자본시장통합법과 미국법상 적합성 원칙

Abstract

Capital Market and Financial Investment Business Act differentiates between normal investors and professional investors. In another words, financial investors have to define the purpose, current financial standing, previous investment experiences and such, before suggesting the investment. Also they have to maintain and control the information by receiving a confirmation through signature, recording or any other methods whichever Presidential decree regulates as a method, and provide the details to the investors immediately. (Article 46, Clause 2). The reason for differentiating the regulations between normal investors from financial investors is to protect the investors. Therefore the act induces the financialinvestors to recommend to normal investors which are suitable for their case, based on the purpose, current financial standing and previous investment experiences(Article 46, Clause 3). Such principle was established in relations with stock exchange in U.S., and it states that one should not recommendan investment which is not suitable for the investors based on several factors. It does not exist as a written form in United States, but it is elected as one of the principles of NASD(National Association of Securities Dealers), FINRA(Financial Industry Regulatory Authority), and SRO (Self-Regulatory Organizations) of stock market. Suitability rule previously existed as one of the content of article on supervision of stock business, but now is stipulated into one of the clause of Capital Market and Financial Investment Business.