집합투자기구의 법적 구조에 대한 고찰 - 회사형 집합투자기구를 중심으로 -

Previously, the legal structure of collective investment scheme, which can vary, was limited to investment trusts and investment companies, so the scope of investor protection and legal regulations was very narrow. Accordingly, in order to expand the scope of investor protection, the Korea Capital Market Act has consistently reflected new types of companies under the Korea Commercial Act in the legal structure of collective investment scheme. The diversification of the legal structure of collective investment scheme is beneficial in that it provides investors with various options, but in practical operation, there is no or unnecessary distinction by type of collective investment scheme, resulting in administrative waste and insufficient investor protection. To improve this, first, the definition of collective investment scheme should be comprehensively defined as in other countries so that even if a new investment device emerges, it can be immediately accepted as a collective investment scheme under the Korea Capital Markets Act. This comprehensive definition will compensate for the shortcomings of restricting the development of new collective investment products and enable legal regulation as a collective investment scheme, making every effort to develop new products and protect investors. Second, it is possible to be more faithful to investor protection due to deregulation by supplementing the supervisory function with the audit, a voluntary institution of an investment limited company, as an essential institution. Third, it seems desirable to abolish the investment joint-stock corporation, which is a human company, has unclear authority and responsibilities, and is similar to the investment limited partnership. The reorganization of scheme that have the same substantive function can improve the understanding of investors’ choices and reduce unnecessary administrative costs, thereby achieving efficiency. Fourth, a person who intends to become an employee of an investment limited liability company shall allow labor and credit investment so that the organization can flexibly operate in accordance with the principle of private autonomy. And investment limited liability company needs to reorganize with an investment limited company.