회사형 집합투자기구의 법적구조 개선방안

Abstract

This article suggests that the Capital Market and Financial Investment Industry Act of Korea (the Act) should prepare investors for protective systems and various investment structures. Under the Act, all investment frameworks which are within the limits of the possible in Korean law regulated by the term “collective investment scheme.” This article, however, says that it is more necessary to discuss a suitable legal system and protective systems for investors. Also, Korean Commercial Code which is amended on April, 2011 is the points to be specially considered. This article intended to discuss the controversial issue and legal problem of the collective investment scheme under the Act. The concrete arguments are as follows. First, private equity fund under the Act should adequately change legal system and structure of limited partnership association as amended Korean Commercial Code enforced a new system, limited partnership association. Second, a investment limited liability company should be introduced under the Act because amended Korean Commercial Code implemented a limited liability company (LLC). Third, the Act needs an additional protective system for financial investors. Korean Commercial Code abolished the regulation of limitation as to small business and closing. But protective system for investors have been weakened in this situation. Thus, it is necessary for an additional protective system under the Act. Fourth, it is proper to repeal a system of investment limited partnership company and to diversify union types of, which are like a Japanese legislation, collective investment scheme under the Act because a limited partnership company has strong human elements. In conclusion, it is possible to protect for financial investors with introduction of definite and specific legal system under the Act. It is necessary to amend the systems of collective investment scheme under the Act.