자본시장법상 금융투자상품의 개념적 고찰 = A Study on Definition of Financial Investment Products

다국어 초록 (Multilingual Abstract)

Investment is a key factor in defining financial investment products. The Financial Investment Services and Capital Markets Act (”Capital Markets Act”) provides that the term of investment means risk of losses in the amount of money paid at the same with obtaining of the products. It is understood that the meaning of investment reflects policy consideration to exclude banking products and insurance products from the scope of financial investment products. However, due to such a definition of financial investment products, products that is engineered not to lose the money paid concurrently with the time of purchase of the products, but with expectation of profits or for risk hedging purposes would not fall into the definition of financial investment products. 62) The proposed Financial Consumer Protection Act classifies financial products into four categories, one of which is “investment products”. Main reasons for introduction of the Proposed Financial Consumer Protection Act have been known to provide for regulations and protection for consumers of financial products including newly developed packaged products. It would be desirable to revise the definition of financial investment products so that the Capital Markets Act is able to encompass the investment products currently regarded as being beyond the scope of financial investment products. Due to progress in finance engineering techology, it would be difficult to determine whether new products developed with characteristics of various financial products shall be classified as securities or derivatives. It would be necessary to include packaged financial products as a type of financial investment products separately from securities or derivatives. Considering a comprehensive definition of financial investment products, there is no reason to limit types of the financial investment products into securities and derivatives. Securities under the Capital Markets Act are distinguished from derivatives in that there is no obligation to make additional payment other than the payment made upon obtaining of products for the securities so that the maxim of losses is limited to the money initially paid. However, obligation to make additional payment or preservation of the initially invested money is theoretically changeable and adjustable based on how to make structure of the products. The obligation to make additional payments used to distinguish between securities and derivatives is not based on substance of the products but constitutes a simple formal criteria. It would be suggestable that each definition of securities and derivatives be made based on its own peculiar characteristics and the two products be distinguished on the basis of such characteristics.

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