內部情報를 이용한 內部者去來의 規制에 관한 小考 - 한국에서 立法政策上 規制해야 하는 理由와 刑事責任에 관한 現行 法規定 아래에서의 몇 가지 문제를 중심으로

• 영문명: Regulation of Insider Trading on the Basis of Inside Information - Policy Considerations Regarding the Subject, Interpretations and Suggestions Concerning Several Issues Arising from the Statutory Criminal Liability Provision -
• 발행기관: 한국사법학회(구 한국비교사법학회)
• 저자명: 조인호(Inho Cho)
• 간행물 정보: 『비교사법』比較私法 제13권 제3호, 383~427쪽, 전체 45쪽
• 주제분류: 법학 > 법학
• 파일형태: PDF
• 발행일자: 2006.09.01

영문 초록

  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. Currently, Korea"s Securities and Exchange Act (hereinafter KSEA) Article 188-2 paragraph 1 prohibits the former subcategory and KSEA Article 188-2 paragraph 3 regulates “insider trading on the basis of tender offer-related information" which is merely one issue among many issues in the latter subcategory. This article deals with regulation of the former subcategory in Korea, covering the following three topics:
  First, “Why does Korea need to regulate insider trading on the basis of inside information as a policy?" In answer to this question, this article demonstrates that the fairness argument and the moral hazard argument are even more convincing in Korea than in the United States and that the allocational efficiency argument and the information owners" autonomy argument are less persuasive in Korea than in the United States.
  Second, this article attempts to provide interpretations concerning several issues arising under KSEA Article 188-2 paragraph 1 that have not been dealt with by commentators in detail. Such interpretations include (1) reexamination of the meaning of the statutory phrase reading “... prohibited from using material nonpublic information in connection with the purchase or sale of a security", (2) reconsideration of the notice element of tippee liability, and (3) review of several complicated cases arising from tipper and tippee liability.
  Third, this article points out “gaps in the law" under the current KSEA Article 188-2 paragraph 1 and then provides several suggestions for future revision of this provision. These suggestions include, inter alia, that KSEA should have a provision regulating option trading on the basis of inside information, that persons who are in the process of entering into a contractual relationship with the corporation should be added to the statutory-enumerated categories, and that criminal liability of second-tier tippees and more remote tippees should be recognized so far as materiality of information is maintained along the line of transmission of information.

목차

Ⅰ. 머리말
Ⅱ. 美國에서의 內部者去來規制 贊成論과 反對論
Ⅲ. 內部情報를 이용한 內部者去來를 한국에서 規制해야 하는 理由
Ⅳ. 刑事責任에 관한 現行 法規定에서 명확하지 않은 몇 가지 문제들에 관한 解釋論
Ⅴ. 刑事責任에 관한 現行 法規定에서 補完할 점
[참고문헌]
【ABSTRACT】

키워드

내부정보를 이용한 내부자거래의 규제 공평성 효율성 정보제공자 책임과 정보수령자 책임 내부정보를 이용한 option거래 regulation of insider trading on the basis of inside information fairness efficiency tipper liability and tippee liability option trading on the basis of inside information