The prosecutor's appeal is dismissed.

1. In light of Articles 6(6) and 7(3) of the Financial Investment Services and Capital Markets Act (hereinafter “Capital Markets Act”), the lower court appears to have determined that the Defendant engaged in a quasi-investment advisory business against many unspecified persons or unspecified persons under Article 101(1) of the Capital Markets Act and Article 102 of the Enforcement Decree of the Capital Markets Act, on the ground that the Defendant’s act was against many unspecified persons, and the Defendant’s act cannot be deemed as engaging in investment advisory business.

The court below found the defendant not guilty on the facts charged in this case where the defendant had engaged in unregistered investment advisory business. ① The defendant received money in a amount equivalent to KRW 00,000 from the members and provided them with letters and notes related to investment in stocks, Internet broadcasting, etc. It is reasonable to see that such form is a business for specific persons rather than an unspecified majority. ② The defendant operated a counseling bulletin board on the Internet next page, ② the defendant's response to the consultation of a specific issue is 1:1 counseling, and the contents of the consultation board are disclosure or free of charge and it is difficult to say that the individual nature of the consultation board is extinguished. In light of the above, the court below erred by misapprehending the legal principles as to investment advisory business and thereby acquitted the defendant.

(i.e., the defendant is deemed to have conducted investment advisory business against a specific person). 2. Determination

A. The summary of the facts charged in the instant case is that the Defendant, within the Yangcheon-gu Seoul Metropolitan Government C and 102 Dong 4005, “stock company D” operates securities investment advisory business in mutual name.

On May 6, 2013, in order to operate an investment advisory business in D, a corporation at the address of the defendant, the defendant registered the investment advisory business with the knowledge that he/she should operate the business.