美國 Insider Trading 法理의 形成 過程에 대한 考察 - 1909년의 Strong v. Repide 判決부터 2022년의 Insider Trading 成文化 시도까지
A Study on the Process of Forming Jurisprudence of Insider Trading Law in the United States - From Strong v. Repide Case in 1909 to Efforts to Enact Insider Trading Prohibition Act in 2022
0
조회
0
다운로드
0
인용
0
참고문헌
키워드
초록
미국의 내부자거래 법리는 증권거래위원회(Securities and Exchange Commission; SEC, 이하 ‘SEC’라 함)가 증권거래법 §10(b)와 증권거래법 규칙 10b-5를 해석하여 법원의 판결을 통해법리로 확립되며 발전한다. 연방항소법원은 SEC v. Texas Gulf Sulphur Co. 에서 내부자거래가 증권사기임을선언하고, 연방대법원의 Chiarella v. United States, Dirks v. SEC, United States v. O’Hagan 를 통해 법리가 발전한다. SEC는 新 유형 내부자거래에 대응하기 위해내부자거래 법리의 확장을 지속 시도한다. 2022년 5월 현재 미국 의회에는 내부자거래 법리를 성문화하는 내부자거래금지법(Insider Trading Prohibition Act)이 계류중이다. 50년 동안 발전시켜온 미국의 내부자거래 법리는 우리나라 자본시장의 공정성 회복을위해 참고할 가치가 있다고 본다.
Abstract
The jurisprudence of insider trading law in the United States is established through the interpretation by the Securities and Exchange Commission(hereinafter referred to as ‘SEC’) on §10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 confirmed by the court decision. The United States Court of Appeals’ decision on the SEC v. Texas Gulf Sulphur Co. declared insider trading a securities fraud in 1968. The Supreme Court’s decision on the Chiarella v. the United States, Dirks v. SEC, and the United States v. O’Hagan further developed the jurisprudence of insider trading law. The SEC continues to expand the legal principles of insider trading to respond to new types of insider trading. As of May 2022, the Insider Trading Prohibition Act is pending in the United States Congress to codify insider trading laws. I believe that United States legal principles of insider trading are worthy of reference to restore fairness in the Korean capital market.
참고문헌 (32)
- 금융감독원, "자본시장 불공정거래 조사 30년사" (2018), 금융감독원 조사기획국
- 김갑래, "미국 주요주주 등의 내부자거래 사전신고 제도의 시사점", 자본시장 포커스, 2019(11) (2019)
- 두호철, "내부자거래 관련 주요 판례의 동향 및 자본시장법상 미공개중요정보이용행위 금지규정", 일감 부동산법학, (5), pp.139~165 (2010)
- 임재연, "자본시장법과 불공정거래" (2021), 박영사
- 장근영, "미공개정보의 인식과 이용 및 사전거래계획", 증권법연구, 19(2), pp.101~133 (2018), 한국증권법학회[DOI]
- Adam, C., "Justice Lewis F. Powell, Jr., and the Counterrevolution in the Federal Securities Laws", Duke Law Journal, 52, pp.841~949 (2003)
- Austin, J., "(Beyond) Family Ties: Remote Tippees in a Post-Salman Era", Fordham Law Review, 85, pp.2769~2802 (2017)
- Barbara, A., "State Regulation of Insider Trading-A Timely Resurgence?", Ohio State Law Journal, 49, pp.393~416 (1988)
- Jeff, L., "SEC Rule 14e-3 in the Wake of United States v. O'Hagan:Proper Prophylactic Scope and the Future of Warehousing", William & Mary Law Review, 40, pp.1853~1884 (1999)
- John, P., "Early Development of Insider Trading Law in the United States, Insider Trading : Law, Ethics and Reform" (2018), Cambridge University Press
- Joan, M., "Materiality Guidance in the Context of Insider Trading: A Call for Action", American University Law Review, 52, pp.1131~1212 (2003)
- Joan, M., "Just Do It! Specific Rulemaking on Materiality Guidance in Insider Trading", Louisiana Law Review, 72, pp.999~1054 (2012)
- Jon, E, "Insider Trading Law After Salman", Harvard Law School Forum on Corporate Governance (2017)
- Karen, S., "Insider Trading : The “Possession Versues Use” Debate", University of Pennsylvania Law Review, 148, pp.239~284 (1999)
- Lisa, M., "From Equality to Duty : On Altering the Reach, Impact, and Meaning of the Texas Gulf Legacy", SMU Law Review, 71, pp.729~748 (2018)
- Manning, G., "A Birthday Toast To Texas Gulf Sulphur", SMU Law Review, 71, pp.987~998 (2018)
- Marc, I., "Texas Gulf Sulphur at Fifty – A contemporary and Historical Perspective", SMU Law Review, 71, pp.625~641 (2018)
- Margaret, C., "The Adquacy and Efficacy of Civil Remedies for Insider Trading : A Comparative Critique", Singapore Journal of Legal Studies, 1998, pp.331~375 (1998)
- Mark, J., "The Corporation as Insider Trader", Delaware Journal of Corporate Law, 30, pp.45~78 (2005)
- Mark, J., "Thinking Fast and Slow About the Concept of Materiality", Colorado Law Scholar Commons, 71, pp.853~868 (2018)
- Michael, A., "The Lost History of Insider Trading", University of Illinois Law Review, 2019, pp.951~1004 (2019)
- Richard, J., "The Insider Trading Rule After Chiarella : Are They Consistent with Statutory Policy?", Hastings Law Journal, 33, pp.1407~1439 (1982)
- Samuel, N., "The Scope of the Disclosure Duty under SEC Rule 14e-3", Washington and Lee Law Review, 38, pp.1055~1073 (1981)
- SEC Speech, "Speech by SEC Staff: Insider Traidng – A U.S. Perspective", ~ (1998)
- SEC Speech, "SEC Brings Charges in EDGAR Hacking Case", ~ (2019)
- SEC Speech, "SEC Charges Biopharmaceutical Company Employee with Insider Trading", ~ (2021)
- SEC Speech, "SEC Announces Enforcement Results for FY 2021", ~ (2021)
- SEC Historical Society, "Fair To All People : The SEC and the Regulation of Insider Trading", ~
- Stephen, J., "Chapter 14. Insider Trading Investigations - SEC Compliance and Enforcement Answer Book" (2021), Practising Law Institute
- Thomas, L., "Corporate Insider Trading : Reawakening The Common Law", Washington Law Review, 39, pp.845~860 (1982)
- Todd, A., "Insider Trading at Common Law", University of Chicago Law Review, 51, pp.838~867 (1984)
- Wendy, G., "Texas Gulf Sulphur : A Case Study on Responding to Market Rumors", SMU Law Review, 71, pp.675~695 (2018)