금융투자업의 이해상충 문제와 시사점 = Conflicts of Interest in Financial Investment Services

다국어 초록 (Multilingual Abstract)

The Korean government recently announced the Financial Investment Services and Capital Market Act (provisional). It integrates regulation on financial services and allows financial investment firms to engage in a comprehensive range of financial businesses, including brokerage, dealing, asset management, advisory services, etc. This study addresses the potential conflicts of interest stemming from financial firms` engagement in multiple types of financial activities. While efficiency gains may indeed obtain as a result of the integration of financial services, conflicts of interest may reduce investors` confidence in the financial system. Effective control of possible conflicts of interest is important for the soundness of the Korean capital market and financial service industry. This study examines institutional and supervisory examples of foreign countries for efficient control of conflicts of interest. It also offers a potential solution for conflicts of interest in the form of different types of fire-walls between the various functions of a financial investment firm.