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Corporate Disclosure Issues Relating to the Securities Trading in Cyberspace

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  • 인터넷증권거래
  • 사이버증권거래
  • 온라인증권거래
  • 전자게시판거래
  • 대체거래
  • 전자매체에 의한 정보전달
  • 전자적 예비사업설명서
  • 전자적 투자설명회
  • 하이퍼링크정보
  • 부실공시책임
  • Law


Recently the securities trading in Cyberspace by use of Internet has been an integral part of the Korean securities market. Since the Goldbank Communications Ltd. got a success in 990 million won Direct Public Offerings(DPO) by use of Internet in April 1998, the securities trading in cyberspace has been substantially increasing in the primary market. Furthemore we believe that cyber trading will take the important part in the secondary market in the near future. But there have come unexpected problems emerging from the cyber tading in enforcement of the current Securities Exchange Law. For example internet has been abused as a means of misrepresentaion relating to information delivery and cyber trading has been more positively used for securities fraud, including insider trading and manipulation in the securities market. Thus the investors participating in cyber trading need to be protected more sufficiently and reasonably than in the real market. Therefore some alternatives for investor protection are required to be analyzed in the interpretative and legislative perspectives. In this article, chapter Ⅱ deals with the basic structure of cyber trading in the primary and secondary market, such as DPO by use of issuer's and the third party's Homepage in the primary market, and securities trading by online, electronic bulletin boards and alternative trading system in the secondary market. In chapter Ⅲ, firstly, respective disclosure problems surrounding information delivery in the stage of preparing, invest solicitation and offering in the primary market are analyzed, and secondly, the same problems are handled in the both of the issuer's and the broker-dealer's information delivery in the secondary market. Moreover issuer's civil liability issues arising from hyperlinked information in the internet or web, which were already introduced in the SEC release, are briefly analysed in comparison to it. In conclusion, I recommend that investor protection from the unlawful and unfair cyber trading should be focused in the whould-be newly made regulatory system, but that cyber trading shoud not be restricted unreasonably because the informational technologies by use of electronic media will be able to take a greater role in developing the Korean capital market in the future.

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