자본시장통합법상 금융투자자보호제도의 문제점과 예금보험제도의 개선방안 (Problems in Respect to Investor Protection in the Capital Market and Financial Investment Business Act and Possible Reformative Measures to the Deposit Insurance System)

40 Pages Posted: 15 Aug 2017 Last revised: 9 Jan 2019

Date Written: December 31, 2008

Abstract

Korean Abstract: 2009년 2월부터 시행될 자본시장통합법은 기능별 규제체제 및 금융상품의 포괄주의의 채택, 금융투자업자의 업무범위 확대, 금융투자업자의 의무 강화를 통한 투자자보호제도의 선진화 등의 내용을 담고 있다. 특히 자본시장통합법은 일반투자자 및 전문투자자 개념, 적합성원칙, 설명의무위반시 손해액의 추정에 관한 규정을 새로이 도입하는 등 기존의 자본관련 법제에 비해 투자자보호의 측면에서 비교적 선진화된 법제로 평가받고 있다. 그런데 이 법률은 투자자보호의 측면에서 투자권유단계에 초점을 맞추고 있을 뿐, 금융투자업자가 파산한 경우 등에 있어서 사후적으로 투자자를 보호하는데 한계를 내포하고 있다. 이러한 문제의식에서 이 연구에서는 자본시장통합법이 투자고객인 일반투자자를 어떻게 보호하고 있는가를 살펴보면서, 금융투자업자의 파산 등 사후적인 측면에 있어서 효율적인 투자자 보호방안을 검토하였다. ⑴ 자본시장통합법상 투자자보호제도를 개관하였다. ⑵ 각국의 경우 사후적으로 금융상품투자자를 어떻게 보호하고 있는지를 비교하였다. ⑶ 투자자의 사후적인 보호범위 및 보호대상의 문제, 투자보호한도 및 투자자보호기금체계의 문제 등에 관한 내용을 검토하였다. ⑷도덕적 위험을 막기 위한 금융투자회사의 내부통제시스템 강화 방안 등에 대하여 고찰하고, 현행법제의 개선방안을 제시하였다.

English Abstract: The Capital Market and Financial Investment Business Act(the “CMFIBA”), expected to come into effect from February 2009, sets forth the adoption of a functional regulation system and the concept of comprehensiveness with respect to financial products, the expansion of the role of financial investors, and improvements in the investor protection system through strengthening the duties of such investors. This legislation attempts to introduce the concept of general investors, the principle of suitability, and regulations as to the quantification of damages when in breach of the duty to inform, and is thus considered advanced legislation in terms of investor protection compared to the existing laws and regulations regarding the capital market. However, the CMFIBA only concentrates on the stage of soliciting investors and does not provide for the event of insolvency of investors which can be considered as limitation in the provision of necessary protection. Accordingly the CMFIBA may well be regarded unsatisfactor in light of investor protection measures in case of an investors’ insolvency. This paper looks into how the CMFIBA protects general investors and the clients of financial investors in the event of insolvency of financial investors and examines effective protection measures. This paper (1) reviews the investor protection system in the CMFIBA; (2) compares investor protection with that provided in other countries via depositor protection laws and so on; (3) examines the extent of such protection against the risks of loss of the principal and the suitability of the person to be protected, and the suitability of limits on the investment protection in regard to the post-management system against the insolvency of investors and the establishment of the investor protection funds system and (4) reviews the possible protective measures via regulationsover investors and investment banking firms and strengthened internal control systems in order to prevent moral risks and offers reformative measures to the existing laws.

Note: Downloadable document is available in Korean.

Keywords: 도덕적 위험, 예금보험, 자본시장통합법, 투자자보호, moral risks, deposit insurance, the Capital Market Integration Act, investor protection

JEL Classification: K4, N4

Suggested Citation

Maeng, Soo-Seok, 자본시장통합법상 금융투자자보호제도의 문제점과 예금보험제도의 개선방안 (Problems in Respect to Investor Protection in the Capital Market and Financial Investment Business Act and Possible Reformative Measures to the Deposit Insurance System) (December 31, 2008). Financial Stability Studies, Vol. 9, No. 2, Korea Deposit Insurance Corporation(KDIC), 2008, pp. 105-144.. Available at SSRN: https://ssrn.com/abstract=3018344 or http://dx.doi.org/10.2139/ssrn.3018344

Soo-Seok Maeng (Contact Author)

Independent ( email )

No Address Available

Register to save articles to
your library

Register

Paper statistics

Downloads
7
Abstract Views
159
PlumX Metrics