자본시장법 역외적용에 관한 소고

It is principal that application of domestic law is within the nation. But in some cases, extraterritorial application of laws means that it is applied outside the national territory. There had not been any provision or precedent about extraterritorial application of Anti-Trust Law in Korea before the case of Graphite Electrodes international cartel (2002). Extraterritorial application of laws was applied in this case. The legal basis of extraterritorial application was established in Korean Anti-Trust Law 2-2 and Korean Capital Market Act. When deciding whether to exercise subject matter jurisdiction over a claim brought by a foreign plaintiff alleging securities fraud, a court, as a general rule, applies the effect test, the conduct test or a combination of the two. In light of the delicate international political concerns raised when courts assert jurisdiction over foreign actors or actions, however, courts should be careful to apply the anti fraud provisions only when international considerations warrant the exercise of jurisdiction This study is dealing with extraterritorial application regarding International Jurisdiction and its trend of discussion in Anti-Trust Law. By studying U.S. precedent about extraterritorial application in securities law, it will broaden the width of our view. The internationalization of stock market results in an increase in unfair trading. This means that it is necessary to discuss extraterritorial application of domestic capital law in depth. So we have to consider the legitimate sovereignty of other nations, prevent extraterritorial application of the antifraud provisions of securities law, regulate unfair transaction like securities fraud in advance, be prepared to have a consistent system of extraterritorial application.