자본시장에서의 사이버 불공정거래 규제에 대한 소고

Successful manipulation requires rumors to be spread widely and quickly. Recent developments in the communications technology and various cyber media such as internet-cafe, twitter and facebook, etc, make it possible for millions of people to get price-sensitive information easily that used to be hard to find and expensive to procure. But, unfortunately, neither the Korean FSA nor Korea Exchange(KRX) have adequate regulatory authority over public investors who post anonymous false statements in chat rooms or bulletin boards. Under such situation, this article reviews the current regulatory system for cyber manipulation or market abuse activities, and analyzes the causes and unique characteristics of such illegal activities. In order to response to the growing illegal activities using on-line media or cyber space, this article suggests the following measures: the establishment of effective monitoring system, strengthening the power to collect evidence, formal and informal liaison work with other agencies including national police, and finally support for enhancing self-regulation. Above all, financial market regulators must beef up their ability to deter, detect and punish cyber space invaders. And it is very required to maintain the balance between the governmental and self-regulatory actions. Combating securities law violations on the cyber space needs the close cooperation between regulatory agencies and public investors to find and suppress the violations. In addition to the above measures, better investor education is also necessary. In sum, satisfactory measures to prevent, survey, discover, or sanctions an on-line fraud and market manipulation effectively must be prepared. And, the regulatory system must adapt to address the increasing use of technology to commit on-line market manipulation.