<p style="text-align:center"> </p> <p style="text-align:center"> </p> <table border="1" cellpadding="1" cellspacing="1" style="width:1300px"> <tbody> <tr> <td> <p style="text-align:center"> </p> <p style="text-align:center"><span style="font-family:Arial,Helvetica,sans-serif"><span style="line-height:130%"><span style="font-size:26.0pt"><strong>비상장주식</strong></span><span style="font-size:26.0pt"><strong>·</strong></span><span style="font-size:26.0pt"><strong>조각투자 장외거래소</strong></span><span style="font-size:20.0pt"><strong>(</strong></span><span style="font-size:20.0pt"><strong>유통플랫폼</strong></span><span style="font-size:20.0pt"><strong>) </strong></span><span style="font-size:26.0pt"><strong>제도 도입을 위한 </strong></span></span></span></p> <p style="text-align:center"> </p> <p style="text-align:center"><span style="font-family:Arial,Helvetica,sans-serif"><span style="line-height:130%"><span style="font-size:26.0pt"><strong>｢</strong></span><span style="font-size:26.0pt"><strong>자본시장법</strong></span><span style="font-size:26.0pt"><strong>｣ </strong></span><span style="font-size:26.0pt"><strong>시행령 개정안 국무회의 의결</strong></span></span></span></p> <p style="text-align:center"> </p> <p><span style="font-family:Arial,Helvetica,sans-serif"><span style="line-height:150%"><span style="font-size:15.0pt"> ✓ </span><span style="font-size:15.0pt">그간 샌드박스 제도를 통해 운영되어 온</span> <span style="font-size:15.0pt"><strong>비상장주식 및 조각투자 장</strong></span><span style="font-size:15.0pt"><strong>외거래소 </strong></span><span style="font-size:15.0pt">관련 </span><span style="font-size:15.0pt"><strong>신규 인가단위 </strong></span><span style="font-size:15.0pt">및 </span><span style="font-size:15.0pt"><strong>업무기준 </strong></span><span style="font-size:15.0pt">도입</span></span></span></p> <p><span style="font-family:Arial,Helvetica,sans-serif"><span style="font-size:8.0pt"><span style="line-height:150%"> </span></span></span></p> <p><span style="font-family:Arial,Helvetica,sans-serif"><span style="line-height:150%"><span style="font-size:15.0pt"> ✓ </span><span style="font-size:15.0pt"><strong>미래 성장성 </strong></span><span style="font-size:15.0pt">있는 </span><span style="font-size:15.0pt"><strong>비상장기업</strong></span><span style="font-size:15.0pt">의 </span><span style="font-size:15.0pt"><strong>주식</strong></span> <span style="font-size:15.0pt">거래</span><span style="font-size:15.0pt">, </span><span style="font-size:15.0pt"><strong>다양한 기초자산</strong></span><span style="font-size:15.0pt">을 </span><span style="font-size:15.0pt"><strong>쪼개어 투자</strong></span><span style="font-size:15.0pt">할 수 있는 </span><span style="font-size:15.0pt"><strong>조각투자</strong></span> <span style="font-size:15.0pt">거래 </span><span style="font-size:15.0pt"><strong>활성화</strong></span> <span style="font-size:15.0pt">기대</span></span></span></p> <p><span style="font-family:Arial,Helvetica,sans-serif"><span style="font-size:6.0pt"><span style="line-height:150%"> </span></span></span></p> <p><span style="font-family:Arial,Helvetica,sans-serif"><span style="line-height:150%"><span style="font-size:15.0pt"> - </span><span style="font-size:15.0pt">이를 통해</span><span style="font-size:15.0pt">, </span><span style="font-size:15.0pt"><strong>중소</strong></span><span style="font-size:15.0pt"><strong>·</strong></span><span style="font-size:15.0pt"><strong>벤처기업</strong></span><span style="font-size:15.0pt">의 </span><span style="font-size:15.0pt"><strong>주식 발행</strong></span><span style="font-size:15.0pt"><strong>, </strong></span><span style="font-size:15.0pt"><strong>보유자산 유동화</strong></span> <span style="font-size:15.0pt">등을 통한 </span><span style="font-size:15.0pt"><strong>사업자금 조달</strong></span> <span style="font-size:15.0pt">측면에서도 긍정적 효과 기대</span></span></span></p> <p> </p> </td> </tr> </tbody> </table> <p><span style="font-family:Arial,Helvetica,sans-serif"><span style="font-size:15.0pt"> </span></span></p> <p><span style="font-family:Arial,Helvetica,sans-serif"><span style="font-size:14.0pt">그간 </span><span style="font-size:14.0pt"><strong>샌드박스</strong></span> <span style="font-size:14.0pt">제도를 통해 운영되어 온 </span><span style="font-size:14.0pt"><strong>비상장주식 및 조각투자 장외</strong></span><span style="font-size:14.0pt"><strong>거래소</strong></span><span style="font-size:12.0pt">(</span><span style="font-size:12.0pt">유통플랫폼</span><span style="font-size:12.0pt">)</span> <span style="font-size:14.0pt">제도 도입을 위한 </span><span style="font-size:14.0pt"><strong>｢</strong></span><span style="font-size:14.0pt"><strong>자본시장과 금융투자업에 관한 법률</strong></span><span style="font-size:14.0pt"><strong>｣</strong></span> <span style="font-size:14.0pt"><strong>시행령 개정안</strong></span><span style="font-size:14.0pt">이 국무회의에서 의결되었다</span><span style="font-size:14.0pt">. </span><span style="font-size:14.0pt">동 개정안은 </span><span style="font-size:14.0pt"><strong>다음주</strong></span><span style="font-size:12.0pt">(9.23~25</span><span style="font-size:12.0pt">일 중</span> <span style="font-size:12.0pt">예상</span><span style="font-size:12.0pt">)</span> <span style="font-size:14.0pt"><strong>공포</strong></span><span style="font-size:14.0pt"><strong>·</strong></span><span style="font-size:14.0pt"><strong>시행</strong></span><span style="font-size:14.0pt">될 예정이며</span><span style="font-size:14.0pt">, </span><span style="font-size:14.0pt">시행령 시행에 맞춰 시행령에서 위임된 구체적</span> <span style="font-size:14.0pt">사안</span><span style="font-size:14.0pt">에 관한 </span><span style="font-size:14.0pt">｢</span><span style="font-size:14.0pt">금융투자업규정</span><span style="font-size:14.0pt">｣</span><span style="font-size:14.0pt">, </span><span style="font-size:14.0pt">｢</span><span style="font-size:14.0pt">증권의 발행 및 공시 등에 관한 규정</span><span style="font-size:14.0pt">｣ </span><span style="font-size:14.0pt">개</span><span style="font-size:14.0pt">정안도 함께 고시</span><span style="font-size:14.0pt">·</span><span style="font-size:14.0pt">시행될 예정이다</span><span style="font-size:14.0pt">. </span></span></p> <p><span style="font-family:Arial,Helvetica,sans-serif"><span style="font-size:14.0pt"> </span></span></p> <p> </p> <table cellspacing="0" style="border-collapse:collapse; width:1300px"> <tbody> <tr> <td style="background-color:#6699cc; border-color:initial; border-style:none; border-width:initial; height:36px; vertical-align:middle; width:141px"> <p><span style="font-family:Arial,Helvetica,sans-serif"><span style="line-height:150%"><span style="font-size:15.0pt"> 1. </span><span style="font-size:15.0pt">주요 내용</span></span></span></p> </td> </tr> </tbody> </table> <p><span style="font-family:Arial,Helvetica,sans-serif"> </span></p> <p><span style="font-family:Arial,Helvetica,sans-serif"><span style="font-size:14.0pt"><strong>[</strong></span><span style="font-size:14.0pt"><strong>인가단위 신설</strong></span><span style="font-size:14.0pt"><strong>] </strong></span></span></p> <p><span style="font-family:Arial,Helvetica,sans-serif"> </span></p> <p><span style="font-family:Arial,Helvetica,sans-serif"><span style="line-height:155%"><span style="font-size:14.0pt">비상장주식 및 조각투자 장외거래소 영업을 위한 </span><span style="font-size:14.0pt"><strong>전용 투자중개업 인가</strong></span><span style="font-size:14.0pt"><strong>단위</strong></span><span style="font-size:14.0pt">를 각각 신설한다</span><span style="font-size:14.0pt">. </span><span style="font-size:14.0pt">자본시장법은 투자중개업자가 장외에서 증권을 </span><span style="font-size:14.0pt">중</span><span style="font-size:14.0pt">개하는 경우 </span><span style="font-size:14.0pt">1:1 </span><span style="font-size:14.0pt">중개를 원칙으로 하고 있어 </span><span style="font-size:14.0pt">“</span><span style="font-size:14.0pt"><strong>다수의 매수자와 매도자를</strong></span> <span style="font-size:14.0pt"><strong>동시에 </strong></span><span style="font-size:14.0pt"><strong>중개</strong></span><span style="font-size:14.0pt">”</span><span style="font-size:14.0pt">하는 장외거래소 영업을 위해서는 전용 인가단위가 필요하다</span><span style="font-size:14.0pt">.</span> <span style="font-size:14.0pt">장외</span><span style="font-size:14.0pt">거래소 인가를 받기 위해서는 자본시장법에 따른 </span><span style="font-size:14.0pt"><strong>최소 자기자본</strong></span><span style="font-size:14.0pt">*</span><span style="font-size:14.0pt"><strong>, </strong></span><span style="font-size:14.0pt"><strong>사업</strong></span><span style="font-size:14.0pt"><strong>계</strong></span><span style="font-size:14.0pt"><strong>획의 타당성</strong></span><span style="font-size:14.0pt"><strong>·</strong></span><span style="font-size:14.0pt"><strong>건전성</strong></span><span style="font-size:14.0pt"><strong>, </strong></span><span style="font-size:14.0pt"><strong>인력</strong></span><span style="font-size:14.0pt"><strong>·</strong></span><span style="font-size:14.0pt"><strong>물적설비</strong></span><span style="font-size:14.0pt">*</span><span style="font-size:14.0pt"><strong>, </strong></span><span style="font-size:14.0pt"><strong>대주주 적격성</strong></span><span style="font-size:14.0pt"><strong>, </strong></span><span style="font-size:14.0pt"><strong>사회적 신용</strong></span> <span style="font-size:14.0pt">등 </span><span style="font-size:14.0pt"><strong>인가</strong></span><span style="font-size:14.0pt"><strong>요건</strong></span><span style="font-size:14.0pt">을 충족해야 한다</span><span style="font-size:14.0pt">. </span></span></span></p> <p><span style="font-family:Arial,Helvetica,sans-serif"><span style="font-size:8.0pt"><span style="line-height:155%"> </span></span></span></p> <p><span style="font-family:Arial,Helvetica,sans-serif"><span style="line-height:155%"><span style="font-size:12.0pt">* (</span><span style="font-size:12.0pt">예</span><span style="font-size:12.0pt">) [</span><span style="font-size:12.0pt">최소 자기자본 요건</span><span style="font-size:12.0pt">] 60</span><span style="font-size:12.0pt">억원 </span><span style="font-size:12.0pt">(</span><span style="font-size:12.0pt">전문투자자만 대상으로 할 경우 </span><span style="font-size:12.0pt">30</span><span style="font-size:12.0pt">억원</span><span style="font-size:12.0pt">)</span><br /> <span style="font-size:12.0pt">[</span><span style="font-size:12.0pt">여타 투자중개업과 다른 인력요건</span><span style="font-size:12.0pt">] </span><span style="font-size:12.0pt">매매체결전문인력 </span><span style="font-size:12.0pt">1</span><span style="font-size:12.0pt">명</span><span style="font-size:12.0pt">, </span><span style="font-size:12.0pt">전산전문인력 </span><span style="font-size:12.0pt">8</span><span style="font-size:12.0pt">명</span></span></span></p> <p><span style="font-family:Arial,Helvetica,sans-serif"><span style="font-size:14.0pt"><span style="line-height:155%"> </span></span></span></p> <p><span style="font-family:Arial,Helvetica,sans-serif"><span style="line-height:155%"><span style="font-size:14.0pt"><strong>[</strong></span><span style="font-size:14.0pt"><strong>업무기준 마련</strong></span><span style="font-size:14.0pt"><strong>] </strong></span></span></span></p> <p><span style="font-family:Arial,Helvetica,sans-serif"><span style="line-height:155%"> </span></span></p> <p><span style="font-family:Arial,Helvetica,sans-serif"><span style="line-height:155%"><span style="font-size:14.0pt">샌드박스 운영 과정에서</span> <span style="font-size:14.0pt"><strong>거래 편의성</strong></span><span style="font-size:14.0pt">과 </span><span style="font-size:14.0pt"><strong>투자자 보호</strong></span><span style="font-size:14.0pt">의 균형을 위해 </span><span style="font-size:14.0pt"><strong>부가</strong></span><span style="font-size:14.0pt"><strong>조건</strong></span><span style="font-size:14.0pt">으로 부과되었던 사항들이 </span><span style="font-size:14.0pt"><strong>시행령</strong></span><span style="font-size:14.0pt"><strong>·</strong></span><span style="font-size:14.0pt"><strong>감독규정에 반영</strong></span><span style="font-size:14.0pt">※</span><span style="font-size:14.0pt">되었다</span><span style="font-size:14.0pt">.</span></span></span></p> <p><span style="font-family:Arial,Helvetica,sans-serif"><span style="font-size:3.0pt"><span style="line-height:155%"> </span></span></span></p> <table border="1" cellpadding="1" cellspacing="1" style="width:1300px"> <tbody> <tr> <td> <p> </p> <p><span style="font-family:Arial,Helvetica,sans-serif"><span style="line-height:150%"><span style="font-size:12.0pt">※ </span><span style="font-size:12.0pt"><strong>[</strong></span><span style="font-size:12.0pt"><strong>참고</strong></span><span style="font-size:12.0pt"><strong>] </strong></span><span style="font-size:12.0pt"><strong>비상장주식</strong></span><span style="font-size:12.0pt"><strong>·</strong></span><span style="font-size:12.0pt"><strong>조각투자 유통플랫폼 업무기준</strong></span></span></span></p> <p><span style="font-family:Arial,Helvetica,sans-serif"><span style="font-size:5.0pt"><span style="line-height:150%"> </span></span></span></p> <p><span style="font-family:Arial,Helvetica,sans-serif"><span style="line-height:150%"><span style="font-size:12.0pt"> - </span><span style="font-size:12.0pt"><strong>(</strong></span><span style="font-size:12.0pt"><strong>거래</strong></span><span style="font-size:12.0pt"><strong>·</strong></span><span style="font-size:12.0pt"><strong>체결</strong></span><span style="font-size:12.0pt"><strong>)</strong></span> <span style="font-size:12.0pt">매수</span><span style="font-size:12.0pt">·</span><span style="font-size:12.0pt">매도 호가를 공개하고</span><span style="font-size:12.0pt">, </span><span style="font-size:12.0pt">가격이 일치하는 주문간 거래 체결</span></span></span></p> <p><span style="font-family:Arial,Helvetica,sans-serif"><span style="font-size:3.0pt"><span style="line-height:150%"> </span></span></span></p> <p><span style="font-family:Arial,Helvetica,sans-serif"><span style="line-height:150%"><span style="font-size:12.0pt"> -</span> <span style="font-size:12.0pt"><strong>(</strong></span><span style="font-size:12.0pt"><strong>공시</strong></span><span style="font-size:12.0pt"><strong>)</strong></span> <span style="font-size:12.0pt">투자자에게 기업의 감사보고서 등 재무정보</span><span style="font-size:12.0pt">(</span><span style="font-size:12.0pt">비상장주식</span><span style="font-size:12.0pt">), </span><span style="font-size:12.0pt">기초자</span><span style="font-size:12.0pt">산 운용현황</span><span style="font-size:12.0pt">·</span><span style="font-size:12.0pt">수익</span><span style="font-size:12.0pt">·</span><span style="font-size:12.0pt">수수료 등 정보</span><span style="font-size:12.0pt">(</span><span style="font-size:12.0pt">조각투자</span><span style="font-size:12.0pt">)</span><span style="font-size:12.0pt">를 정기적으로 공시</span></span></span></p> <p><span style="font-family:Arial,Helvetica,sans-serif"><span style="font-size:3.0pt"><span style="line-height:150%"> </span></span></span></p> <p><span style="font-family:Arial,Helvetica,sans-serif"><span style="line-height:150%"><span style="font-size:12.0pt"> - </span><span style="font-size:12.0pt"><strong>(</strong></span><span style="font-size:12.0pt"><strong>전문종목</strong></span><span style="font-size:12.0pt"><strong>)</strong></span> <span style="font-size:12.0pt">비상장주식의 경우</span><span style="font-size:12.0pt">, </span><span style="font-size:12.0pt">전문투자자 등 간의 거래를 원칙으로 하되</span><span style="font-size:12.0pt">(</span><span style="font-size:12.0pt">단</span><span style="font-size:12.0pt">, </span><span style="font-size:12.0pt">일반투</span><span style="font-size:12.0pt">자자도</span> <span style="font-size:12.0pt">보유한도 내 </span><span style="font-size:12.0pt">“</span><span style="font-size:12.0pt">매도</span><span style="font-size:12.0pt">”</span><span style="font-size:12.0pt">는 가능</span><span style="font-size:12.0pt">), </span><span style="font-size:12.0pt">일반종목 대비 완화된 거래지원 요건</span><span style="font-size:12.0pt">, </span><span style="font-size:12.0pt">공시</span><span style="font-size:12.0pt">의무</span> <span style="font-size:12.0pt">등이 적용되는 전문종목 운영 가능</span></span></span></p> <p><span style="font-family:Arial,Helvetica,sans-serif"><span style="font-size:3.0pt"><span style="line-height:150%"> </span></span></span></p> <p><span style="font-family:Arial,Helvetica,sans-serif"><span style="line-height:150%"><span style="font-size:12.0pt"> - </span><span style="font-size:12.0pt"><strong>(</strong></span><span style="font-size:12.0pt"><strong>이해상충 방지</strong></span><span style="font-size:12.0pt"><strong>) </strong></span><span style="font-size:12.0pt">본인 및 특수관계인과 이해관계 있는 증권의 거래지원 제한</span></span></span></p> <p><span style="font-family:Arial,Helvetica,sans-serif"><span style="font-size:3.0pt"><span style="line-height:150%"> </span></span></span></p> <p><span style="font-family:Arial,Helvetica,sans-serif"><span style="line-height:150%"><span style="font-size:12.0pt"> - </span><span style="font-size:12.0pt"><strong>(</strong></span><span style="font-size:12.0pt"><strong>불건전 영업행위</strong></span><span style="font-size:12.0pt"><strong>)</strong></span> <span style="font-size:12.0pt">공매도 운영</span><span style="font-size:12.0pt">, </span><span style="font-size:12.0pt">특정 증권을 대상으로 하는 조사분석 자료 제공</span><span style="font-size:12.0pt">, </span><span style="font-size:12.0pt">투자게시판</span> <span style="font-size:12.0pt">등에 게재된 의견의 임의적 삭제</span><span style="font-size:12.0pt">·</span><span style="font-size:12.0pt">수정 등은 불건전 영업행위로 금지</span></span></span></p> <p><span style="font-family:Arial,Helvetica,sans-serif"><span style="font-size:3.0pt"><span style="line-height:150%"> </span></span></span></p> <p><span style="font-family:Arial,Helvetica,sans-serif"><span style="line-height:150%"><span style="font-size:12.0pt"> - </span><span style="font-size:12.0pt"><strong>(</strong></span><span style="font-size:12.0pt"><strong>세부 운영기준 마련</strong></span><span style="font-size:12.0pt"><strong>·</strong></span><span style="font-size:12.0pt"><strong>보고</strong></span><span style="font-size:12.0pt"><strong>)</strong></span> <span style="font-size:12.0pt">장외거래소는 거래대상 지정</span><span style="font-size:12.0pt">·</span><span style="font-size:12.0pt">해제 요건</span><span style="font-size:12.0pt">, </span><span style="font-size:12.0pt">정기</span><span style="font-size:12.0pt">·</span><span style="font-size:12.0pt">수시</span><span style="font-size:12.0pt">·</span><span style="font-size:12.0pt">조회 </span><span style="font-size:12.0pt">공시기준</span><span style="font-size:12.0pt">, </span><span style="font-size:12.0pt">불공정거래 예방</span><span style="font-size:12.0pt">·</span><span style="font-size:12.0pt">감시</span><span style="font-size:12.0pt">·</span><span style="font-size:12.0pt">조치 방법 등 세부적인 시장운영 기준을 마련하여</span> <span style="font-size:12.0pt">금융위원회에</span> <span style="font-size:12.0pt">보고</span></span></span></p> <p> </p> </td> </tr> </tbody> </table> <p> <p><span style="font-family:Arial,Helvetica,sans-serif"><span style="font-size:14.0pt"><span style="line-height:155%"> </span></span></span></p> </p> <p><span style="font-family:Arial,Helvetica,sans-serif"><span style="line-height:155%"><span style="font-size:14.0pt">한편 샌드박스와 비교하여 </span><span style="font-size:14.0pt"><strong>투자자 거래 편의성</strong></span><span style="font-size:14.0pt">은 </span><span style="font-size:14.0pt"><strong>제고</strong></span><span style="font-size:14.0pt">된다</span><span style="font-size:14.0pt">. </span><span style="font-size:14.0pt">샌드</span><span style="font-size:14.0pt">박스 </span><span style="font-size:14.0pt">운</span><span style="font-size:14.0pt">영시에는 규제특례를 통한 </span><span style="font-size:14.0pt">Test-bed </span><span style="font-size:14.0pt">성격을 감안하여</span><span style="font-size:14.0pt">, </span><span style="font-size:14.0pt">매수자와 </span><span style="font-size:14.0pt">매</span><span style="font-size:14.0pt">도자가</span> <span style="font-size:14.0pt"><strong>동일 증권사</strong></span><span style="font-size:14.0pt">에 </span><span style="font-size:14.0pt"><strong>결제용 연계계좌</strong></span><span style="font-size:14.0pt">를 개설한 경우에만 </span><span style="font-size:14.0pt"><strong>매매체결이 가</strong></span><span style="font-size:14.0pt"><strong>능</strong></span><span style="font-size:14.0pt">하도록</span> <span style="font-size:14.0pt">한정했다</span><span style="font-size:14.0pt">. “</span><span style="font-size:14.0pt">증권사 내 결제</span><span style="font-size:14.0pt">”</span><span style="font-size:14.0pt">만 이루어지도록 하여 </span><span style="font-size:14.0pt"><strong>“</strong></span><span style="font-size:14.0pt"><strong>증권사 간 결제</strong></span><span style="font-size:14.0pt"><strong>”</strong></span><span style="font-size:14.0pt"><strong>를 </strong></span><span style="font-size:14.0pt"><strong>제</strong></span><span style="font-size:14.0pt"><strong>한</strong></span><span style="font-size:14.0pt">한 것이다</span><span style="font-size:14.0pt">. </span><span style="font-size:14.0pt">이로 인해 </span><span style="font-size:14.0pt">A</span><span style="font-size:14.0pt">증권사 연계계좌 이용자의 매수호가와 </span><span style="font-size:14.0pt">B</span><span style="font-size:14.0pt">증권사</span> <span style="font-size:14.0pt">연계계좌 이용자의 매도호가는 서로 거래체결이 되지 않는 등 불</span><span style="font-size:14.0pt">편함이 있었다</span><span style="font-size:14.0pt">.</span></span></span></p> <p><span style="font-family:Arial,Helvetica,sans-serif"><span style="font-size:14.0pt">금융위원회는 이를 개선하여 장외거래소 및 증권사가 </span><span style="font-size:14.0pt"><strong>예탁결제원과 연계</strong></span><span style="font-size:14.0pt">하여 </span><span style="font-size:14.0pt"><strong>안정적인 결제체계</strong></span><span style="font-size:14.0pt">를 구축한다면 </span><span style="font-size:14.0pt"><strong>증권사 간 결제를 허용</strong></span><span style="font-size:14.0pt">한다</span><span style="font-size:14.0pt">. </span><span style="font-size:14.0pt">이 경우</span> <span style="font-size:14.0pt">매수자와 매도자가 다른 증권사 연계계좌를 사용하더라도 거래가 체결될 </span><span style="font-size:14.0pt">수 있어 </span><span style="font-size:14.0pt"><strong>거래편의가 제고</strong></span><span style="font-size:14.0pt">되고 </span><span style="font-size:14.0pt"><strong>유동성 집중</strong></span><span style="font-size:14.0pt">으로 시장효율성도 제고될 것으로</span> <span style="font-size:14.0pt">기대된다</span><span style="font-size:14.0pt">.</span></span></p> <p><span style="font-family:Arial,Helvetica,sans-serif"><span style="font-size:14.0pt"> </span></span></p> <p><span style="font-family:Arial,Helvetica,sans-serif"><span style="font-size:14.0pt">또한 그 동안 </span><span style="font-size:14.0pt"><strong>조각투자</strong></span> <span style="font-size:14.0pt">샌드박스의 경우</span><span style="font-size:14.0pt">, </span><span style="font-size:14.0pt">샌드박스 사업자에게 </span><span style="font-size:14.0pt"><strong>본인이 </strong></span><span style="font-size:14.0pt"><strong>발행한 조각투자 증권</strong></span><span style="font-size:14.0pt">만 중개할 수 있는 </span><span style="font-size:14.0pt">“</span><span style="font-size:14.0pt"><strong>제한된 유통플랫폼</strong></span><span style="font-size:14.0pt">”</span><span style="font-size:12.0pt">(</span><span style="font-size:12.0pt">예</span><span style="font-size:12.0pt">:</span><span style="font-size:12.0pt">부동산 </span><span style="font-size:12.0pt">조</span><span style="font-size:12.0pt">각투자 유통플랫폼은 부동산 조각투자 증권만 중개 가능</span><span style="font-size:12.0pt">)</span><span style="font-size:14.0pt">이 허용되어 왔다</span><span style="font-size:14.0pt">. </span><span style="font-size:14.0pt">그러나</span> <span style="font-size:14.0pt">이번 제도화를 통해 여러 조각투자사업자</span><span style="font-size:14.0pt">·</span><span style="font-size:14.0pt">증권사 등이 발행한 </span><span style="font-size:14.0pt"><strong>다양한 조각투자</strong></span> <span style="font-size:14.0pt"><strong>증권</strong></span><span style="font-size:14.0pt">이 </span><span style="font-size:14.0pt"><strong>한 곳에서 거래</strong></span><span style="font-size:14.0pt">될 수 있는 장외거래소가 등장하게 된다</span><span style="font-size:14.0pt">. </span><span style="font-size:14.0pt">투자자가 </span><span style="font-size:14.0pt">보다</span> <span style="font-size:14.0pt"><strong>편리하게 다양한</strong></span> <span style="font-size:14.0pt">조각투자 증권을 </span><span style="font-size:14.0pt"><strong>비교</strong></span><span style="font-size:14.0pt"><strong>·</strong></span><span style="font-size:14.0pt"><strong>투자</strong></span><span style="font-size:14.0pt">할 수 있을 것으로 기대된다</span><span style="font-size:14.0pt">.</span></span></p> <p><span style="font-family:Arial,Helvetica,sans-serif"><span style="font-size:20.0pt"><span style="line-height:155%"> </span></span></span></p> <p> </p> <table cellspacing="0" style="border-collapse:collapse; width:1000px"> <tbody> <tr> <td style="background-color:#6699cc; border-color:initial; border-style:none; border-width:initial; height:36px; vertical-align:middle; width:141px"> <p><span style="font-family:Arial,Helvetica,sans-serif"><span style="line-height:150%"><span style="font-size:15.0pt"> 2. </span><span style="font-size:15.0pt">기대효과</span></span></span></p> </td> </tr> </tbody> </table> <p><span style="font-family:Arial,Helvetica,sans-serif"><span style="font-size:14.0pt"><span style="line-height:155%"> </span></span></span></p> <p><span style="font-family:Arial,Helvetica,sans-serif"><span style="line-height:155%"><span style="font-size:14.0pt">비상장주식 및 조각투자 장외거래소의 제도화를 통해 </span><span style="font-size:14.0pt"><strong>미래 성장성 있는 비상장기업</strong></span><span style="font-size:14.0pt">의 </span><span style="font-size:14.0pt"><strong>주식 거래</strong></span><span style="font-size:14.0pt">, </span><span style="font-size:14.0pt"><strong>다양한 기초자산</strong></span><span style="font-size:14.0pt">을 </span><span style="font-size:14.0pt"><strong>쪼개어 투자</strong></span><span style="font-size:14.0pt">할 수 있는 </span><span style="font-size:14.0pt"><strong>조각</strong></span><span style="font-size:14.0pt"><strong>투자 거래</strong></span><span style="font-size:14.0pt">가 </span><span style="font-size:14.0pt"><strong>활성화</strong></span><span style="font-size:14.0pt">될 것으로 기대된다</span><span style="font-size:14.0pt">. </span><span style="font-size:14.0pt">일반투자자 입장에서 발행시장</span><span style="font-size:14.0pt">*</span><span style="font-size:12.0pt">(Primary market)</span><span style="font-size:14.0pt">에 직접 참여하는 것보다 장외거래소 형태의 </span><span style="font-size:14.0pt"><strong>유통시장</strong></span><span style="font-size:14.0pt">*</span><span style="font-size:12.0pt">(Secondary market)</span><span style="font-size:14.0pt">이 있는 경우에 </span><span style="font-size:14.0pt"><strong>보다 용이하게 투자</strong></span><span style="font-size:14.0pt">에 참여할 수 있기 때</span><span style="font-size:14.0pt">문</span><span style="font-size:14.0pt">이다</span><span style="font-size:14.0pt">.</span></span></span></p> <p><span style="font-family:Arial,Helvetica,sans-serif"><span style="font-size:8.0pt"><span style="line-height:155%"> </span></span></span></p> <p><span style="font-family:Arial,Helvetica,sans-serif"><span style="line-height:155%"><span style="font-size:12.0pt">* </span><span style="font-size:12.0pt">(</span><span style="font-size:12.0pt">상장주식</span><span style="font-size:12.0pt">예</span><span style="font-size:12.0pt">) </span><span style="font-size:12.0pt">발행시장은 </span><span style="font-size:12.0pt">“</span><span style="font-size:12.0pt">증권사를 통한 </span><span style="font-size:12.0pt">IPO </span><span style="font-size:12.0pt">참여</span><span style="font-size:12.0pt">”, </span><span style="font-size:12.0pt">유통시장은 </span><span style="font-size:12.0pt">“</span><span style="font-size:12.0pt">거래소를 통한 거래</span><span style="font-size:12.0pt">”</span></span></span></p> <p><span style="font-family:Arial,Helvetica,sans-serif"><span style="font-size:14.0pt"><span style="line-height:155%"> </span></span></span></p> <p><span style="font-family:Arial,Helvetica,sans-serif"><span style="line-height:155%"><span style="font-size:14.0pt">유통시장이 있다면 </span><span style="font-size:14.0pt"><strong>투자자의 환금성</strong></span><span style="font-size:14.0pt">이 제고되므로 </span><span style="font-size:14.0pt"><strong>발행시장 투자수요도 </strong></span><span style="font-size:14.0pt"><strong>함께 제고</strong></span><span style="font-size:14.0pt">될 것으로 예상된다</span><span style="font-size:14.0pt">. </span><span style="font-size:14.0pt">이를 통해</span> <span style="font-size:14.0pt"><strong>중소</strong></span><span style="font-size:14.0pt"><strong>·</strong></span><span style="font-size:14.0pt"><strong>벤처기업</strong></span><span style="font-size:14.0pt">이 </span><span style="font-size:14.0pt">비상장 주식</span><span style="font-size:14.0pt">발</span><span style="font-size:14.0pt">행</span><span style="font-size:14.0pt">, </span><span style="font-size:14.0pt">보유자산 유동화</span><span style="font-size:12.0pt">(</span><span style="font-size:12.0pt">조각투자를 이용한 매각</span><span style="font-size:12.0pt">)</span> <span style="font-size:14.0pt">등을 통해 </span><span style="font-size:14.0pt"><strong>보다 원활히 사업자금</strong></span><span style="font-size:14.0pt">을 조달할 수 </span><span style="font-size:14.0pt">있게 될 것으로 기대된다</span><span style="font-size:14.0pt">. </span><span style="font-size:14.0pt">예컨대</span><span style="font-size:14.0pt">, </span><span style="font-size:14.0pt">상장까지 오랜 기간 소요될 것으로 예상</span><span style="font-size:14.0pt">되는 기업에 대해서는 </span><span style="font-size:14.0pt"><strong>투자금 회수 시점에 대한 불확실성</strong></span><span style="font-size:14.0pt">으로 투자가 제한되는 측면이 있었으나 비상장주식 유통플랫폼이 이러한 현상을 일부 </span><span style="font-size:14.0pt"><strong>완화</strong></span><span style="font-size:14.0pt">할 수 있다</span><span style="font-size:14.0pt">.</span></span></span></p> <p> </p> <p> </p> <p> </p> <table cellspacing="0" style="border-collapse:collapse; width:1000px"> <tbody> <tr> <td style="background-color:#6699cc; border-color:initial; border-style:none; border-width:initial; height:36px; vertical-align:middle; width:236px"> <p><span style="font-family:Arial,Helvetica,sans-serif"><span style="line-height:150%"><span style="font-size:15.0pt"> 3. </span><span style="font-size:15.0pt">인가 관련 향후계획</span></span></span></p> </td> </tr> </tbody> </table> <p><span style="font-family:Arial,Helvetica,sans-serif"><span style="font-size:14.0pt"> </span></span></p> <p><span style="font-family:Arial,Helvetica,sans-serif"><span style="font-size:14.0pt">시행령 개정안 </span><span style="font-size:14.0pt"><strong>공포</strong></span><span style="font-size:14.0pt"><strong>·</strong></span><span style="font-size:14.0pt"><strong>시행</strong></span><span style="font-size:12.0pt">(9.23~25</span><span style="font-size:12.0pt">일 중 예상</span><span style="font-size:12.0pt">)</span> <span style="font-size:14.0pt">직후 관련 </span><span style="font-size:14.0pt"><strong>인가절차</strong></span><span style="font-size:14.0pt">가 진행된다</span><span style="font-size:14.0pt">.</span> <span style="font-size:14.0pt"><strong>비상장주식</strong></span><span style="font-size:14.0pt">의 경우</span><span style="font-size:14.0pt">, </span><span style="font-size:14.0pt">우선 </span><span style="font-size:14.0pt"><strong>샌드박스 사업자 </strong></span><span style="font-size:14.0pt"><strong>2</strong></span><span style="font-size:14.0pt"><strong>개사</strong></span><span style="font-size:12.0pt">(</span><span style="font-size:12.0pt">증권플러스</span><span style="font-size:12.0pt">,</span><span style="font-size:12.0pt">서울거래</span><span style="font-size:12.0pt">)</span><span style="font-size:14.0pt">에 대한 </span><span style="font-size:14.0pt"><strong>인가심사</strong></span><span style="font-size:14.0pt">가 이루어질 계획이다</span><span style="font-size:14.0pt">. </span><span style="font-size:14.0pt">샌드박스 사업자에 대해서는</span> <span style="font-size:14.0pt">｢</span><span style="font-size:14.0pt">금융혁신법</span><span style="font-size:14.0pt">｣</span><span style="font-size:12.0pt">(§23)</span><span style="font-size:14.0pt">에 따라 </span><span style="font-size:14.0pt">2</span><span style="font-size:14.0pt">년의 범위에서 </span><span style="font-size:14.0pt"><strong>금융위</strong></span><span style="font-size:14.0pt"><strong>원회가 정하는 기한</strong></span><span style="font-size:12.0pt">(</span><span style="font-size:12.0pt">인가시 결정</span><span style="font-size:12.0pt">)</span><span style="font-size:14.0pt">까지 </span><span style="font-size:14.0pt"><strong>배타적 운영권</strong></span><span style="font-size:14.0pt">이 부여되기 때문이다</span><span style="font-size:14.0pt">. </span><span style="font-size:14.0pt"><strong>조각투자</strong></span> <span style="font-size:14.0pt">장외거래소의 경우</span><span style="font-size:14.0pt">, </span><span style="font-size:14.0pt">지난 </span><span style="font-size:14.0pt">9.4</span><span style="font-size:14.0pt">일 발표된 </span><span style="font-size:14.0pt">｢</span><span style="font-size:14.0pt"><strong>조각투자 장외거래소 신규</strong></span><span style="font-size:14.0pt"><strong>인가 운영방안</strong></span><span style="font-size:14.0pt">*</span><span style="font-size:14.0pt">｣</span><span style="font-size:14.0pt">에 따라 인가신청</span><span style="font-size:14.0pt">·</span><span style="font-size:14.0pt">심사가 진행될 예정이다</span><span style="font-size:14.0pt">. </span></span></p> <p><span style="font-family:Arial,Helvetica,sans-serif"><span style="font-size:8.0pt"> </span></span></p> <p><span style="font-family:Arial,Helvetica,sans-serif"><span style="font-size:12.0pt">* “</span><span style="font-size:12.0pt">조각투자 장외거래소 신규인가 운영방안 안내</span><span style="font-size:12.0pt">” </span><span style="font-size:12.0pt">보도자료</span><span style="font-size:12.0pt">(‘25.9.4</span><span style="font-size:12.0pt">일</span><span style="font-size:12.0pt">) </span><span style="font-size:12.0pt">참고</span></span></p> <div> </div>