유동화 증권에 있어 계속적인 공시에 관한 연구

Since the promulgation of the Law concerning Asset-Backed Securities in Korea (BS Act in 1998, securitization has become a major funding source for corporations and as consequences public offering of asset-backed securities has been increasing. As post-issuance reporting is perceived as so much important as the disclosure at the time of offering, this article reviews the current regulations and practices in Korea of the on-going reporting requirements regarding asset-backed securities issued through public offering, and seeks to suggest some recommendations and measures for improvement in order to enhance the protection of the investors in asset-backed securities. To the extent necessary, this article reviews the Regulation AB which has been recently adopted by Securities and Exchange Commission to provide disclosure guidance tailored to asset-backed securities. Currently, the asset-backed securities publicly offered in Korea are subject to two disclosure schemes: the reporting requirements under the Securities and Exchange Law of Korea and the registration and disclosure system under the ABS Act. Under the Securities and Exchange Law of Korea, annual reports, biannual reports and quarterly reports are required for any publicly offered securities including the asset-backed securities. Such reporting forms, however, are generally prepared for operating companies and not relevant to asset-backed securities. On the other hand, the registration and disclosure system under the ABS Act is not designed to serve as on-going disclosure reporting. As such, the current on-going reporting requirements regarding asset-backed securities do not effectively provide relevant information to the investors.In this connection, this article suggest that on-going reporting requirements regarding asset-backed securities should be tailored to reflect the characteristics of securitization and meet the investorsneeds.