투자회사의 규제에 관한 비교법적 고찰 - 공모펀드를 중심으로

Investment Funds is a means by which an investment manager pools the capital from investors to invest in vary targets. There are two types of investment funds according to how it pools the investment assets. One is contractual type and the other is company type. The investment company means the later and in US it is called by “Mutual Funds”. The term is commonly used to say open-end management investment company. In this article I mentioned three legislations- EU UCITS Directive(Directive), US Investment Company Act(ICA), German Kapitalanlagengesetzbuch(KAGB)- and compared them with our legislation-Kapital Market Act(KMA). Consequently in de lege ferenda I made some suggestions. First, we need to clarify the externally managed investment company. Second, because investment company's shareholders don't intend to participate in management but want to profit from share price, so their share-rights may not be important than in operation companies. KAGB realize it by the legislate which divides the share into enterprise share and investment share. Third, KMA made some confusion in making legislation about risk management. It must classify by two type risk-objective and subjective. The former derivate from the investment object but the later from the person who issued the securities which the investment company acquired. Fourth, in regulation of interest-conflicts, KMA give a vague description because it does not distinct conflicts of interest between investment companies that managed the same management company. We have to decide about whether it is reasonable to limit the leverage by ratio to asset value or the agreement of share-holders. Lastly, I suggested to provide to investors with more shot documents than now because in EU or US, investors are received very brief disclosure amount of one or two pages.