자본시장법상 공모집합투자기구의 집합투자재산 운용행위규제에 관한 고찰

Collective investment business refers to a business aimed at collecting funds from investors and investing in assets such as securities using collective investment schemes (CISs) including investment trusts and investment companies and distributing their returns to the investors. Thus, the Financial Investment Services and Capital Markets Act (the “Act”) defines collective investment business as an act of acquiring, disposing, or otherwise operating investment assets with property value from two or more investors without receiving daily operating instructions from the investors and distributing the returns to the investors (Article 6 (5) of the Act). Accordingly, the Act classifies CISs into seven types including investment trusts and investment companies. When the Act was introduced, the types of CISs were mainly prepared with the public CIS in mind and the historical concept and essence of collective investment schemes are public CISs. However, from an examination of recent fund flows of CISs, it is clear that there is a preference for private CISs rather than public CISs. To address this problem and to restore the trust of investors, in accordance with requests from related parties in the industry and directions from the government and supervisory authorities, the Act has been revised several times as of May 2021. As a result of these revisions, there are difficulties in applying the related regulations in actual working practice. Therefore, this article examines the regulations related to the regulation of the management behavior of collective investment assets of public CISs. By presenting the legislative purpose and interpretation, the related regulations may be easily understood and applied to actual working practice and also the study may be useful in aiding future academic resarch.