韩国资本市场法集合投资制度对中国的借鉴意义

In the capital market, invest to the financial investment products requires a variety of information and technology. Compared with institutional investors and financial institutions, individual investors are in the weak position on information, technology equipment or professional knowledge. In order to overcome various unfavorable factors, it’s necessary to use the power of investment professionals and configure the appropriate portfolio. Thereby comes collective investment and collective investment schemes. But the reality of china’s market and the general theoretical predictions are not unanimous. China’s stock market trading volume mostly comes from retail investors. Their investment approach is generally seeking short-term interests, not valuing the potential value of the company’s growth. But due to the huge trading volume of their transactions, resulting in part of the institutional investors does not fulfill the normal value investment philosophy. Retail investors in china prefer choosing their own investment operations rather than rely on collective investment scheme that have more information, technological equipment and expertise. They must have their reasons. The collective investment scheme is the root cause of mistrust. Reflect on why this result is generated, the first consideration should be the legal institutional reasons. In order to improve the relevant legislation, it is necessary to learn from other countries. Lots of domestic legislative research on development of capital market and regulations in Europe, United States and Japan has been made, but research on Korea’s experience is so limited. This paper will focus on “Capital Market and Financial Investment Act” of Korea regarding to collective investment, try to provide useful information to china’s domestic legislatures and academics. The second part of this paper will introduce the provisions relating to collective investment on Korea’s capital market act and discuss existing problems. In force Korea’s capital market act with “collective investment” instead of the “indirect investment”, it is from the “Indirect investment asset management business act”. Compared with the past “indirect investment”, current capital market act Article 6, paragraph 5 of the collective investment made more abroad regulations. Collective investment by the collection of assets does not accept the daily use instruction, asset management approach, asset allocation using the results of four elements composing. And Korea’s capital market act Article 9, paragraph 18 to 23 set to concept of the collective investment scheme, private collective investment scheme, investment property collections, collective investment securities, collective investment contract and the investor conference. Korea’s capital market act is rich in contents, but still have many problems. This paper will focus on collective investment scheme, review the problems regarding operational structure of scheme, issuance of equity securities, corporate governance. The third part will introduce the general provisions of the UK, US and Japan on collective investment and China’s Law and regulations. We can clearly see that, China has not made unifying legislation on collective investment. Collective investment on China’s capital market presence of the problem is, although there have no unifying legislative provisions, but the competent authority of the relevant legislative acts of the executive is widespread. Trading and regulatory issues exist in collective investment have become increasingly serious. Generally there are the following points: First, provisions on financial instruments are not clear, and the legal system is disordered; Second, the various regulatory agencies operating on the same product in different settings with different rules, that resulting in unfair competition; Third, the private nature of financial products lack effective legal regulation; Fourth, the financial consumer protection problem was unfavorable and growing; Fifth, the economic environment problems resulted from the regulation of private finance. China’s current laws and regulations relating to the collection investment is the “Securities Investment Fund Act”. In order to improve the regulation of collective investment, it is necessary to adapt the method directly into a “Collective Investment Act”. While referring to the experience of other advanced countries financial legislation, it’s necessary to step up integration of financial supervision legislation.