주식등의 대량보유상황보고 관련 법적 쟁점과 과제

Abstract

So called % rulewhich requires the major shareholders to report their acquiring or holding of the equity securities concerned has been implemented both in Korea and worldwide for the purpose of enhancing the transparency of capital market and the integrity of corporate governance market. Meanwhile, hectic debate has been arisen regarding the 5% rule which was amended early in 2005. The focus of the debate was whether or not 5% rule in Korea was reasonable and acceptable in view of global standard. 5% rule in Korea maintained its original regulatory scheme despite the fact that it has been amended several times since it was initially implemented in 1992. The core principle of 5% rule has not been changed in a significant way even after the amendment which was effective in late 2004. The amendment added the reporting requirement where the 5% equity holder changes his or her purpose of holding the equity securities. It seems that the above debate has been raised from the problems that the rule has in nature and the misunderstanding of market participants about the rule. I would like to deal with the various legal issues with respect to the 5% rule and what alternatives are available to cope with the problems raised.