개정 자본시장법과 적격투자자대상 사모집합투자기구
The Amendment of the Financial Investment Services and Capital Markets Act and an introduction of a Hedge Fund thereunder.
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At last, the Hedge Fund is introduced in Korea. Due to the current financial crisis, the introduction has been delayed. This paper would like to suggest some thoughts on the operation of this fund in Korea before such introduction. Recently, the Dodd-Frank Wall Street Reform and Consumer Protection Act was enacted in the U.S. and the Alternative Investment Funds Managers Directive was resolved in E.U.. They regulate the Hedge Fund in the more strict way through the filing or authorization and the enhanced disclosure. Given the prevailing position of the U.S. and the England in this fund industry, this regulatory attitude is expected to impact on us. However, in accepting the regulatory scheme, we have to review its validity thoroughly. Keeping this in mind, I would like to suggest a few thoughts on the regulatory scheme on this fund in Korea. First of all, we must watch out the excessive regulation that the current regulatory attitude of the U.S. and E.U shows. It incurs the expenditure and limits the investor's choice. It also puts a burden to a regulatory institution. With respect to the investor qualification, the net asset is better standard than the investment amount standard. In the future, however, investment experience must be considered as well. As for the fund manager requirement, if the market is more mature, such requirement should be replaced by the competitiveness in the market. Disclosure requirement must be focused on the items related to the system risk. Confidentiality is of essence, thus the different way from the e-filing is to be devised. The system risk is the most important issue but we should remember that multiple and complex regulation to the marker player, including but not limited to the investment banker and prime broker, is in need to prevent it. Risk management of the respective fund and evaluation of the asset, especially the independence of the evaluator, are also significant. Market discipline is efficient way through a voluntary abedience. Up until now, lots of issues have been raised and discussed on the Hedge Fund. However, reflecting all of the issues on the regulation is not the right way. The key of dedication of the Hedge Fund through the enhancement of efficiency and provision of liquidity is the very originality remote from the regulations. Accordingly, the more or less strict rules and regulations should be interim. Such regulation must be the minimum which is necessary to prevent the system risk.
Abstract
At last, the Hedge Fund is introduced in Korea. Due to the current financial crisis, the introduction has been delayed. This paper would like to suggest some thoughts on the operation of this fund in Korea before such introduction. Recently, the Dodd-Frank Wall Street Reform and Consumer Protection Act was enacted in the U.S. and the Alternative Investment Funds Managers Directive was resolved in E.U.. They regulate the Hedge Fund in the more strict way through the filing or authorization and the enhanced disclosure. Given the prevailing position of the U.S. and the England in this fund industry, this regulatory attitude is expected to impact on us. However, in accepting the regulatory scheme, we have to review its validity thoroughly. Keeping this in mind, I would like to suggest a few thoughts on the regulatory scheme on this fund in Korea. First of all, we must watch out the excessive regulation that the current regulatory attitude of the U.S. and E.U shows. It incurs the expenditure and limits the investor's choice. It also puts a burden to a regulatory institution. With respect to the investor qualification, the net asset is better standard than the investment amount standard. In the future, however, investment experience must be considered as well. As for the fund manager requirement, if the market is more mature, such requirement should be replaced by the competitiveness in the market. Disclosure requirement must be focused on the items related to the system risk. Confidentiality is of essence, thus the different way from the e-filing is to be devised. The system risk is the most important issue but we should remember that multiple and complex regulation to the marker player, including but not limited to the investment banker and prime broker, is in need to prevent it. Risk management of the respective fund and evaluation of the asset, especially the independence of the evaluator, are also significant. Market discipline is efficient way through a voluntary abedience. Up until now, lots of issues have been raised and discussed on the Hedge Fund. However, reflecting all of the issues on the regulation is not the right way. The key of dedication of the Hedge Fund through the enhancement of efficiency and provision of liquidity is the very originality remote from the regulations. Accordingly, the more or less strict rules and regulations should be interim. Such regulation must be the minimum which is necessary to prevent the system risk.
참고문헌 (41)
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