FTA 시대의 외환거래와 과세- 금융자본 자유이동을 초래하는 UCITS/ 펀드 패스포트의 비판적 검토 -

EU established UCITS Directive: Undertakings for Collective Investment in Transferable Securities(referred as Directive in the following) in 1985. This directive applies to UCITS established within the area of EU. UCITS refers to an investment which is managed accordingly to the principle of diversification with the purpose of investing assets collected by suscribed capital in transferable securities, and liquidable financial assets, and allows resale and repayment both directly and indirectly under the instruction of the share owner. Fund passport refers to a system which allows funds to be sold in different country if the fund sale is authorized in another country. Asian countries which are considering such system are Australia and South Korea. Capital Market Consolidation Act is already established in Korea, which enables to adopt fund passport system without any regulatory amendment. However if the fund is adopted without the test which examine the sound of the fund, the doubt towards its risk may increase. Furthermore, there are worries that domestic capital may be abused by foreign capital. This is the reason why more delicate examination and consideration must be carried out before adopting fund passport system.