프라임 브로커의 파산과 관련된 법적 쟁점과 그 시사점 - 리만 브라더스의 파산과 투자자보호를 중심으로 -

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 bankruptcy of Lehman Brothers as Prime Broker. The author begins with the definition and role of Prime Broker. And this article examines the background of Lehman Brothers' bankruptcy. In addition, Lehman Brothers' bankruptcy and Legal Arguments of investor protection. Legal Argument are composed of SEC Rule 15c3-1(net capital rule) and 15c3-3(customer protection rule), U.S Federal Bankruptcy Code(stockbroker liquidation), Securities Investor Protection Act, Insurance, and ISDA Master Agreement. If Korea FSA will introduce Prime Broker soon or later, FSA have to consider Legal Implications, in other words, net capital rule, customer protection rule,bankruptcy provisions etc., in order to protect investor. The case of Lehman Brothers' bankruptcy as Prime Broker will give lessons to the Korea's regulation of Prime Broker in the near future

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