라임사태와 우리나라 사모펀드 규제체계의 개선방안

Abstract

In discussing the Lime case, it is necessary to understand the characteristics of PEF. Unlike public offering funds, PEF have little or no need for regulation because of their professional and small-scale nature. However, it was revealed that excessive deregulation of PEF leads to a loophole in investor protection. Therefore, the following measures are needed to revitalize the private equity market while improving investor protection devices and strengthening internal and external controls. First, the regulation of PEF must be done carefully with a sense of balance. It is not desirable to turn away from the private equity market, which is becoming important at home and abroad. Therefore, it is necessary to maintain the policy of expanding the private equity market, but to increase the level of protection for individual investors as well. Second, it is necessary to prepare independent private equity guidelines for clear regulation. Currently, the regulation of PEF in Korea is divided into the Capital Market Act and a number of individual laws, and there is a problem of inefficiency due to inequality treatment among market participants and diversification of supervisory agencies, and it is necessary to reduce confusion by providing unified and clear guidelines for private equity funds. Third, private equity investment qualifications and sales standards for individual investors must be strengthened. No matter how qualified investors are, it is difficult for individual investors to evaluate and properly supervise the operation of private equity funds. Therefore, it is necessary to strictly examine the qualifications of individual investors and regulate the sale of private equity funds through commercial banks. Fourth, internal and external control devices for PEF should be strictly established. In order to enable the private equity market to be activated without the intervention of the government or supervisory authorities, it is inevitable to control it through internal control devices and external financial institutions. If not properly controlled, financial accidents will continue to occur, and the government and supervisory authorities will have to intervene.