자본시장법상 투자자예탁금 별도예탁제도의 문제점과 개선방안 = Study on the Problems and Improvement of Investor's Deposit Protection System on Financial Investment Services and Capital Market Act

다국어 초록 (Multilingual Abstract)

Segregated deposit system for investor’s deposits, as a priori protection system for the investment assets, protects investor’s deposits from broker and dealer’s defaults and misusing. However, this system has limitations and controversial issues.
The investors are not protected perfectly since the objects of segregated deposits are too narrow. There are lack of detailed criteria for withdrawal and procedure for payment. So possibilities of delaying for payment to the investors could be happen when dealers and brokers meet default. Moreover, brokers and dealers could use investor’s deposits without allowance of the investors since the they can choose a date of deposit to the securities finance corporation. It is also a problem that the way of sharing profits of the investor’s deposits between investors and brokers and dealers is vague. In addition, there are some controversial issues pertaining to the segregated deposit system for investor’s deposits: permitting multiple institutions to serve as depositary institutions and allowing the use of self-declared trusts in managing investor’s deposit.
Thus it is advisable for strengthening of the investors protection to expand the objects of segregated deposits and make the procedures for payment by third-party institution. It also required to make detailed criteria for withdrawal and procedure for payment. Eliminating the T+1 option for making deposits and favoring investors when it comes to distribution of management returns on investor’s deposits also be considered and implemented. Moreover, it is desirable for efficiency of the system to strengthen the concentrating investor’s deposits to one financial institution like current plan.

참고문헌 (Reference)

1 빈기범, "투자자예탁금의 변화 예측 모형에 관한 연구 - 은행감독 유동성 비율 규제와의 비교 -" 한국경제연구학회 28 (28): 39-90, 2010

2 감사원, "투자자예탁금 관리 및 이용료 지급 불합리" 금융위원회 2012

3 기획재정부, "증권사의 외국환업무 범위 확대 등 외국환거래규정 개정"

4 변제호, "자본시장법" 지원출판사 2015

5 한국거래소, "외화증거금제도 도입을 통한 선물시장의 국제화"

6 김건식, "새로 쓴 자본시장법" 두성사 2013

7 빈기범, "모의실험(simulation)을 이용한 증권시장 투자자예탁금 예치방식에 관한 비교 연구" 한국증권금융 (317) : 2011

8 서은숙, "국내 고객예탁금 별도예치제도에 관한 논의: 집중예치 vs 분산예치" 한국증권금융 (304) : 2008

9 神崎克郞, "證券取引法" 靑林書院 2006

10 IOSCO, "2013 IOSCO Collated Responses to the Client Asset Protection Survey" IOSCO 2003