코넥스(KONEX)시장 지정자문인 제도의 개선 방안

Abstract

The Korea New Exchange (“KONEX”) market, started in July 2013, is a securities exchange exclusively for small and medium-sized startup venture firms, like the Alternative Investment Market (AIM) of United Kingdom, Tokyo Pro Market of Japan, Catalist Market of Singapore, and Growth Enterprise Market (GEM) of Hong Kong. One of features of the KONEX market is to adopt the scheme of a nominated adviser who provides consulting services and reviews the listing requirements in relation to a firm’s listing application. In considering a nominated adviser’s critical roles, this article intends to suggest some improvements for a nominated adviser system for the purpose of sustainable growth of the KONEX market. First, since a nominated adviser’s independence and prevention of conflict of interests are very important issues, the criteria for maintaining independence and prevention of conflicts of interests should be in detail prescribed in the relevant regulation, rather than leaving such criteria to a advised firm itself. Second, qualifications for becoming a nominated adviser should be separately prescribed, such as engaging in corporate finance advising business and recruiting qualified executives or staff, rather than permitting all licensed securities investment dealing business firms to become a nominated adviser. Third, the Korea Exchange should be given an authority to review a nominated adviser’s qualifications and approve a nominated adviser. Fourth, criteria for qualified executives should be enforced, and the Korea Exchange should obtain a power to review the qualifications and approve qualified staff. Fifth, the Korea Exchange should be given a power to investigate a nominated adviser on site. Sixth, the Korea Exchange should get an authority to prohibit a nominated adviser’s business in addition to the current suspension of a nominated adviser’s business.