Title of the Book 상사법연구 제32권 제4호 
Published Date 2014. 2. 
Publisher 한국상사법학회 

한민, "글로벌 금융위기 이후 자산유동화거래에 대한 법적 규제의 현안과 개선방향", 상사법연구 제32권 제4호(2014. 2.), 9-71면



<키워드>

자산유동화, 집합투자, 등록유동화, 비등록유동화, CP, 전자단기사채, 공시, 합성CDO, Investment Company Act, Regulation AB, securitization, collective investments, CP, electronic short-term bonds, disclosure, synthetic CDO, Investment Company Act, Regulation AB


<영어 초록>

   The Law Concerning Asset-Backed Securitization (the "Securitization Law"), which was promulgated in 1998, has made significant contributions to the promotion of asset-backed securities markets in the Republic of Korea. Since the occurrence of the global financial crisis, however, we have seen international trend of strengthening the regulation of financial industry, including securitization. Further, during the recent several years, the transaction volume of securitization which is implemented outside the Securitization Law (the "Non-Registered Securitization") has been significantly increasing. In oder to better protect the investors` interests and the stability of the financial system under the changed environments, it is time to make improvements to the overall regulatory scheme and the oversight and regulation with regard to securitization. This article compares and analayzes the recent transactional trends and regulation of securitization in the U.S., Japan and Korea and proposes that the following improvements be made: First, it is necessary to establish clear statutory guidelines for the distinction between collective investments and securitization. The Financial Investment Services and Capital Markets Act (the "Capital Markets Act) has established a comprehensive definition for the term "collective investment", which belongs to one of the financial investment services regulated under the Capital Markets Act and then, exempts the securitization transactions effected under the Securitization Law from the regulation of collective investments. Due to the lack of statutory guidelines, it is not clear how the Non-Registered Securitization may be distinguished from the collective investment. Therefore, in order to minimize the legal uncertainties and the possibility for regulatory arbitrage, it is necessary to establish clear statutory or regulatory guidelines to distinguish "securitization" from "collective investments." Secondly, it is desirable to strengthen the disclosure regulations applicable to securitization under the Capital Markets Act, particularly, with respect to the Non-Registered Securitization. Finally, it is desirable to strengthen the oversight and regulation of the Non-Registered Securitization for better protection of investors` interests and for the sound investment practices. For this purpose, the Securitization Law needs to be improved. It may also be considered making certain provisions of the Securitization Law mandatorily applicable to the Non-Registered Securitization. With respect to the securitization transactions whose underlying assets are derivatives or derivatives-linked securities, it would be desirable to treat such transactions based on their economic substance and regulate similarly to the derivatives or derivatives-linked securities.

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