유럽의 파생결합증권 규제와 시사점

Structured retail products have vitalized the Korean capital markets by providing innovative products. However, the structured retail products market has weaknesses, especially related to investor protection, because of high information asymmetry and the opaque market structure. After retail investors'losses from these products in the UK, Norway, and Hong Kong, the EU has enhanced disclosure rules and improved sales practices in the structured retail products market to prevent mis-selling and to protect retail investors. The EC published proposals on the regulations for Packaged Retail Investment Products (PRIPs) to standardize disclosures and selling practices for PRIPs. Furthermore,regulations for investor protection have been strengthened in the UK, Norway,France, Denmark, and Belgium. The reforms related to remuneration of sellers,detailed disclosure of fee structures, and risk factors offer relevant suggestions for the Korean markets.