헤지펀드에 대한 법적 규제-한국형 헤지펀드의 도입과 관련하여-
A Study on Hedge Fund Regulations
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The purpose of this paper is to deal with allowing of hedge fund system in Korea. There is no statutory definition of the term “Hedge Fund.” The industry accepted definition is that they are privately offered investment vehicles in which the contributions of the high net worth participants are pooled and invested in a portfolio of securities, commodity futures contracts,or other assets. Recently, the hedge fund industry is attacked for being secretive, engaged in risky behavior and capable of unduly influencing global economies and corporate activities after sub-prime crisis. Korean practitioners wish introduction of Capital Market and Financial Investment Business Act would provide the basis of coming Investment Banks in Korea. However, it has been postponed until now due to sub-prime crisis. Recently, Korea set up the basis of introducing Korean hedge fund market by deregulation of private equity fund and introduction of prime-broker system. Registration for hedge fund investment advisor may be acceptable in terms of improving market transparency. However, registration of hedge fund itself is not reasonable because hedge fund is a private equity fund in reality. Expansion of the scope of investors in hedge funds is also worth considering. Recently, against a whole lot of controversy, US Congress introduced the Investment Adviser Oversight Act of 2012, in which a new SRO will establish for regulating investment advisers. It needs to be considerable. In order to foster a competitive hedge fund and investment bank, including prime broker in Korea, deregulation, with the conversion of the investor's perception is also required. Investors have to keep in mind that hedge fund is not the tool for making a huge profit in a short period.
Abstract
The purpose of this paper is to deal with allowing of hedge fund system in Korea. There is no statutory definition of the term “Hedge Fund.” The industry accepted definition is that they are privately offered investment vehicles in which the contributions of the high net worth participants are pooled and invested in a portfolio of securities, commodity futures contracts,or other assets. Recently, the hedge fund industry is attacked for being secretive, engaged in risky behavior and capable of unduly influencing global economies and corporate activities after sub-prime crisis. Korean practitioners wish introduction of Capital Market and Financial Investment Business Act would provide the basis of coming Investment Banks in Korea. However, it has been postponed until now due to sub-prime crisis. Recently, Korea set up the basis of introducing Korean hedge fund market by deregulation of private equity fund and introduction of prime-broker system. Registration for hedge fund investment advisor may be acceptable in terms of improving market transparency. However, registration of hedge fund itself is not reasonable because hedge fund is a private equity fund in reality. Expansion of the scope of investors in hedge funds is also worth considering. Recently, against a whole lot of controversy, US Congress introduced the Investment Adviser Oversight Act of 2012, in which a new SRO will establish for regulating investment advisers. It needs to be considerable. In order to foster a competitive hedge fund and investment bank, including prime broker in Korea, deregulation, with the conversion of the investor's perception is also required. Investors have to keep in mind that hedge fund is not the tool for making a huge profit in a short period.
참고문헌 (26)
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