자본시장과 금융투자업에 관한 법률상 불공정거래의 규제

This article reviews the revised regulations of unfair trading. The revision has been made together with the introduction of the Capital Market and Financial Investment Business Act(CMFIBA). In doing so, this article classifies them into insider trading regulations and manipulation regulations. Regarding the prohibition on the use of material nonpublic information, the definition of an insider has been expanded by including those who are under contract negotiation with the corporation and the executives, the employees or the agents of affiliated companies. Also the definition of nonpublic information has been defined comprehensively rather than restrictively, and the scope of regulated securities has been expanded. Regarding the regulation of nonpublic information as to tender offers, the CMFIBA provides independent article, expands the scope of regulated securities, and exempts tender offerors from the subject of the regulation. Under the regulations on disgorgement of short-swing profits, the scope of employees as the subject matter of the regulations is limited to those who are in a position to acquire nonpublic information, the subject of securities triggering disgorgement is expanded, and the Securities and Future Commission is removed from the list of the persons who have the right to disgorge. Regarding the restriction on short sale, all outsiders are included as the subject of the restriction by expanding the subject of the regulation to everybody and by clearly stipulating the exception clauses. The regulation regarding the report on the status of specific securities held by executives and significant shareholders expands the scope of specific securities to be reported, and reduces the reporting period from 10 days to 5 days from the based date. In order to prohibit market price manipulation, the CMFIBA provides that no one shall commit any of the following acts in connection with trading listed securities or exchange-traded derivatives; manipulating the market price of underlying assets of certain exchange-traded derivatives; manipulating the market price of exchange-traded derivatives based on underlying assets composed of certain securities; and manipulating the market price of securities linked to certain securities as specified by a Presidential Decree. With a view to preventing the loophole, the comprehensive provisions of anti-fraud have been introduced. No one shall utilize an unfair means, schemes, or tricks in connection with trading or other transaction of financial investment instruments.