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KCI 후보
자본시장법상 연계 불공정거래의 규제현황과 개선방향 -주가연계증권(ELS) 연계거래를 중심으로-
A Study on the Cross-product manipulation under the FSCMA Focusing on the Equity-linked securities in Korea
성희활 ( Hye Hwal Seong )
금융법연구 6권 2호 48-84(37pages)
UCI I410-ECN-0102-2012-320-001803530

The newly enacted FSCMA effectively closes many long standing loopholes regarding cross-product manipulations or cross-market manipulations. The Act, however, is needed to complement a few loopholes in the regulation of derivatives-derivatives cross manipulation and a sort of front running using price connection between two different financial products. There have been some disputes with regard to Equity-linked securities (ELS) issued by securities company recently. The point of the disputes is whether securities companies knowingly manipulated the price of underlying assets to deter the accomplishment of ELS contract conditions so that they can avoid payment for an accomplished contract. While investors argue that securities companies willfully manipulated the price of underlying securities, the issuing companies insist their transactions are indispensible hedge trading for risk management. This article advocates the allegation of investors to some degree and makes some suggestions for betterment of the ELS regulation. A prospectus has to include detailed explanations about the risk and danger of so-called "hedge trading" by issuers themselves. Next, a strict sanction is required against some abusive hedge trading as an example. Finally, securities companies are expected to have sound internal control and compliance.

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