증권선물거래소의 자기상장에 관한 법적 연구

This Paper explores the expected legal problems in listing stock exchange. Stock Exchanges transformed into demutualized company are now pursuing the listing at the exchange as other foreign stock exchange already listed at own exchange. In case of the so-called self-listing, the exchanges could be confronted with various conflicts of interest. The conflicts of interest occur not only in taking the process of application and examination for self-listing but also in taking any actions and measures of the exchange as self regulatory organization against the self-listed exchange company. The exchange has then two legal status; exercising legal competences as self regulatory organization (SRO) on the one hand, and being regulated as listed company by the own entity on the other hand. These two contradictory legal positions of the exchange lead to the conflicts of interest. This paper begins with the question of every legal theoretical aspects whether the self-listing itself can be accepted at all. In order to avoid the conflicts in the process of listing, it is necessary that a special independent organization, which is independent from existing departments inside the exchange, should be involved into the listing process for an independent decision making. This paper suggests the strengthening of the structural and functional independence of the market supervisory body inside the exchange to deal with conflicts problems after self-listing.