헤지펀드와 관련된 내부자거래의규제 법제에 관한 연구 - 미국과 유럽의 법제를 중심으로 -
A Study on Regulations of Insider Trading involved with Hedge Funds －Focused on the Regime of the United States and European Countries－
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Abstract
The near collapse of the financial system in the fall of 2008 due to lax scrutiny of securitized debt instruments necessitates securities regulation reform. It is essential that law-makers are mindful of the role of hedge funds in magnifying the impact of the crisis through their heavy investment in alternative high-risk instruments and inclinations to engage in market manipulation. The reform must address both types of market manipulation: fraud and insider trading. More sophisticated technology and complex hedge fund characteristics increase the possibility of insider trading problems. The authorities must take aggressive action to deter and detect sophisticated insider trading concealed in various markets. This need is particularly important in the unregulated world of hedge funds in the United States and Korea. Hedge funds serving on a creditors committee can usually obtain access to non-public material information. Thus, hedge funds must exercise enormous care so as not to allow any of its traders or hedge fund employees to use information gained from those committees to achieve the enormous financial returns. Hedge funds should face liability similar to other professional fiduciaries when they function on creditor committees. Because insider trading harms the public's faith in the integrity of the financial markets, clear statutory laws and strong governmental enforcement of insider trading laws are needed. Investors and the public cannot rely on the integrity of hedge funds alone where hedge funds yield enormous economic returns. Judgments in the financial system are often distorted by the enormous financial returns that the hedge funds provide. As an improved model, it would be desirable in order to prevent further insider tradings involved with hedge funds that the scope of insider in the U.S. securities laws and Korean Financial Investment Services and Capital Market Act will be extended so that they could just focus on the imbalance of information when a trade occurs rather than any specific relationship between the parties involved and the issuer in the equivalent extent to the definition in the EU Directive.
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