영국 법제상 자본시장질서 교란행위의 유형, 과징금부과단계 및 형사책임

Abstract

The Financial Investment Services and Capital Markets Act of 2014 (CMA) was established in order to compensate for deficiencies in the existing regulatory framework for unfair trading and to bring about qualitative changes by prohibiting acts that disturb market order (Article 178 (2)). In terms of regulatory means, regulations were introduced to strengthen the financial penalties including the imposition of fines (Article 447, Article 447 (2)). In this way, the CMA was able to improve to some extent the regulation of unfair trading practices; therefore, in future, the focus should be on the operational part of the legal system. In this study, before considering the Korean legal system, an examination was carried out of the regulations of the Financial Conduct Authority(FCA) of the United Kingdom for administrative and criminal regulations regarding acts of market abuse and the imposition of administrative fines or, depending on the severity of the case, criminal penalties. Development sequence II. Types and objectives of market abuse behaviour III. Five steps for financial penalties for market abuse IV. Criminal responsibility for acts of market abuse. Meanwhile, the UK system of criminal procedure based on case law is very different from that of a civil law system such as that of Korea (criminal procedure law, Article 246). The regulations of the United Kingdom on market abuse in the capital market are very extensive. Also amendments are made frequently to the articles of the Financial Services and Markets Act; therefore, there is a need for continuing research to provide accurate analysis on related contents and derive implications for the legal system in Korea.