TITLE	Supreme Court Decision 2015Du2994 Decided August 1, 2018¡¼Revocation of Disposition Imposing Penalty Surcharge¡½ [full Text]
Summary
[1] Meaning of ¡°material fact¡± under Article 429(1)1 of the former Financial Investment Services and Capital Markets Act [2] In a case where ¡°major shareholder¡± is indicated as a nominal shareholder in a securities registration statement albeit the person owning the relevant shares in one¡¯s account and the nominal shareholder are different, whether it constitutes ¡°making a false description regarding a material fact in a securities registration statement¡± as prescribed by Article 429(1)1 of the former Financial Investment Services and Capital Markets Act (affirmative) Whether this legal doctrine is likewise applicable in cases where an issuer that submits a securities registration statement for the purpose of subscription or sale of securities is a foreign entity established according to the relevant foreign law (affirmative in principle)

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