자본시장법상 투자자예탁금 분리 보관 관리와 신탁

This study aims to examine the legal nature, practical issues, and necessary improvements of the investor deposit segregation system under the Financial Investment Services and Capital Markets Act, focusing on its trust structure. Investor deposits are separated from the proprietary assets of financial investment firms and deposited or entrusted in order to protect client assets and secure market stability. In Korea, following the Asian financial crisis in 1997, a comprehensive deposit structure centered on the Korea Securities Finance Corp. was introduced, and currently, both deposit and trust methods are applied in parallel. In practice, unspecified monetary trusts are primarily used; however, various legal and practical issues arise concerning asset specificity, the scope of trustee responsibilities, and potential delays in repayment. This study organizes the practical operational forms, focusing on the next-day (T+1) deposit structure through the Korea Securities Finance Corp., the requirements for deemed specificity, and the management methods of entrusted assets, while analyzing issues that may arise within the trust structure based on case studies. In particular, as technological advancements propose new management methods such as blockchain-based ledger management and real-time specification systems, the possibility of substantially enhancing asset specificity is highlighted. Consequently, the study discusses the potential expansion of the legal criteria for deemed specificity and suggests directions for legislative revisions. Ultimately, this paper seeks to serve as a foundational reference for future institutional improvements and in-depth research by identifying the gap between the legal framework and practical operations through a structural understanding of the investor deposit management system, and by re-examining it from the perspective of trust law.