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학술연구용역 자산운용산업내각종상품 서비스간 규제체계비교및개선방안 2011. 12.

1. 자산운용산업규제체계의개선원칙

대 리인비용 펀드 신탁 권유규제 펀드일임신탁 일임 운용규제 진입규제, 건전성규제 거래비용

2. 간접투자수단정의규정개선방안

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Ÿ Ÿ 3. 진입규제개선방안 Ÿ Ÿ

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Ÿ 4. 적합성원칙개선방안 Ÿ

Ÿ 5. 적정성원칙개선방안 Ÿ Ÿ

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6. 업무위탁개선방안

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Ÿ 7. Chinese Wall 개선방안

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8. 자산운용규제개선방안 Ÿ Ÿ

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I. 서론 Ÿ Ÿ

II. 자산운용산업규제체계의개선원칙 1. 간접투자수단별합리적규제차등

대 리인비용 펀드 신탁 권유규제 펀드일임신탁 일임 운용규제 진입규제, 건전성규제 거래비용

2. 자산관리산업발전추세에부합하는규제체계 Ÿ

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III. 간접투자수단의정의 1. 개요 Ÿ

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2. 국내간접투자수단의정의와문제점

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Ÿ 3. 외국의입법례 Ÿ Ÿ

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Ÿ Ÿ Ÿ 4. 간접투자수단정의규정개선방안

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IV. 자산운용산업진입규제 1. 자본시장법상진입규제

2. 미국의인가제도

3. 일본의인가제도

4. 영국의인가제도

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5. 개선방안

V. 기능별영업규제 1. 적합성원칙

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< 참고 : NASD Rule 2310 Suitability Requirement for Broker-Dealers> (a) In recommending to a customer the purchase, sale or exchange of any security, a member shall have reasonable grounds for believing that the recommendation is suitable for such customer upon the basis of the facts, if any, disclosed by such customer as to his other security holdings and as to his financial situation and needs. (b) Prior to the execution of a transaction recommended to a non-institutional customer a member shall make reasonable efforts to obtain information concerning: (1) the customer s financial status, (2) the customer s tax status; (3) the customer s investment objectives; and (4) such other information used or considered to be reasonable by such member or registered representative in making recommendations to the customer.

Ÿ 2. 적정성원칙 (appropriateness)

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< 참고 : 적정성관련영국의관련규정 > A firm must ask the client to provide information regarding his knowledge and experience in the investment field relevant to the specific type of product or service offered or demanded so as to enable the firm to assess whether the service or product envisaged is appropriate for theclient.(cobs 10.2.1) When assessing appropriateness, a firm (a) must determine whether the client has the necessary experience and knowledge in order to understand the risks involved in relation to the product or service offered or demanded; The information regarding a client's knowledge and experience in the investment field includes, to the extent appropriate to the nature of the client, the nature and extent of the service to be provided and the type of product or transaction envisaged, including their complexity and the risks involved..(cobs 102.2)

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< 참고 : 적정성원칙규정 > * 법제46조의2( 적정성의원칙등 ) 1 금융투자업자는일반투자자에게투자권유를하지아니하고파생상품, 그밖에대통령령으로정하는금융투자상품 ( 이하 " 파생상품등 " 이라한다 ) 을판매하려는경우에는면담 질문등을통하여그일반투자자의투자목적 재산상황및투자경험등의정보를파악하여야한다. 2 금융투자업자는일반투자자의투자목적 재산상황및투자경험등에비추어해당파생상품등이그일반투자자에게적정하지아니하다고판단되는경우에는대통령령으로정하는바에따라그사실을알리고, 일반투자자로부터서명, 기명날인, 녹취, 그밖에대통령령으로정하는방법으로확인을받아야한다.[ 본조신설 2009.2.3] * 시행령제52조의2( 적정성의원칙 ) 1 법제46조의2제1항에서 " 대통령령으로정하는금융투자상품 " 이란다음각호의어느하나에해당하는것을말한다. 1. 파생결합증권. 다만, 발행과동시에투자자가지급한금전등에대한이자등과실 ( 果實 ) 만이해당기초자산의가격 이자율 지표 단위또는이를기초로하는지수등의변동과연계된증권은제외한다. 2. 법제93조제1항에따른집합투자기구의집합투자증권. 다만, 금융위원회가정하여고시하는집합투자기구의집합투자증권은제외한다. 3. 집합투자재산의 100분의 50을초과하여파생결합증권 ( 제1호단서에따른증권은제외한다 ) 에운용하는집합투자기구의집합투자증권

< 참고 : 적정성원칙규정 ( 계속 )> 2 금융투자업자는법제46조의2제2항에따라일반투자자에게다음각호의사실을알려야한다 1. 해당파생상품등 ( 법제46조의2제1항에따른파생상품등을말한다. 이하이항에서같다 ) 의내용 2. 해당파생상품등에대한투자에따르는위험 3. 해당파생상품등이일반투자자의투자목적 재산상황및투자경험등에비추어그일반투자자에게적정하지아니하다는사실 3 법제46조의2제2항에서 " 대통령령으로정하는방법 " 이란제52조각호의어느하나에해당하는방법을말한다.[ 본조신설 2009.7.1] * 규정제4-7조의2( 적정성의원칙 ) 영제52조의2제1항제2호에서 금융위원회가정하여고시하는집합투자기구의집합투자증권 이란집합투자재산을운용함에있어장외파생상품이나파생결합증권에투자하지아니하는집합투자기구의집합투자증권으로서당해집합투자규약및투자설명서에서정한운용방침이나투자전략이기초자산의가격또는기초자산의종류에따라다수종목의가격수준을종합적으로표시하는지수의변화에연동하여운용하는것을목표로하는집합투자기구 ( 당해집합투자기구가연동하고자하는기초자산의가격또는지수가시행령제246조각호의요건을모두갖추고, 집합투자기구의집합투자증권의 1좌당또는 1주당순자산가치의변동율과집합투자기구가목표로하는지수의변동율의차이가 100분의 10 이내로한정되는집합투자기구에한한다 ) 의집합투자증권을말한다. < 본조신설 2009.7.6> 3. 업무위탁

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< 참고 : 운용회사 (management company) 정의 > (in accordance with article 2(1)(b) of the UCITS Directive) a company, the regular business of which is the management of UCITS in the form of unit trusts, common funds or investment companies (collective portfolio management), including, where permitted by its Home State regulator, the additional services referred to in article 6(3) of that directive

< 참고 : Sec 205, 206> Section 205(a) of Advisors Act SEC. 205. (a) No investment adviser registered or required to be registered with the Commission shall enter into, extend, or renew any investment advisory contract, or in any way perform any investment advisory contract entered into, extended, or renewed on or after the effective date of this title, if such contract (2) fails to provide, in substance, that no assignment of such contract shall be made by the investment adviser without the consent of the other party by the contract; Rule 202(a)(1)1 - A transaction which does not result in a change of actual control or management of an investment adviser is not an assignment for purposes of section 205(a)(2) of the Act. Section 206 of Advisors Act Prohibited Transactions by Investment Advisors It shall be unlawful for any investment adviser, by use of the mails or any means or instrumentality of interstate commerce, directly or indirectly-- 1. to employ any device, scheme, or artifice to defraud any client or prospective client; 2. to engage in any transaction, practice, or course of business which operates as a fraud or deceit upon any client or prospective client; 3. acting as principal for his own account, knowingly to sell any security to or purchase any security from a client, or acting as broker for a person other than such client, knowingly to effect any sale or purchase of any security for the account of such client, without disclosing to such client in writing before the completion of such transaction the capacity in which he is acting and obtaining the consent of the client to such transaction. The prohibitions of this paragraph (3) shall not apply to any transaction with a customer of a broker or dealer if such broker or dealer is not acting as an investment adviser in relation to such transaction; 4. to engage in any act, practice, or course of business which is fraudulent, deceptive, or manipulative. The Commission shall, for the purposes of this paragraph (4) by rules and regulations define, and prescribe means reasonably designed to prevent, such acts, practices, and courses of business as are fraudulent, deceptive, or manipulative.

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4. Chinese Wall Ÿ Ÿ Ÿ

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5. 자산운용규제

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VI. 상품별규제체계 : 펀드, 랩, 변액, 신탁 1. 정의

2. 자산운용의제한

3. 성과보수

4. 공시

5. 외국사모펀드와국내사모펀드판매간규제차익및 개선방향검토

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VII. 결론 1. 자산운용산업규제체계의개선원칙

2. 간접투자수단정의규정개선방안

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Ÿ 3. 진입규제개선방안

4. 적합성원칙개선방안 Ÿ

Ÿ 5. 적정성원칙개선방안 Ÿ

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6. 업무위탁개선방안

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7. Chinese Wall 개선방안

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8. 자산운용규제개선방안 Ÿ

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참고문헌

제 1 편미국 I. 투자자문업의정의

II. 진입규제 1. 등록의무

2. 등록면제

III. 기능별영업규제 1. 적합성원칙

2. 업무위탁

3. 사기금지규정 (Anti-fraud provision)

4. Chinese Wall

Ÿ 5. 자산운용규제

제 2 편영국 I. 간접투자수단의정의 Ÿ 1. 투자자문 (Advising on investments)

Ÿ Ÿ Ÿ Ÿ Ÿ 2. 투자일임 (Managing Investments) Ÿ 3. 집합투자기구

Ÿ Ÿ Ÿ Ÿ Ÿ Ÿ Ÿ II. 진입규제등록요건 겸업의범위

Ÿ Ÿ 1. 필수요건 (Threshold Conditions)

2. 최저자본요건 Ÿ Ÿ

Ÿ Ÿ Ÿ Ÿ Ÿ Ÿ III. 기능별영업규제

1. 적합성원칙 Ÿ Ÿ

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Ÿ Ÿ Ÿ 2. 업무위탁

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3. Chinese Wall Ÿ Ÿ Ÿ Ÿ

Ÿ Ÿ 4. 자산운용규제

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IV. 신탁업 Ÿ Ÿ

Ÿ Ÿ Ÿ Ÿ 1. Trustee Act 2000

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Ÿ Ÿ Ÿ 2. FSMA 와 COBS 의신탁회사 (trustee firm) 규제

제 3 편일본 I. 간접투자수단의정의 Ÿ

1. 투자운용업

2. 투자조언업 Ÿ

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3. 신탁업 Ÿ Ÿ

4. 집단투자기구 53)

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5. 투자일임계약

II. 진입규제등록요건 겸업의범위 1. 투자운용업 Ÿ Ÿ Ÿ Ÿ Ÿ Ÿ

2. 투자조언업 Ÿ

3. 신탁업 Ÿ

III. 기능별영업규제 Ÿ Ÿ 1. 투자운용업

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Ÿ Ÿ Ÿ Ÿ 2. 투자조언업

3. 신탁업 Ÿ

4. 집합투자기구 Ÿ

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< 참고 : 펀드자체의등록또는신고제의채택에관한논의 > 금융상품거래법제정과정에서펀드자체의등록제혹은신고제를도입할것인지논란이있었으나최종적으로는포기 공모펀드의경우공시규제가적용되고투자권유시의계약체결전교부서면의신고가이루어지고있는점 ( 제37조의3 제3항 ), 사모펀드에경우에도특례업무의신고가이루어지고있는점을고려하여펀드자체의등록제또는신고제의도입은일단포기