인터넷의 발달과 증권규제 - 내부자거래를 중심으로 -

초록

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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