증권집단소송제도의 개선방안에 관한 고찰 = Improvement of the Securities Class Action System

다국어 초록 (Multilingual Abstract)

The securities class action of our country was established with American Class Action as a legislation model. However securities class action in our country cannot function practically unlike U.S.A. I am going to discuss it as follows for the improvement direction of the securities class action system. First, the application object of the securities class action is very narrow. It is like the next from a. to d. a. Misstatements of by securities report and investment manual, b. Misstatements of the business report, semi annual financial statement, quarterly report, c. Use of non-public important information and market manipulation, d. Compensation for damages request for the insincere inspection of the accountant. It is not proper to confine the coverage to narrowness in a current securities class action when we think about the good point of the class action system. When it is reported a public purchase report insincerely, securities class action act will have to be applied. There is not a reason to differentiate the false public announcement of a periodical public announcement and a occasional public announcement. Therefore the occasional public announcement must become a target of the securities class action too. Second, the plaintiff stating securities class action must meet numerousness requirements, the possession requirements of securities, commonality requirements, effectiveness requirements. The possession requirements of securities need that plaintiff own a one-10,000th stocks. It is to prevent frivolous suit. In the case of a class action to perform investigation of the responsibility of the listed corporation which made a wrongful conduct, such requirements have a problem. It looks desirable to abolish these requirements. Third, most of the securities class actions seem to be caused by a false public announcement. It is understood that the compensation for damages responsibility by capital market law Article 125 gives a non-genuine joint liability. For legislation we refer to Private Securities Litigation Reform Act of 1995 in America. In other words, when the defendant don`t understands it and makes an act, we levy in principle by joint liability. When the defendant understands it and makes an act, we levy on the defendant by proportion responsibility(division responsibility).