특정금전신탁의 운용 및 판매 규제에 대한 소고

As the sales of specifically designated money trust(“specific money trust”) product have increased significantly, there have also been a series of disputes related to financial consumer damage caused by its incomplete sales. Considering the essence of specific money trust that the trustor makes the asset management decision by himself, sales regulations and asset management regulations of specific money trust are relatively eased compared to investment trusts(funds), and it is necessary to review whether there is any issue with the management and sales regulations of specific money trust from the perspective of investor protection. The essence of specific money trust, the management method of which is directly designated by the trustor, supposes that the trustor is well aware of the investment objects which the trust invests in and strategies which the trust plays on and that the trustor plays an active and leading role in deciding how to manage the asset of trust. In some cases of specific money trust products sold in practice, however, the trustor designates the assets recommended by the trust company from a passive status without any active involvement or intervention in the management of the trust asset, and thus, there exists difference between the legal form and the economic substance of the specific money trust. If a specific money trust has the same economic function or substance as other financial instruments, but the level of regulation is relatively low, this may lead to issues of regulatory gaps and consumer protection. This study will examine how specific money trusts are being used in the financial market, and review both the legal form and economic substance to analyze and find the proper way to regulate the operation and sale of specific money trusts.