익명조합 출자지분의 공모 규제 ―네티즌 펀드의 경우를 중심으로―

Undisclosed associations are kind of association contracts under Korean Commercial law and not much research has been done in this subject. However, 'netizen funds' which raise money for investing certain culture product have been revitalized since a few years ago and some of netizen funds have taken the form of undisclosed association. Therefore, positions are presented that appropriate regulations for netizen funds are needed in consideration of investor protection. Under such circumstances, concerning the netizen fund by KangJeGyu & Myung Films for the movie 'An-Nyong, Hyeong-Ah', possibility of regulating was considered by authorities. On this occasion, we need examination about how to regulate public offering of investment shares of undisclosed associations properly. When business managers of undisclosed association collect money from investors(undisclosed parties), these undisclosed parties get more exposed to financial risks of business managers. Since disputes about how to regulate netizen funds related to 'An-Nyong, Hyeong-Ah' in 2004, related laws and decrees have been changed to meet needs of capital market which has developed rapidly. However, in-depth studies are still necessary about how to regulate public offering of investment shares of undisclosed associations for the purpose of appropriate investor protection.