자본시장법상 불공정거래행위 수사 현황 및 개선방안 -불공정거래행위에 대한 과징금 도입논의와 관련하여- = The problems and the direction of reforms of the investigative system for the unfair trading practices in Korea

다국어 초록 (Multilingual Abstract)

Financial Services Commission considers to adopt administrative fines for the unfair trading practices in Korea. However, unfair trading such as manipulation and insider trading is serious criminal crime which should be dealt with criminal penalty. Moreover, there are serious problems in the investigative procedure for these crimes. For example, the evidences collected by administrative agencies are inadmissible in criminal trail and it takes too much time for the administrative procedure. When reforming the investigative procedure, we have to consider these principles. We should be able to use the evidences which are collected at the early stage of the case. We have to minimize the contact with the suspect. The administrative agencies should be able to communicate efficiently with prosecutors from the beginning. The result of the administrative research should be shared with prosecutors. And the rights of the suspect should be protected. While it is ideal to establish a new agency for the investigation of unfair trading, we can use the research official which is already regulated in Capital Markets Act. Or we can appoint Financial Supervisory Service as special police officer. Adopting the administrative fines without solving these problems of the investigative system would cause bigger problems. The crime investigation for unfair trading would be impossible because the evidences from the administrative procedure are inadmissible at criminal trial. And the high amount of administrative fine should not substitute criminal penalty as its procedure is simple and easy comparing criminal procedure.