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TITLE 【Syllabus of Latest Opinion】Supreme Court Decision 2013Do6962 Decided April 12, 2018 【Violation of the Financial Investment Services and Capital Markets Act】 * First draft [full Text]
Summary
[1] Meaning of “a rumor that a fluctuation in the market price for such securities or derivatives is being caused by his/her or a third person’s market manipulation”, “a material fact in trading such securities or exchange-traded derivatives” as prescribed under Article 176(2)2 and Article 176(2)3 of the Financial Investment Services and Capital Markets Act
Meaning of and standard for determining “intent to attract anyone to trade”
Whether it is permissible for a person who engages in quasi-investment advisory business, providing advice concerning judgments on investment in listed securities or the values of listed securities, to take part in market manipulation as prescribed under Article 176(2)2 and Article 176(2)3 of the said Act (negative)
[2] Meaning of and standard for determining “unfair means, scheme, or trick” as prescribed under Article 178(1)1 of the Financial Investment Services and Capital Markets Act
[3] Meaning of “deceptive scheme” as prescribed under Article 178(2) of the Financial Investment Services and Capital Markets Act
[4] Legal interest protected by Articles 176 and 178 of the Financial Investment Services and Capital Markets Act
In cases where one persistently and repeatedly engaged in a number of activities forbidden under Articles 176 and 178 of the said Act for certain period of time for the purposes of causing a fluctuation in the market price or unfair trading with a single and continuous criminal intention, number of the offences (held: comprehensive crime)
[5] Purpose of prohibiting fraudulent unfair trading as prescribed under Article 178(2) of the Financial Investment Services and Capital Markets Act and method of determining what is fraudulent unfair trading
[6] Purpose of joint penalty provisions as prescribed under Article 448 of the Financial Investment Services and Capital Markets Act and nature of liability of a corporation where a corporate representative violated a law (held: direct liability of corporations)
Whether joint penalty provisions on accountability are applicable to a single-person corporation, where stocks of incorporated companies practically belong to a single shareholder (affirmative)
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