미국에서의 투자회사 규제에 관한 고찰
Regulations of Investment Company in U.S.
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The definition of an Investment Company is very broad. US Investment Company Act(here after ICA) contains three definitions of investment company-face amount certificate companies, unit investment trust, manage- ment companies(Mutual funds), and all types must be an "issuer". ICA requires all investment companies to register pursuant to ICA to protect investors if they are not falling in exceptions. Including this registration ICA provides that an investment company should give their investors all the necessary informations through disclosure document(ex. prospectus). Different from any other Business Company, Investment Company has many stricter regulations. For example, Investment Company must have a board of directors as any other business companies however at least 40% of board members must be disinterested directors. Also ICA does not vest in the board of directors the authority to approve a conflict of interest transactions. In US the most popular type of Investment Company is mutual funds but in Korea the investment trust because the former spends a lot of money to maintain the vehicle-the company. If we want to use Investment Company as a investment funds form more widely in Korea, we need to reference to more research about ICA in USA. Especially SEC has many various regulation methods including civil and criminal power to protect investors. So I think we must discuss how many powers should be vest in the regulation agent to supervise the Investment companies.
Abstract
The definition of an Investment Company is very broad. US Investment Company Act(here after ICA) contains three definitions of investment company-face amount certificate companies, unit investment trust, manage- ment companies(Mutual funds), and all types must be an "issuer". ICA requires all investment companies to register pursuant to ICA to protect investors if they are not falling in exceptions. Including this registration ICA provides that an investment company should give their investors all the necessary informations through disclosure document(ex. prospectus). Different from any other Business Company, Investment Company has many stricter regulations. For example, Investment Company must have a board of directors as any other business companies however at least 40% of board members must be disinterested directors. Also ICA does not vest in the board of directors the authority to approve a conflict of interest transactions. In US the most popular type of Investment Company is mutual funds but in Korea the investment trust because the former spends a lot of money to maintain the vehicle-the company. If we want to use Investment Company as a investment funds form more widely in Korea, we need to reference to more research about ICA in USA. Especially SEC has many various regulation methods including civil and criminal power to protect investors. So I think we must discuss how many powers should be vest in the regulation agent to supervise the Investment companies.
참고문헌 (16)
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