증권발행 규제에 있어 거래통합에 관한 연구 -미국의 거래통합원칙과 우리나라에 대한 시사점-
A Study on the Integration Doctrine in U.S. Securities Regulationsand What we can learn from it
Issuers may try to circumvent registration requirement by artificially dividing a single public offering into several exempted offerings. In U.S. securities regulations, SEC and the courts are ready to integrate these offerings to enforce the registration requirement. To determine whether separate offerings are to be integrated, SEC has developed a five-factor test: whether (1) the different offerings are part of a single plan of financing, (2) the offerings involve issuance of the same class of security, (3) the offerings are made at or about the same time, (4) the same type of consideration is to be received, (5) the offerings are made for the same general purpose. As these factors are ambiguous, it is not easy for an issuer to predict whether a series of offerings will be integrated or will be qualified for exemption. In response to practitioners' complaints, SEC has adopted several integration safe harbors. However, SEC would not discard the integration doctrine nor modify its five-factor test as it is the last resort to prevent the circumvention of registration requirement. Currently, Korean securities regulations do not accept the integration doctrine. Regulators are more focused on providing assurance to the issuers about exemption, which left investors vulnerable to elusion and evasion of registration requirement. The attitudes of enforcers in U.S. securities regulations including the integration doctrine may suggest how to interpret the law to adequately protect investors in Korea.
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