2014년 개정 자본시장법상 시장질서교란행위 규제 도입의 함의와 전망

The Capital Market Act has newly introduced Market Abuse Regulation modeled after the Market Abuse Regimes of UK and EU in 2014. The purpose of the regulation is to impose monetary penalty on various illegal and/or harmful acts in the capital market which are not properly regulated under the present unfair trading regulation in the Capital Market Act. Major contents of the new regulation are as follows. Regarding insider trading, it can now target a remote tippee and embraces market information and even policy information as regulated information. In addition, use of information acquired from hacking and theft are sanctioned with administrative fine too. For manipulative acts, the regulation does not require 'purpose' for sanction but only focuses on an activity itself. Moreover there is a possibility of expansive application of the concept of "false devices". The monetary penalty on market abuses is different from the administrative fine on violations of disclosure duty in that the fine for market abuses has no upper limits for the amount imposed. Moreover, it does not need intent or gross negligence but mere negligence enough. This article also deals with some controversial issues such as whether policy information and information regarding spot trading like emission trading can be regulated and whether information gained from search and seizure with warrant can be used for the imposition of administrative fine.