In the rapidly changing global landscape of today, governments, universities, laboratories, and international institutions around the world continue to try to come up with policies and legislation that can facilitate responses to globally relevant issues.
Korea Legislation Research Institute (KLRI) is a government-funded national policy research institute, established in July 1990, to systematically collect and manage legal information and conduct professional research on legislation, with the aim of providing advice and assistance in the formulation of national legislative policies and for improving legal services.
As Korea's only policy research institute specializing in legislation, KLRI produces effective legislative proposals for contemporary policy issues, based on high-quality research achievements. By gathering and providing information on legislative systems of various foreign countries and providing English translation of current statutes of the Republic of Korea, KLRI is contributing to the advancement and globalization of the Korean legislative system.
KLRI’s Global Legislation Research Team proactively locates and analyzes legislative trends at the global level and thereby provides information that can be used to help the Korean government establish relevant policies and legislation.
As is well known, globally relevant issues are wide-ranging, and among them, issues regarding financial regulation, society, safety & health, and trade & investment are commanding particular attention in global society today. And accordingly, continuous and systematic research on those issues is required.
For that, over the last few years, KLRI’s Global Legislation Research Team has built research cooperation networks with international research institutions dealing with global policies and legislative issues and has subsequently made efforts to hold seminars and launch cooperative research projects with those institutions.
Among them, the Australian National University’s Regulatory Institutions Network (RegNet) is an institution notable for its systematic research on globally relevant issues, and for many years, KLRI’s Global Legislation Research Team has undertaken various research cooperation activities with the institution.
KLRI’s Global Legislation Research Team believes that our collaborative research with RegNet in 2016 was a great opportunity to conduct wide-ranging research on global issues through cooperation between researchers at the two institutions, and we are very happy to share excellent results yielded from the research.
Now in its third year, the research program is a cooperative research program launched as part of our research cooperation with RegNet. In this year’s installment, which follows last year’s research, experts from both institutions will participate in writing a paper on the latest global issues with the aim of providing information that can be used by the Korean government in responding to global issues.
In this research paper, for the financial regulation sector, excerpts from “Responsive Risk-Based IT Financial Regulations in Korea (Joungmee Han, KLRI)” and “Responsive Risk-based Regulation in Australia (Seunghun Hong, RegNet)” have been included; for the society, safety & health sector, excerpts from “Functional Equivalence Principle in Mutual Recognition Agreement on Food Safety (Seunghye Wang, KLRI)” and “The Regulation and Governance of Psychosocial Risks at Work: A Comparative Analysis Across Countries (Elizabeth Bluff, RegNet)” have been included; and for the trade & investment sector, excerpts from “Harmonisation or Proliferation? The impact of regional FTAs on investor protection (Richard Braddock, RegNet)” has been included.
We wish to say a hearty ‘thank you’ to the ANU RegNet Research Team and KLRI Research Team, who participated in this research, and we hope that the cooperative research project between KLRI and ANU’s RegNet will be carried out even more actively going forward.
Rhee, Ik Hyeon
Korea Legislation Research Institute
■ Introduction 1
■ Responsive Risk-based Regulation in Australia - Seung-Hun Hong(RegNet) 5
■ Responsive Risk-based IT Financial Regulation in Korea - Joungmee Han(KLRI) 41
■ The Regulation and Governance of Psychosocial Risks at Work: A Comparative Analysis Across Countries - Elizabeth Bluff(RegNet) 111
■ Regulation on psychosocial risks in the workplace - WANG, Seunghye(KLRI) 169
■ Harmonisation or Proliferation? The impact of regional FTAs on investor protection - Richard Braddock(RegNet) 209
■ Summary & Conclusion 255