우리나라의 私募投資信託制度 = The Regulation of Privately-Placed Investment Trust under the Indirect Investment Asset Management Business Act

다국어 초록 (Multilingual Abstract)

A privately-placed investment trust is an investment trust fund, which is recommended for a relatively small number or qualified group of investors to acquire in allocated portions. Since it applies only to a certain limited number of investors, in its operation legal principles of preservation of natural rights and freedom of contract of the fund investor usually take precedence over other pertaining laws and rules.
In Korea, the phrase “purporting the acquirement by the unspecified investors was revised into "purporting the acquirement by prospective investors"in 1998 (The Articles Concerning Investment Purposes of the Securities Investment Trust Act), thus laying the legal foundation for the establishment of private funds.
The newly-revised The Investment Asset Management Business Act also stipulates likewise. This act categorizes privately - placed investment trust into two groups funds for a small number of investors, which means less than thirty individual investors, and funds for qualified investors, which means individuals investing a minimum of ten billion Korean Won in a single fund or corporations investing a minimum of fifty billion Korean Won in a single fund.
It also well reflects the innate nature of privately - placed funds by providing the basis for the relaxation in legal execution of other existing regulations concerning public offering funds.
First, unlike public offering investment trust, privately - placed investment trust are exempt from the following duties of: 1. public notification of the fund's base price and its calculation process (Art. 96). 2. disclosure of the fund's accounting audit documents(Art. 100) and annual reports (Art. 102). 3. mandatory approval of the investor's inspection of the fund's trust agreements and policies (Art. 120). 4. publication and distribution of the fund's management reports to its indirect investors (Art. 121). 5. public notification of the assets of the fund's indirect investments (Art. 124).
Secondly, privately - placed investment trusts are also legally free in purchase recommendation from those restrictions such as explanation duty and limited advertisement.
Thirdly, privately-placed investment trusts are not subject to those regulations restricting the flexibility issue in their management, Such restrictions include the investment ratio in its holdings of a single-item stock or bond investment, or derivative products, or term limits on real estate liquidation. Again, the privately - placed investment trusts are free from the above-specified rules.
One may point out that there are still a few shortcomings in the newly-revised The Indirect Investment Asset Management Business Act. It is not to mention that to further protect investors--individual or corporate, more work has to be done, for example, for clarification of such issues as regulations on the issue of investment limits concerning the funds for a relatively small number of individual investors, limits on the number of investors of qualified privately - placed investment trusts, and exclusion areas from the regulations concerning the fund's beneficiaries meeting. Only when the work is successfully completed, an ideally-secure environment will be provided for both individuals and corporations to invest freely and willingly.

목차 (Table of Contents)

• Ⅰ. 序 說
• Ⅱ. 私募投信의 沿革
• Ⅲ. 우리法에서의 私募投信 設定根據
• Ⅳ. 私募投信에서의 受益者 數 要件의 變化
• Ⅴ. 私募投信의 類型
• Ⅵ. 私募投信에 대한 規制緩和 內容
• Ⅷ. 結 論
• 참 고 문 헌
• 【ABSTRACT】

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