내부자거래규제에서의 정보제공행위규제

After briefly discussing regulation of tipping in the United States and Japan, this article deals with the same issue in Korea. Concerning the tipping regulation in the Article 174, paragraph 1 of the Financial Investment Services and Capital Markets Act, this article examines and analyzes the following 3 issues : ① The meaning of the phrase “letting any other person use such material nonpublic information while purchasing, selling or making any other type of transaction of a security defined in the Act” ② The issue of whether the tipper can be held liable when the tippee does not trade after receiving the tip. ③ In a case where a tipper tips to an employee(i.e., first-tier tippee who does not trade) of a corporation and the first-tier tippee tips to other employees(i.e., second-tier tippees who trade) of the same corporation, whether the tipper can be held liable for the second-tier tippees' trading for the reason that the second-tier tippees can be treated as having the first-tier tippee status because the initial tipping can be regarded as tipping to the corporation. With respect to the “insider trading related market abusive conduct” prohibited in the Article 178-2 of the Financial Investment Services and Capital Markets Act, this article points out a serious problem arising in the context of enforcement of the Article 178-2. Finally, this article suggests a few points in light of tipping regulation experiences of the United States and Japan.