내부자거래규제에 관한 연구

Abstract

Insider trading refers to activities of people in positions easy to obtain internal information of a company including shareholders and employees of stock listed corporations and KOSDAQ listed corporations then using the undisclosed information to the public which can affect the general investors decisions using this internal information directly for stock exchange or transferring the information to another person. The trade concerned or general investors are obstructed fair access to undisclosed information by above situation. And this is an unlawful act because they obtain internal sightless information of a company for there individual purpose. Therefore regulation of insider trading prevent employees to use internal information of a company. Moreover this system protect general investors and a shareholder and intend to economic growth to create a steadfast securities market and wholesome settlement culture of stock trade. But currently insider trading occur continuously from year to year. In spite of the government enforce regulation of insider trading rigidly, it is associated with a large sum of money of criminal trait. In case of success of insider trading, it comes enormous unfair profits and small exposure possibility. And one of not diminished reasons is hard to make inquiries into there offenses in comparison with a crime disclosure. Likewise it is due to insiders' like an official or employee of a securities company moral hazard. On the other hand, regulation of insider trading is obscurity and apply a rule to variety cases like above problems fundamentally. Although insider trading crime change intellectually and diversely, the Securities and exchange Act have no article meet the conditions of crime. Consequently the study compare regulation system to the regulation law of the Securities Exchange Act of an advanced nation to solve above issues and intend to improve above issues affirmatively through detect points of difference and problems from our the Securities Exchange Act and securities market. For improvement of above issues, prohibition of short sale, short term sales gain return system and stock ownership by officers and the major shareholders regulated by article 188 of the Securities Exchange Act. And it bans of using undisclosed information stipulated by article 188-2. But it is not possible to know exactly the object of human restriction applies in light of the above provisions. Last but not least, this study will the basic concept of insider trading based on the above mentioned rules and regulation, any need for regulation and intend to bring suggestions to point the issues of and improve the present the regulation system of insider trading in Korea.