자본시장법상 파생결합증권에 관한 법적 소고

The Financial Investment Service and Capital Markets Act(hereinafter, 'FISCMA') comprehensively defines financial investment instruments in a functional way, allowing the introduction of new financial instruments easy and reinforcing investor protection. It classifies financial investment instruments into securities and derivatives. Securities are subdivided into a equity securities, debenture, beneficiary certificate, securitized derivative, depositary receipt and investment contract. Among these, securitized derivatives has inherent factors of derivative products. The following are examples : Equity-Linked Warrant, Equity-Linked Securities, and Derivatives- Linked Securities. The FISCMA expanded the scope of underlying asset of securitized derivatives in its widest acceptation. As a result, outstanding issue of securitized derivatives drastically increased after the enforcement of the FISCMA, the market size ranking second in the world following Hong Kong. However, despite the positive affects with the development of securitized derivatives such as wider choice of various financial investment instruments to investors and expansion of revenue base to financial investment company, institutional imperfection still exists. Regarding this, the FISCMA does not define explicitly on the issuing of securitized derivatives. Therefore, the FISCMA should clearly clarify above mentioned criteria in order to enhance legal stability. Securitized derivatives is a financial investment instruments with high investment risk. The investment risks of securitized derivatives and the contents related to underlying assets should be more specific and announced officially for investor protection.