상장주관사에 대한 자본시장법상 과징금 부과에 관한 소고 - 대법원 2020. 2. 27. 선고 2016두30750 판결을 중심으로 - = A Study on Liability of Co-Managers for Listing as Underwriter under the Capital Market Act - Focused on Supreme Court February 27, 2020 Ruled 2016 Du 30750 Decision -

다국어 초록 (Multilingual Abstract)

ChinaGosum was listed on the Korean securities market (KOSPI) on January 1, 2011, but the transaction was suspended after accounting fraud for 100 billion won was revealed in two months. ChinaGosum was eventually delisted on October 10, 2013, and it is estimated that the losses suffered by investors due to such delist amount to 200 billion won. The Supreme Court February 27, 2020 Ruled 2016 Du 30750 Decision(Hereinafter, the Subject Decision) regards the legality of the administrative fines imposed on HanHwa Securities which acted as a co-manager in the listing process of ChinaGosum. The Subject Decision is meaningful in that it is the first judgment which acknowledged that co-managers fall under underwriters to be subject to administrative fines in case where the plaintiff, the co-manager fails to prevent material misrepresentation or omission in disclose documents due to intention or gross negligence. However, the Subject Decision only recognized the status of the co-manager as an underwriter who is subject to administrative fines and left a review on plaintiff's intention or gross negligence as to misrepresentation or omisson in disclose documents to the returned Appealing Court. Currently, the lawsuit requiring cancellation of administrative fine imposed on Daewoo Securities is pending in the Supreme Court. The foregoing Supreme Court Decision on Daewoo’s intention or gross negligence will have influence on the returned Appealing Court review on HanHwa’s intention or gross negligence.

참고문헌 (Reference)

1 박휴상, "증권인수인의 책임에 관한 고찰" 한국기업법학회 21 (21): 421-454, 2007

2 손영화, "증권인수인의 주의의무와 책임에 관한 일고찰 －자본시장법 제125조의 합리적인 개선방안－" 한국증권법학회 12 (12): 43-72, 2011

3 김현동, "증권인수인의 주의의무와 손해배상책임에 관한 연구" 법학연구소 28 (28): 187-212, 2011

4 이형기, "증권인수인의 주의의무에 관한 고찰" 한국기업법학회 19 (19): 201-224, 2005

5 김건식, "자본시장법" 두성사 2014

6 박 준, "인수인 면책약정의 효력" 서울대 금융법센터 (82) : 2017

7 김병연, "유가증권신고서 등의 부실기재와 인수인의 손해배상책임에있어서 Due Diligence 항변에 관한 연구" 한국상사법학회 22 (22): 111-153, 2004

8 법률신문, "상장주관사에 ‘증권신고서 등 거짓 기재 책임’ 물은 첫 판결 나왔다"

9 박준, "기업금융활성화와 신종증권에 관한 자본시장법의 개정" 한국상사판례학회 24 (24): 29-93, 2011

10 허유경, "게이트키퍼로서의 증권인수인의 책임-최근 판례의 분석을 중심으로-" 서울대 금융법센터 (82) : 2017

11 한국경제, "韓 증시 진출 사실상 막힌 중국 기업"

12 연합뉴스, "“2천억원 피해 났는데…” 중국고섬 사태 흐지부지 마무리 국 면"

13 Therese H. Maynard, "The Affirmative Defense of Reasonable Care Under Section 12(2) of the Securities Act of 1933" 69 : 75-86, 1993

14 "Securities Act Release No.5275: Securities Exchange Act Release No.967 l(July 26. 1972)"

15 전진규, "IPO 신디케이트 구성이 인수주선 서비스에 미치는 영향: 복수대표주관 및 공동주관 IPO를 중심으로" 한국증권학회 44 (44): 189-219, 2015