시장질서 교란행위 관련 증권선물위원회의 의결 안건에 대한 검토 - 자신의 직무 관련 정보취득자에 대한 과징금 부과처분을 중심으로 -

September 2017, Securities & Futures Commission(SFC) made a decision imposing monetary sanctions to foreign investor. Because this investor violated Market Abuse prevention clause in the process of block-deal Wall-Crossing. The capital markets act regulates unfair transactions in order to secure soundness and reliability of the capital market. The problem was that the regulations against unfair transactions are based on criminal punishments, and thus the application of such regulations needs a strict requisite in accordance with the principle of legality. As the case stands, it is difficult to hold unfair traders responsible though they deranged the market order. At this, the capital market act was amended in 2014 with an addition of regulations against market abuse. As regards a disturbance in the use of information, the amended law further expanded people and information to be subject to regulation. This article deals with the facts and legal issues about the regulations introduced into the amended law and information receiver in relation to self duty. As regards a disturbance about information receiver, it first reviewed i) the concrete concepts and definitions of the information receiver and the job-related information producer and the information acquisitor. In addition, it reviewed ii) the issues about confidentiality, i.e., the requisites for regulation. Finally it reviewed this case and made a conclusions. This case is the first case after amended law introduced into Market Abuse prevention clause. This case is the case that new paradigm of regulatory system is converted on unfair transactions in the Korea’s capital market.