증권거래법 제186조 제1항에 관한 연구

• 영문명: A Study on the Article 186(1) of Securities and Exchange Act
• 발행기관: 한국사법학회(구 한국비교사법학회)
• 저자명: 박민우(Min-Woo Park)
• 간행물 정보: 『비교사법』比較私法 제14권 제3호(하), 957~982쪽, 전체 26쪽
• 주제분류: 법학 > 법학
• 파일형태: PDF
• 발행일자: 2007.09.30

영문 초록

  The Securities and Exchange Act requires that where a listed corporation or a KOSDAQ-listed corporation falls under any of the Article 186(1)’s subparagraphs One through Twelve, such corporation shall report to the Financial Supervisory Commission and the Exchange such fact.
  In addition to these subparagraphs, Subparagraph Thirteen of Article 186(1) that is where the fact, which is prescribed by the Presidential Decree as the matters having serious effects on the management and properties, etc. of corporation other than subparagraphs One through Twelve, provides Enforcement Decree of the Securities and Exchange Act basis for new supplement provisions. This provision expands the scope of the disclosure by subparagraphs One through Seven and also provides a basis for new expansion by regulation on Securities Issuance and Disclosure.
  On the ground of this subparagraph, the Financial Supervisory Commission can again add new items which a listed corporation or a KOSDAQ-listed corporation need to disclose by regulation on Securities Issuance and Disclosure of Article 69’s subparagraphs One through Twenty.
  The most important thing of regulation on Securities Issuance and Disclosure of Article 69 is Subparagraph Twenty since this is regulated by “Where matters pertinent to under subparagraphs 1 through 19 may arise with the potential of significantly affecting investors’ decisions.” This means that all important information must be disclosed by the company and the scope of the disclosure has been extended by this provision.
  However the Supreme Court and the Korea Exchange have kept the position that they have not considered Subparagraph Twenty of regulation on Securities Issuance and Disclosure’s Article 69. Therefore a listed corporation or a KOSDAQ-listed corporation only has the duty of disclosing items which are expressed in the Securities and Exchange Act, Enforcement Decree of the Securities and Exchange Act and Regulation on Securities Issuance and Disclosure.
  I cannot agree with this opinion due to the following two reasons. Above all, this is adverse to the ongoing trend of increasing the scope of information which is disclosed by the world’s other leading exchanges
  Secondly, If we ignore the Subparagraph Twenty of regulation on Securities Issuance and Disclosure’s Article 69, it could not match between Article 186(1) of Securities and Exchange Act and Article 188-2 (2) of Securities and Exchange Act.
  So I believe that a listed corporation or a KOSDAQ-listed company needs to disclose the information which has the potential of significantly affecting investors’ decisions. This produces that the Article 186(1) of Securities and Exchange Act recognizes the existence of affirmative duty of disclosure and accord with Article 188-2 (2) of the Securities and Exchange Act.

목차

Ⅰ. 서언
Ⅱ. 제186조 제1항의 이론적 존재근거
Ⅲ. 제186조 제1항의 내용
Ⅳ. 제186조 제1항의 확대해석 가능성
Ⅴ. 결론
【참고문헌】
[Abstract]

키워드

수시공시 효율적 자본시장 가설 증권거래법 제186조 제1항 임시보고서 적시공시 중요정보 Non-Periodic Disclosure Efficient Capital Market Hypothesis Article 186(1) of Securities and Exchange Act Interim Report Material Information