자본시장법상 '포괄적 사기금지규정'의 명확성 원칙상 문제점

Financial Investment Services and Capital Market Act(FISCMA) Article 178(1)-1 prohibits the activities utilizing an unfair artifice, scheme, or devices in connection with trading(including public offering, private placement, and sale in case of securities) and anybody who violates this artice shall be punished criminally. This provision is called as 'general anti-fraud clause'. It is established for preventing any securities frauds in the future. Korean Supreme Court has held that this clause doesn't need to be limited to fraud cases(2011. 10. 27. decided, decision number 2011do8109). In the criminal law area, the provision should have the highest definiteness. In this article, the author suggest some ideas about standards of vagueness doctrine in the criminal law area. Applying these standards, this provision is null and void for vagueness, because it cannot give minimal guidelines to the ordinary person and the lawyers. This provision violates 'the principle of nullum crimen sine lege' and the Korean Constitonal law. So this criminal sanction clause should be removed.