내부자거래규제에 관한 비교법적 고찰

Insider trading is prohibited in advanced many countries because it gives ill effects to the stock market and gives damages to the public investors. Though Korean Securities Exchange Act has articles prohibiting insider trading, it is reported that those are ineffective. To improve the regulations in Korea I undertook a comparative legal study on the extent of the insider and non public information (insider information). Because most of regulatory schemes have been derived from the US, I mainly studied regulations in the US and added an interpretation of EU Directive cordinating regulation on insider trading. Charpter 2 describes some problems on insider trading regulation in Korea. Charpter 3 describes the movement and the trend of legal theories and case law concerning insider trading prohibition in the US. In this charpter the attention focuses mainly on the US federal prohibition under the 1934 Securities Exchange Act 10(b) and SEC Rule 10(b)-5. Charpter 4 describes the EU Directive. Charpter 5 compares and examines the differences of the schemes in US, EU and Korea. Finally charpter 6 offers some solutions to the problems in Korea. The real meaning of the fact that the misappropriation theory was approved by the US Supreme Court in O'Hagan case is to expand the extent of the insider and non public information. And EU adopted the strict regulation against insider trading. I think it is time to keep up to the international standards in regulating insider trading in Korea.