內部者去來規制法規의 執行手段에 대한 小考

Enforcement mechanisms of laws on insider trading regulation can be divided into a few categories: governmental enforcement mechanisms, private enforcement mechanisms, and self regulatory organization enforcement mechanisms. Among them this article focuses on governmental enforcement mechanisms which are in turn divided into two subcategories: criminal enforcement mechanisms and administrative enforcement mechanisms. At first, this article diagnoses the current state of criminal enforcement mechanisms and administrative enforcement mechanisms, pointing out some problems of those mechanisms. Secondly, this article makes several suggestions for future improvements of governmental enforcement mechanisms. Concerning the criminal enforcement mechanisms, such suggestions include, among other things, importing the plea bargaining system of the United States, increasing the efficiency of investigation process, and raising the sentenced “imprisonment term”/“pecuniary penalty amount” against violators of laws on insider trading regulation. With respect to the administrative enforcement mechanisms, this article suggests that, among other things, the Securities and Futures Commission should have the authority to impose administrative monetary penalties, to issue consent orders, and to issue cease and desist orders. Finally, as a related issue to increase the efficiency of insider trading regulation, this article briefly deals with “measures to deter recidivism by insider trading violators” and “prohibition of making financial transactions under borrowed names.”