不動産投資會社(REITs)에 있어 컴플라이언스(Compliance)制度의 導入 必要性에 관한 硏究

다국어 초록 (Multilingual Abstract)

In my thesis, I suggest some solution of the problems about protecting investors'(or shareholders') rights and interests in Real Estate Invest -ment Trusts(especially, focusing on Real Estate Investment Company).
My report would not be one of the just desk theories. I believe that it can make some contribution to the current economic situation.
A compliance system, which was successfully established in advanced countries, has been mainly introduced in financial institutions in Korea.
The background of the introduction was because we had IMF (International Monetary Fund) crisis which was due to liquidity problems in Korea. As a result, we have tried to find solutions to structural problems and finally advanced financing methods such as ABS, MBS, and REITs. After IMF crisis, two of the most urgent systems which we had to accept were risk management and internal regulations.
The compliance system was introduced to have stronger internal regulations on 21 JUL 2000, which lead to revise a lot of Acts such as Banking Act, Merchant Banks Act, Mutual Savings Bank Act, Securities & Exchange Act, Securities Investment Trust Business Act, Securities Investment Company Act, Futures Trading Act, and Insurance Business Act. Consequently, these institutions had to have the responsibility for the compliance system which was related to the internal regulations.
Even though a real estate investment company can manage properties themselves in Real Estate Investment Company Act, it is not mandatory to have the compliance system for all that companies. It means that all investors do not have enough ability to protect themselves. It is also quite different from the Security Investment Company Act. Because to qualify as a security investment company, the asset management company must have the internal regulations which includes the compliance system.
One of the big reason why Security Investment Company and Real Estate Investment Company has the different responsibility about the compliance system is that they were regulated by different institution. Security Investment Company is regulated by Ministry of Finance and Economy, but Real Estate Investment Company is regulated by Ministry of Construction and Transportation. In fact, historically the financial institutions regulated by Financial Supervisory Commission and Financial Supervisory Service has been tightly regulated, but, the institutions regulated by the Ministry of Construction and Transportation has not been so tightly regulated.
Even though Real Estate Investment Companies usually invest low risk properties, the minimum capital of a company should be more than 50 billion won. It means that they have more higher risk than any other investment companies such as embezzlement and misfeasance.
Consequently, in my opinion, it was a big mistake not to have the compliance system in Real Estate Investment Company Act.
One big merit of Real Estate Investment Companies is that people can invest Real Estate Investment Companies with small amount of money compared to other real estate investment methods and they can additionally expect some capital gain. Another big merit of Real Estate Investment Companies is that they typically provide high dividends plus the potential for moderate, long-term capital appreciation. That's why Real Estate Investment Companies are competitive in real estate indirect investment market.
However, so far Real Estate Investment Companies haven't been successful, we should provide appropriate systems to protect investors and should have a good marketing system in charge of activation of Real Estate Investment Companies.
According to a market survey, people think that we are more corruptive than advanced countries. But, it is quite noticeable that people would tell co-workers absurdity activities, if it is against the law and more people would confide under the protection.
Accepting the compliance system, we can manage financial institutions more effectively and protect investors more safely from financial accidents. It can make the future of Real Estate Investment Companies more brightly and affirmatively.

목차 (Table of Contents)

• 목차
• 第1章 序論 = 1
• 第1節 硏究의 背景 및 目的 = 1
• 第2節 硏究의 範圍와 方法 = 4
• 第2章 不動産投資會社(REITs)의 理論的 考察 = 6
• 第1節 不動産投資會社 槪要 = 6
• 1. 不動産投資會社의 意義 = 6
• 2. 不動産投資會社의 導入 背景 = 7
• 第2節 不動産投資會社의 構造 및 類型 = 8
• 1. 不動産投資會社의 構造 = 8
• 2. 不動産投資信託의 類型 = 10
• 第3節 美國의 不動産投資會社(REITs) 紹介 = 12
• 1. 施行背景 및 發展過程 = 12
• 2. 最近動向 및 特性 = 13
• 第3章 컴플라이언스(Compliance)의 理論的 考察 = 17
• 第1節 컴플라이언스制度의 槪要 = 17
• 1. 컴플라이언스의 意義 = 17
• 2. 컴플라이언스制度의 導入 背景 = 18
• 3. 새로운 內部統制(In Control)의 槪念 = 19
• 第2節 金融會社의 컴플라이언스制度 = 21
• 1. 金融産業의 特殊性 = 21
• 2. 遵法監視人制度의 導入 및 推進 經過 = 23
• 3. 金融會社의 遵法監視人制度 運營 現況 = 23
• 4. 先進國의 컴플라이언스制度 運營 實態 = 24
• 가. 美國 = 24
• 나. 日本 = 25
• 第3節 컴플라이언스制度의 運營 方法 = 26
• 1. 法的 根據規定 = 26
• 2. 理事會 및 經營陣의 役割 = 26
• 3. 內部統制基準의 制定 = 28
• 4. 遵法監視人의 役割 및 職務 = 29
• 가. 遵法監視人의 役割 = 29
• 나. 遵法監視人의 職務 = 32
• 다. 遵法監視 專擔組織의 設置 = 41
• 5. 遵法監視部門과 他 部門 間의 業務區分 = 43
• 가. 內部監査(Audit) 部門과의 比較 = 43
• 나. 危險管理(Risk Management) 部門과의 比較 = 45
• 다. 法律諮問(Legal Consulting) 部門과의 比較 = 45
• 6. 法規遵守프로그램의 制定 및 運營 = 46
• 7. 內部統制基準 違反 時 制裁措置 = 48
• 8. 其他 內部統制 遵守環境 마련 = 49
• 第4章 不動産投資會社에 있어 컴플라이언스制度의 導入 = 51
• 第1節 不動産投資會社法 槪觀 = 51
• 1. 制定目的 = 51
• 2. 主要內容 = 51
• 第2節 證券投資會社法과의 比較 = 54
• 1. 證券投資會社의 意義 = 54
• 2. 證券投資會社法 槪觀 = 58
• 3. 不動産投資會社法과 證券投資會社法의 差異點 = 61
• 第3節 企業 倫理遵法意識 設問調査 = 63
• 1. 設問調査의 槪要 = 63
• 2. 調査 分析 = 65
• 3. 調査 分析에 對한 綜合評價 = 75
• 第4節 컴플라이언스制度 導入方案 = 77
• 1. 導入 必要性 = 77
• 2. 導入 時 考慮事項 = 78
• 3. 遵法監視人制度 導入(案) = 80
• 第5章 結論 = 88
• 參考文獻
• ABSTRACT
• 附錄