개정 자본시장법상 유사투자자문업자의 책임에 관한 연구

Abstract

On August 14, 2024, an amendment to the Capital Markets and Financial Investment Business Act came into force. The amendment to the Capital Markets Act contains the strengthening of regulations on quasi-investment advisory businesses as the damage to financial consumers has increased rapidly in recent years. The revised Capital Markets Act clarifies the reporting requirements and scope of business for quasi-investment advisory firms. It also prohibits loss compensation agreements and profit guarantee agreements. It also regulates the advertising of quasi-investment advisory businesses. The Financial Services Commission announced the results of the business inspection of quasi-investment advisory businesses in 2023. However, many of the quasi-investment advisory businesses did not fulfill their reporting obligations and provided prohibited investment advice. The current Capital Markets Act will be able to regulate the illegal business of quasi-investment advisory firms. Since the quasi-investment advisory business is excluded from the financial investment business, it does not bear the obligations borne by the investment advisory business under the Capital Markets Act. The case is in the same position. The Supreme Court ruled that a quasi-investment advisory business entity shall bear the liability for damages caused by illegal activities to investors. In addition, the Supreme Court recognizes the judicial effect of a quasi-investment advisory business entity when it makes a loss compensation agreement or profit guarantee agreement. This study examines the liability for damages of quasi-investment advisory businesses after the implementation of the amendment to the Capital Markets Act. This study examines the judicial effects of loss compensation or profit guarantee agreements. Finally, this study aims to suggest directions for improvement in investor protection.