미공개정보의 인식과 이용 및 사전거래계획
Awareness and Use of Material Nonpublic Information and Pre-arranged Trading Plans
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미국과 우리나라의 현행 내부자거래 규제법리에 의하면 내부자가 증권을 거래할 당시 미공개정보를 알고 있었다 하더라도 해당 거래는 이미 사전에 계획되었던 것이라 미공개정보를 이용하여 실행되지 않았음을 입증한다면 내부자거래로 처벌되지 않는다. 그런데 현행 법제 하에서는 내부자가 미공개정보를 ‘실제 거래’에 이용한 경우에만 처벌되다 보니, 사전거래계획을 세운 뒤 지득한 미공개정보를 이용하여 공시시점을 조정하거나 동 계획을 철회함으로써 일반투자자에 비해 더 많은 이익을 얻는 경우에는 규제되지 않는다. 다수의 실증연구들은 실제로 내부자들이 사전거래계획을 남용하여 시장평균수익률보다 더 높은 수익을 얻고 있음을 보여주고 있다. 아울러 위법한 내부자거래가 합법적인 사전거래계획을 가장하여 실행됨으로써 그 적발이나 규제가 더 어려워지고 있다. 현행법상 규제되지 않는 사전거래계획의 남용을 억지하기 위해서 여러 개선방안이 제시되고 있다. 다양한 수준의 공시요구, 사전거래계획 철회의 제한, 회사가 부여한 거래허용기간 동안의 거래, 사전거래계획의 수립과 실제 거래 사이에 강제대기기간의 부과, 복수의 사전거래계획 수립의 제한 등이 그 대표적인 것들이다. 이와 같이 현행 규제체계 내에서 적용될 수 있는 개선방안의 모색에 더하여, 내부자거래 규제방식의 전환 역시 고려해 볼 만하다. 즉 ‘정보를 거래에 이용하는 행위’ 대신에 ‘정보를 이용하는 행위’ 자체를 규제대상으로 삼는 것이다. 불공정한 정보격차를 이용하여 이익을 얻는 모든 상황을 규제하는 것이 내부자거래 규제의 궁극적인 목적이라고 본다면, ‘거래’ 중심이 아닌 ‘행위’ 중심의 규제접근법으로의 전환이 필요하다.
Abstract
Under the legal regime of both the United States and Korea, corporate insiders can avail themselves of an affirmative defense against the charge that they violated insider trading laws when they buy or sell shares in their company’s stock as part of a pre-arranged trading plan entered into when the insider was not aware of material nonpublic information. However, the trading plans introduced at least two loopholes in insider trading regulation as follows. First, trading plans allow insiders to accelerate or delay the release of news to maximize profits for pre-arranged plan trades. Second, trading plans have created an opportunity for insiders to enjoy risk-free options through the selective termination of qualified plans. Multiple studies indicated that insiders trading through these trading plans manage to significantly outperform the market. In addition, illegal insider trading under the guise of trading plans is made easier. A number of changes to the current regulation for trading plans have been suggested. These include requiring varying degrees of disclosure, limiting the ability of trading plan users to terminate their plans, allowing plan transactions during company-imposed trading window periods, imposing a mandatory delay between establishment and trading under a plan, and prohibiting multiple or overlapping trading plans. While some of these suggestions are helpful, this Article suggests that regulators should consider shifting regulatory paradigm from “trading focused approach” to “activity focused approach.” Namely, the insider trading law should regulate all kinds of activities using nonpublic material information whether they involve trading or not.
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