미국 증권규제법상 중요성 판단기준
Materiality on Securities Regulations in U.S.
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「자본시장 및 금융투자업에 관한 법률(이하 「자본시장법」이라 한다)」은 ‘금융투자상품’의 투자자보호를 주된 목적으로 하여 제정된 법률이다.1) 「자본시장법」상 금융투자상품이란 이익을 얻거나 손실을 회피할 목적으로 현재 또는 장래의 특정 시점에 금전, 그 밖의 재산적 가치가 있는 것(이하“금전등”이라 한다)을 지급하기로 약정함으로써취득하는 권리로서, 그 권리를 취득하기 위하여지급하였거나 지급하여야 할 금전등의 총액이 그권리로부터 회수하였거나 회수할 수 있는 금전등의 총액을 초과하게 될 위험(이하 “투자성”이라한다)이 있는 것을 말하고 「자본시장법」은 금융투자상품을 증권2)과 파생상품3)으로 구분하고 있다(「자본시장법」 제3조).
Abstract
A market where securities of financial investment instrument are trading is called ‘Securities Market’. The securities market has high possibility of ‘market failure’ based on the attribute of securities. The reason is that there is strong possibility to create information asymmetry between parties who trade securities, so special regulations are demanded for investors protection. Financial Investment Services and Capital Markets Act (hereafter referred to as ‘FCA), which rules securities trading, applies all kinds of regulations to issuance and distribution of securities for prevention of market failure that is caused by information asymmetry in securities market. As one of the regulations, disclosure regulation is established to provide sufficient information that is necessary for reliable estimates of investment to the investors. Moreover, “no one shall commit attempting to earn money or any interest in property, by using a document containing a false description or representation of a material fact, or an omission of a description or representation of a material fact necessary for preventing others from being misled, or any other description or representation (FCA 178 (1) 2).” This provision is established in reference to the provision of anti-fraud under Securities Exchange Act Rule (hereafter referred to as ‘Rule’) 10b-5. In accordance with the Rule 10b-5(b), “it shall be unlawful for any person, directly or indirectly, by the use of any means or instrumentality of interstate commerce, or of the mails or of any facility of any national securities exchange,” (b) “to make any untrue statement of a material fact or to omit to state a material fact necessary in order to make the statements made, in the light of the circumstances under which they were made, not misleading in connection with the purchase or sale of any security.”As shown in the provision of FCA and Rule 10b-5(b), misrepresentation of a material fact is prohibited in securities market. US securities regulations introduces the concept of ‘materiality’ for securities regulations to avoid deficiency or excess of information, eliminating information asymmetry and providing necessary information to the investors in the market, as well as reducing heavy duty of disclosure to a company in accordance with the criteria. Therefore, the criteria determining the materiality of the information are very important under securities regulations. Concerning the ‘materiality’ of information, US have established legal principles for specific judgment criteria through judicial precedents. Therefore, this paper introduces general standard determining the materiality as established in US, examines how the general standard is specifically applied in accordance with the types of information, and contains the author’s opinion about the standard determining ‘materiality’.
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