자본시장법상 사모펀드제도에 대한 최근 입법적 동향

Abstract

This paper deals with an amendments that the government announced M&A Activation Plan by deregulation of private equity fund(PEF) in the Capital Market and Financial Investment Service Act(CMFIS). On March 6, 2014, a plan was proposed to stimulate Merge & Aquisition through the PEF. The PEF is also designated as a large-scale business group that is regulated by the Monopoly Regulation and Fair Trade Act(MRFTA) when the PEF has certain requirements as a large-scale business group. It is necessary to amend MRFTA in order to activate the participation of the PEF in the M &A market. On July 24, 2014, there were some amendments in CMFIS to deregulate establishment, operation, sale of PEF. The PEF is established by simplifying and clarifying the private equity discipline system with hedge funds, fund as professional investment fund as management participation. In addition to pointing out that it is appropriate to classify private equity funds according to the characteristics of the management company, there is a need to establish a private equity fund to acquire management rights and to invest in various assets such as stocks, bonds, and derivatives In Korea, it was revised to divide the PEF, which sells the management rights of the enterprise, and the hedge fund, which earns profit by investing in various assets. However, in other major developed countries, it is reasonable to provide a method to unify private equity funds in place of such separated dual schemes and it is important to avoid direct regulation of fund registration, operation, sale and to regulate private fund operators indirectly.