애널리스트의 이익충돌규제 – EU 금융상품시장지침을 중심으로

Our reality is that analysts' regulation of conflict of interest in the EU has not been fully introduced. In the EU, the regulatory framework has been shaped in its own way, affected by international progress on regulation of interest conflicts by analysts. It can be said that the EU is not much different from the U.S. either in terms of the problem underlying regulation or in its ultimate aim to achieve it by regulation. However, when it comes to the content of regulation, there is a difference between the two that is difficult to say small. A clear understanding of the background of such a difference may be thought to be of some significance in thinking of the analyst's conflict of interest and the nature of the regulations on it. This paper examines the content of the analyst's Conflict of Interest Regulations and Markets in Financial Instruments Directive (MiFID) formed by the U.S. and the International Securities and Exchange Commission (IOSCO) to the extent necessary to clarify the regulatory features of the EU Directive, and then summarizes the EU regulations with discussions in its legislative process. The MiFID is one of the cornerstones of EU financial services law, setting out which investment services and activities should be licensed across the EU and the organisational and conduct standards that those providing such services should comply with. Under MiFID, “eligible counterparty business” is essentially excluded from the majority of investor protection requirements. Eligible counterparties are, broadly speaking, financial institutions, insurers, pension funds and governments. Eligible counterparty business refers to arranging and dealing activities when carried out by eligible counterparties. Meanwhile, while it is necessary to know how guidelines are becoming national law in EU member countries, it is regrettable that even such points could not be considered in this article. In addition, strict calls for the separation of analysts and investment banking sectors will require further research to see if the number of analysts or issuers involved with them is actually occurring, as was feared in the course of the guidance.