증권 불공정거래 피해 투자자에 대한 공적 보상 방안 - 공정 기금 제도의 도입을 중심으로 -

For the development of the stock market, fairness and soundness of the market should be guaranteed. If a concert party benefits from information asymmetry (insider trading) or artificially formed market prices (market price manipulation), general investors would leave the stock market, and the market would stagnate. Under the Korean legal system, the harmed investor must seek private relief from the violators. Suppose a concert party gains an unfair advantage due to unfair securities trading, and an investor suffers damage. In that case, the harmed investor could seek to recover the damage by filing a claim for damages against the violators. A lawsuit against unfair securities trading damages has yet to be actively pursued due to difficulties in the lawsuit process. To promote investor participation by enhancing the reliability of the stock market, a government agency might consider supporting a lawsuit against unfair securities trading or compensating for damages with financial resources from sanctions collected from the violators. The Securities and Exchange Commission in the United States requires securities law violators to create a Federal Account for Investor Restitution Fund(hereinafter referred to as the ‘FAIR Fund’) to compensate the harmed investors. The FAIR Fund has advantages in terms of the settlement system’s effectiveness, maintaining violators’ liability, and reducing resistance to an investigation by violators. Even based on the Korean legal system that provides for criminal punishment for unfair securities trading, public compensation for the harmed investors could be reviewed based on returning criminal asset recovery system and the crime victim protection system. Public compensation should function as a supplement and limit the scope and object. The harmed investors could also be compensated by creating a FAIR Fund using the confiscation and additional collection of criminal punishment and the part of illicit profits of administrative sanctions. This study would review the possibility of establishing a FAIR Fund by minimizing the involvement of the harmed investors in the process and suggest specific measures to implement public compensation when the legal judgment of unfair securities trading is finalized.