내부자거래 규제에 관한 연구 ― 자본시장통합법을 중심으로 ―

The Regulation for the Insider Trading has a long history in America. Because America had a extensive securities and capital market, the regulation theory of insider trading has been developed effectively. The Changeable developments of the regulation theory insider trading point out the scope of the regulation. The theory was made by court, but threw actor in securities and capital market in confusion. And then, in 1997, the O’hagan case made the misappropriation theory. This Theory is different from the traditional theory ; the information possession theory, the fiduciary theory. Although the misappropriation theory is the monument of the regulation theory of insider trading, This theory has defectives. Therefore, Actions like rule making, SEC rule 10⒝5-1, 10⒝5-2, are taken in America. On the other hand, in korea, the regulation for the insider trading was transplanted from America. The Regulation for the Insider Trading in Korea follow through that in America. But, the misappropriation theory is not transplanted. The Regulation theory for the Insider Trading in Korea is similar to the fiduciary theory in America. Korean securities law was enacted in 1962. The provisions of the regulation for the insider trading was imported in 1987, the prohibition of the short swing profit. In 1991, the American theory like the fiduciary theory was transplanted in Korean securities law. From 1997, the provision of the regulation for the insider trading has not been changed. That is to our disappointment. Recently, the tactics of the insider trading is much elaborate. The scope of the regulation have to be broaden. Specially, the derivatives is used in the insider trading. In that situation, we need to establish the effective regulation theory of the insider trading. Then, the Act on Capital Market and Business of Financial Investment will be enacted In 2009. This act change the The Regulation for the insider trading in Korea. The scope of the regulation for the insider trading will be broaden. That is a great change. In securities and capital market, unfair trading is regulated by the Act on Capital Market and Business of Financial Investment. This study is a legal study on the regulation for the insider trading focused on the Act on Capital Market and Business of Financial Investment.