內部者去來의 規制에 관한 硏究

Abstract

ABSTRACT

A Study on the Regulation of Insider Trade

Lee, Joong-Hyo Advisor : Prof. Kim, Young-Gon Ph. D. Department of Law Graduate School of Chosun University

The present securities market is performing a very important function in injecting popular capital into the industrial capital. The information on the stocks in the capital market is very important to the investors who are going to invest their money to those stocks since they make their investment decisions under the information that they could get from the capital market. The insider trading refers to the trade in which the insider uses undisclosed material information in his dealing in the securities and capital market. The Insider trading is the unfair one to blame for it's inequity between or among the securities dealers, and for it's undermining the market egaritarianism and the investors confidence in the integrity of the securities and capital market. The regulation for the insider Trading has a long history in the United States of America. Because America had a extensive securities and capital market, the regulation theory of insider trading has been developed effectively. They found most countries prohibit the insider trading to protect the public investors, inflicting the criminal punishment upon the violators and allowing the civil remedy for the damaged. But there are some differences in the civil liabilities of their insiders. On the other hand, in Korea, the regulation for the insider trading was transplanted from America. The regulation for the insider trading in Korea follow through that in America. The regulation theory for the insider trading in Korea is similar to the fiduciary theory in America. Actually the Korean Securities Exchange Act did not prescribed such insider trading regulation when it was enacted in 1962. However, when it was revised in 1976, the insider trading regulation was provided and the last amendment was made in 1977. But the Korean Securities and Exchange Act was abolished since the Act on Capital Market and Business of Financial Investment is in effect in 2009. This act change the regulation for the insider trading in Korea. The scope of the regulation for the insider trading will be broaden. This is a great change. In securities and capital market, unfair trading is regulated by the Financial Investment Services and Capital Market Act. This study is a legal study on the regulation for the insider trading focused on the Act on Capital Market and Business of Financial Investment. Chapter 1 describes about purpose and method Chapter 2 describes on insider trading regulation debate in the general. Insider trading can be divided into two subcategories: insider trading on the basis of inside information and insider trading on the basis of outside information. In this chapter describes the movement and the trend of legal theories. Chapter 3 describes case law of USA and EU, Japan. Chapter 4 describes examines insider trading prohibition in Korea. Chapter 5 describes some solutions to the problems in insider trading prohibition in Korea. Chapter 6 come to the conclusion arranged the discussion of above.

* Key words : insider, inside information, insider trading, Korean Securities and Exchange Act, the Act on Capital Market and Business of Financial Investment.