지원사업
학술연구/단체지원/교육 등 연구자 활동을 지속하도록 DBpia가 지원하고 있어요.
커뮤니티
연구자들이 자신의 연구와 전문성을 널리 알리고, 새로운 협력의 기회를 만들 수 있는 네트워킹 공간이에요.
초록· 키워드
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The ‘Financial Investment Services and Capital Markets Act’(FSCMA) and rules thereunder has newly applied the short-swing regulation to transactions in which derivatives are included for the first time in the history of securities regulation in Korea.
This article reviews and makes some proposals for betterment of the new regulation in Korea with lessons from the experiences of the United States.
First, while Korean regulation differentiates transactions between ‘different classes’ of securities and ‘different issues’, but the same classes, of securities, the US regulation simply divides transactions into different classes and same classes of securities. I prefer the US rule to the Korean’s, since the US rule seems to be much easier and there are no definition or scope for the concept of “class” and “issue” in FSCMA and rules. Securities are same when maturity and exercise price are same in the US.
Second, I compare the Korean calculation method with the US’ to know how reasonable it is. Although the current Korean method partially has some discord, it altogether can be said reasonable.
Third, like the US, exercise of option or derivatives needs to be exempted from the short-swing regulation since acquisition and disposal of option are regarded as acquisition and disposal of underlying securities. Out-of-money( OTM) option, however, should not be granted such an exemption to prevent abuses not improbable.
Forth, when option is canceled or expired without any exercise within six months, the premium acquired should be disgorged.
Finally, it should be clarified which method is desirable among various calculation methods like first-in/first-out or lowest-in/highest-out etc in transactions which are composed of different classes of securities.
This article reviews and makes some proposals for betterment of the new regulation in Korea with lessons from the experiences of the United States.
First, while Korean regulation differentiates transactions between ‘different classes’ of securities and ‘different issues’, but the same classes, of securities, the US regulation simply divides transactions into different classes and same classes of securities. I prefer the US rule to the Korean’s, since the US rule seems to be much easier and there are no definition or scope for the concept of “class” and “issue” in FSCMA and rules. Securities are same when maturity and exercise price are same in the US.
Second, I compare the Korean calculation method with the US’ to know how reasonable it is. Although the current Korean method partially has some discord, it altogether can be said reasonable.
Third, like the US, exercise of option or derivatives needs to be exempted from the short-swing regulation since acquisition and disposal of option are regarded as acquisition and disposal of underlying securities. Out-of-money( OTM) option, however, should not be granted such an exemption to prevent abuses not improbable.
Forth, when option is canceled or expired without any exercise within six months, the premium acquired should be disgorged.
Finally, it should be clarified which method is desirable among various calculation methods like first-in/first-out or lowest-in/highest-out etc in transactions which are composed of different classes of securities.
목차
Ⅰ. 서론
Ⅱ. 이종증권간 단차이익 산정 관련 연혁
Ⅲ. 미국의 이종증권간 단차 산정 방법 개요
Ⅳ. 미국 사례의 시사점과 우리 제도의 보완방안
Ⅴ. 결론
參考文獻
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UCI(KEPA) : I410-ECN-0101-2013-366-000876713