일본의 2004년 개정 신탁업법에 관한 소고 ―주요 개정내용과 시사점을 중심으로―

In Japan, the Trust Business Act was established in 1922. The first revision of the Act was made in 82 years. In 2004, Japan made several fundamental changes to the Trust Business Act in an effort to respond to a changing business environment and thus the amendments to the Act give more flexibility to trusts businesses. The main features of the amendments are as follows: Firstly, the restrictive scope of entrustable assets is lifted, and any and all property rights are included as assets for entrustment to trustee. Secondly, types of trust business are diversified, trust licenses are granted to a broader range of entities, and minimum standards of capital and man power requirements are relaxed. Thirdly, detailed regulations and guidance with respect to the duties and liabilities of trustees are provided. Fourthly, the door to the business of selling beneficial interests of trusts is widely opened. Finally, foreign corporations can be engaged in trust business. The Japanese amendments draws admirable attention from Korean legal scholars in the following contexts. Under the Trust Business Act of Japan, as trusts become more flexible instrument to accommodate a variety of purposes, they will be used with even greater frequency compared to other types of structured finance vehicle. The Act is survived in a very rapidly changing financial environment. The introduction of the business of selling beneficial interests of trusts into Japan will promote the liquidity of the beneficial interests and thus the interests will be a good object of investment.