증권집단소송의 최근 동향으로 본증권관련집단소송법의 발전적 개선을 위한 제언
A Proposition for the Betterment of Securities Related Class Action Law from the Perspective of Present States of Securities Class Action
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The Korean government enacted the Securities related Class Actions Law in order to seek a relief for collective injuries of investors, caused in the course of unjust trading securities, and to enhance the operational transparency of companies in Korea. However, it is true that when the government first announced the enactment of the Securities Related Class Action Law, many experts worried recklessly extravagant uses of securities class actions. Despite of this worries the Securities Related Class Action Law took in effect in 2005. Historically said that securities class action system was made and developed under the American economic circumstance which is the representative model of the formal capitalism. So Korea is the unique country which introduced the securities class action system to its own financial market among the OECD member countries excluding the U.S. and Canada. In that the Korean government should be very serious and studied many aspects of securities class action in order to make the system of the securities class action just fit to the Korean financial market. However, the Securities Related Class Action Law in Korea is not very fit it-selt to the Korean financial market. Because there are only 5 securities related class actions that have been brought before the court since the enactment of the Securities Related Class Action Law, in spire of the experts worries that the Securities Related Class Action Law would cause recklessly extravagant uses of securities class actions. This Article is basically to examine the present conditions of securities class action in the Korean financial market as well as those in the U.S. financial market. And the Article also introduces the Federal Civil Procedure Rule, Private Securities Litigation Reform Act, Securities Litigation Uniform Standards Act, Securities Litigation Uniform Standard Act, Sabanes-Oxley Act, and Class Action Fairness Act and studies the current trend of securities class action in the both countries in order to examines the reason why securities related class actions are not in use in Korean financial market. And the Article finally tries to make a proposition for the betterment of the Securities Related Class Action Law.
Abstract
The Korean government enacted the Securities related Class Actions Law in order to seek a relief for collective injuries of investors, caused in the course of unjust trading securities, and to enhance the operational transparency of companies in Korea. However, it is true that when the government first announced the enactment of the Securities Related Class Action Law, many experts worried recklessly extravagant uses of securities class actions. Despite of this worries the Securities Related Class Action Law took in effect in 2005. Historically said that securities class action system was made and developed under the American economic circumstance which is the representative model of the formal capitalism. So Korea is the unique country which introduced the securities class action system to its own financial market among the OECD member countries excluding the U.S. and Canada. In that the Korean government should be very serious and studied many aspects of securities class action in order to make the system of the securities class action just fit to the Korean financial market. However, the Securities Related Class Action Law in Korea is not very fit it-selt to the Korean financial market. Because there are only 5 securities related class actions that have been brought before the court since the enactment of the Securities Related Class Action Law, in spire of the experts worries that the Securities Related Class Action Law would cause recklessly extravagant uses of securities class actions. This Article is basically to examine the present conditions of securities class action in the Korean financial market as well as those in the U.S. financial market. And the Article also introduces the Federal Civil Procedure Rule, Private Securities Litigation Reform Act, Securities Litigation Uniform Standards Act, Securities Litigation Uniform Standard Act, Sabanes-Oxley Act, and Class Action Fairness Act and studies the current trend of securities class action in the both countries in order to examines the reason why securities related class actions are not in use in Korean financial market. And the Article finally tries to make a proposition for the betterment of the Securities Related Class Action Law.
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