자산운용업자의 투자자보호의무 - 법적 근거 및 금융투자상품의 출시·판매·운용단계상 의무를 중심으로-

First, this article critically reviews the legal basis of the asset management company's obligation to protect investors, and attempts to establish a relationship between the concept tools and the definition of the concept tools for investor protection. Second, the concepts of the duty of good faith, the duty of care of good managers, the duty of care and loyalty, the fiduciary duty and the duty of investor protection, and the relationship between them is examined. With special consideration of the function of Article 64 of the Capital Markets Act, which forms the basis for the occurrence of liability of an asset management company towards investors, the importance of the investor protection is examined under comparative legal aspects. Third, it analyzes the detailed contents of the investor protection obligation borne by the asset manager in the life cycle of the financial investment products. As a manufacturing-stage obligation, the Regulations of the German Securities Exchange Law on the product governance are introduced as a legislative model. Regarding the obligations in the sales stage, the review is made with emphasis on the obligation to comply with the suitability rule and the obligation to explain. In this phase, the modern topic of suitability test and duty to explain through robo-advisor is also occupied. In relation to the obligations in the management stage, the emphasis is on the standard of care and the obligation to prevent conflicts of interest. Finally, the position of the Supreme Court Case law regarding the obligation of the asset manager and the distributor to protect investors is briefly and critically analyzed.