주가연계증권(ELS) 발행 제도 개선방안 = Reforming equity-linked security issuance

다국어 초록 (Multilingual Abstract)

Korean retail investors suffered a lot of losses from the investment in equity-linked security (ELS) written on Hang Seng China Enterprises Index in 2024. This paper investigates the causes of the investment losses and makes reformative proposals to prevent its recurrence. There are several causes: there exists incentive incompatibility between investors and issuers (and sellers); ELS has been issued mostly on only a small number of equity indexes; information has not been sufficiently provided to customers in the sale process of ELS commodity. This paper proposes issuers and sellers to participate in the ELS investment to align their interests with retail investors. This paper also proposes to link the concentration risk with capital regulation and to provide publicly more information about risks inherent in ELS.