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
오류제보하기
SEC adopted Regulation FD(Fair Disclosure) to prevent “selective disclosure” of material information and increase investor confidence in the fairness and integrity of the securities markets. Before Regulation FD, companies often informally disclosed material, nonpublic information to institutional investors and security professionals, causing these market insiders to benefit from such information before it was made available to the general public.
The main policy concern that Reg FD was intended to address was the belief that selective disclosure led to a loss of investor confidence in the markets, similar to that which occurs with insider trading. Investor confidence in the fairness of the markets is lost when investors know that other participants, no matter how small of a group, can exploit informational advantages derived from their access to corporate insiders and not from their own hard work or insights. Regulation FD was also designed to prevent corporate management from using material information as a commodity to achieve positive analyst reports by excluding from calls and meetings those analysts who did not report favorably about the company, which could lead to tainted reports and loss of market integrity.
We have introduced Regulation Fair Disclosure in November 2002. The Korean Regulation Fair Disclosure has some positive effects in securities markets. But we have needed to revision in some respects.
First, the disclosure of predicted future information like as corporate earnings is not regulated very sensitively. So It has probability for abusing. We make improvement the disclosure system about future information.
The Korean Regulation Fair Disclosure is different collect data and press release. But the selective disclosures to an organ of expression like as newspaper or broadcasting are seem to be fair. We have to need revision of press release in Regulation Fair Disclosure. I propose press release to 3 organs of expression is regarded as fair.
The Korean Regulation Fair Disclosure requires simultaneous public disclosure if the selective disclosure to analyst are material nonpublic information and prompt public disclosure if such selective disclosure has made by negligence or mistake. is unintentional. We needed to amendment Prompt public disclosure. Prompt public disclosure has amendment as soon as reasonably practicable, for example, in no event after the later of 24 hours or the commencement of the next day’s trading on the Korea Exchange.
Lastly, we prepare the ground provision about Fair Disclosure in Securities Exchange Act.
The main policy concern that Reg FD was intended to address was the belief that selective disclosure led to a loss of investor confidence in the markets, similar to that which occurs with insider trading. Investor confidence in the fairness of the markets is lost when investors know that other participants, no matter how small of a group, can exploit informational advantages derived from their access to corporate insiders and not from their own hard work or insights. Regulation FD was also designed to prevent corporate management from using material information as a commodity to achieve positive analyst reports by excluding from calls and meetings those analysts who did not report favorably about the company, which could lead to tainted reports and loss of market integrity.
We have introduced Regulation Fair Disclosure in November 2002. The Korean Regulation Fair Disclosure has some positive effects in securities markets. But we have needed to revision in some respects.
First, the disclosure of predicted future information like as corporate earnings is not regulated very sensitively. So It has probability for abusing. We make improvement the disclosure system about future information.
The Korean Regulation Fair Disclosure is different collect data and press release. But the selective disclosures to an organ of expression like as newspaper or broadcasting are seem to be fair. We have to need revision of press release in Regulation Fair Disclosure. I propose press release to 3 organs of expression is regarded as fair.
The Korean Regulation Fair Disclosure requires simultaneous public disclosure if the selective disclosure to analyst are material nonpublic information and prompt public disclosure if such selective disclosure has made by negligence or mistake. is unintentional. We needed to amendment Prompt public disclosure. Prompt public disclosure has amendment as soon as reasonably practicable, for example, in no event after the later of 24 hours or the commencement of the next day’s trading on the Korea Exchange.
Lastly, we prepare the ground provision about Fair Disclosure in Securities Exchange Act.
목차
Ⅰ. 서론
Ⅱ. 선택적 정보개시의 규제 필요성
Ⅲ. 미국법상의 Regulation FD
Ⅳ. 우리나라의 공정공시규정에 대한 미국법의 시사점
Ⅴ. 결론
【참고문헌】
【Abstract】
참고문헌 (19)
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UCI(KEPA) : I410-ECN-0101-2013-360-000783302