건전성 감독에 있어 규제 당국의 책임 범위에 관한 연구

Financial transactions have a great impact on the economy as well as on the life of the people. The purpose of financial supervision spans from protecting the investors (or financial consumers) and industry structures to preventing the threats to the national economy. The victims of 2013 Dong-yang Group incident argue that financial supervision is inadequate. Dong-yang Group sold high-risk CP and bond to general investors based on money trust. In the capital market, what is the relationship between the failure in investor protection and supervision responsibilities? This is due to the severe level of information asymmetry among the different stakeholders involved in financial transactions. Information asymmetry is the cause of the market failure from a microscopic perspective. However, it is difficult to determine what to control and how much to control. This research examines the legal boundary of regulatory authorities intended to reduce the issues of reverse selection and moral hazard in capital market. In Korea, FSC is the “visible hand” in the financial supervision system which is in charge of the supervision and management. Traditionally, countries in favor of market economies argue that the government should take the responsibility of supervision. In this debate, it is important to discuss the responsibilities as well as the rationale for those responsibilities.