자본시장과금융투자업에관한법률상 내부자거래규제규정에 관한 小考

The Act on Capital Market and Investment Banking (hereinafter, "the Act on CMIB"), which took effect on February 4, 2009, includes a few reinforced provisions concerning insider trading regulation. This article attempts to provide interpretations concerning several issues arising under Article 174 of the Act on CMIB that have not frequently been dealt with by commentators in Korea. These interpretations include, among other things, (1) what are the implications of the newly inserted term, "a member firm of big business groups" in the enumerated categories of corporation-related parties in the Article 174 paragraph 1, (2) what is the meaning of the provisos of Article 174 paragraphs 2 and 3, (3) whether the regulated securities in Article 174 paragraph 1 and those in Article 174 paragraphs 2 and 3 are different from each other, and (4) whether Article 178 can play an additional role in combating insider trading practices. In addition, this article makes several suggestions for future revisions of the Act on CMIB Article 174 on insider trading regulation. Such suggestions include, inter alia, (1)that the Act on CMIB should add second-tier tippees and more remote tippees to the enumerated categories of Article 174, (2)that the Act on CMIB should also add quasi-insiders of a member firm of big business groups to the enumerated categories of Article 174, and (3)that the Act on CMIB should create an exemption clause concerning multi-service providing investment banks(i.e., financial investment business firms) under some specific conditions.