TITLE	Supreme Court Decision 2016Da243405 Decided December 12, 2019 ¡¼Confirmation of Invalidation of the Decision of Delisting¡½ [full Text]
Summary
[1] Legal nature of the Securities Listing Regulations prescribed by an exchange established upon obtaining permission under the Financial Investment Services and Capital Markets Act, and cases where a specified clause of the Securities Listing Regulations is deemed unlawful and thus is invalid Intent of Article 390(2)2 of the said Act prescribing to include in the Securities Listing Regulations the standards for delisting securities and matters relating to the delisting of securities, and whether the right to participate in the procedure must be fully guaranteed for companies subject to delisting during the review process (affirmative) [2] In the case where: (a) the ¡°KOSDAQ Market Listing Regulations¡± of Exchange A, established in accordance with the Financial Investment Services and Capital Markets Act, stipulates that where there is a prescribed level of suspicion of embezzlement and misappropriation, which is confirmed by public disclosure, etc., companies subject to a listing eligibility review ought to be determined by comprehensively considering the continuity of business, transparency of corporate management and operations, and the soundness of the KOSDAQ market, etc.; (b) Incorporated Company B, which received a decision of delisting as a result of the listing eligibility review performed pursuant to the foregoing Regulations, filed a claim for confirmation of the invalidation of the decision of delisting, alleging that the items of review as listed in the said Regulations are not specific nor fully guaranteed the subject corporation¡¯s right to participate in the procedure, the case affirming the lower judgment holding that: (a) the pertinent Regulations may not be considered to have illegality to the extent that they need to be invalidated; and (b) not having guaranteed the subject corporation¡¯s right to participate in the procedure, including by presenting its opinion, in the stage of identifying which corporation is going to be subject to listing eligibility review cannot be considered as procedural illegality

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