한국형 대형투자은행 활성화를 위한 법적 과제 -종합금융투자사업자 제도를 중심으로-

Amendments of 「Financial Investment Services and Capital Markets Act」(hereinafter “FSCMA”), which introduces Korean Investment Bank(herein after “Full-Service IBs”) to vitalization and strengthening of the capital market in Korea, was promulgated at 28th of May 2013 and will be effective 29h of August 2013. Full-Service IBs will be able especially to provide prime brokerage service and extending credit to corporations exclusively. I hope amendments of FSCMA to strengthen Full-Service IBs to compete with global IBs, but there will be many obstacles, especially size of capital and experiences. And there will be several issues to be solved, particularly excessive regulation. So I recommend several de-regulations and some maintenances of legal system in this paper. Firstly, NCR as required capital ratio should be change into BIS for Full-Service IBs or minimum requirements of NCR should be lowered to 150%. Secondly, Conditions on Trust Business of Full-Service IBs, which prohibits to extend credit with trust property, will be terminated and Asset-Back Securitization Act should be amended in order to effectively securitize loan facilities of Full-Service IBs. Thirdly, introduction of title transfer pledge need also by amend Korean Civil Law. Fourthly, Foreign Exchange Transaction Act need to be amended to allow Full-Service IBs to extend credit by Foreign currency. Finally, Corporate Tax Act or Income Tax Act need to be amended to apply substance over form rule into title transfer pledge(Yang-do-dam-bo) for Full-Service IBs to avoid double taxation.