공매도의 제한과 규제에 관한 비교법적 검토

Abstract

The Financial　Services Commission has recently strengthened enforcement of illegal short selling, as the volume of short selling, the number of transactions, and the share of the overall market have increased. Currently, the Financial Investment Services and Capital Markets Act, as the basic corporation on the regulation of short selling, only imposes penalties for acts that violate the short selling restrictions. The question is whether this simple administrative penalty would be appropriate to effectively regulate illegal short selling. As a remedy for this, the Financial Services Commission has established a provision on the grounds for criminal punishment for violations of short-sold regulations, and is considering imposing penalties for recovering unfair profits. In practice, however, as with unfair acts, short selling is not easy to prove the intention of a lawbreaker. In addition, most violations of short selling restrictions have been caused by failure to settle payment obligations or delay in fulfillment of settlement obligations. In this regard, in accordance with the American sanctions discussed above, for general violations that do not require any proof of intentional conduct, for violations of intentional or careless disregard, and as a result of violations of intentional or careless disregard, It is considered necessary to set different caps on fines and to impose different amounts on individuals and legal entities, for example, in cases where a significant or direct loss incurred a significant loss directly or indirectly. In addition to these penalties, it is necessary to establish substantial enforcement of law. In connection with this, the United Kingdom grants the Financial Conduct Authority the right to enter and search the workplace under warrants, and to punish those who deliberately interfered with the exercise of the sentence for up to three months' imprisonment and unlimited fines in a brief trial. The Financial Investment Services and Capital Markets Act also requires this UK–styled provisions in that an explicit provision for strengthening the investigation of illegal short selling is required for more effective law enforcement.