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(영문) 서울고등법원 2013.06.28 2012노388
자본시장과금융투자업에관한법률위반
Text

All prosecutor's appeal against the Defendants is dismissed.

Reasons

1. In full view of the following facts, the summary of the grounds for appeal (in fact-finding or misunderstanding of legal principles), the following trading techniques, namely, the summary of the LP (attached Form; hereinafter referred to as “the summary of the facts of prosecution”) by using a specific spath securities company, refers to an investor who seeks to purchase and sell strategic techniques (i.e., “one spathm”, seeking to focus on existing spathic values prior to the change of LP’s heading, by forecasting the change in advance.

The Defendants provided at the instant speed-related services refer to the use of the internal computer network by a securities company necessary for the Defendants to reach a rapid exchange than the general investors or other spafers by establishing an order processing system for the use of NAW trading orders for the use of N,O, Q, P, and the Z Team’s ZE for the purpose of X, Y, etc., the ZF Team’s ZEM Team, and providing the electronic data processing procedures, such as the use of the internal computer network (in direct connection to a securities company’s internal computer network for the computers on which the ESWm trading program of the spathm of the spath), the use of the server of the spath, the use of the server of the spath, the establishment of the spath

Although Article 178(1)1 of the Financial Investment Services and Capital Markets Act (hereinafter “Capital Markets Act”), the lower court determined that the instant speed-related service cannot be deemed to constitute “illegal means, plans, or tricks” under the said Act, and that there was no evidence to acknowledge it, thereby acquitted the facts charged of this case.

As scisf’s trade using the instant speed-related services provided by the Defendants, ordinary investors are practically deprived of, or are likely to lose, opportunities for trade. This is different from the speed-related services in this case.

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