자본시장법상 단기매매차익반환제도에 관한 고찰 －체계 변화에 대한 평가와 향후 개선방향 고찰－

The newly enacted 'Financial Investment Services and Capital Markets Act'(FICMA) has widely revised the regulation for disgorgement of short-swing profits. This article deals with some issues related with the change of the government's role in the regulatory scheme. First, the study opposes to the abolition of the regulation since the insider trading regulation of Korea falls far short of other developed countries' and the short-swing profits regulation needs to supplement the loopholes of the regulation on misuse of non-public material information. Next, it supports the current calculation method which does not reflect loss to the profits calculated. There are still some exemptions to be reconsidered like purchases in public offerings, purchases in tender offer, purchases of forfeited shares. The 'unvoluntariness of a transaction' should be more desirable criteria for giving exemptions from the regulation. The article also argues that all employees of listed companies had better be exempted from the regulation. Finally it suggests that Securities and Futures Commission have discretion to hold notices of a small amount(for instance, less than five million won) of short-swing profits to listed companies.