The judgment of the court below is reversed.

The defendant shall be innocent.

1. The summary of the grounds for appeal is that “Fa, a multilateral pharmaceutical company of the United States with D and D, entered into a technical export contract for the development and commercialization of the immunodeficiencys G being developed by D” (hereinafter “information of this case”), such as the facts charged, did not receive any information from E.

On March 5, 2015, there is only information that there is a defense in D around March 5, 2015.

Since the information received by the defendant does not constitute an undisclosed important information, the judgment of the court below which convicted the defendant on a different premise is erroneous as a misunderstanding of facts.

2. Judgment on the assertion of mistake of facts

(a) No person who has become aware of any material nonpublic information in connection with his/her duties, such as employees of a corporation listed on the facts charged, shall use such material nonpublic information for the sale and purchase of specific securities or any other transaction or allow any other person to use such information;

On March 3, 2015, the Defendant became aware of the material nonpublic information that “Fa, a multilateral pharmaceutical company of D and the United States, entered into a technical export agreement on the development and commercialization of the immunodeficiency medicine G with D” from D’s Research Institute E, which was called “Fa, a multilateral pharmaceutical company of D and the United States, entering into a technical export agreement on the development and commercialization of the immunodeficiency medicine G under development.”

Since then, the Defendant from March 11, 2015, before the disclosure of the above information.

3. By December 12, 110 shares D (14,470,00 won) were purchased, thereby obtaining unjust benefits of KRW 11,930,000 by making use of undisclosed important information.

B. The lower court found the Defendant guilty of the instant facts charged based on the evidence duly adopted and examined by the lower court.

(c)

(1) The term "information that may have a significant impact on investment decisions" under Article 174(1) of the Financial Investment Services and Capital Markets Act means information that may have a significant impact on the management, property, etc. of a corporation.