The Stock Exchange Law placed exceptional regulations of Stock Listed Firm and KOSDAQ Listed Firm (Listed Firms) at Article 9 Section 3 'Exception of Listed Firms'. These exceptional regulations are partial exceptions from the corporation law section of the commercial law. Among those, exceptional regulations which are related with financial disciplines are related regulations with property and income management. These are various regulations (ex: stock issuing, corporate bond, profit distribution, etc) which can effect company finance structure and/or financial status of a corporation. These exceptional regulations were established to support supplying of funds and promoting restructuring of financial structure.
But, most of regulations of stock exchange law related with listed firm's financial discipline could be restricted by a commercial law. Therefore, there is a necessity to take decisive step to delete the regulations which can be controlled by commercial law and unite them with commercial law system. Exceptional regulations related with stocks and bonds need to be transferred to commercial law from stock exchange law because stock exchange law is basically characterized as a restrict law which is to embody exchange order of market for protecting investors. For the regulations of commercial law system that specially need to be in listed firms' regulation, there is a necessity to legislate that minimized exceptional regulation remains in the stock exchange law.
Among the financial discipline exceptional regulations of stock exchange law, regulations related with general posted additional stocks and finance management norms of stock listed firms are suitable exceptional regulations to the primary stock exchange law. Although the system has significant meaning as 'exception', regulations of paying a dividend to a public corporation and preference dividend to stock holding union members need to be controlled by other exceptional law rather than stock exchange law. With exclusion of the exceptional regulations which mentioned above, most of exceptional regulations of financial order are needed to transferred to the commercial law. By the transaction, the commercial law as basic law of corporations would regain the ability of standardization and exceptional regulations of commercial law could continue to exist as authentic exceptional regulations.
In addition, recent movement of reforming commercial law, legislating action of Ministry of Justice and Ministry of Finance and Economy surrounding listed firms, indicate a large transformation of law paradigm for Korean corporations. Legislation of commercial law and commercial exceptional law should focus on establishing good environment for active corporation.