자본시장법상의 시세조종행위 규제
Regulation against Market Manipulation under the FSCMA
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Abstract
Market manipulation is the practice of artificially raising or depressing a security's price in order to profit off from the investing public's predictable reaction to the price change. Thus, “the gravamen of manipulation is deception of investors into believing that prices at which they purchase and sell securities are determined by the natural interplay of supply and demand, not rigged by manipulators.” However, merely stipulating a definition of manipulation that covers most or all of the conducts that regulators deem unlawful would not solve the paradox. Performance standards, market mechanisms, and clarity in rule-making all contribute to the protection of investors from market manipulation. The standards under which market participants operate and the faith in the legal system in addition to the quality and thoroughness of the enforcement of securities laws and regulations will also serve to maintain virility of market. An efficient capital market requires both transparency and liquidity. Transparency is secured by thorough disclosure requirements, top-notch accounting standards, and independent audits conducted under the highest-quality audit standards. On the other hand, liquidity is first offered by investors who have confidence in the market. This article has briefly discussed theories of the legislation and interpretation on the `FSCMA'(Financial Investment Services and Capital Markets Act) and the problems as to the regulation system of the Act. In particular, And this note examined the relevance of market manipulation and ELS(Equity-Linked Securities) or LP(Liquidity provider). because stock-index futures may also create manipulative opportunities, they involve contractual rights that are a function of reported market price, and contracts in which rights are contingent upon reported security prices create tempting opportunities for manipulation. Moreover, Liquidity Providers can act as speculators in the derivatives market, not to invest in the underlying risks themselves (unlike gambling speculators), but rather to provide liquidity to the market in the form of acting as a willing counterparty to risk. But it is possible to be manipulation. In conclusion, the writer think that prevention against market manipulation is more important than all the endeavors to find a solution to a problem after the occurrence of illegal acts.
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