해외 주요 거래소의 포괄주의 공시제도―공시위반에 대한 제재제도를 중심으로―
Comprehensive Public Disclosure System of Major Overseas Exchanges ―Based on the sanctions system for public disclosure violations―
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초록
이 글에서는 포괄주의 공시제도와 공시제도의 실효성을 확보하기 위한 공시의무위반에 대한 제재조치 및 Quasi-SRO 시스템 그리고 중요한 정보, 시장민감정보 또는 가격민감정보의 기준 등에 대해 살펴보았다. 그리고 포괄주의 공시제도를 시행하는 주체, 대상 등은 거의 모든 국가들에서 대동소이하나 그 방법에 차이가 있음을 알게 되었다. 특히 중요한 뉴스를 광범위하게 보급하려는 노력들이 엿보인다. 가능한 대중들이 쉽게 접근할 수 있고 통지받을 수 있는 수단을 이용하여 공시하도록 하고 있는 점이 바로 그렇다. 그러나 우리나라의 경우 전자공시제도의 도입으로 투자자들이 공시서류를 간편하게 검색하고 열람할 수 있게 되었다고는 하지만 이는 투자자들이 일부러 그러한 사이트에 접속해야 하는 번거로움이 있고, 전문적인 증권시장지 이외의 각종 보도매체에 쉽게 정보가 노출되는 미국에 비해 정보 확산에 한계가 있음을 알 수 있었다. 보다 다양한 방법으로 정보 확산에 노력할 수 있는 방법이 필요할 것으로 보인다. 한편 포괄주의 공시의 실효성 확보를 위한 방법으로 우리나라의 법 현실에서 볼 때 형벌적 요소가 강한 벌금을 부과하는 방안은 명분이 약해 보인다. 따라서 포괄주의 공시제도의 실효성 확보방안의 하나로 위반행위가 시정될 때까지 계속적으로 경제적 불이익을 주어 스스로 위반행위를 시정할 수 있도록 유도할 수 있는 이행강제금적 성격을 가진 제도의 도입을 제안한다. 동시에 미국의 사례를 참조한 인적 제재조치로 상장폐지가 이루어진 경우에 공시책임자는 증권업계에서 영원히 퇴출시키고, 공시의무담당자는 회사 내의 증권업무 부서에서 근무할 수 없도록 회사 측에 권고하는 등의 방법도 좋을 것이다. 특히 외국 사례를 참고하여 다양한 제재방법들을 조합하여 창의적이고 혁신적인 조치를 설계할 수 있어야 한다고 생각한다.
Abstract
In this article, I looked at the comprehensive disclosure system, sanctions against violation of disclosure, material information or market sensitive information or price sensitive information in Korea and several other countries and the Quasi-SRO system to ensure the effectiveness of that disclosure system. From the above study, I found that the subjects and objects of the comprehensive disclosure system in other countries are almost the same as in Korea, but there are many differences in the method. In particular, I could see that other countries are making efforts to spread important news more widely. That’s exactly why the disclosure is required by means of easy access and notification to the public as possible. In Korea, the introduction of the electronic disclosure system has made it easier for investors to search and view public documents, but it is more cumbersome for investors to intentionally access such sites and there is a limit to the spread of information than other countries, where information is easily exposed to various news media. On the other hand, given the legal reality of Korea, there seems to be no justification for imposing fines with strong punitive elements as a way to secure the effectiveness of the comprehensive disclosure. Therefore, I propose the introduction of a system with enforcement penalty nature that will continue to give economic disadvantages until the violation is corrected. I would also like to propose a measure in which, as a personal sanction after delisting, the public disclosure officer can be permanently expelled from the securities industry, and KRX can advise the company not to allow the public disclosure officer to work in the securities department within the company.
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