earticle

영어

The private equity fund market is maintaining steady growth, and is being assessed to have a big potential to grow, yet, it's being relatively strictly regulated in Korea, which is different from the global trend to liberalize the restriction on private equity funds. In order to grow Korean domestic capital market soundly and strongly in the flow of the world capital, a private equity fund needs to become revitalized, and the control for the invigoration of a capital market must be rationalized in the compromise for the protection of investors. In this respect, as a specific promotion plan for the policy to improve competitiveness of financial business, some parts of the capital market law have been revised for the vitalization of private equity funds. In the revised law, the regulation system of a private equity fund was re-established, and the regulation on the private equity fund system on the whole was relaxed a lot while the qualified institutional buyers system was introduced to protect the investors of a private equity fund and to minimize side effects so that the proper function of a private equity fund (private equity fund collective investment vehicle) as creative and innovative capital can be enhanced. In addition, by improving the current system, for instance, by strengthening the supervision over borrowing the funds for a private equity fund and over its operators, and by limiting the indirect support for the allied enterprises using a private equity fund, the private equity fund industry was to develop in a healthy way, and therefore, a capital market's function to create added value was intended to be reinforced, and the dynamics of Korean economy would be improved. The suggestions for the invigoration of private equity funds in the revised capital market law should be checked to see whether they are an appropriate system for the deregulation for the purpose of the vitalization of a capital market, and at the same time, whether the protection of investors is enough or not. Accordingly, in this paper, the revised laws were reviewed in relation to the regulations of each organization according to the structure of private equity fund collective investment. The revised bill pursues that a private equity fund can be vitalized and the dynamics of a capital market can be enhanced by setting the environment where the features of a private equity fund that seeks high risk and high return can be displayed well. In order to strengthen it more, the roles of venture capital should be able to be reinforced in a capital market in the future centered around the establishment of a stable private equity fund market and this private equity fund. Once the financing and fund collection in the market of middle- and small-sized venture enterprises become active and the capital market becomes more dynamic, private equity funds will play the core role in the dynamic innovative economy.

한국어

그 동안 우리나라의 사모펀드는 사모펀드가 활성화된 외국에 비해서는 그 규모가 작고, 활성화되지 못하였다. 선진국의 경우 전반적으로 사모펀드의 운용에 있어서 규제를 최소화하여 자율성을 보장하고 있는 것에 비하여 우리나라는 사모펀드에 대한 규제가 많아 성장에 제약이 되고 있다는 지적이 크다. 이에 최근 자본시장법은 개정을 통하여 사모펀드를 전문투자형(헤지펀드)과 경영참여형(PEF)으로 단순화함으로써 규율체계를 단순화 하였다. 또한 사모펀드 제도 전반의 규제를 완화하고 있다. 개정 자본시장법은 2015.10.25. 시행이 예정되어 있다. 본 법의 시행을 두고, 사모펀드의 활성화를 통한 시장의 움직임이 활발해 질 것을 기대하고, 해외 사모펀드들과의 경쟁에서 국내 사모펀드가 받는 역차별이 어느 정도 최소화될 것으로 예상하고 있으나, 글로벌 금융위기, 저축은행 사태 등을 통해 경험한 바와 같이 투자자 보호 미흡, 관리 감독의 소홀로 인한 제도의 붕괴는 언제든지 발생할 수 있음을 직시하고 이를 대비하여야 할 것이다. 자본시장에서 가장 중요한 것은 시장의 활성화를 통한 성장과 투자자 보호가 항상 균형적으로 조화되어야 한다는 점이다. 따라서 시장의 활성화 측면에서 개정된 현행법을 바탕으로 투자자보호를 위한 제도를 보충할 필요가 있다.