사모펀드 활성화를 위한 자본시장법 개정에 관한 검토

Abstract

The private equity fund market is maintaining steady growth, and is being assessed to have a big potential to grow, yet, it's being relatively strictly regulated in Korea, which is different from the global trend to liberalize the restriction on private equity funds. In order to grow Korean domestic capital market soundly and strongly in the flow of the world capital, a private equity fund needs to become revitalized, and the control for the invigoration of a capital market must be rationalized in the compromise for the protection of investors. In this respect, as a specific promotion plan for the policy to improve competitiveness of financial business, some parts of the capital market law have been revised for the vitalization of private equity funds. In the revised law, the regulation system of a private equity fund was re-established, and the regulation on the private equity fund system on the whole was relaxed a lot while the qualified institutional buyers system was introduced to protect the investors of a private equity fund and to minimize side effects so that the proper function of a private equity fund (private equity fund collective investment vehicle) as creative and innovative capital can be enhanced. In addition, by improving the current system, for instance, by strengthening the supervision over borrowing the funds for a private equity fund and over its operators, and by limiting the indirect support for the allied enterprises using a private equity fund, the private equity fund industry was to develop in a healthy way, and therefore, a capital market's function to create added value was intended to be reinforced, and the dynamics of Korean economy would be improved. The suggestions for the invigoration of private equity funds in the revised capital market law should be checked to see whether they are an appropriate system for the deregulation for the purpose of the vitalization of a capital market, and at the same time, whether the protection of investors is enough or not. Accordingly, in this paper, the revised laws were reviewed in relation to the regulations of each organization according to the structure of private equity fund collective investment. The revised bill pursues that a private equity fund can be vitalized and the dynamics of a capital market can be enhanced by setting the environment where the features of a private equity fund that seeks high risk and high return can be displayed well. In order to strengthen it more, the roles of venture capital should be able to be reinforced in a capital market in the future centered around the establishment of a stable private equity fund market and this private equity fund. Once the financing and fund collection in the market of middle- and small-sized venture enterprises become active and the capital market becomes more dynamic, private equity funds will play the core role in the dynamic innovative economy.