투자자보호를 위한 자본시장과 금융투자업에 관한 법률 제178조 제1항 제1호의 부정거래행위에 대한 해석

Securities Law was enacted to protect the investors. And it is possible to punish the fraud and illegal dealing, based on article 178. Howeverm the meaning of the terms used in the article are not clear which leads the article not to be applied in actual cases. There are a lot of cases which investors have suffered from losses because of the false information given to them, and many agree there should be measures for the cases. And currently, the existing articles of the Securities Law cannot be applied in such cases, so this research is aimed to fix the contradiction. In the United States of America, SEC 10b-5 Rule is applied to rule the incomplete sales since 1934. This rule was adopted by the Korean Securities Law but as explained before, the rule does not apply to the actual cases yet. In this paper, the writer wanted to show how to apply article 178 of the Securities Law to cases about incomplete sales of financial investment instruments. Understanding the nature about such instruments, interpreting the article 178 in the perspective of investor protection and find the methods to rule the financial institutions are needed for the development of the financial market.