개정자본시장법(안)상 종합금융투자사업자의도입과 기대효과

Abstract

The revised bill of the Capital Markets Act that was approved by the cabinet in November 2011 is expected to serve as momentum for the takeoff of the financial industry because the bill accepts the change in financial circumstances surrounding Korea's Capital Markets Act, which came into effect from 4 February 2009. Especially, the introduction of investment banks, improvement of the regulatory system for the asset management industry, reformation of the capital market's infrastructure, and substantiation of direct financing for listed companies will provide a contribution to some degree in recognition of the scale and size of the Korean economy. This article analyses the effect of the introduction of investment banks under the revised bill of the Capital Markets Act. As the amendment gives a definition of an investment bank that is conceptualized in a wide sense, the introduction of the investment bank system will bring about various effects. Part Ⅱ provides an analysis of the definition of an investment bank under the revised bill of the Capital Markets Act, after consideration about the general definition of investment banks. Part Ⅲ describes the effect of introducing investment banks and lists growth of business relations, revitalization of trading business, expansion of the scope of prime brokerage business, extension of the trading market for non-listed stock, strengthening of links between banks and securities businesses, and strengthening of risk management. The author provides a conclusion to the study in Part Ⅴ.