2015년 자본시장법 주요 판례의 분석과 평가

In 2015, Korean Supreme Court produced many cases relating to the Financial Investment Services and Capital Market Act(hereinafter "the Act"). This paper aims to review and analyses some cases which are significant for the interpretation and application of the Act. When a financial investment business entity introduced and explained to his/her customer the details of the financial investment instrument which other financial investment business entity treated, his/her business should be regarded as the investment recommendation. He/She should be subject to the principle of suitability, the duty to explain, etc. When a quasi-investment advisory business entity give his/her customer the false or misleading investment informations, he/she shall be liable for damages inflicted upon the customer by reason of wilful act. The issuer of a business report, etc. should prove the absence of causal relation between a false description, etc. and all or part of the damages to exempt from the liability for damages under a section 162 of the Act. The Court gave a decision upon methods and extents of proof. And the Court decided that when ELS issuer affected the fair price of underlying stocks by the massive sell-off, he/she intentionally obstructed the fulfillment of condition against the principles of trust and good faith, and investor might treat the redemption condition as having been fulfilled.