개정 자본시장법과 금융투자상품에 관한 연구 = The Financial Investment Services and Capital Markets Act in 2013 and the Financial Investment Instrument

다국어 초록 (Multilingual Abstract)

The definition of the financial investment instruments is critical to the financial business. It is a basic criterion to the financial regulation. As per the Financial Investment Services and Capital Markets Act, all financial investment instruments are classified to one of the securities and the derivatives. Who can issue or sell a product and which rules should be followed to do it are depended the product to be classified which financial investment instrument. In addition, it is a requirement of sanctions including punishments of related acts. The provisions regarding the financial investment instruments are Article 3(Financial Investment Instrument), Article 4(Securities) and Article 5(Derivatives). Amendments of each provision above are being included into the Financial Investment Services and Capital Markets Act in 2013 (Act No. 11845, May 28, 2013. Capital Market Act). To clarify the meaning of each provision, the Capital Market Act in 2013 adjusts scope of financial investment instrument by clearly excluding some products from a provision above and delegates to the enforcement decree of the capital markets act to specify any products which should be excluded from a financial investment instrument. This is related to the amendments of Commercial Act in 2011 which specify new instruments of bond. This paper is a review of the details and purposes on the provisions regarding the financial investment instruments amended by the Capital Market Act in 2013 and introduce any legal issues caused by such amendments to the financial business.