개정 신탁법상 자기신탁 및 수익증권발행제도를 활용한 유동화 금융투자상품 설계에 대한 연구

The Financial Investment Services and Capital Markets Act (hereafter “the Act”) adopts a comprehensive definition of Financial Investment Instruments (hereafter “financial products”) with the aim to trigger innovation in the financial industry, which would in turn lead to the emergence of new, creative financial products, opening various investment opportunities to the financial consumer. Financial Investment Business Entities (hereafter “financial service providers”) should try to fulfill such purpose of the Act by developing and providing a wide range of financial products that would satisfy the various investment demands of financial consumers. Especially, in such a low-yield, rapidly aging society financial service providers should focus on developing assets with investment value into affordable financial products which even small investors could invest in. It should be noted that when introducing a new financial product, securing investor protection measures such as the mandatory disclosure of information in Registration Statements, or the implementation of the Duty to Explain to ordinary investors, is vital. However, the regulatory paradigm should not be managed to block the release of new and innovative products through proactive and administrative control. Rather, it should be operated to seek financial innovation and to lead the sound progress of the financial industry while eliminating any side effects or malaise, through post-control and legal regulations. Based on such understandings, this study explores methods to provide financial products which are structured through liquidating principal investment assets of a financial service provider to Ordinary Investors, by utilizing the Trust system.