The appeal is dismissed.

The grounds of appeal are examined.

1. The term “purposes to fix the market price of securities, etc.” under Article 176(3) of the Financial Investment Services and Capital Markets Act refers to the purpose of forming and fixing the market price or fixing the market price already formed by artificially manipulating the market price of securities, etc. to be formed in a free competition market according to normal supply and demand based on other factors not attributable to market factors. Whether there exist other purposes at the same time or any of them is not an issue, but an awareness of the purpose is sufficient to obtain recognition of the purpose. Determination of whether there is an intention to fix the market price should be made by comprehensively taking into account such indirect factors as the nature of securities, etc. and the total number of issued securities, etc., price and transaction volume trend, transaction situation, economic rationality and fairness of transaction, degree of market intervention rate, and continuous closing management, etc.

(See Supreme Court Decisions 2003Do4320 Decided May 11, 2006, and 2002Do3131 Decided October 28, 2004, etc.). 2. According to the reasoning of the lower judgment, the evidence duly adopted and examined by the lower court and the first instance court, the following facts are revealed.

(1) The KS and the dele Hague (hereinafter “ES”) are derivatives-combined securities, the investment returns of which are determined in connection with changes in the price of specific stocks or the stock price index. The ES whose underlying asset is stocks is the ES is to be decided by the issuer’s continuous purchase and sale of the stocks, which are underlying assets, in accordance with the financial method of “dedell hedging”, to avoid risks arising from the price fluctuation in underlying assets, and to prepare redemption funds for investors, and to make redemption funds if the price of stocks, which are underlying assets, exceeds the redemption price.