자본시장법과 구 증권거래법상의 “위계”에 해당하는 사기적 부정거래에 관한 연구 - 대법원 2011.3.10. 선고 2008도6335 판결을 중심으로 -

Forward-looking information means that in general, although information can’t be judged right or wrong at the time the prediction of future facts, plans, subjective judgments are indicated, it is information that evaluation of the suitability is likely to vary by the future results. Forward-looking information is uncertain as the basis for investment decisions, and not audited so it possess the possibility to mislead investors, but because the future of the market price of securities can be largely affected by the factors such as issuers operating outlook, growth potential, and son on, this disclosure can be hinged to the base of the investment judgement. This article focuses on discussing weather the company’s action falls on the fraudulent unfair trading including deceptive scheme in Financial Investment Services & Capital Markets Act and Former Securities Exchange Act, when future plans or prospects of the company such as the announcement of the issuing company which is that “the plan of capital reduction will be reviewed and it will be released in future.”In details, part II reviews the detail facts and holdings of the Supreme Court‘s Decision(2011.3.10. 선고 2008도6335 판결), and statutes concerning the fraudulent unfair trading. Part III addresses the affirmative duty to disclose in the U.S. secondary market, and discusses the fraudulent unfair trading in the U.S. federal securities laws by comparative legal study. Part IV reviews the controversial views which has criticised the Supreme Court’s holding regarding the defendant’s activities fell on the fraudulent unfair trading including deceptive scheme in Former Securities Exchange Act. Lastly, as a conclusion, provides the justifications for Supreme Court’s holding that the company’s action falls on the fraudulent unfair trading including deceptive scheme in Former Securities Exchange Act, when future plans or prospects of the company such as the announcement of the issuing company which stated that “the plan of capital reduction will be reviewed and it will be released in future.”