자산운용에 있어서 이해상충규제에 관한 재검토 ―이해관계인과의 거래 및 대규모기업집단규제와 관련하여

In general, the investment regulations regulates the activities of those who, due to their connection with an investment company, stand to gain personally from the manipulation of the company investments, perhaps to the detriment of shareholders. Its purpose would be the protection of investors by prohibiting certain transactions with conflicts of interests. In United States, notwithstanding certain restrictions, any person may file with the SEC an application for an order exempting a proposed transaction of the applicant. In that case the Commission shall grant such application and issue such order of exemption if evidence establishes that the terms of the proposed transaction are reasonable and fair, or the proposed transaction is consistent with the policy of each registered investment company concerned, or the proposed transaction is consistent with the general purposes of the regulation. In Korea, it shall be unlawful for any collective investment manager for having any transactions with certain affiliated person prescribed by the Presidential Decree in managing collective investment property: Provided, that the same shall not apply to the transactions falling in some exceptions. In conclusion, the scope of transactions allowed by the regulations is too narrow. Regulations on Private Equity Funds are also strict against affiliated company of a conglomerate. It is not necessary that the regulation on private placements be the same with public offerings. Further, it is considerable that the limit of investing to the PEF by certain investment management company of a conglomerate is relieved.