자본시장에서의 “정통한 투자자” (sophisticated investor)의 개념과 역할－ 미국법상의 “인정투자자”를 중심으로 －

Historically many country's Act has treated the sophisticated investors differently from general investors. Typical nation was USA, which from early capital market era exempted them from registration of offering because it was not thought as a public offering. In USA the sophisticated investors has been called as the "accredited investors" whereas as the "professional investors" in EU. The Regulatory Agency thought that by eliminating the effort to protect the "professional investors" they can focus their effort on the protection of the rest investors-so called "general investors". At the early time in fact The Rich had the knowledge and experience about financial market almost exclusively, so such idea had reasonable grounds. However today it is common that everyone can acquire high level education without too much wealth. Furthermore The Middle Class has grown steadily for decades due to a economic expansion. Above of all even though he or she is a sophisticated investor, all investors must be protected by the Regulatory Agency from frauds. In conclusion it is anymore not appropriate to distinguish the sophisticated investors from the other investors just only due to the reason that they are rich or well educated.