헤지펀드의 도입과 규제에 관한 고찰
Review on Introduction and Regulation of Hedge Fund - Focusing on the current regulatory movement of SEC and FSA -
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Review on Introduction and Regulation of Hedge Fund - Focusing on the current regulatory movement of SEC and FSA - Choi, Min-Yong, As the growth of hedge funds, their role and impact are beingincreased. The strategy of hedge funds accelerates the herd behavior as well. This convinces us of the importance of thereview of foreign countries' regulatory movement. The Korean government came up with the idea to suggest the road map of the invitation of hedge funds no later than the end of 2007. As such, we are expecting they will be introduced in Korea. However, the proper regulation thereon is precondition to this introduction. At the wake of the failure of LTCM. the respective authorities concerned of the world realizes the necessity of regulation of hedge funds. SEC of the U.S.,which creates the world leading hedge funds market, and FSA of the U.K., which leads the E.U. hedge funds market, are currently in the processes of active modification of relevant laws and regulations. The results are so remarkable to show the significant implications for our future regulations. Amongst all, the regulatory institutions should have the enough information on hedge funds. This is a prior condition to a proper regulation. Secondly, the risk, including but not limited to the operational or transactional risk, should be controlled to block the overall impact on investors and market general. Thirdly, exactness and objectiveness in the evaluation of assets of the funds should be guaranteed. Finally, information should be properly disclosed to investors.
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