자본시장법상 내부자거래규제에 관한 개선방안―EU 시장남용규정을 중심으로―

EU (European Union) has announced the Market Abuse Regulation(MAR, Verordnung (EU) Nr. 596/2014) on June 7th,2014. MAR provides a unified rule for the EU capital markets and seeks to achieve EU growth by securing market participants' confidence in financial products. As a result, the validity of the MAR has made EU capital markets and market participants more regulated and protected by new legislation. Unlike the old guideline (Richtlinie 2003/6/EG), the newly enacted MAR is comprehensive and detailed to prevent market abuse. This includes, among other things, economic regulations such as insider information, insider trading, provisional disclosure obligations, insider listing, and directors' dealings. In relation tor the range of financial instruments and the location of the transaction, the MAR includes not only general financial investment products, but also investment shares, derivatives and certified emission reductions, which are approved for trading in regulated markets, multilateral trading systems and organized trading systems. This paper suggests implications for current insider trading regulation as sipulated in Korea's “Capital Market and Financial Investment Services Provider ACT” by studying MAR. The purpose of this study is to prevent the asymmetry of information in the capital market and to secure the trust of market participants in the capital market.