외국의 공매도규제와 법적 시사점* －금융위기 이후 영국과 미국의 규제를 중심으로－

Recently, Short Selling is becoming important issues in most countries. In Korea, Short Selling is not developed yet in Capital Market. This article examines the recent regulatory developments with regard to short selling in UK and USA. The author begin with a comprehensive complication of emergency restrictions on short selling adopted in the recent crisis. Short Selling is a practice that has existed for many years and is regarded as a valuable activity to aid price discovery by the market. This article examines the definition and kinds of short selling. There are two short selling, in other words covered short selling and naked short selling. And, this article examines the approach to the regulation and trend of short selling in UK and USA. In addition to, this article examines the arguments for and against short selling and its regulation. And, this article examines the situation and some problems of short selling, and focus on some proposals for improvement of short selling in Korea. Especially, we have to improve short selling regulation approach. up-tick rule, circuit breaker, information disclosure and transparency to protect market and investors.