2006년도 증권거래법 주요판례의 분석과 평가

Abstract

Analysis and Prospect of the Securities Cases in 2006 In 2006, there were several cases relating to the securities regulation by the Supreme Court. They were about the antifraud, the insider trading, the suitability theory and so on. For the purpose of protecting investors, ensuring fair dealing in the securities markets, and promoting ethical business practices, the Securities Exchange Act prohibits anyone from disseminating intentionally false quotations, untrue facts or other rumors or employing deceptive scheme in connection with the purchase or sale of any security. In the first case, the point is that the section 188-4 sub. 4 should be applied to the security not listed or the over-the-counter market. The Act provides that the insider isn't allowed to trade the listed securities of the company by use of material non-public information. In the second case, the point is that the inside information should be non-public until it will be open to the public by the company. To protect investors from the loss, the Act prohibits broker-dealer from recommending the securities unfairly. In the third case, when broker-dealer doesn't provide the information necessary to the customer's investment judgement, he or she is responsible for the customer's damages. In this article, I will review and theorize the ratio decidendi in these cases, and add some comments.