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학술연구/단체지원/교육 등 연구자 활동을 지속하도록 DBpia가 지원하고 있어요.
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연구자들이 자신의 연구와 전문성을 널리 알리고, 새로운 협력의 기회를 만들 수 있는 네트워킹 공간이에요.
초록· 키워드
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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.
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.
목차
Ⅰ. 머리말
Ⅱ. 프라임 브로커의 개념과 역할
Ⅲ. 미국 증권법상 프라임 브로커의 규제형식과 법적쟁점
Ⅳ. 자본시장과 금융투자업에 관한 법률의 규정방향
Ⅴ. 맺음말
참고문헌
Abstract
참고문헌 (15)
참고문헌 신청
1. [인터넷자원] - / / Explain Prime Brokerage/What is a prime broker
2. [보고서] - GAO / 2009 / Regulation SHO, Recent actions appear to have initially reduced failures to deliver, but more industry guidance is needed
3. [단행본] - Karrie H. McMillan / 2007 / Hedge Funds and Prime Brokers: The Legal Relationship from the US Perspective, In Hedge Funds and Prime Brokers / Risk Books, a Division of Incisive Financial Publishing Ltd
4. [학술지(정기간행물)] - Lawrence Cohen / 2008 / When a Prime Broker Fails - Critical Issues for Fund Managers in the Lehman Bankruptcy / Corporate & Finance Alert
5. [학술지(정기간행물)] - Noah Melnick / 2005 / Prime Broker Insolvency Risk - After the fall: what next / the hedgefund journal
2. [보고서] - GAO / 2009 / Regulation SHO, Recent actions appear to have initially reduced failures to deliver, but more industry guidance is needed
3. [단행본] - Karrie H. McMillan / 2007 / Hedge Funds and Prime Brokers: The Legal Relationship from the US Perspective, In Hedge Funds and Prime Brokers / Risk Books, a Division of Incisive Financial Publishing Ltd
4. [학술지(정기간행물)] - Lawrence Cohen / 2008 / When a Prime Broker Fails - Critical Issues for Fund Managers in the Lehman Bankruptcy / Corporate & Finance Alert
5. [학술지(정기간행물)] - Noah Melnick / 2005 / Prime Broker Insolvency Risk - After the fall: what next / the hedgefund journal
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UCI(KEPA) : I410-ECN-0101-2010-360-003104612