자본시장법상 시장질서 교란행위에 관한 연구: 성립요건과 조사절차상 주요 쟁점사항을 중심으로

Abstract

For the capital market, which is the artery of the economy, to perform as the supporter of the real market and thereby sustain our economy, it is quite needed to be acknowledged the integrity and confidence of it from inside and outside of the country. For the purpose to make the capital market clean and transparent so that general investors may participate with trust, the Capital Market and Financial Investment Services Act introduced the market abuse regulation. By this regulation we try to remove the blind spot of regulation by expanding the scope of regulated behaviors and also react to the regulated behaviors promptly and resiliently. But due to the ambiguity of the regulation, there lies the worry that the regulation may harm the normal lawful transactions to diminish or shrink. This article deals with several issues such as the scope of violators, whether the intention(or negligence) is needed or not, whether waiting period may be applied or not, the scope of positions which restrict the use of information, the definition of the possibility of unfair influence on price, etc. regarding the market abuse regulation by analysing foreign legislative system, comparing with undergone unfair trading regulations interpretation and researching the legal nature of financial penalty. This article compared the foregone investigation processes with the recently adopted market abuse regulations to find out the meaningful cautions we must take in investigating market abusive behaviors and if the problems were not solvable by interpretation we suggested some legislative revision opinions.