채권종류의 다양화에 대한 법적 고찰

It is necessary to legally support various demands on investor and issuing company's bonds and enhance protection on investors. To achieve this, it is desirable that the number of hybrid bonds expand continuously in the Capital Market Act and commercial law. This will lay the groundwork for relaxing or abandoning the legislative reservation for securities in the long run, and arrange comprehensive types of bonds. When issuing diverse and complicated hybrid bonds, it is necessary to specify the procedural matters on the exercise of a right of bonds. This prevents confusion for investors regarding claim to the residue when an issuing company of hybrid bonds go bankrupt, since the order of priority is clear. Moreover, in order to specify the conditions of exercise of a right and the issuing condition of hybrid bond, publication of the information on hybrid bonds should be enforced. Through this, the access right for information on hybrid bonds should be improved for the owner and the investor of hybrid bonds. Regarding the sales of hybrid bonds, those that contain investment risk above certain level should be issued in private offering form for QIB(qualified institutional buyer). In addition, it is desirable to recommend general investors to indirectly invest in hybrid bonds through financial instruments issued by qualified institutional buyer. When selling hybrid bonds through public offerings, know-your customers and know-your- securities should be thoroughly explained so that investor can fully comprehend. In order to enhance the liquidity of other hybrid bonds, a specialized place where only hybrid bonds are traded should be organized. Strict financial supervision regarding the issuance and sales of hybrid bond and accurate credit rating on hybrid bonds from credit rating institution are required.