자본시장법상 투자자예탁금 별도예탁제도의문제점과 개선방안

Abstract

Segregated deposit system for investor’s deposits, as a priori protection system for the investment assets, protects investor’s deposits from broker and dealer’s defaults and misusing. However, this system has limitations and controversial issues. The investors are not protected perfectly since the objects of segregated deposits are too narrow. There are lack of detailed criteria for withdrawal and procedure for payment. So possibilities of delaying for payment to the investors could be happen when dealers and brokers meet default. Moreover, brokers and dealers could use investor’s deposits without allowance of the investors since the they can choose a date of deposit to the securities finance corporation. It is also a problem that the way of sharing profits of the investor’s deposits between investors and brokers and dealers is vague. In addition, there are some controversial issues pertaining to the segregated deposit system for investor’s deposits: permitting multiple institutions to serve as depositary institutions and allowing the use of self-declared trusts in managing investor’s deposit. Thus it is advisable for strengthening of the investors protection to expand the objects of segregated deposits and make the procedures for payment by third-party institution. It also required to make detailed criteria for withdrawal and procedure for payment. Eliminating the T+1 option for making deposits and favoring investors when it comes to distribution of management returns on investor’s deposits also be considered and implemented. Moreover, it is desirable for efficiency of the system to strengthen the concentrating investor’s deposits to one financial institution like current plan.