증권분야 분쟁해결 및 불공정거래 피해구제 개선방안 연구－미국식 Fair Fund 제도의 도입 가능성을 중심으로－

Compared to the commodities or services, financial instruments such as securities and derivatives have more possibilities of getting into disputes among disagreeing parties, since they have more complex and difficult structure for general investors to understand and above all their inherent risk of loss from various factors. However, when some disputes or conflicts between parties happen, it is hard for general investors to resolve the problem through the court's decision because it requires high cost and long time to complete the case. So, in securities-related area, such alternative dispute resolutions(ADR) as mediation or arbitration are widely used instead of filing lawsuits to the court. ADR offers a simple, fast and low-cost out-of-court solution to disputes between investors and securities firms. Because of large asymmetric factors between general investors and securities firms in terms of information, bargaining power and supporting organizations, public investors have disadvantages in the process of litigation including the proof of damages compared to institutional investors. It is not easy for individual investors to recognize damages resulting from illegal activities by himself and furthermore to be indemnified for a loss even after winning a lawsuit. Redemption of assets has been a critical challenge due to frequent concealment of chargeable properties by defendants. To block such an abuse, adequate information on unlawful activities must promptly be disclosed to injured investors and public. Also, it is necessary to consider adopting the Fair Fund system of the USA, which indemnifies victims of illegal activities with money funded from civil penalties or fines levied by regulatory bodies.