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인터넷의 발달과 증권규제 - 내부자거래를 중심으로 -

Internet Technology and Securities Regulations - Focusing on Insider Trading -

장근영
한국사법학회 (The Korean Association of Private Law)|2007.09|비교사법 (The Journal of Comparative Private Law)|제14권 제3호|pp. 161-198|DOI 10.22922/jcpl.14.3.200709.161

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참고문헌

키워드

인터넷정보차단벽양벌규정증권거래법내부자거래정보제공자정보수령자Insider Trading효율적 시장가설Efficient Market HypothesisChinese Walls미공개정보TipperTippee컴퓨터 해커불공정한 정보이용Internet TechnologySecurities RegulationsComputer HackerUnfair use of InformationNonpublic Information
주제분류법학

초록

Abstract

Internet Technology and Securities Regulations - Focusing on Insider Trading - Kun Young ChangThere is no doubt that the Internet is revolutionizing the securities business. This revolution mandates a examination of the Internet’s implications for insider trading regulations. Such analysis is critical because most believe that the new technology will increase the opportunities for insider trading. This Article has selected three issues for extended discussion: (1) “Hackers” cannot be regulated as insiders under the current Korean Securities and Exchange Act. However, hackers and other thieves who obtain inside information for the purpose of trading on that information should be punished as insiders. (2) The Internet creates many new channels for disclosure and dissemination of information and thereby creates new situations where it is unclear whether the information has been made “public”. The regulator needs to reconsider the notion of what constitutes “nonpublic” information and should promulgate new rules. (3) New technology, such as personal websites and E-mail, creates insider trading liability for companies that do not adequately control their employees’ communications. Corporations potentially legally responsible for the insider trading misdeeds of their employees thus must adjust their compliance programs to consider these new threats to security.

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관련 논문AI추천

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