Since the Enron debacle in 2002, the Sarbanes-Oxley Act of 2002 has introduced lots of regulations and rules in order to strengthen the accounting and monitoring systems of publicly held corporations. These initiatives have influenced corporate laws and securities laws of other countries including Korea. However, over regulation of securities markets and corporate activities caused too much burdens on small and medium sized companies.
Therefore, this study tries to analyzes how to eliminate the unnecessary regulations and expenses of publicly held corporations and also how to enhance the management system of corporate shareholders. First of all, by improving the informal pledge system and compulsory separate safekeeping system of stocks, this thesis seeks to reduce the issuance of certificated securities and to lessen the management expenses of them.
In order to enhance the system of shareholders' list, this study discusses dual management system of the beneficial shareholder and nominal shareholder, also analyzes the reduction or elimination of the closing of shareholders' list. I addition, after this article reviews the reading and copying of shareholders' list in terms of private information, it suggests to add the cases which allow the publication of the beneficial shareholders' list.