사모투자전문회사의 실무상 쟁점과 과제

Abstract

Since its introduction in 2004, the Private Equity Fund (“PEF”) system has achieved recognizable growth in the field of capital market and M&A, and most of the uncertainties at the early stage of the system have been cleared out and well settled through the various legislations, as a result of the studies by academics and professional practitioners and the efforts of regulating authorities. However, the PEF system as any other systems faces with issues which cannot be fully addressed by legislations alone and with newly emerging issues which need further studies and discussions. In this context, it is all the more encouraging that the recent amendment of the Financial Investment Services and Capital Markets Act (“FISCMA”) eliminated some of the outstanding uncertainties in connection with the PEF system by promulgating provisions thereon. However, some of the regulations on the PEF system are still implemented in somewhat arbitrary and ambiguous manners, and substantial number of issues still remains outstanding. In this article, we aimed to examine, from the perspective of professional practitioners, the specific amendments of FISCMA pertaining to the PEF and their implications. Further, we would identify problems discovered in the actual operation of the PEF system, study how the regulating authorities deal with such problems and explore constructive solutions for such problems. Please note that for the sake of efficiency, we focused on the newly discovered issues and problems instead of touching on all of the existing issues and problems, most of which solutions are found for.