미국 증권법상 프라임 브로커 규제에 관한 연구

초록

In many countries, Hedge Funds is introduced to develop capital market and provide various investment vehicles. Prime Broker provides Hedge Funds with total services, namely clearing and settle, custody, streamlined trading, securities lending, margin lending, and capital introduction. At present, Korea FSC considers the introduction of Hedge Fund. Therefore, the introduction of Prime Broker will be followed. This article examines the regulatory developments with regard to Prime Broker in USA. The author begins with the definition and role of Prime Broker. And this article examines the legal arguments about Prime Broker in USA. Legal argument are composed of margin rules(Regulation T), issuing while part of a selling syndicate, issuance of securities confirmations(transaction confirmations), short sales, net capital, and custody requirements. In addition to, the author introduces 1994 Prime Broker No-Action Letter of SEC. Expecially, this article examines the 1934 Securities Exchange Act, SEC Rule, FRB Regulation T, NYSE rule, and NASD rule. In recently, SEC is discussing about the Hedge Fund regulation, so Prime Broker will be able to the indirect regulation method. If Korea FSC will introduce Prime Broker soon or later, FSC have to consider Legal Implications, in other words, margin rules, short sales, net capital rules, and customer protection rules, etc. The Regulation of Prime Broker in USA will contribute to the Korea's regulation of Prime Broker in the near future. And, the introduction of Prime Broker will develope Investment Bank and Capital Market of Korea in the future.

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