독일의 MaComp과 컴플라이언스 기능 －한국 준법감시인제도에 대한 시사점－

The German Federal Financial Supervisory Institution, so called BaFin, has announced the third advice (Rundschreiben 4/2010 - WA: MaComp) on August 7th, 2014. According to this advice, stock companies became to be burdened with obligations to follow the Securities and Exchange Act (WpHG) Article31, which include compliance function, acts, organization, and transparency. The background of MaComp’s revision is about Article16 of Supervisory Institution Installation Act by Committee and Legislature. It has its purpose on changing the article of compliance function according to MiFID into MaComp. For this reason, Federal Financial Supervisory Institution regulated legal requirements on MaComp, and as the result, the compliance function on organizations’ requirements and obligations were tightened. According to the revised MaComp, the compliance function basically has advising obligation on official issues such as duty on supervision, report, and training for the employees. In addition, the compliance function not only draws internal organizations and practical guidelines, but also regularly supervises its suitability and efficiency. Besides above, MaComp grants duty to prevent conflicts of interests on compliance function by clearly stipulating conflicts of interests written on Securities and Exchange Act (Subparagraph 3, Paragraph 1, Article 33) to BT 1.2.1 Tz. 3 MaComp. This paper is about analyzing the advice of German Federal Financial Supervisory Institution (BaFin) for a stable settlement of compliance system in Korea. Most of all, it has purpose on suggesting implication on current law-abiding monitor system, regulated in ‘Capital Market and Financial Investment Services Provider Act’, which is published after the new advice.