헤지펀드에 관한 규제

Abstract

The purposes to regulate hedge funds is "Protection of investor" and "security of the safety of a financial system". The former is regulation protect an investor from hedge funds with a high system risk. The regulation of investor's eligible for investment and the anti-fraud regulation of fund advisor and the substantial information disclosure to an investor hits here. The latter is regulation for avoiding actualization of a system risk. The British-American regulatory agency has superintended the crisis management about the hedge fund and the capital requirement about business counterpart of hedge fund on indirect regulation. Exemption regulation etc. are different for each country. In many states introduce direct regulation such as a fund advisor's registration system and a reporting system to a regulatory agency. But there are very few countries which merely set the hedge fund itself as the direct regulation object. The private offering set investment mechanism for a proper investor on Capital Market and Financial Investment Business Act(hereinafter korean hedge fund) has a figure as a hedge fund of the initial introduction stage. In order to demonstrate the economical strong point which the hedge fund has, the legislation complement of advanced deregulation must be realized. Below, I will suggest the proposal of revision of the regulation about a korean hedge fund conclusively. The first, a hedge fund and a re-indirect hedge fund(fund of funds) are classified with regulating. A hedge fund is made into the object of regulation in part with respect to a system risk today. Fundamentally it is needs to minimize the regulation on the hedge fund so that the maximization of the strong point of hedge fund may be carried out. However, probably, a re-indirect hedge fund(fund of funds) must be regulated to accumulate a general protection of investor. It is necessary to make it restrict short selling and a leverage in principle to a re-indirect hedge fund(fund of funds). The second, an important hedge fund on financial system shall be registered as in duty bound. When calling it an important hedge fund on financial system it is necessary to make it disclose and report information, including the leverage about a system risk etc.. In EU it is regards the hedge fund more than 100 millions euro as important hedge fund on a financial system. The Third, which needs to improve money borrowing and a derivative dealing situation report system on Capital Market and Financial Investment Business Act. There are few states regulated so that money borrowing and derivative dealings may be directly reported to regulatory authority relatively. Too much money borrowing is must regulate. It is considered that it can achieve by regulating the bank and a prime broker which are business counterpart of hedge fund. The fourth, a borrowing short selling is considered desirable to the hedge fund. The check duty is strengthened and carrying out pricing regulation by Uptick Rule looks desirable. The Fifth, in order to expect the accuracy evaluation of the so-called low liquidity assets, it is necessary to disclose the composition property of the low liquidity-assets and the method of evaluating the property concerned etc. An conflict of interest generate that a hedge fund advisor does the evaluate property himself. Therefore, which utilizes the evaluation organization of the 3rd person of the exterior is considered.