금융상품 지배구조 -MiFID II의 규정 및 ESMA의 보고서를 중심으로-

In 2004, the European Union(EU) introduced the Financial Instruments Market Directive (MiFID I) to enhance the competitiveness of the financial markets, protect the interests of market participants, and further promote the integration of European financial markets by applying uniform legislation. However, the development of financial markets, structural changes and the rapidly changing global financial market have disrupted MiFID I. As a result, the EU has extensively revised MiFID I to restore investor confidence in financial markets and improve transparency in financial markets. The legislative package on the revised financial market guidance covers topics for investor protection. Above all, the EU introduces a financial product governance structure in order to apply a separate organizational obligation to financial investors in addition to the business conduct regulations. The financial instrument governance regulates financial investors on the one hand in the design of financial investment products on a proactive basis and on the other hand eliminates the possibility of abuse of investor protection regulations in the sale of financial investment products. In addition, the financial instrument governance mandates financial investors to monitor the appropriateness of the financial instrument approval process and to ensure that financial instruments and target markets are constantly being monitored. This paper examines the financial product governance defined in MiFID II. This means that the financial investors want to prevent the abuse of the investor protection regulations in the sale of financial investment products in advance. In addition, I intend to draw implications for the Korean capital market law by discussing the contents, purpose, and premise requirements of financial product governance regulations.