증권 시세조종의 구성요건에 대한 고찰 및 대안적 해석의 제언

The stock price should be determined by natural supply and demand. A concert party artificially drives the stock price in a specific direction, causing losses to investors. If a concert party artificially shapes the stock price and the market becomes an unlevel playing field, ordinary investors would leave the market. The Capital Markets Act regulates artificial price fluctuation to maintain fairness and soundness of the market. Trading-based market price manipulation includes market price manipulation by fictitious transactions and market price manipulation by real transactions. Market price manipulation by fictitious transactions could be defined as the wash sales and matched orders with the intent to mislead anyone to misapprehend that the trading of listed securities is in a bull market. Market price manipulation by real transactions could be defined as misleading anyone to misapprehend that the trading of listed securities is in a bull market or selling or purchasing of such securities to cause a fluctuation in market price with the intent to attract anyone to trade listed securities. This study examines the requirements for establishing market price manipulation, focusing on a series of precedents. Market price manipulation might also be closely related to unfair trading and market disturbances. Market price manipulation requires a specific purpose, and if the purpose is not recognized, market disturbances might become a problem and be interpreted as unfair trading. Based on the awareness of the problem, this study would like to propose an alternative interpretation theory that resolves the gap in punishment and enhances rationality.