금융투자상품의 투자권유에 있어서의 설명의무

Abstract

“The Capital Market and Financial Investment Service Act”(“the Act”) was established with the goal of the strengthening the competitiveness of the capital markets industry and protecting investors. The Act introduces rules and regulations for protecting investors, such as the know-your-customer rule, the suitability rule and the duty of explanation. The details are as follows : The Act applies to the know-your-customer rule. Before Financial Investment Company("FICs") gave an advice to a non-professional inventor concerning a designated speculation, they must take reasonable steps to ensure that they are in possession of sufficient personal and financial information of the inventor through interviews such as investment purposes, experiences, financial status, etc. It also adopts the suitability rule that FICs in the capital markets should recommend suitable financial products to the inventor upon the basis of the facts disclosed by the customer. The Act imposes the duty of explanation that obligate FICs to provide investors with detailed explanation on the contents and underlying risks of the financial products in soliciting investment. Also FICs are liable for the losses and damages incurred to inventors from their incomplete explanation. In this case, the Act has a provision to presume as an amount of loss in a private action, so that non-professional inventors don't have to verify the amount of loss. Consequently, it can be said that the protection for investors is strengthened. Although there are many desirable aspects in the Act, many problems have yet to be solved. In our country, still now there are several illegal practices in soliciting investment. For the development of capital markets, it is very important to secure the inventor's trust. I present the appropriate ways to protect the inventor's trust. So, in order for the system to solicit an investment under the Act to exercise its practical effect, a system of a proper solicitation should be supplemented. Specifically, the diversified means to restrict an investment solicitation, definite details on restriction, and system to acquire the effectiveness should be improved. The content and level to be explained by FICs in the duty of the explanation have to be indicated concretely in the provision of the duty of explanation.