외국에서의 프라임 브로커 입법동향과 법적 시사점

초록

In developed countries, Hedge Funds is introduced to develop capital market and provide various investment vehicles. Prime Broker provides Hedge Funds with total services, for example, 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. The author begins with the definition and role of Prime Broker. And this article explains the relationship between hedge fund and prime broker. This article examines the regulatory developments with regard to Prime Broker in USA, UK, German, France, Ireland, Spain, and Hong Kong. And, this article examines the legal arguments about Prime Broker in main countries. Legal argument are composed of margin rules, rehypothecation, net capital requirements, and custody rules. If Korea FSA will introduce Prime Broker soon or later, FSA have to consider Legal Implications, in other words, margin rules, rehypothecaton, short sales, net capital rules, and customer protection rules, etc. The Regulation of Prime Broker in main countries will contribute to the Korea's regulation of Prime Broker in the near future.

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