미국의 증권관계법상 주의표시법리(Bespeaks Caution Doctrine)에 대한 고찰

• 영문명: A Study on the Bespeaks Caution Doctrine in the Securities Exchange - Related Laws of the United States -
• 발행기관: 한국사법학회(구 한국비교사법학회)
• 저자명: 오성근(Sung-Keun O)
• 간행물 정보: 『비교사법』비교사법 제12권 4호, 541~573쪽, 전체 33쪽
• 주제분류: 법학 > 법학
• 파일형태: PDF
• 발행일자: 2005.12.01

영문 초록

The current Securities Exchange Law Article 6 Clause 2 and Article 14 Clause 2 both suggest that voluntary public notices by the issuer of certain securities dealing with predictions and/or projections of the future performances of the firm in which he or she is involved are legally allowed, though with limited restrictions. Under these laws, therefore, published information predicting and/or projecting a com pany's future performances are in most cases deemed exempt from any legal liabilities for its inaccuracy and/or incompleteness. It in turn implies that an issuer of certain se curities is also granted legal immunity from the risks of facing legal suits for such rea sons. Experts agree that those legal provisions result from the so-called Bespeaks Caution Doctrine, which has evolved chronologically from the legal tradition of the United States, which has exhibited a great level of respect for customary laws. Under these contexts, in an attempt to better understand the regulations of the securities exchange law and other related laws of Korea and the legal approaches they take, this article reviews the regulations and cases shown in the securities exchange-related laws of the United States. It also examines such issues as legal conformity and/or the legal applicability of Korea's existing securities exchange-related laws concerning looking-forward information, and it discusses the implications of the above-listed laws of the United States for po ssible application in the securities business of Korea. In conclusion, the paper suggests that in regulating looking-forward information the U.S. government takes a more rational approach than others by choosing the Bespeaks Caution Doctrine, given the levels of stakes that both companies involved - managers in particular - and the securities industry as a whole may have in those regulations.

목차

Ⅰ. 서설

Ⅱ. 주의표시법리와 그 위반책임

Ⅲ. 우리나라법에 대한 시사점

Ⅳ. 결론

[참고문헌]

【ABSTRACT】