코스닥시장의 상장폐지에 대한 소고 - 실질심사제도를 중심으로 -

Abstract

Delisting process on the KOSDAQ Market can be divided into voluntary delisting process by a listed company and involuntary delisting process by the KRX. Involuntary delisting standards on the KOSDAQ Market can be divided into formal standards and real evaluation standards depending on whether there is a need to review facts. Involuntary delisting system by real evaluation standards was introduced on February 4, 2009. When an event occurs which has significant influence on a listed company's management continuity, transparency, or investor protection, the company's eligibility to continue its status as a KOSDAQ-listed company will be assessed considering the event and its implications. Involuntary delisting system by real evaluation standards is different from that of formal delisting system. Involuntary delisting system by real evaluation standards has three steps. At first step, KRX will decide on whether there is trigger such as embezzlement or malfeasance, or window dressing. At second step, KRX will decide on the company's eligibility to continue its status as a KOSDAQ-listed company by persistence of sales, financial soundness and transparency of management. Finally, the Market Committee will determine the delisting of the company. If needed, a grace period will be granted for the company to make necessary improvements and recovery. After elapse of a grace period, KRX will decide on the company's eligibility to continue its status as a KOSDAQ-listed company. After Involuntary delisting system by real evaluation standards being introduced, many issues have been raised. The various professionals such as lawyers, accountants and professors in the Listing Committee and the Market Committee are involved in the involuntary delisting process by real evaluation standards. Considering this, the court said the delisting decision by KRX must be respected, but it may be illegal, if it is significantly contrary to the justice. The decision of delisting the company will affect many stake holders, including creditors and shareholders. Therefore, it should be careful and transparent. Specific standards of delisting are generally released in public. Because the publication of Specific standards of delisting can be exploited and be also an excuse to avoid delisting, the cautious approach is needed in the publication. I wish KRX market including KOSDAQ Market should be more advanced market in the future by involuntary delisting system by real evaluation standards.