2005년도 증권거래법 판례의 경향과 전망

Abstract

Review and Prospect of the Securities Cases in 2005 In 2005, there were several cases relating to the securities regulation by the Supreme Court. They were about the short-swing trading, the public offering and the manipulation of security prices. For the purpose of preventing the unfair use of inside information, the Securities Exchange Act permits the corporation to recover for the benefit of the corporation short-swing profits arising from the purchase and sale (or sale and purchase) by insiders within any six-month period of equity securities of the company. In the first case, the point is that the short-swing provision isn't applied to the purchases and sales between the real account and the borrowed accounts. The Act provides that any issuer must file the registration statement before the public offering. In the second case, the private offering exemption and the accredited investor are discussed. To protect investors in the market, the Act prohibits the manipulation of security prices. In the third case, the meaning of purpose requirement and its proof become to be manifest. In this article, I will review and theorize the ratio decidendi in these cases, and add some comments.