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박삼철(Park, Sam-Cheol),이규림(Lee, Kyu-Rim),황규상(Hwang, Kyu-Sang) 한국증권법학회 2015 증권법연구 Vol.16 No.1
투자펀드제도는 자금 제공자와 자금 운용자의 분리라는 특성으로 인해 자산운용회사가 자신이나 그 관계인의 이익을 위해 펀드재산을 남용하는 이익상충 문제를 내포하고 있다. 이러한 문제는 펀드와 그 관계인 간의 거래, 즉 관계인거래를 통해 현실화되는 것이 일반적이다. 따라서 관계인거래로부터 펀드투자자의 이익을 보호하는 것은 펀드규제의 핵심이라고 할 수 있다. 미국의 펀드규제법인 투자회사법은 펀드 관계인거래를 관계인의 거래상의 지위와 거래양태를 기준으로 유형화하여 매우 구체적이고 체계적으로 규제하고 있다. 또한, 관계인에 의한 남용 소지가 없는 거래에 대해서는 다양한 방식으로 예외를 허용함으로써 펀드투자자 이익 보호라는 규제목적과 함께 펀드운용의 효율성도 적절히 배려하고 있다. 규제목적에 맞는 정치한 법규와 이를 합리적·탄력적으로 적용하는 감독당국의 노력에 힘입어 미국의 관계인거래 규제는 펀드투자자의 이익 보호와 펀드산업의 명성 유지에 필수적인 역할을 하고 있다. 우리 자본시장법상 펀드 관계인거래 규제는 관계인에 의한 펀드재산 남용 방지라는 규제목적과 이러한 목적에 맞게 잘 정비되어 있는 미국의 입법례에 비추어 볼때 규제체계와 규제내용에 대한 전반적인 개선이 요망된다. 무엇보다 우리 자본시장법은 펀드의 관계인을 합리적 근거 없이 ‘자산운용회사의 대주주등’과 ‘자산운용 회사등’으로 구분하여 전자만 펀드의 이해관계인으로 정의하고 나아가 후자와 펀드간의 거래는 불건전영업행위의 한 유형으로 규제하는 것은 규제체계상 문제가 있으므로 정비가 필요하다. 관계인거래의 규제방식도 현재와 같이 단순히 ‘거래’를 금지할 것이 아니라 관계인의 거래상의 지위와 거래양태 등을 고려하여 유형화하여 구체적인 규정을 둠으로써 규제 실효성을 제고할 필요가 있다. 그리고 자본시장법상 관계인거래의 예외가 지나치게 좁아 과잉규제의 소지가 있으므로 관계인에 의한 남용행위는 엄격하게 금지하되 공정하고 건설적인 거래는 허용함으로써 펀드투자자 보호와 펀드운용 효율성 제고의 조화를 도모할 필요가 있다. 마지막으로, 증권펀드 외의 펀드, 즉 부동산펀드 등에 대해서는 펀드의 특성을 고려하여 그에 적합한 별도의 규제를 정하는 것을 검토해볼 필요가 있다. Investment funds, due to the nature of separation of investor and investment manager, inevitably face conflict of interest issues because the manager may potentially abuse the fund for the benefit of itself or its related parties. Such issues rise to the surface when there are transactions between the investment fund and its related parties. Consequently, one of the most important goals of investment fund regulation is to protect investors from risks stemming from affiliates transactions. The US has very specific and systematic investment fund regulations concerning affiliates transactions, which categorize the issues depending on the status of the affiliates and type of transaction. In addition, US regulations allow various exemptions and exceptions for types of transactions that are unlikely to be abused by the affiliates, securing the balance between the regulatory purpose of protection of the investors and the efficiency of investment management. Thanks to such flexible application of the regulations by the US regulator focusing on the regulatory purposes based on fine-tuned regulatory provisions, US regulation concerning affiliates transactions has played an important role in maintaining and improving the reputation of the investment fund business and protecting investors. On the contrary, the regulations around affiliates transactions under the Financial Services and Capital Markets Act of Korea (“FSMCA”) require overall reassessment, based on the study of the well-established regulatory system of the US which is well designed to the point of prohibition of abuse of the fund by the affiliates. Most of all, it is hard to find any reasonable ground for the different categorization of ‘major shareholders, etc. of asset management company’ and ‘asset management company, etc.’ and giving different treatment to those two categories ? the former is regulated as affiliates transaction and the latter is regulated as unsound business practice. Thus, such regulation structure under FSCMA without sound grounds needs to be revisited. In terms of how to regulate affiliates transactions, it is necessary to improve the effectiveness of the regulation by building up more reasonably categorized provisions to cover various status of affiliates and types of transactions, instead of simply prohibiting the ‘transaction’ as stipulated in the current FSCMA. In addition, as there are only narrow exceptions available in the FSCMA, which may be excessively restrictive, it is necessary to achieve balance between investor protection and the efficiency of investment management by allowing fair and constructive transactions while prohibiting abuse by affiliates. Finally, it is recommendable to consider setting up a separate set of regulations for investment funds that do not invest mainly in securities, as such funds (e.g. real estate funds, etc.) that have a totally different character and nature.
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고양이에서 Methacholine으로 유도한 기관지 수축시 Isoflurane과 Enflurane이 호흡기계 역학에 미치는 효과의 비교
최인철,정성문,박평환,이병욱,심지연,황규상 대한마취과학회 1998 Korean Journal of Anesthesiology Vol.35 No.1
Background : The aim of this study was to compare the effects of isoflurane and enflurane on respiratory resistance using flow-interruption technique. Methods : Twenty one cats were divided into 3 groups according to the agents administered; Control(control), Isoflurane(1 MAC of isoflurane) and Enflurane(1 MAC of enflurane) groups. Tracheal pressure was measured at 2 cm beyond the distal end of the tube. After measuring the baseline value, methacholine chloride(25 ㎍/kg/min) was infused to induce bronchoconstriction which was continued throughout the experiment. Anesthetics were administered for each group 15 minutes after methacholine infusion (control value) via low pressure inlet of the ventilator. Measurements were made every 15 minutes. Intermittent mandatory ventilation was applied with Servo 900C ventilator. Inspiratory flow rate and tidal volume were fixed throughout the experiment for each subject. Pressure, volume and flow were monitored with Bicore CP100 pulmonary monitor. The data were transferredto a personal computer and analyzed by a processing software. Respiratory system, airway and tissue resistances, and dynamic and static compliances were calculated. Results : Methacholine infusion increased both airway and tissue resistances. Fifteen minutes after administering inhalation anesthetics(M30), airway resistances for isoflurane and enflurane decreased to 50.8±4.7% and 62.5±4.9% of the control value(p<0.05). And the values of tissue resistances for isoflurane and enflurane decreased to 54.7±6.2% and 68.0±4.4% of the control value respectively (p<0.05). There were significant differences between the isoflurane and enflurane in the values of airway and tissue resistances at M30(p<0.05). But there were no significant differences between the two agents in the values of airway and tissue resistances at M45. Conclusion : For isoflurane and enflurane, both airway and tissue resistances are reduced. Isoflurane is more potent than enflurane in reversing methacholine-induced bronchoconstriction in tmal model. (Korean J Anesthesiol 1998; 35: 1∼6)
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