자본시장 테러의 가능성과 법적 대응방안 – 로보어드바이저와 새로운 불공정거래행위를 중심으로 -

In a future in Korea, it is expected that investments using the Robo-Advisor will grow and financial engineering like algorithmic trading will develop repeatedly. From these expectations, it can be told that a meaning of capital markets is being different. Meanwhile, it also can be true that new unfair transactions can cause a volatility which comes close to terror attacks or be used as means of the terrorism on capital markets. While the Flash Crash(2010) and etc. have a common feature that these accidents were caused by a weak spot of algorithmic trading, one research expressed the Flash Crash as “like a major terrorist attack”. In addition, a lot of studies which give warning of the possibility of the terrorism on capital markets have been conducted in US. But, in Korea, seeking a way to prevent the terrorism on capital markets or warning the possibility of it has not been noted, even though capital markets of Korea are faced with hyper-connectivity, superhigh-speed and popularization of automated trading, so it is obvious for capital markets to experience the appearance of new unfair transactions and, finally, to follow same experiences which US has had. Accordingly, in terms of Financial Investment Services and Capital Markets Act(CMA), some problems might be expected that regulators of Korea may lack sufficient human·technical resources to better combat the new high-tech schemes that distort capital markets so that they may fail to deter the new unfair transactions, and so on. Furthermore, it can be told that a preemptive responding system for the cyber terrorism is in a state of legal vacuum, because there is no rule about the cyber terrorism in the Act on Counter-Terrorism for The Protection of Citizens and Public Security(ACT) and the cyber security system for the private financial sectors only depends on the ex-post respond system. To solve these problems, CMA and ACT can be reviewed, since the former is a regulatory system that regulates about the unfair transactions by using a deterrent and the latter is a prevention system that can track, surveil and preemptively respond to the terrorism. For that reason, in this paper the author reviews the countermeasures in CMA, which can restraint the new unfair transactions that can cause the volatility likes terror attacks on capital markets, and seeks the ways in ACT, which can prevent that the deceptive devices are used as the methods of the terrorism on capital markets as one type of cyber terror.