14], 88 ; [ 7], ) [ 17], 18 ; [ 16], 43 ; [ 7], 252 ;,, 5 1,, , ( ). 277) [ 7] ) [ 19], ) [ 19], 128 ; [ 16], ) [ 16], 44., [ 17], 19,.

101 ,,,. 281) Lütticke,. 282). 283) 284),. 285) 281) [ 14], 88 ; [ 7], 258. ( [ 7], ). 282) [ 280] Lütticke,, ( ) ( [ 17], ; [ 16], 43 ). 283) [ 7], ) [ 17], )

102 ,,,. 286),,.,..,,,. 286),. 287).

103 ,, ),,. 290),. 291),, 292). 288). 289) [ 20], ) [ 20], 708. [ 17], 13, ),, 21 4,, , ( ), ( ),. 292) [ 26], 3-4.

104 CP (CP ),,,,,,,,. 293). 294),,,, 3,,, 293) CP, 1999 (, :, ) [ 36],

105 . 295),,. 296),,., 297),,. 298) 295) [ 19], 130 ; [ 42], ; [ 21], ; [ 19], 286 ; [ 7], ; [ 19], ) [ 19], ( [ 19], 87 ). 297) ( ), ( [ 36], 37 ). 298) [ 19], 131 ; [ 7], 259., ( [ 19], ),.,.

106 ( ), 2 299),.,,,,. 300),,,. 301), 299) [ 19], ) [ 19], 132 ; [ 7], ),.

107 .,,,. 302),.. 303).,.. 302) [ 3], ) 3.

108 , ),.,. 305),. 306).,, 307), 304), [ 47], ) ( ) ( 318 ).. 306) 1 ( ). 307) [ 16], 84..

109 .,,..,.,..,, ,.

110 ( ), ( 151 1, ). 308),,..,. 309),. 310) ( 151 1, 8 ). 308) [ 83], 21 ;, :,, , ) [ 35], 287 ; [ 227], 25.,, (, [ 12 ], 2009., 250 ),.

111 ,,, 1 6 ( ),, ( 151 1, 39 ). 311) ( ),.,,,,. 312).,, 310), ( ). 311) [ 83], ) [ 83], 22.

112 ( ) ( 277, 84, 61 ). 313),,. 314),.,. 315) (1) ( )., ( ) ( ), 313) ( ) ( ) ( 277 ). 3 ( [ 80], 193 ).. 314) [ 80], ) [ 19], 252 ( ).

113 ( )., ( 147, ). 2 ( 147, ). ( ),, 3 ( 182 ). 316) (2),,, ( ). 20 (,, ). 354,, ( 316) [ 83], 22.

114 , ) ( ). ( ),., 317)., ( ),,,. 318),.,. 319) 317) [ 19], ) [ 35], ),.

115 .,,, ( ).,.,,.,.,

116 .,. ( 154 ) 320). 321) ( 25 ),.. 322),. 320) 154 ( ) ( ) 321) [ 308], ).

117 323),., ( 28 1 ). 324) 325),. 326), )., 323) [ 35], ), (4) : (2), 1986., 337 ( ). ( 318 ). 325) [ 227], ) [ 35], 288 ; [ 80], ) 130 ( )

118 , 2,,. 328) (1), ( ),,, ( 25, 20 ) ( ). 329). 330) (4 ) ( ). 331). 332) (2), ( , ) 328) [ 35], ) [ 80], ) 40 ( ) ) [ 80], ),, No.1873, , 52.

119 .. 333), ( ), ( ) ( ), ( 151 ).,,,,.. 334) ( ), 130 1,., 333) [ 77], ) [ 332], ; [ 80], 192 ; [ 35], 173.,,, ( [ 227], 26 ).,.

120 . 335),,. 336),,. 337),,.,,,. 338),, ( ). 339), 335) [ 80], ) [ 332], ) ( , ; [ 80], 204 ). 338) [ 332], ) [ 35], 300.

121 4,,. 340)., " " " " " " ( ). " " ( ), " " ( ). 341) ( ),, 124 1,. 342) ( 371 5, 6 ).,, 340) [ 35], ) [ 35], 291 ; [ 227], ) [ 35], 292.

122 .. 343), ( ),,. 344), ( ),. 345), A B. 346) A B,, ( 130 ). 343) [ 332], ) [ 80], ) [ 80], ), 12.

123 A,,, B,,. 347) A 348),,. 349).,, Media Exchange ( ),. 347) [ 35], ; [ 227], ),, No. 1669, 2003., ), No. 1673, 2003., ) Media Exchange ( ). 351),, No. 1415, , 52 ; [ 35],

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169 ... ( ). 464), UNIDROIT, (closeᐨout netting) ( 33 1 ). ( 33 1 a ), ( 31 3 j ). 465) 463) [ 431], ) [ 190], ) Article In this Chapter: (j) close-out netting provision means a provision of a collateral agreement, or of a set of connected agreements of which a collateral agreement forms part, under which, on the occurrence of an enforcement event, either or both of the following shall occur, or may at the election of the collateral taker occur, whether through the operation of netting or set-off or otherwise: (i) the respective obligations of the parties are accelerated so as to be immediately due and expressed as an obligation to pay an amount representing their estimated current value or are terminated and replaced by an obligation to pay such an amount; (ii) an account is taken of what is due from each party to the other in respect of

170 ., ( 359 ).,,..,,.,,. such obligations, and a net sum equal to the balance of the account is payable by the party from whom the larger amount is due to the other party.

171 UNIDROIT.,. ( ),., UNIDROIT ) 21 ( 359 ).. 467),. 466) [ 3], ) [ 3], 358.

172 . 468), ( 311 ), ),.,,. 2011,., 468),, Jurist 381,, , ) [ 19], (,,, 1998, ).

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176 UNIDROIT, 479),. 480)481) 1,. 482),,,,,, 2.., Convention Act) 37. ( securities/overview.htm) 479) [ 419], ) 2009, Hideki Kanda, Charles Mooney, Luc Thevenoz, Stephane Beraud, and Thomas Keijser, "Official Commentary on the UNIDROIT Convention on Substantive Rules for Intermediated Securities", OXFORD UNIVERSITY PRESS, ) 2008, ments2008/conf e.pdf., UNIDROIT, Explanatory Report. ocuments2008/conf e.pdf. 482) 1 (a) "securities " means any shares, bonds or other financial instruments or financial assets(other than cash) which are capable of being credited to a securities account and of being acquired and disposed of in accordance with the provisions of this Convention

177 ,,. 483),., (Acquisition by an innocent person) 484), 18 1 (acquirer) (the credit), (an earlier defective entry),. ( 17 d ).. 485) ) [ 123], ) 2008 Acquisition by an innocent person of intermediated securities 14, ) 18 1, Changmin Chun, "Cross-Border Transactions of Intermediated Securities : A Comparative Analysis in Substantive Law and Private International Law", Springer, 2012,

178 ,, ,,. 486),,, ), 486) [ 19], ) [ 36], 44.

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186 ( ) UNIDROIT 18 2 (earlier defective entry) 505)., 3,.,,.,. 506),. 507).. 508) 505) 17 (d) "defective entry means a credit of securities or designating entry that is invalid or liable to be reversed, including a conditional credit or designating entry that becomes invalid or liable to be reversed by reason of the operation or non-fulfilment of the condition 506) [ 468], ),,. 508),,

187 ,,, , 2 2, 2,,. 509),,.,, 3. 3 ( [ 205], 560 ).,,,,, (pooled account),, ( [ 205], 564 ). 509) [ 47],

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189 4., (actually know) (ought to know), ) (honest person). ( 17 b )., (ought to know). 515). faith), (test of knowledge or wilful blindness). ( (i)), (deliberately avoids) ( (ii)) 14, (mere negligence). (wilful blindness) (i) (' -a significant probability') (ii).(unidroit, Explanatory Report, Comment 75 ). 514) , ( 8 ), ( 10 2 ) ( 24 1 ), ( 28 ), ( 11 ) ( 14 ). [ 96], ) Changmin Chun, "Cross-Border Transactions of Intermediated Securities : A Comparative Analysis in Substantive Law and Private International Law", Springer, 2012, 77.

190 ,,.,,,,.,,,,.,...,. 517) 518), 516),. 517), (2011 ), 21 4,, , 204

191 ,. 519),,,. 520), 521),..,?,., 518) [ 47], ) [ 21], ) [ 168], 84.,, ( [ 36], 47 ). 521) [ 269], 338.

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227 , (4) : (2), 1986., ( ),, UFJ,,, 2008.,,, [ ],, No.1675, 2003.,, No.1676, 2003., - -,,, ,, No.1873, ,, No.1876, ,, No.1929, 2011.,, No. 1415, ,, No. 272, , Q&A 16 : ( ), No. 1712,

228 ,, No. 1669, 2003.,, No. 1673, 2003.,, 338, , No.1660, ,, No.1660, ,, 665, ,, No.1346, ,, No.1898, ,, No. 1420, ,, No.1927, 2011.,, , 2011.,

229 , 58,, 2010., :, ,, 47 3, 2004., :,, , :,, 邉,, DVP No.03-1, 2003.,, No.1983, , (1) :, No.1950, [ ], ( 3 ) , , Uniform Commercial Code : Official Text and Comments, Thomson/West, 2005.

230 Changmin Chun, "Cross-Border Transactions of Intermediated Securities : A Comparative Analysis in Substantive Law and Private International Law", Springer, 2012 Charles W. Mooney, Jr., "Law and Systems for Intermediated Securities and the Relationship of Private Property Law to Securities Clearance and Settlement : United States, Japan, and the UNIDROIT Draft Convention", IMES Discussion Paper No E-7, Bank of Japan, Hideki Kanda, Charles Mooney, Luc Thevenoz, Stephane Beraud, and Thomas Keijser, "Official Commentary on the UNIDROIT Convention on Substantive Rules for Intermediated Securities", OXFORD UNIVERSITY PRESS, James Steven Rogers, "An Essay on Horseless Carriages and Paperless Negotiable Instruments: Some Lessons from the Article 8 Revision", 31 Idaho Law Review 689, James Steven Rogers, Negotiability, Property and Identity, 12 Cardozo Law Review 471, UNIDROIT, "Explanatory Report to the Draft Convention on Substantive Rules Regarding Intermediated Securities", UNIDROIT, "FINAL ACT of the final session of the diplomatic Conference to Adopt a Convention on Substantive Rules regarding Intermediated Securities held under the auspices of the International Institute for the Unification of Private Law (UNIDROIT) in Geneva from 5 to 9 October 2009", 2009.

231 (UNIDROIT)

232 <Abstract> A Study on the Juridical Relation of Electronic Registered Shares Kim Dae-kwon Department of Law The Graduate School Seoul National University "Electronic Registered Share", which can be transferred to others without securities, was newly introduced in the Korean Commercial Code in This change in the law will lead to new problems in the existing legal theory premised on certificated shares. This thesis would mainly look at the variation of legal theory about certificated shares. In particular, the thesis focuses on electronic registration book-entry, means of proving a shareholder's right, a method of transfer, and innocent acquisition. First, it suggests that we adpot a model of electronic registered systerm. Especially, only one special act should be legalized, and indirect registered systerm should be adopted. The range of applicable corporation don't need to be limited, but need to be compulsory. About legal characteristics, it is proper that electronic registered share is not securities, unlike Japan's conventional opinion. And it also needs to devise a measure about the relationship of share and it's owner. In the past it was considered to deposit of all stocks and

233 co-ownership, but in the electronic registered system a theory of direct-ownership is appropriate. Second, means of proving a shareholder's right will change, so we need to adopt "Notification to Some Shareholders" and "Notification to All Shareholders" in Japan or new method of our own, likewise "Real Shareholder Evidence". In Japan, already diverse legal problems, i.e. "Media Exchange Company" case, are reported. Also, it is an issue whether Shareholders' List is still in effect or not, despite of Electronic Registration Book, and whether Register of Real Shareholder System should be amended. Third, Electronic Registration Book-Entry is a requirement in transfer of ownership and establishment of a pledge right, so it cannot be transferred or established by other ways. In Innocent Acquisition, a change also occurs. In particular exceeded number of book-entry should be protected by Korean Commercial Code Article To achieve this, it needs to be institutionalized that the liable agency acquire exceeded number of share and retire the share. keywords : Electronic Registered Share, Electronic Registration System of Uncertificated Stock, Electronic Registration Book, a Notification to Some Shareholders, Notification to All Shareholders, Innocent Acquisition Student Number :