2024년 자본시장법 판례 회고

초록

This article summarizes the facts and key rulings of major Korean Supreme Court decisions on the Capital Markets Act in 2024 and examines their significance within the existing legal framework. The Supreme Court reaffirmed established legal principles while demonstrating a trend of emphasizing investor protection―the primary objective of the Capital Markets Act―when applying these principles to specific cases. A landmark ruling excluded the application of the short-swing profit return rule through interpretation for the first time. In a case where both price manipulation and fraudulent trading were executed with the intent of profiting from stock price fluctuations, the Supreme Court ruled that liability for damages should be integrated under Article 179(1) of the Capital Markets Act rather than treated separately. These decisions reflect the Supreme Court’s commitment to upholding the objectives of the Capital Markets Act, namely enhancing fairness, reliability, and efficiency in the capital market.

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