국제적 증권보관의 법적 과제에 관한 소고

Today, as a number of different types of institutions invest in large international portfolios of securities, the size of these institutions' portfolio is projected to grow, and to become increasingly international. However, it is often impracticable and in some cases impossible for the international investors itself to handle international portfolios. Therefore, international investor appoints a global custodian or a ICSD(hereinafter "international custodian") to handle securities on its behalf. In this case, investor's contractual relationship and dealings are with the international custodian only, which keeps the global network behind the scenes, and this, in turn, offers the convenience of the one stop shopping to the investor. By the way, the global custody business, which often involves the holding of international portfolios by parties other than the investor, and the cross-border holdings of securities, which often involve several layers of intermediaries acting as custodians, causes the various legal issues. Against this backdrop, the object of this article is to identifies some of the operational features of the custody of international portfolios of securities, and to provide a framework for analysing the nature of investor's interest in realtion to securities held in custody as well as the relationship between an investor and international custodian