The judgment of the court below is reversed.

Defendants shall be punished by imprisonment for one year.

However, this judgment is delivered to Defendant B and C.

1. In light of the fact that the Defendants committed the crime systematically for a considerable period of time, or the amount of profit the Defendants committed, the sentence imposed by the lower court on the Defendants (for Defendant A, two years of suspended execution of one year and six months of imprisonment, confiscation, Defendant B, and C: one year of suspended execution of one year and one year of imprisonment, two years of suspended execution of one year of one year, and one hundred and twenty hours of community service) is deemed unreasonable.

2. Ex officio determination

A. The facts constituting the crime of Article 1 of the judgment of the court below are that a person who is not a financial investment business entity without authorization from the Financial Services Commission (Defendant A and B) shall not engage in financial investment business. A person who is not the Korea Exchange shall not establish financial investment instruments trading markets established by the Korea Exchange or similar facilities or engage in transactions of securities or exchange-traded derivatives using such similar facilities. Defendant A, Defendant B, along with E, F, G, etc. from November 17, 201 to H, I, J, K, L, and M with the 20 index provided by the futures exchange ("H"), and with the 200 index of the course futures trading at the futures exchange ("H futures market"), Defendant A, who is in charge of managing the funds, Defendant B, F, and G, and Defendant 1, who is in charge of managing and operating the EM 1, 300 books, without obtaining authorization from the Financial Services Commission.