Dodd-Frank Act 이후 미국 헤지펀드 규제의한국형 헤지펀드 도입에 대한 시사점

Abstract

Korea government has been considering allowing “hedge fund” in Korea financial market. Hedge fund regulators now have to review the current law system and find a way to facilitate the investment scheme. There is no single or consistent definition of the term hedge fund appears to be used by financial industry participants. It is difficult to define the term hedge fund; however there are some characteristics of hedge fund and those should be legalized before adapting the hedge fund. This research studied the regulation in US regarding hedge fund; history of hedge fund regulations and the newly enacted “Dodd-Frank Act”, and found proposals to hedge fund regulators in Korea. This research also critically analyzed the current investment schemes under Financial Services Investment Services And Capital Markets Act of Korea; Privately Placed Fund, Privately Place Fund for Qualified Investors Only, Private Equity Fund, and made suggestion to regulators. In this context, this study focused on the characteristics of hedge fund and suggests legal proposals to hedge fund regulators the way to facilitate those characteristics; ①There should no restrictions on fund management strategy; equity investment or portfolio investment. ② Leverage ratio should be limited to 200% of a fund’s capital. ③ Only covered short-sale should be allowed and ④ Performance based fee should be allowed. ⑤A fund manager or a financial investment business entity should be able to invest his(or her) or its own money to the fund. ⑥Restriction on redemption should be allowed based on a fund’s policy, so Financial Services Investment Services And Capital Markets Act Article235, Section(1) should be exempted for a hedge fund. ⑦Privately placed fund should be allowed as it is. ⑧Restrictions on hedge fund manager should be exempted, so it should be allowed to any financial business entities for establishing a hedge fund.