일본의 개정증권거래법상의 공개매수규제

Abstract

본 연구는 1990년 일본 개정증권거래법상의 공개매수규제를 고찰한 것이다. 편의상 공시규제와 실체적 규제로 나누어 고찰하였으며, 동시에 개정법이 안고 있는 몇가지 문제점에 대해서도 검토하였다. 일본은 1990년 증권거래법의 개정을 통하여 공개매수법제를 전면적으로 개정하였다 금번 개정의 직접적인 계기가 된 것은 5 % rule의 도입으로써, 지금까지 공개매수가 의무화되는 매수후의 주식소유비율을 5 % rule의 도입에 맞추어 종래의 10 %에서 5 %로 인하하는 데에 있었다. 금번 개정시에는 그 밖에도 외국법제와의 조화를 도모함으로써 자본시장의 국제화를 한층 강화하고 투자자보호에 만전을 기할 필요성이 인식되었다. 또한 공개매수제도를 앞으로 운용해 나감에 있어서 예상되는 문제점과 일본의 공개매수법제가 외국자본에 대해 지나치게 엄격하다는 외국으로부터의 비관도 고려되었다. 이에 따라 개정법에서는 사절신고제도의 폐지, 공개매수기간 및 해제기간의 연장, 매수조건 변경의 허용 등 규제완화책이 다수 채택됨으로써, 전체적으로 미 국법상의 규제에 많이 접근하고 있다. 근래에 들어서는 국내에서도 공개매수가 기업인수전략의 하나로써 이용되기 시작했으며, 1997년 중권거래법상의 대량주식소유제한 제도가 폐지되는 경우에는 보다 활발하게 이루어질 것으로 예상된다. 종래 우리의 공개매 수법제와 현실이 일본과 유사했다는 점을 고려한 때, 앞으로 우리가 공개매수 관련규정을 개정하는 경우 일?뼈? 개정증권거래법은 하나의 참고가 될 수 있을 것이다.

The purpose of this article is to examine the Japanese 1990's revised Tender Offer law. This paper firstly examines the revised law in terms of two categories, disclosure regulation and substance regulation, and then points out some loopholes in the revised law. Japanesee Tender Offer law was extensively revised through the Revision of Securities Exchange Act in 1990. The introduction of a 5% rule served as a direct momentum in the 1990's revision. Namely the aim of the 1990's revision was to reduce the stockholdings ratio with which Tender Offer was compelled from 10% to 5% with the introduction of a 5% rule. In addition, the needs for strengthening the internationalization of the domestic capital market and for adopting a prudential policy for the protection of investors were recognized in the 1990's revision. The problems which are expected to encounter in applying the Tender Offer law and the criticism that Japanese Tender Offer law is too strict to the foreign capital were also considered. So many softened measures, for example, abolishment of pre-notification requirement, extension of purchasing period and cancellation period, allowance of change in purchasing terms were included in the 1990's revision. Therefor Japanese revised Tender Offer law generally becomes similar to the U.S. Tender Offer law. Recently the Tender Offer begins to be through as a strategy of the corporate acquisition in Korea. And Tender Offer is expected to be utilized intensively in case of deletion of article 200 of the Korea Securities Exchange Act in 1997. In consideration of the similar condition of the Tender Offer law between Korea and Japan, the Japanese revised Tender Offer law could affect the revision of the Korean Tender Offer law in near future.

The purpose of this article is to examine the Japanese 1990's revised Tender Offer law. This paper firstly examines the revised law in terms of two categories, disclosure regulation and substance regulation, and then points out some loopholes in the revised law. Japanesee Tender Offer law was extensively revised through the Revision of Securities Exchange Act in 1990. The introduction of a 5% rule served as a direct momentum in the 1990's revision. Namely the aim of the 1990's revision was to reduce the stockholdings ratio with which Tender Offer was compelled from 10% to 5% with the introduction of a 5% rule. In addition, the needs for strengthening the internationalization of the domestic capital market and for adopting a prudential policy for the protection of investors were recognized in the 1990's revision. The problems which are expected to encounter in applying the Tender Offer law and the criticism that Japanese Tender Offer law is too strict to the foreign capital were also considered. So many softened measures, for example, abolishment of pre-notification requirement, extension of purchasing period and cancellation period, allowance of change in purchasing terms were included in the 1990's revision. Therefor Japanese revised Tender Offer law generally becomes similar to the U.S. Tender Offer law. Recently the Tender Offer begins to be through as a strategy of the corporate acquisition in Korea. And Tender Offer is expected to be utilized intensively in case of deletion of article 200 of the Korea Securities Exchange Act in 1997. In consideration of the similar condition of the Tender Offer law between Korea and Japan, the Japanese revised Tender Offer law could affect the revision of the Korean Tender Offer law in near future.