1. The defendant's appeal is dismissed.

2. The costs of appeal shall be borne by the Defendant.

Purport of claim and appeal

1..

1. The reasoning of the court of the first instance’s explanation concerning this case is as stated in the reasoning of the first instance judgment, except in the following cases: therefore, it shall be accepted in accordance with Article 8(2) of the Administrative Litigation Act and the main sentence of Article 420 of the Civil Procedure Act.

Under the 10th sentence of the first instance judgment, the acquisition of real estate conducted by the collective investment scheme before the completion of registration can also be deemed as valid under the private law, and a real estate fund was created and established according to the investment trust of this case at the time of the acquisition of the real estate of this case.

In particular, since the Plaintiff acquired the instant real estate on April 23, 2010 and the instant collective investment company filed an application for registration with the Financial Services Commission on April 28, 2010, which had not yet passed since the Plaintiff filed an application for registration on May 25, 2010, there was no concern that there was any possible side effect, such as the dissolution or abandonment of a real estate fund, by acquiring real estate without any registration requirements, after acquiring it and acquiring it only under the instant reduction and exemption provisions.

The Financial Investment Services and Capital Markets Act, which was amended by Act No. 1348 on July 24, 2015, which was enforced since October 25, 2015, (including note) Nos. 13 through 7 of the first instance judgment (including note) as follows, simplifys the regulatory system by dividing privately placed funds into two types of specialized investment and private equity funds, and mitigates the regulation by reporting both specialized investment and private equity funds to the Financial Services Commission within two weeks after establishment and establishment, not prior registration, instead of prior registration, within two weeks after establishment and establishment.

(Article 249-6, 8, 10, 20). Then, the judgment of the court of first instance is justifiable. Thus, the defendant's appeal is dismissed as it is groundless.