2018년도 자본시장법 주요 판례의 검토

This paper provides review of several Korean Supreme Court decisions made in 2018 with regard to the Korean Financial Investment Services and Capital Markets Act. There was no fundamental change in capital markets cases in 2018. However, several cases deserve attention and careful analysis. There was a case finding a fund-manager liable for the loss of the investment due to its breach of obligation towards client at the time of solicitation. Under Korean Financial Investment Services and Capital Markets Act, financial institutions should provide proper explanations on financial products, and shall not make improper solicitation with respect to financial products it sells. There were cases explaining calculation of profits gained in unfair securities tradings. The amount of profits gained in unfair securities tradings demands strict proof as criminal sanctions would vary according to such amount. Gains by the corporation would be attributed to the CEO’s or directors’ profits. There was a case for demanding Financial Supervisory Service to provide information it obtained during investigation of securities fraud cases. The demander is a securities firm who prepares for lawsuits to get reimbursement from accountants and other persons responsible for securities fraud. There was a Supreme Court case allowing a securities class action. Several securities class actions pending made certain progress in 2018 in lower court level.