美國 Insider Trading 法理의 形成 過程에 대한 考察

A Study on the Process of Forming Jurisprudence of Insider Trading Law in the United States - From Strong v. Repide Case in 1909 to Efforts to Enact Insider Trading Prohibition Act in 2022

미국의 내부자거래 법리는 증권거래위원회(Securities and Exchange Commission; SEC, 이하 ‘SEC’라 함)가 증권거래법 §10(b)와 증권거래법 규칙 10b-5를 해석하여 법원의 판결을 통해 법리로 확립되며 발전한다. 연방항소법원은 SEC v. Texas Gulf Sulphur Co. 에서 내부자거래가 증권사기임을 선언하고, 연방대법원의 Chiarella v. United States, Dirks v. SEC, United States v. O’Hagan 를 통해 법리가 발전한다. SEC는 新 유형 내부자거래에 대응하기 위해 내부자거래 법리의 확장을 지속 시도한다. 2022년 5월 현재 미국 의회에는 내부자거래 법리를 성문화하는 내부자거래 금지법(Insider Trading Prohibition Act)이 계류중이다. 50년 동안 발전시켜온 미국의 내부자거래 법리는 우리나라 자본시장의 공정성 회복을 위해 참고할 가치가 있다고 본다.

The jurisprudence of insider trading law in the United States is established through the interpretation by the Securities and Exchange Commission(hereinafter referred to as ‘SEC’) on §10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 confirmed by the court decision. The United States Court of Appeals’ decision on the SEC v. Texas Gulf Sulphur Co. declared insider trading a securities fraud in 1968. The Supreme Court’s decision on the Chiarella v. the United States, Dirks v. SEC, and the United States v. O’Hagan further developed the jurisprudence of insider trading law. The SEC continues to expand the legal principles of insider trading to respond to new types of insider trading. As of May 2022, the Insider Trading Prohibition Act is pending in the United States Congress to codify insider trading laws. I believe that United States legal principles of insider trading are worthy of reference to restore fairness in the Korean capital market.