증권회사의 파산과 위험부담에 관한 법적 연구

Since the 2008 global financial crisis, so-called financial advanced countries such as the US have been making multi-faceted measures to protect financial investors. In particular, there are many discussions being held on bearing risks in the event that a securities company goes bankrupt. Recently, there have been increased anxieties in the finance market due to bankruptcies of securities companies such as large-scale transaction mistakes and defaults of corporate groups. Therefore, legal studies on how to protect investors or bear risks when a securities company goes bankrupt are necessary. This study examined detailed restriction plans that can efficiently regulate investor protection, etc. in the event that a securities company goes bankrupt in the future through comparative legal research. There are limitations in providing sufficient protection for investors in the event that a securities company goes bankrupt with the current Depositor Protection Act. Therefore, in addition to regulations on sales behavior on financial investors in the Capital Market Act to provide proper protection to investors, it is necessary to apply strict regulations on financial products with concerns of loss of principal such as options. In particular, providing post-investment protection devices that protect against the loss for investors to minimize investor losses where bankruptcy of securities companies can be expected is essential. For this, an investor loss relief fund system should be implemented. Plans that prepare for the bankruptcy of financial investment businesses must be made to provide sufficient protection to investors in the securities market. This system, however, also has side effects such as increase of fund operation costs and moral hazards. Therefore, a co-insurance program that protects only a certain part of losses for investors like that of the EU should be introduced. In addition, the risks of securities companies should be accurately and objectively measured and they should be liable for payment to the fund accordingly, while coming up with plans to overcome information asymmetry so that securities companies make payments proportional to their level of risk to the fund.