중국 증권시장 시세조종행위 규제에 관한 연구

Abstract

Stock market manipulation refers to a phenomenon in which a price or transaction volume of securities is distorted by artificial manipulation against the principle of natural demand and supply in the market, and all countries that operate the stock market deem it as a crime. This is a natural measure and legislation in terms of protecting the order of the capital market and general investors. South Korea and China agree upon recognizing stock market manipulation as a criminal act, but there are some disagreements on the nature of criminal acts. However, it seems that a difference lies only in the legislative technology that regulates the manipulation of the stock market, not in the modalities of regulations since both countries have treated the manipulation as a criminal conduct. Recently, China revised Securities Law in 2020 and Criminal Law in 2021 to stipulate the acts that had been regulated by the existing widespread regulations on the stock market manipulation. This enactment is significant in that it not only includes the restriction of existing continuous transactions, fraudulent transactions, spread of false information and other manipulation methods, but also false orders, distribution of false information, and prior sales. Whereas the stock market manipulation is regulated by the integrated Capital Market Act in South Korea, it is regulated by various legislative measures including Securities Law, Criminal Law, authoritative interpretations (mainly judicial interpretations), administrative Laws, and sector regulations in China. In addition, the legislative conflicts between the provisions of Securities Law and Criminal Law and conflicts between Criminal Law and judicial interpretations would be problematic. Furthermore, because the fact that broad provisions are included in other broad provisions would possibly violate the principle of criminal law, a revision of the legislation is required. Finally, the transition of the burden of proof considering the economic aspect of the lawsuit, owing to the ability to collect the evidence of stock market manipulation, would be indicated.