The judgment of the court below is reversed.

The defendant is not guilty. The summary of the judgment against the defendant shall be published.

1. Summary of grounds for appeal;

A. Since there was no underlying asset or index for a transaction with a customer, and there was no right to establish a transaction of giving and receiving money, etc. calculated by underlying assets or an index based thereon to the customer, this does not constitute derivatives under the former Financial Investment Services and Capital Markets Act (amended by Act No. 11845, May 28, 2013; hereinafter “former Financial Investment Services and Capital Markets Act”). The Defendant’s transaction with a customer does not constitute derivatives under the former Financial Investment Services and Capital Markets Act (amended by Act No. 11845, May 28, 2013; hereinafter “former Financial Investment Services and Capital Act”). The lower court convicted the Defendant of the facts charged in the instant case by misapprehending the legal principles as to the mistake of the Defendant’s illegality or by misapprehending the legal principles.

B. The Prosecutor’s sentence sentenced by the lower court to the Defendant (one hundred months of imprisonment and fine of thirty million won) is too unhued and unreasonable.

2. Determination

A. Before judgment on the grounds for an ex officio appeal is made, the Prosecutor’s “not later than March 10, 201” in the indictment No. 13 of the facts charged on April 27, 201, and the facts charged on May 14, 2012 should not be conducted by anyone without obtaining authorization.

In light of the fact that an individual is obliged to deposit a large amount of money when a futures company makes a transaction through a futures company, and that a large amount of fees should be paid for the transaction, the Defendant deposited a basic deposit and opened an account, and then the small amount of investors are members.