미래의 사모펀드규제: 법제도론을 중심으로

After the so-called subprime mortgage driven global financial crisis of 2008, global consensus has been made to regulate private funds such as hedge funds or private equity funds in one way or another. As a results, new private fund regime has been promulgated around the glove. It is a regulatory paradigm shift because private fund has been left unregulated area in the past. On the other hand, Korean private fund regime has been changed in the direction for the government to intervene the private fund market as little as possible from a heavily regulated one. Investor protection or lack of transparency, and/or prevention of systemic risk have been pointed out as primary rationales for private fund regulation. Investor protection concern should not be a critical one because it could be handled without much difficulty by limiting general public’s direct access to the private market. Also systemic risk concern may be mitigated by regulating the private fund manager, not regulating the private fund itself, because private fund manager is the very person to deal with the fund daily activities with full discretion. In sum, future private fund regime should be something to make private fund market more private and visible hand’s direct intervention should be refrained as much as possible. To that end, it is important to note that our way of thinking and current private fund regulatory paradigm based on the mutual fund regulation be changed.