최근 미국판례상 내부자거래 요건의 동향 - 연방 제11순회구고등법원판결(SEC v. Yun사건)과 관련하여 -

Abstract

The Development of the Requirement of Insider Trading on the Recent Case in the U.S.Sam-Joo Ha (Law Prof. of Konkuk University)The Exchange act was enacted to create confidence in the securities market by eliminating the use of inside information for personal advantage. The court continued to effectuate this purpose by settling some disputed aspects of insider liability. Recently the United States Court of Appeals for the Eleventh Circuit settled two disputed aspects of insider trading liability in a case of SEC v. Yun.First, a duty of loyalty and confidentiality between spouses may be shown if the spouse have a history or practice of sharing and maintaining business confidences or, if the spouse breaches an agreement to maintain the other spouse’s business confidences by disclosing the confidential information. Second, the SEC must prove that the misappropriator expected to benefit from the tip in a misappropriation theory of insider trading liability action,The decision in Yun of the Eleventh Circuit Court of Appeals creates a split with the Second Circuit Court of Appeals by defining the spousal duty of loyalty and confidentiality more broadly. Furthermore, the court increased the commontiality between the classical theory and the misappropriation theory of insider trading liability by holding that the SEC must prove that the misappropriating outsider or tipper had an intent to benefit from the tip. This article describes, in part Ⅰ, introduction: and in part Ⅱ, the factual background: and in part Ⅲ, the legal background: and in part Ⅳ, the court rationale. fiinally in part Ⅴ, implications.