Definition of Financial Investment Products from a Legal Perspective

The Capital Markets and Financial Investment Services Act introduces a comprehensive definition of financial investment products as a legal basis for a more comprehensive and flexible capital market regulation. Such a comprehensive definition of legal terms does not appear to be general in Korea, which leads to some concerns on the uncertainty involving the interpretation and application of such broad terms. For this reason, the new Act ensures its applicability and legal certainty through three step-definition of financial investment products with their essential functions and risks taken into consideration. Firstly, regarding the definition of financial investment product, the function and risk test is considered relatively clear as there exists a wide consensus on the meaning of function and risk of financial investment products. The new Act also provides for a set of quantitative criteria for which can be used in applying the tests of function and risk. Secondly, with regard to the definition of securities, there may be disputes over the interpretation and application of the resemblance test to some types of investment products involving physical commodities or any interests therein. Thirdly, in the case of derivatives, the main issue is the differentiation of derivatives and insurance products as the new Act expanded the scope of underlying assets very broadly including risks traditionally hedged through insurance products. But the Government announced a plan to introduce a new definition of insurance products. According to the plan, insurance products cover any risk management products if only the insureds or the beneficiaries of the products have material insured interests in the products...이 논문은 서울대학교 법학발전재단 출연 법학연구소 기금의 2008학년도 학술연구 비의 보조를 받았음

Conclusive Evaluations Regulation in the Capital Markets Act– Focusing on Comparison with Japanese Law

본고에서는 첫째, 자본시장법상 단정적 판단의 제공 등의 금지의 구조와 보호법익, 그리고 다른 규제와의 관계, 둘째, 단정적 판단의 제공 등의 금지와 형벌의 적용, 셋째, 단정적 판단의 제공 등의 금지위반에 대한 민사상 손해배상책임을 살펴보았다. 첫째, 자본시장법상 단정적 판단의 제공 등의 금지는 일본의 금상법 및 금판법과 기본적으로 동일한 구조를 가지고 있지만, 그 위반행위에 대하여 형벌을 규정하고 있는 점이 다르다. 자본시장법상 설명의무 및 그에 포함되어 있는 단정적 판단 제공 등의 금지 위반에 대한 손해배상책임규정의 실제 운용은 일본과 차이가 있다. 둘째, 단정적 판단의 제공 등의 금지위반행위를 형벌로 처벌하는 것이 입법정책의 범위에 속한다는 헌법재판소 결정은 헌법판단으로서는 충분한 근거가 있는 것으로 생각된다. 다만 구성요건으로서의 단정적 판단 등의 불명확성에 대한 지적과 투자권유규제를 포함한 자본시장법상 영업행위규제에 대한 제재수단의 체계화라는 관점에서 논의할 필요성은 인정한다. 그리고 형벌규정의 적용을 위한 요건의 판단을 위해서는 거래상대방인 투자자가 아니라 통상의 합리적 투자자를 기준으로 하는 것이 입법취지상 타당하다. 셋째, 자본시장법상 단정적 판단의 제공 등의 금지에 대한 손해배상책임에 관하여는 (i) 요건에 대해서는 자본시장법 제49조에서 규정하는 형벌의 적용요건과 동일하게 판단하고 있지만, 자본시장법체계상 설명의무에 관한 동법 제47조의 판단구조를 따라야 할 것이다. (ii) 자본시장법 제48조의 입법 이후에도 자본시장법 시행 전 판단구조를 그대로 유지하는 점은 일본법과의 차이를 나타내는 것으로서 해석론상 주목을 요한다. 특히 하급심에서 자본시장법의 명시적 규정에도 불구하고 전문투자자에 대한 설명의무를 인정한 것은 그 근거를 찾기 어렵다.N

Legal Aspect of Cashless Society – Korean Perspective

본고에서는 통화법의 관점에서 첫째, 현금사용의 감소와 관련하여 법화의 제도적 의의를 점검하고, 둘째, 강제통용력과 관련되지만 차별화되는 쟁점으로 비현금지급수단의 사용에 익숙하지 않은 취약계층의 현금사용을 법적으로 보장할 수 있는지를 살펴보았다. 본고에서 말하는 통화법의 관점은 법화를 포함한 지급수단의 사용은 당사자들의 의사와 시장의 신뢰에 기초하여 이루어진다는 것을 말한다. 첫째 문제에 관하여는 법화의 강제통용력은 절대적인 개념이라고 할 수 없음을 확인하였다. (i) 주화의 강제통용력을 제한하는 것이 임금지급방법의 남용과 같은 현실문제에 대한 직접적 해결수단이 될 수 없지만, 민법상 신의성실의 원칙에 반하는 변제방법의 판단기준을 제시하는 의미는 있을 것으로 보았다. (ii) 법화의 강제통용력과 계약자유의 원칙의 관계는 당사자간 지급에 관한 별도 합의를 인정할 수밖에 없고, 그로 인한 취약계층의 보호는 지급수단으로서의 현금선택권 보장문제로 판단했다. 둘째 문제에 관하여는 자금세탁방지나 세원확보라는 법정책적 고려에 따라 일정 금액 이상의 현금사용을 제한할 것인지 여부는 통화법이 아니라 자금세탁방지를 위한 또는 세원확보를 위한 수단으로서의 비용과 편익을 고려하여 판단할 문제로 보았다. 그러나 덴마크의 입법에서 보는 바와 같이 일정한 제한적인 요건 아래 현금사용을 강제하는 현금규칙을 도입하는 것은 가능하고 필요하다고 판단하였다.N

An analysis of factors associated with increased perineal descent in women

Purpose: Treatment of descending perineal syndrome is focused on personal etiology and on improving symptoms. However, the etiology of increased perineal descent (PD) is unclear. Therefore, the aim of the present study was to evaluate factors associated with increased resting and dynamic PD in women. Methods: From January 2004 to August 2010, defecographic findings in 201 female patients were reviewed retrospectively. Patients age, surgical history, manometric results and defecographic findings were compared with resting and dynamic PD. Results: Age (P < 0.01), number of vaginal deliveries (P < 0.01) and resting anorectal angle (P < 0.01) were correlated with increased resting PD. Also, findings of rectoceles (P < 0.05) and intussusceptions (P < 0.05) were significantly correlated with increased resting PD. On the other hand, increased dynamic PD was correlated with age (P < 0.05), resting anal pressure (P < 0.01) and sigmoidoceles (P < 0.05). No significant correlation existed between non-relaxing puborectalis, history of pelvic surgery and increased PD. Also, no significant differences in PD according to the symptoms were observed. Conclusion: Increased number of vaginal deliveries and increased resting rectoanal angle are associated with increased resting PD whereas increased resting anal pressure is correlated with increased dynamic PD. Older age correlates with both resting and dynamic PD. Defecographic findings, such as rectoceles and intussusceptions, are associated with resting PD, and sigmoidoceles correlated with dynamic PD. These results can serve as foundational research for understanding the pathophysiology and causes of increasing PD in women better and for finding a fundamental method of treatment. © 2012 The Korean Society of Coloproctology

Effect of chitosan coating on surgical sutures to strengthen the colonic anastomosis

BACKGROUND: We evaluated the feasibility of chitosan-coated sutures for intestinal anastomosis strength through wound-healing effect. METHODS: Vicryl and PDS sutures were coated with 2% chitosan. While laparotomy was applied to the first group, chitosan was applied in the peritoneal cavity in the second group. Then the following materials were applied to colon anastomosis, in order: Vicryl, PDS, chitosan-coated Vicryl, and chitosan-coated PDS sutures. On the 7th and 14th days, eight rats from each group were euthanized. RESULTS: The adhesion scores of chitosan and control groups were lower than the suture groups. The vascularization of Vicryl-chitosan was lower than PDS-chitosan on the 14th day (p=0.038). Fibroblast cells and vascularization of anastomosis with chitosan-coated Vicryl were lower than Vicryl and chitosan-coated PDS on the 14th day (p<0.05). The tensile strength of Vicryl-chitosan increased more than Vicryl in vitro (p<0.05) on the 14th and 7th days, but there was no difference in vivo. The tensile strength of PDS-chitosan decreased more than PDS on the 7th day in vivo (p<0.05). CONCLUSION: The chitosan-coating effect on the adhesion and reinforcement of anastomosis in some parts of Vicryl in vitro and PDS in vivo was slightly improved

One year follow-up result of Doppler-guided hemorrhoidal artery ligation and recto-anal repair in 97 consecutive patients

Purpose: Doppler-guided hemorrhoidal artery ligation and recto-anal repair (DG-HAL & RAR) is known for low recurrence, high patient satisfaction, and less postoperative pain. The purpose of this study is to analyze the 1-year follow-up results in patients who underwent a DG-HAL & RAR and to establish the benefits of the procedure. Methods: Among the hemorrhoid patients who were admitted to our hospital from March 2008 to May 2010 and who underwent a DG-HAL & RAR, 97 patients who were followed up for a year were investigated. Recurrence, complications, admission period, difference in preoperative and postoperative pain, operation time, and time to return to daily activities were investigated. Results: The average admission period was 1.6 ± 1.1 days. Pain at postoperative day 7 showed no significant difference from preoperative pain (P > 0.05). The operation time was 34.0 ± 7.3 minutes on average, and return to daily activities was timed at 2.3 ± 2.0 days postoperatively. At the one year follow-up, no serious complications were noted, and preoperative symptoms recurred only in 14 patients (14.4%). Conclusion: In most patients with hemorrhoids, excluding those with severe prolapsed hemorrhoids, less pain, no serious complications, and good long-term outcome can be expected from a DG-HAL & RAR. © 2011 The Korean Society of Coloproctology

Legal Implications of the Changing Financial Services Industry Environment

In financial markets around the world, there have been significant changes. Over the last 30 years there have been growing trends towards globalizing financial markets and increasing blurring of sectoral boundaries dividing banks, securities markets and insurance companies. These trends make national policy makers consider initiatives to reform financial regulatory and supervisory structures. Major Asian financial markets also try to ensure their markets are efficient and competitive. Korea also needs to examine current financial market and its national regulatory arrangements in order to secure long-term competitiveness with other Asian financial markets and to cope with changing financial markets in the future. This article tries to analyse the UK financial regulatory and supervisory arrangements. The UK is the first major international financial center to adopt the single regulator model and to enact the single integrated financial act, the Financial Services and Markets Act 2000(FSMA 2000). Chapter Ⅱ discusses the UK's policy to reform the financial regulatory and supervisory structure. Chapter Ⅲ analyses the UK's past financial regulatory and supervisory arrangements. After focusing on the UK's single regulator, the Financial Services Authority, in Chapter Ⅳ, Chapter Ⅴ analyses the FSMA 2000. Chapter Ⅵ draws some conclusions on the issues of adopting the UK system in Korea

Guidelines for the Diagnosis and Treatment of Chronic Functional Constipation in Korea, 2015 Revised Edition

The Korean Society of Neurogastroenterology and Motility first published guidelines for chronic constipation in 2005 and was updated in 2011. Although the guidelines were updated using evidence-based process, they lacked multidisciplinary participation and did not include a diagnostic approach for chronic constipation. This article includes guidelines for diagnosis and treatment of chronic constipation to realistically fit the situation in Korea and to be applicable to clinical practice. The guideline development was based upon the adaptation method because research evidence was limited in Korea, and an organized multidisciplinary group carried out systematical literature review and series of evidence-based evaluations. Six guidelines were selected using the Appraisal of Guidelines for Research & Evaluation (AGREE) II process. A total 37 recommendations were adopted, including 4 concerning the definition and risk factors of chronic constipation, 8 regarding diagnoses, and 25 regarding treatments. The guidelines are intended to help primary physicians and general health professionals in clinical practice in Korea, to provide the principles of medical treatment to medical students, residents, and other healthcare professionals, and to help patients for choosing medical services based on the information. These guidelines will be updated and revised periodically to reflect new diagnostic and therapeutic methods

Silencing the livin gene enhances the cytotoxic effects of anticancer drugs on colon cancer cells

Purpose: Livin is associated with drug response in several cancers. The aim of this study was to investigate the effect of silencing the livin gene expression on anticancer drug response in colorectal cancer. Methods: siRNA was transfected at different concentrations (0, 10, and 30nM) into HCT116 cells, then cells were treated with either 5-fluorouracil (FU)/leucovorin (LV) or oxaliplatin (L-OHP)/5-FU/LV. Cellular viability and apoptosis were evaluated following silencing of livin gene expression combined with treatment with anticancer drugs. Results: Livin gene expression was effectively suppressed by 30nM siRNA compared with control and 10nM siRNA. The 3-(4, 5-dimethylthiazol-2-yl)-2, 5-diphenyltetrazolium bromide assay showed that proliferation was effectively inhibited in cells treated with a combination of both siRNA and an anticancer drug, compared to cells treated with siRNA-Livin or anticancer drug alone. In particular, the combination of 30nM siRNA and L-OHP/5-FU/LV resulted in a 93.8% and 91.4% decrease, compared to untreated control or L-OHP/5-FU/LV alone, respectively. Cellular proliferation was most effectively suppressed by a combination of 30nM of siRNA and L-OHP/5-FU/LV compared to other combinations. Conclusion: siRNA-mediated down-regulation of livin gene expression could significantly suppress colon cancer growth and enhance the cytotoxic effects of anticancer drugs such as 5-FU and L-OHP. The results of this study suggest that silencing livin gene expression in combination with treatment with anticancer drugs might be a novel cancer therapy for colorectal cancer