國內外 證券市場 同時上場에 관한 법적 문제점

So far several Korean companies have listed their depositary receipts on overseas exchanges such as New York and London, and there has been a case where a non-listed company listed its shares on the Nasdaq, but there is no Korean company that has listed their shares concurrently on Korean stock exchange and overseas stock exchange. Since the amendment to the relevant regulations in March 2002, which now allows dual listing of shares on Korean stock exchange and overseas stock exchanges, there have been active discussions on this subject. In relation to dual listing, it is possible for a Korean listed or KOSDAQ-registered company to list their shares on overseas stock exchange, or for an overseas listed company to list or register their shares on Korean stock exchange. However, this paper will focus on the Korean company listing its shares on overseas stock exchange, and review in general the legal issues relating to dual listing in terms of regulation of primary market, disclosure and regulation relating to secondary market, ownership disclosure rules, regulation of securities fraud such as insider trading and stock price manipulation, M&A related regulations such as tender offer rule and proxy solicitation, central securities depositary and clearing system, creating security interest over deposited stocks, etc. Nevertheless, this paper focuses on the potential legal issues related to dual listing, which is not actively utilized yet and is only at its inception stage, and attempts to draw attention to the need for discussion of such issues. Thus, it would be necessary to conduct more comprehensive and in-depth studies and discussions on the issues raised in this paper and other issues under the foreign exchange transaction law, tax law, fair trade law, etc.