일본의 개인과징금제도에 관한 소고 —2004년 도입된 증권거래법의 관련 규정을 중심으로—

Japan introduced the civil money penalty system against individuals to the Securities Exchange Act on June of 2004, which was fundamentally modeled on the U.S. Financial Law. The system was effective on April 1 of 2005. Individuals who have been in violation of the most important provisions under the Securities Exchange Act, in particular ones who are in the course of manipulation, insider trading, or non-disclosure of material information, may be subject to severe civil money penalties besides forfeitures, seizures, and criminal penalties. The Japanese Congress overcame lots of hurdles when introducing the new system, such as the most serious issue like a double jeopardy or a due process concern. This paper aims to the introduction of a similar system in Korea, thereby remarkably suppressing securities-related crimes. The japanese reform in the field of the capital market has been applauded and evaluated as a challenging trial and the best practice by other circles. For instance, based on the Securities Act and regulations, the Fair Trading Commission in Japan has studied and pursued more sophisticated and refined civil money system against individuals who are lurking behind corporations or corporate groups but are initiating illegal activities and practices for the anti-competition and the concentration of their economic powers in a relevant market. Constitutional issues including a double jeopardy problem are also the most interesting topic when researching this system. All of these issues will be deeply discussed in the Japanese Context.