사모펀드 규제의 문제점과 개선안에 대한 소고 ―「자본시장과 금융투자업에 관한 법률」 개정안을 중심으로―

The bill of amendment to the 「Capital Markets and Financial Investment Business Act」 (hereinafter referred to as the “Capital Markets Act”), which passed the National Assembly on March 24, 2021, includes provisons to improve the private equity market, such as strengthening investor protection and restructuring private fund regulation system. It is difficult to answer the question of whether the reinforced regulations proposed in the amendment bill can prevent fraudulent management by asset managers and prevent damage to investors in advance. In spite of various regulations, the reinforced deterrence function of the reinforced regulations is bound to be limited without the efforts of asset managers and sellers to comply with them, supervision of the authorities, and quick response when signs of any problematic management are found. Considering the current maturity of the domestic private fund market, the experience and expertise of asset managers, the ability to self-regulate the industry, and the actual cases of private equity investor damage, the market for private equity funds is up to a certain stage. restoring trust seems to be an important task. However, in the mid to long term, it would be desirable to focus on manager regulation rather than regulation on the private equity fund itself, such as management method, taking into account the characteristics of the private equity fund and the limitations of the scope of participating investors. In addition, establishing specific standards for private equity asset management's obligation to make elections and loyalty can provide proactive protection for investors.