헤지펀드에 대한 규제동향 －IOSCO와 금융안정포럼의 논의 등을 중심으로－ (Hedge Fund Regulation －Focusing on Debates in IOSCO and Financial Stability Forum(FSF)－)

서지정보

· 발행기관 : 한양법학회
· 수록지 정보 : 한양법학 / 31호 / 165 ~ 187페이지
· 저자명 : 오성근

초록

The New Freedom approach taken by most of the developed and developing countries for the last thirty-or-so years has acted as a catalyst forthe so-called globalization of the financial systems of those countries by facilitating diverse international activities of large-scale investment funds. Among those funds, international hedge funds that have been leading such activities in the dollar amounts as well as in the number of investment activities are now recognized by some critics as one of the main culprits of the world's recent financial crisis. Since there is not one single legal definition of hedge fund, however, that all the nations of the world agrees upon yet, whether these funds should be blamed for the crisis still remains a highly controversial matter. It is in that respect that major countries are now pulling their resources to find effective regulation devices that they can mutually agree upon and benefit from as shown in recent discussions conducted by the United States, Britain as well as International Organization Of Securities Commissions(IOSCO) in efforts to install legal devices that can deter hedge funds from engaging in extreme and sometimes-immoral fund management activities and conducting unfair transaction activities.
At this point, this approach taken by such leading countries and organizations to further regulate hedge funds is most likely to have a significant influence on the Capital Markets Law of Korea. Therefore, Clause 2 of Article 249 of the Capital Markets Law, for example, that allows internationally-operating hedge funds including private collective investment schemes for qualified investors to operate in Korea may have to be revised with respect to effective dates and regulation contents based upon discussions in those leading countries and/or organizations and their recommendations. From this perspective, it seems also highly meaningful at this point to keep close track of their trends toward hedge fund regulation.
This study looks at definitions and structures of hedge fund in Part II, examines regulations on hedge funds and discuses issues regarding hedge fund regulation in Part Ⅲ, and ponders upon the accessability between public offering trusts and hedge funds in Part Ⅳ, and finally draws a conclusion in Part Ⅴ.

영어초록

The New Freedom approach taken by most of the developed and developing countries for the last thirty-or-so years has acted as a catalyst forthe so-called globalization of the financial systems of those countries by facilitating diverse international activities of large-scale investment funds. Among those funds, international hedge funds that have been leading such activities in the dollar amounts as well as in the number of investment activities are now recognized by some critics as one of the main culprits of the world's recent financial crisis. Since there is not one single legal definition of hedge fund, however, that all the nations of the world agrees upon yet, whether these funds should be blamed for the crisis still remains a highly controversial matter. It is in that respect that major countries are now pulling their resources to find effective regulation devices that they can mutually agree upon and benefit from as shown in recent discussions conducted by the United States, Britain as well as International Organization Of Securities Commissions(IOSCO) in efforts to install legal devices that can deter hedge funds from engaging in extreme and sometimes-immoral fund management activities and conducting unfair transaction activities.
At this point, this approach taken by such leading countries and organizations to further regulate hedge funds is most likely to have a significant influence on the Capital Markets Law of Korea. Therefore, Clause 2 of Article 249 of the Capital Markets Law, for example, that allows internationally-operating hedge funds including private collective investment schemes for qualified investors to operate in Korea may have to be revised with respect to effective dates and regulation contents based upon discussions in those leading countries and/or organizations and their recommendations. From this perspective, it seems also highly meaningful at this point to keep close track of their trends toward hedge fund regulation.
This study looks at definitions and structures of hedge fund in Part II, examines regulations on hedge funds and discuses issues regarding hedge fund regulation in Part Ⅲ, and ponders upon the accessability between public offering trusts and hedge funds in Part Ⅳ, and finally draws a conclusion in Part Ⅴ.

참고자료

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