1. Reason for revision

As “Capital Market and Financial Investment Business Act” (hereinafter referred to as Capital Market Act) was recently revised (Act No. 18128, promulgation on April 20, 2021, enforcement on October 21, 2021) with the contents to strengthen protection of private equity fund investors and to reorganize the system, it is intended to determine the matters to be legally delegated.

2. Main content

As liability of trustees to monitor collective investment agencies of private equity fund for general investors was established (Article 249-8.2 of Capital Market Act), liability is assigned to trustees to check that the statement of collective investment property prepared by the operator is consistent with the items of collective investment property being stored and managed by the trustee at the end of every quarter.