12 research outputs found
Definition of Financial Investment Products from a Legal Perspective
The Capital Markets and Financial Investment Services Act introduces a
comprehensive definition of financial investment products as a legal basis for a
more comprehensive and flexible capital market regulation. Such a comprehensive
definition of legal terms does not appear to be general in Korea, which leads to
some concerns on the uncertainty involving the interpretation and application of
such broad terms. For this reason, the new Act ensures its applicability and legal
certainty through three step-definition of financial investment products with their
essential functions and risks taken into consideration.
Firstly, regarding the definition of financial investment product, the function
and risk test is considered relatively clear as there exists a wide consensus on
the meaning of function and risk of financial investment products. The new Act
also provides for a set of quantitative criteria for which can be used in applying
the tests of function and risk. Secondly, with regard to the definition of
securities, there may be disputes over the interpretation and application of the
resemblance test to some types of investment products involving physical
commodities or any interests therein. Thirdly, in the case of derivatives, the main
issue is the differentiation of derivatives and insurance products as the new Act
expanded the scope of underlying assets very broadly including risks traditionally
hedged through insurance products. But the Government announced a plan to
introduce a new definition of insurance products. According to the plan,
insurance products cover any risk management products if only the insureds or
the beneficiaries of the products have material insured interests in the products...์ด ๋
ผ๋ฌธ์ ์์ธ๋ํ๊ต ๋ฒํ๋ฐ์ ์ฌ๋จ ์ถ์ฐ ๋ฒํ์ฐ๊ตฌ์ ๊ธฐ๊ธ์ 2008ํ๋
๋ ํ์ ์ฐ๊ตฌ
๋น์ ๋ณด์กฐ๋ฅผ ๋ฐ์์
Legal Implications of the Changing Financial Services Industry Environment
In financial markets around the world, there have been significant changes.
Over the last 30 years there have been growing trends towards globalizing
financial markets and increasing blurring of sectoral boundaries dividing banks,
securities markets and insurance companies. These trends make national policy
makers consider initiatives to reform financial regulatory and supervisory
structures. Major Asian financial markets also try to ensure their markets are
efficient and competitive. Korea also needs to examine current financial market
and its national regulatory arrangements in order to secure long-term
competitiveness with other Asian financial markets and to cope with changing
financial markets in the future.
This article tries to analyse the UK financial regulatory and supervisory
arrangements. The UK is the first major international financial center to adopt
the single regulator model and to enact the single integrated financial act, the
Financial Services and Markets Act 2000(FSMA 2000). Chapter โ
ก discusses
the UK's policy to reform the financial regulatory and supervisory structure.
Chapter โ
ข analyses the UK's past financial regulatory and supervisory
arrangements. After focusing on the UK's single regulator, the Financial
Services Authority, in Chapter โ
ฃ, Chapter โ
ค analyses the FSMA 2000.
Chapter โ
ฅ draws some conclusions on the issues of adopting the UK system
in Korea