집합투자기구의 공시제도 고찰

A Collective Investment Scheme (CIS) was initially introduced in Korea when the Securities Investment Trust Business Act enacted in August 1969. Afterwards, the CIS has further developed through the enactment of the Securities Investment Company Act in September 1998, and Indirect Investment Asset Management Business Act in January 2004, then the current Financial Investment Service and Capital Market Act(FSCMA) was introduced in February 2009. Post introduction of FSCMA, the disclosure management system on the CIS also made a significant development. Whilst the CIS disclosure requirements are composed of disclosure on primary markets and secondary market, this article mainly covers disclosure issue on secondary market for the CIS. At first, CIS disclosure system under the FSCMA requires excessive information to be disclosed in various disclosure methods in order to protect financial consumers. However, there is a concern whether the current CIS disclosure framework is better off in relations to such regulatory cost. Vice versa of direct investment, CIS investment is classified as indirect investment as investors would not likely to have either professional knowledge or time on investment. Thus, they entrust their investment to professional investment institutions with bearing management fees. In terms of ad hoc disclosure compared with general listed companies as a direct investment tool, while items required for disclosed information on CIS are very limited and disclosure methods are required to provide as diverse ways, market investors do not consider that they have an opportunity to get sufficient information. Accordingly, this article would like to propose as follows;First, asset management report needs to be combined with business report and contents in the asset management report would be better to be reduced with more concise and key information. Second, with respect to custodian report, it is better off submitting to Financial Service Commission rather than delivering to investors and if necessary, the report can be delivered to investors, attached with asset management report. Third, in case of ad hoc disclosure, disclosure items need to be classified as securities, real estate and special asset and disclosure methods need to be changed to upload at web-site on Korea Financial Investment Associate or post on asset manager's home page. Finally, in relation to financial statements and external audit report, external audit report would be better off to be consolidated into financial statements. Since the asset management industry in the financial market is growing and becoming more important, the above proposed disclosure framework can be contributed to improve CIS disclosure framework on secondary market and it is desirable that investor's satisfaction should be further increased.