금융시장 규제방법으로서 상품개입권
Product intervention as a financial market regulation method
0
조회
0
다운로드
0
인용
0
참고문헌
키워드
초록
유럽위원회는 금융시장의 경쟁력 제고, 시장참가자의 이익 보호, 더 나아가 통일된 법규를 적용하고자 금융상품시장지침(MiFID I)을 도입하였다. 그러나 금융시장의 발전과 다양한 금융상품의 출현은 금융시장의 투명성 저해와 함께 시장의 기능을 무력화시켰다. 그 결과 유럽위원회는 투자자의 신뢰 회복과 금융시장의 투명성을 향상시키기 위하여 개정 지침(MiFID II)과 동 지침을 보충하는 금융상품시장규정(MiFIR)을 함께 발표하였다. MiFID II와 MiFIR의 입법 패키지는 투자자 보호를 위한 주된 내용을 가지고 있다. 특히, 유럽위원회는 상품을 규제하는 방안 외에 MiFIR을 통해서 상품의 판매시점에서 직접적으로 상품을 통제하고자 하였다. 이와 같은 규제 접근방법을 통해서 감독기관은 투자자 보호와 금융시장의 투명성을 강화하고자 상품개입권을 도입하였다. 상품개입권은 집단적 소비자 보호를 목적으로 하면서, 동시에 금융시장에서 발생되는 부정적인 리스크를 사전에 예방 가능한 유럽연합의 새로운 규제방법이다. 본 논문은 MiFIR 및 독일 WpHG에 규정된 감독기관의 상품개입권에 대하여 논의하고자 한다. 이는 감독기관의 사전 예방적 규제방법으로서 금융시장에서 발생되는 불공정한 거래행위를 사전에 효율적으로 예방함으로써 투자자를 보호할 수 있다. 따라서 상품개입권의 일반적인 정의와 특징, 보호목적 및 전제요건 등을 논의함으로써 투자자에게 미칠 수 있는 긍정적인 면과 부정적인 면을 함께 검토하고자 한다.
Abstract
The European Commission introduced the Financial Instruments Market Directive (MiFID I) to enhance the competitiveness of financial markets, protect the interests of market participants, and further apply unified legislation. However, the development of the financial markets and the emergence of various financial products have hampered the transparency of the financial market and the function of the market. As a result, the European Commission has published a revised guideline (MiFID II) and the Financial Instruments Market Regulation (MiFIR) supplementing the guideline to improve investor confidence and financial market transparency. The MiFID II and MiFIR legislative packages have a primary focus on protecting investors. In particular, the European Commission intended to control the goods directly at the point of sale of the goods through MiFIR, in addition to regulating the goods. Through this regulatory approach, regulators have introduced product intervention to enhance investor protection and financial market transparency. The product intervention entry is a new regulatory method of the European Union that aims to prevent collective consumer protection while at the same time preventing negative risks in financial markets. This paper discusses the product intervention of commodity entry by supervisory agencies as defined in MiFIR. This is a precautionary regulatory method of regulatory authorities, which can protect investors by effectively preventing unfair trade practices in financial markets. Therefore, I would like to elucidate the implications for the protection of investors in Korea by discussing the general definitions and characteristics of the right of product entry, protection purpose and premise requirements.
참고문헌 (37)
- Bröker, Klaus F., "Die Produkt- und Vertriebskontrollen nach dem Kleinanlegerschutzgesetz", pp.229~234 (2016), BKR
- Buck-Heeb, Petra, "Compliance bei vertriebsbezogener Product Governance - Neuerungen durch die MiFID II bzw. das Kleinanlegerschutzgesetz", pp.2~10 (2016), CCZ
- Buck-Heeb, Petra, "Der Product-Governance-Prozess", ZHR, 179, pp.782~820 (2015)
- Buck-Heeb, Petra, "Entwicklung und Perspektiven des Anlegerschutzes", pp.279~288 (2017), JZ
- Buck-Heeb, Petra, "Vom Kapitalanleger- zum Verbraucherschutz", ZHR, 176, pp.66~95 (2012)
- Buck-Heeb, Petra, "Verhaltenspflichten beim Vertrieb", ZHR, 177, pp.310~343 (2013)
- Buck-Heeb, Petra, "Aufsichtsrechtliches Produktverbot und zivilrechtliche Rechtsfolgen – Der Anleger zwischen Mündigkeit und Schutzbedürftigkeit", pp.89~99 (2017), BKR
- Cahn, Andreas, "Produktinterventionen nach MiFID II Eingriffsvoraussetzungen und Auswirkungen auf die Pflichten des Vorstands von Wertpapierdienstleistungsunternehmen", pp.45~55 (2013), BKR
- Deloitte, Product Intervention, "An overviwe of some recent national intiatives", ~ (2011)
- "Die Deutsche Kreditwirtschaft", Stellungnahme, 2(9) (2016)
- Dreher, Meinrad, "Versicherungsaufsichtsrecht und Verbraucherschutz im Solvency-II- und EIOPA-System", pp.401~412 (2013), VersR
- Ehlers, Jan-Heinrich, "Das Produktinterventionsrecht der BaFin nach § 4b WpHG", pp.420~427 (2017), WM
- Product Intervention, "Financial Services Authority", ~, pp.DP 11 (2011), 1
- Feedback Statement, "Financial Services Authority", ~, pp.FS 11 (2011), 3
- Fleischer, Holger, "Beitrag der Verhaltensökonomie (Behavioral Economics) zum Handels- und Wirtschaftsrecht" (2011)
- Fuchs, Andreas, "Wertpapierhandelsgesetz(WpHG)" (2016)
- Gerding, Martin, "Die Ungleichbehandlug der betroffenen Anleger als Folge einer Produktintervention nach Art. 42", pp.441~447 (2017), MiFIR, BKR
- Jesch, Thomas A, "Das Kleinanlegerschutzgesetz - Verbraucherschutz, schneller als MiFID II erlaubt?", pp.2570~2572 (2014), BB
- Klingenbrunn, Daniel, "Produktintervention zugunsten des Anlegerschutzes", pp.316~324 (2015), WM
- Koch, Jens, "Grenzen des informationsbasierten Anlegerschutzes", pp.485~493 (2012), BKR
- Kollrus, Harald, "Kleinanlegerschutzgesetz - Produktintervention, Produkthaftung, Product Governance und Kohärenzprüfung", pp.1396~1400 (2015), MDR
- Köndgen, Johannes, "Grenzen des informationsbasierten Anlegerschutzes", pp.283~286 (2011), BKR
- Langenbucher, Katja, "Anlegerschutz", ZHR, 177, pp.679~701 (2013)
- Märker, Klaus, "Brennpunkt Finanzkrise: Anlegerschutz in Deutschland", pp.65~69 (2009), ZRP
- Möllers, Thomas M. J., "Management und Vertriebsvergütungen bei Alternativen Investmentfonds - Überlegungen zur Umsetzung der Vergütungsvorgaben der AIFM-RL in das deutsche Recht", pp.178~193 (2012), ZBB
- Möllers, Thomas M. J., "Information Overload am Kapitalmarkt", pp.1~26 (2011), ZGR
- Möllers, Thomas M. J., "Paradigmenwechsel durch MiFID II:dievergierende Anlegerleitbilder und neue Instrumentarien wie Qualitätskontrolle und Verbote", pp.437~481 (2013), ZGR
- Public Consultation, "Review of the Markets in Financial Instruments Directive (MiFID)", ~ (2010)
- Riesenhuber, Karl, "Das Prinzip der Selbstverantwortung" (2011)
- Schmolke, Klaus U., "Grenzen der Selbstbindung im Privatrecht" (2014)
- Spindler, Gerald, "Finanzmarktkrise und Wirtschaftsrecht", pp.601~617 (2010), AG
- Veil, Rüdiger, "Auf dem Weg zu einem Europäischen Finanzmarktrecht: die Vorschläge der Kommission zur Neuregelung der Märkte für Finanzinstrumente -Tei I -", pp.1577~1579 (2012), WM
- MiFID II - Aufzeichnungspflichten und Product Governance:Überblick über Änderungen und Neuerungen für die Bankpraxis, "Wegerich, Ingo", 8~11, pp.CRP 01-02 (2017)
- Zimmer, Daniel, "Vom Informationsmodell zu Behavioral Finance: Brauchen wir „Ampeln„ oder Produktverbote für Finanzanlagen?", pp.714~721 (2014), JZ
- "Streit um Verbot der Bonitätsanleihen" (2016)[URL]
- "FAZ vom 14.9.2016" (2016)[URL]
- "Product Governance nach MiFID II und deutsches Kleinanlegerschutzgesetz"[URL]