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pISSN : 2092-769X / eISSN : 2733-6948

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2016, Vol., No.17

  • 1.


    NAOSHI TAKASUGI | 2016, (17) | pp.1~12 | number of Cited : 0
    Set-off is a legal institution that the obligations of two debtors, each of whom is the creditor of the other, are extinguished or can be extinguished under certain circumstances. Some legal system understands set-off as a matter of procedural law, others acknowledge it as a matter of substantive law. In some legal systems, set-off occurs automatically, while others require a declaration of set-off to the other party. If one obligation (whose creditor is X) is governed by A’s law and the other (whose creditor is Y) by B’s law and X declares set-off to Y, which law shall be applied to set-off of these obligations is the issue. Is A’s law of the active claim of X or B’s law of the passive claim of Y? Firstly in this article, the present state of Japanese law is described as objectively as possible. Secondly, the author personal view is explained. Finally, why the law governing the passive claim doctrine became the majority view in Japanese law is discussed. This article concludes that the law governing the passive claim doctrine is the majority view on the question of the law governing legal set-offs in Japan, and in cases where the law governing the set-off is at issue before a Japanese court, one should construe that the law governing the passive claim will be applied.
  • 2.


    YU, YAO DONG | 2016, (17) | pp.13~27 | number of Cited : 0
    The article mainly introduces the features of China’s maritime procedural law. It focuses on maritime procedural issues such as China’s maritime courts system, the jurisdiction of China’s maritime courts, the maritime preservative measures, the maritime injunction, the service of legal documents, the appeal to higher courts, the enforcement of maritime courts’ judgments. At the end, it comments on the current discussions about reforming China’s maritime procedural system.
  • 3.

    Characteristics of Japanese Corporate Governance and Outcome of Hedge Fund Activism

    NOH MIE REE | 2016, (17) | pp.29~51 | number of Cited : 1
    Shareholder activism means exercising shareholder rights actively to enhance shareholder value. The most active form of shareholder activism is hedge fund shareholder activism (hereinafter “hedge fund activism”). Hedge fund activism emerged in the United States in the late 1980s and spread to Europe. Thereafter Japan became the third main site of hedge fund activism during the 2000s. Since the objective of hedge fund activism is to enhance shareholder value, when activist hedge funds were active in the 2000s, the efficiency of Japanese firms in theory should have increased, but the reality showed it did not. After discussing certain representative activist hedge funds in Japan, this paper analyzed the reasons that activist hedge funds did not succeed in Japan in relation to some characteristics of Japanese corporate governance such as cross-shareholding and Internalism. This paper also examined the recent trends in cross-shareholding and the changes of supervisory function of the board of directors. The contents of Japanese Company Law and the Korean Company Law are quite similar, and certain Japanese characteristics such as conglomerate(zaibatsu), enterprise group, cross-shareholding are also present in Korea. Therefore, it would be meaningful to examine the characteristics of Japanese corporate governance and the outcome of hedge fund activism in Japan.
  • 4.

    A Legal Study on Regulation of FinTech Industry in UK - Focused on Internet - only Bank and P2P lending -

    Dae Chung | 2016, (17) | pp.53~76 | number of Cited : 2
    Today financial services are largely provided through some form of technology. This technology makes financial services much more efficient and convenient. Financial services technology can, therefore, facilitate transactions without regard to the complex regulatory structure governing financial services. FinTech simply means financial technology. In addition, FinTech has already made huge inroads into many aspects of our daily lives. The birth and rise of FinTech is deeply rooted in the financial crisis. Since the financial crisis of 2008, FinTech has greatly increased and developed. The FinTech industry includes P2P(peer-to-peer) lending, a digital-only bank, big data, payments, personal finance, retail investment, remittance, equity financing and so on. Furthermore, start-ups have played an important role in the FinTech industry. FinTech start-ups have offered new and fresh services at lower costs through well-designated platforms or mobile apps. Specifically, London becomes a FinTech hub in the world and there are lots of FinTech start-ups in UK. Recently, the Korean government has tried to assist and encourage the FinTech industry through legislation. Many FinTech start-ups have already operated in Korea. For example, P2P lending platforms like 8percent and Moneyaution have operated, but legislation for P2P lending business has been unclear and insufficient. In addition, internet-only banks like Kakao-bank and K-Bank have started, but complicated legal arguments have still continued under the Banking Act. In this connection, this paper explores regulation of the FinTech industry in UK. First, the FinTech industry in UK is examined specifically in respect of P2P lending and a digital-only bank. Second, regulation of P2P lending and a digital-only bank is deeply analyzed in UK.