자본시장과 금융투자에 관한 법률상의 투자자보호에 관한 연구

Abstract

資本市場의 발전에 있어 가장 중요한 것은 投資者들이 시장을 신뢰하고 더 많은 投資를 하도록 投資者를 保護하는 것이다. 그러나 지금까지 우리나라의 資本市場關聯法制는 金融會社別로 각각 별도의 法律이 존재하고 個別 法律마다 規定의 내용이 상이함에 따라 投資者保護에 문제가 발생하고 있었다. 이에 따라 資本市場에서 投資者保護의 法制를 보완·정비하고 規制改革을 통해 金融産業의 경쟁력을 강화하는 것을 목표로 資本市場關聯法律을 하나로 통합한 ‘資本市場과 金融投資業에 관한 法’이 制定되었다. 資本市場을 統合的으로 規律하는 立法은 세계적인 추세로, 이미 英國·濠洲·日本 등 세계 여러 국가들이 이를 立法化하였으며, 우리나라도 資本市場統合法을 制定하여 銀行과 保險을 제외한 모든 資本市場을 統合規律하는 立法方式을 채택하였다. 資本市場統合法의 制定으로 資本市場에서 投資者保護가 강화될 것으로 기대되는데, 그 구체적 내용을 살펴보면 다음과 같다. 먼저 資本市場統合法에서는 金融商品의 定義에 관하여 기존의 列擧主義方式을 包括主義方式으로 전환함으로써 지금까지 法律에서 規律하지 못했던 金融商品까지도 規律할 수 있게 되었다. 이로 인해 각 金融商品에 대한 投資者는 모든 資本市場領域에서 資本市場統合法에 의한 保護를 받게 될 것으로 기대된다. 그러나 추상적으로 定義된 金融商品의 槪念을 명확히 하여야 할 課題가 있다. 資本市場統合法에서는 金融投資業과 관련하여 기존의 機關別規律體制를 機能別規律體制로 전환함으로써 기존의 法制에서 業務를 수행하는 主體에 따라 서로 다른 規定이 적용되었기 때문에 발생하였던 規制差益을 제거할 수 있게 되었고 그로 인해 投資者保護가 강화되었다. 또한 投資危險의 判斷能力에 따라 一般投資者와 專門投資者로 구분하여 差等保護함으로써, 一般投資者의 保護水準을 消費者 保護次元으로 강화하였다. 그러나 資本市場統合法이 銀行과 保險을 제외한 나머지 資本市場만을 統合的으로 規律하는 法이라는 限界를 가지고 있어 권역 간 경계에서 동일한 規律이 적용되도록 할 필요가 있다. 資本市場統合法은 個別法律에 산재해 있던 金融投資業者의 投資勸誘規制를 보완·정비하였고, 주요 선진국의 投資者 保護制度를 참고하여 投資者의 保護를 강화하였다. 구체적으로 살펴보면, 상품의 내용과 위험 등을 投資者가 이해할 수 있도록 설명해야 하는 說明義務와 投資者에게 적합하지 않은 거래를 勸誘해서는 안 된다는 適合性原則을 一般投資者와 거래하는 金融投資業者들이 준수하도록 規定하였다. 또한 證券去來法上 不當勸誘行爲禁止 規定을 資本市場統合法이 規律하는 모든 영역에서 적용하도록 확대하였다. 그리고 投資者가 요청하지 않은 投資勸誘에 대한 規制와 再勸誘에 대한 規制 및 顧客情報把握의 原則(Know-your-customer-rule)등을 신설하여 投資者保護를 강화하였다. 뿐만 아니라 兼營에 따른 利害相衝을 우려하여 利害相衝防止를 위한 장치를 상당히 구체적인 수준까지 規定하고, 證券去來法과 先物去來法에 規定되어 있던 內部者去來, 時勢操縱 등 不公正去來行爲를 더욱 엄격히 規制하여 投資者保護를 강화하였다. 그리고 發行公示의 適用範圍를 확대하여 間接投資證券이나 受益證券 등도 發行公示의 대상이 되도록 한 것도 投資者保護의 강화에 기여한다. 그러나 資本市場統合法上의 投資勸誘制度가 실질적으로 效果를 발휘하기 위해서는 適正勸誘體制가 보완되어야 하는데, 구체적으로 投資勸誘에 대한 規制手段의 다양화·規制內容의 구체화·實效性의 확보에 관한 制度가 정비되어야 한다. 또한 資本市場統合法에서는 金融投資會社가 賠償할 능력이 없으면 投資者가 損失을 補償받지 못하는 문제가 발생함으로, 이러한 경우에 投資者를 保護하기 위해 投資者 補償制度를 資本市場統合法에 規定할 필요가 있다.; The most important thing in terms of a development in the capital market is to protect investors for them to rely on the market and make more investment. However, in respect of the current capital market-related laws and regulations in Korea, as each separate law exists per financial institution and the details on regulation per individual law are different, the problem in terms of protecting investors occurs. In this regard, the Capital Market and Financial Investment Act to unify the capital market-related laws was established with the goal of strengthening the competitive power of the financial industry by way of supplementing and regulating the laws to protect investors in the capital market and reforming the related regulations. Since the legislation to regulate the capital market in an integrated manner is a worldwide trend, several countries in the world such as United Kingdom, Australia, and Japan, etc. have already legislated such a law. Our country has also enacted the Capital Market and Financial Investment Act and adopted the legislation method to integrate all the capital market except a banking and insurance sector. With the establishment of the Capital Market and Financial Investment Act, the protection for investors in the capital market is expected to be strengthened. The details are as follows: First of all, since the Capital Market and Financial Investment Act changed the existing listing type to the comprehensive type in respect of the definition of a financial product, it could regulate the financial product which could not be regulated by laws till now. Accordingly, the investors are expected to be protected pursuant to the Capital Market and Financial Investment Act in all the capital market areas. However, there follows a task to make the concept of the financial product, which was defined in an abstract manner, clear. Since the Capital Market and Financial Investment Act changed the existing regulating system per institution to the regulating system per function with regard to the financial investment business, it could eliminate the marginal profits through a restriction which occurred due to the fact that the different provisions were applied depending on the subject performing the business in the existing laws and regulations. Consequently, it can be said that the protection for investors is strengthened. In addition, by dividing into a general investor and a specialized investor depending on the ability to judge an investment risk and protecting them in a differentiated manner, the level of protection for a general investor could be strengthened to the level of protection for a consumer. Nevertheless, since the Capital Market and Financial Investment Act has a limitation that it is the law to regulate, in an integrated manner, only the remaining capital markets except a banking and insurance sector, it is necessary to have the same regulation applicable in terms of a boundary in between each area. The Capital Market and Financial Investment Act supplemented and improved the restriction to solicit the investment by a domestic financial business entity which was scattered in the individual laws and enhanced the level of protection for investors by making a reference to the system to protect investors in major developed countries. Specifically, it provided that the duty to explain for investors to understand the detail and risk, etc. of the product and the principle of appropriateness not to solicit a transaction improper to investors be complied by financial investment business entities to deal with general investors. Moreover, the provision to prohibit the act of illegal solicitation under the Securities Act was expanded to be applicable to all the areas that the Capital Market and Financial Investment Act governed. And by newly establishing the restriction on solicitation to investment not requested by an investor, restriction on re-solicitation, and Know-Your-Customer rule, etc., it reinforced the protection for investors. Further, by reflecting a concern for conflicting interest following the combination of the management for another business, the Act stipulated the device to prevent such a conflict to a very specific level. By more strictly regulating the act of unfair transaction such as an insider trading and manipulation of a market price, etc. which were specified in the Securities Transaction Act and the Futures Transaction Act, the investor protection was more solidified. By expanding the scope of application for public disclosure on issuance, it has made the indirect investment security or beneficiary certificate, etc. be subject to a public disclosure on issuance, which contributed to a strengthened investor protection. However, in order for the system to solicit an investment under the Capital Market and Financial Investment Act to exercise its practical effect, a system of a proper solicitation should be supplemented. Specifically, the diversified means to restrict an investment solicitation, definite details on restriction, and system to acquire the effectiveness should be improved. Moreover, if a financial investment company does not have any capacity to compensate, an investor's loss may not be compensated under the Capital Market and Financial Investment Act. Thus, it is necessary to adopt the system to compensate an investor in the Capital Market and Financial Investment Act to protect the investor in such a case.