자본시장법상 금융투자상품 규제체계

The financial investment instruments under the Capital Market and Financial Investment Business Act(CMFIBA) shall be classified as follows : 1. Securities; and 2. Derivatives (a) Exchange-traded derivatives ; and (b) Over-the-counter derivatives. The Regulatory Scheme of Financial Investment Products under the CMFIBA enters a new phase by introducing negative system in defining financial investment instruments. The term “securities” in the CMFIBA means financial investment instruments issued by a citizen of Korea or a foreigner, for which investors do not owe any obligation to pay anything further on any ground, in addition to the money or similar that the investors paid at the time of acquiring such instruments (excluding obligations to pay where an investor assumes such an obligation by exercising a right to effectuate the purchase and sale of an underlying asset). Further, the securities under paragraph (1) shall be classified as follows : 1. Debt securities ; 2. Equity securities ; 3. Beneficiary certificates ; 4. Investment contract securities ; 5. Derivatives-linked securities ; and 6. Securities depositary receipts. The term “Investment Contract Securities” and “Derivatives-linked Securities” are the links that include new structured instruments into the category of financial investment instrument under the CMFIBA. The term “derivatives” in the CMFIBA means a contractual right falling under any of the followings: Forward, Option, or Swap. Derivatives may be classified as “exchange-traded” and “over-the-counter derivatives”, depends on where it traded in an Exchange or not.