직상장과 미국 연방증권법 제11조의 추적요건 - Pirani v. Slack Technologies 판결을 소재로 하여 -

류지민 법무부 2022 선진상사법률연구 Vol.- No.98

This article is a recent academic and practical discussion on the interpretation of “any person acquiring such security” of section 11 of the Securities Act of 1933(“Section 11”). Tracing requirement is generally a prerequisite to recovery under Section 11. Investors who purchase shares traceable to an IPO or secondary offering may be entitled to recover damages caused by false and misleading statements or omissions in the registration statement for that offering. A recent 2-1 decision of the U.S. Court of Appeals for the Ninth Circuit eased the traditionally strict standing requirements for Section 11 claims by making tracing easier for plaintiffs to prove. In Pirani v. Slack Technologies, the Ninth Circuit was faced with a Section 11 claim brought in the context of a Selling Shareholder Direct Floor Listing (known as a “direct listing”), rather than in the traditional IPO or secondary offering context. The Slack majority opined that application of the traditional tracing requirement would undermine the purpose of Section 11 in direct listing cases because it would effectively eliminate any issuer liability. The dissent in Slack strongly challenged the majority’s reasoning. According to the dissent, the majority strayed too far from the statutory text and well-established precedent. Slack Technologies’ direct listing on the New York Stock Exchange and the resulting shareholder litigation highlight the tension between current listing requirements and the potentially dated investor protections of the Securities Act. While this is a case of first impression given the unique circumstances of Slack’s IPO, the ruling may still have major implications for securities litigation. Regarding the interpretation of “anyone acquiring securities” in the Article 125 of the Capital Market Act, which is similar to Section 11, the discussion on the tracing requirements and the Slack case in the U.S. certainly has meaningful implications from a comparative point of view. The current Supreme Court of Korea is of the view that “anyone acquiring securities” do not include acquirers in the secondary market, but if there is a reasonable reason to protect investors due to the introduction of a new system or changes in society, the need to expand the scope of “anyone acquiring securities” shall be recognized. 이 글은 미국 연방증권법 제11조(이하 ‘제11조’라고 약칭한다)가 규정하는 손해배상청구권자인 “그 증권의 취득자(any person acquiring such security)”의 해석에 관한 최근 학계와 실무의 논의를 다룬다. 제11조에 따르면, 증권신고서 중 중요사항의 허위기재 또는 누락(‘부실기재’)에 대한 소송은 오로지 “그 증권의 취득자”만이 제기할 수 있다. 이러한 원고적격을 판단하는 기준으로서 추적요건이 지난 50여 년에 걸쳐 축적된 판례를 통해서 하나의 법리로 정립되었지만, 최근의 직상장과 관련하여 연방제9항소법원이 2021. 9. 20. 선고한 Pirani v. Slack Technologies 판결(‘슬랙 판결’)은 해당 법리에 변화를 가져온 것으로 평가된다. 슬랙 판결의 내용을 전반적으로 검토해 보면, 기존의 추적요건을 직상장에도 그대로 적용할 것을 주장하면서 법정의견에 대한 반박이유를 개진하는 밀러 재판관의 반대의견이 논리적으로 더 설득력이 있다고 생각된다. 그러나 한편으로 법정의견은 기존의 추적요건에 따라 제11조의 “그 증권”을 협의로 해석할 경우 추적의 입증이 명백하게 불가능한 직상장에서 제11조의 소를 전혀 제기할 수 없는 결과로 이어질 수 있다는 정책적 우려를 심각하게 받아들였고, 이에 대한 해결방안으로 부득이하게 직상장에 특유한 절차 등 구체적 상황을 고려한 새로운 해석을 내놓은 것으로 이해될 수 있다. 빠르게 변화하는 증권거래소 상장제도의 진화에 발맞추기 위해서라도 추적요건에 대한 근본적인 고민과 성찰은 피할 수 없게 될 것이다. 슬랙의 2019년 뉴욕증권거래소 직상장과 이에 뒤이은 주주들의 증권집단소송은 거래소의 최신 상장요건과 시대에 뒤떨어진 연방증권법상 투자자 보호 조항 사이의 긴장 관계를 부각하고 있는바, 그러한 면에서 슬랙 판결은 직상장을 고려하는 발행회사와 증권투자자, 그리고 이해관계자 모두에게 매우 중요한 의미가 있다고 할 수 있다. 제11조에 상응하는 우리 자본시장법 제125조의 해석에 관하여도 미국에서의 추적요건 법리에 관한 논의와 슬랙 판결이 주는 시사점은 적지 않다. 현재의 대법원은 자본시장법 제125조의 “증권의 취득자”에 유통시장에서의 취득자가 포함되지 않는다고 해석하고 있다. 그러나 미국의 슬랙 판결이 시사하는 바와 같이, 머지않은 미래에 직상장과 같은 신제도의 도입에 따른 투자자 보호의 문제가 새롭게 제기된다면 그 해결을 위해 “증권의 취득자”의 범위를 확대하여 해석할 필요성이 대두될 가능성은 충분히 있다고 본다.

Distribution and Types of negation of Korean NPI amwuto

Kang, Hyunju 고려대학교 언어정보연구소 2016 언어정보 Vol.23 No.-

The purpose of this study is to analyze the distribution and role of Korean Negative Polarity Item (NPI), amwuto(anyone) in SJ-RIKS corpus and seek for typical patterns of its syntactic structure. To identify part of speech of amwuto, the collected data is sorted out according to its part of speech. In the next section, in order to find double subject, collocation search of topic marker un/nun, i/ka and amwu is conducted. This search condition is limited to adjacent collocation. In addition to that, special cases that amwuto occurs in the Neg-raising construction were also collected and investigated. At the end, the negation types that amwuto prefers are shown. As a result syntactic patterns of amwuto constructions are found. amwuto is frequently used with adjective eps(not exist) and amwuto is preferred to be used as a subject of a sentence. Within the clause where amwuto used, scrambling of subject and object is acceptable but it is not found in the corpus It is also found that 15% of amwuto in the corpus is used with extra NP and they have several common characteristics as follows. amwuto is found to be used with extra NP when the preceding noun has semantic feature [+human] such as saram(human), saram(honorific form of saram), pun(sino-Korean word of saram). 85% of the constructions of amwuto with extra NP occurs with constituent negation eps(not exist). There is typical pattern like [Relative Clause + saram + -un/-i amwuto + eps-ta] where amwuto is used with extra NP. At the end, the types of negations which give license to NPI amwuto are collected. As a result, there are sharp contrasts between long and short negations and between explicit and implicit negations.

Distribution and Types of negation of Korean NPI amwuto

강현주 고려대학교 언어정보연구소 2016 언어정보 Vol.0 No.23

The purpose of this study is to analyze the distribution and role of Korean Negative Polarity Item (NPI), amwuto(anyone) in SJ-RIKS corpus and seek for typical patterns of its syntactic structure. To identify part of speech of amwuto, the collected data is sorted out according to its part of speech. In the next section, in order to find double subject, collocation search of topic marker un/nun, i/ka and amwu is conducted. This search condition is limited to adjacent collocation. In addition to that, special cases that amwuto occurs in the Neg-raising construction were also collected and investigated. At the end, the negation types that amwuto prefers are shown. As a result syntactic patterns of amwuto constructions are found. amwuto is frequently used with adjective eps(not exist) and amwuto is preferred to be used as a subject of a sentence. Within the clause where amwuto used, scrambling of subject and object is acceptable but it is not found in the corpus It is also found that 15% of amwuto in the corpus is used with extra NP and they have several common characteristics as follows. amwuto is found to be used with extra NP when the preceding noun has semantic feature [+human] such as saram(human), saram(honorific form of saram), pun(sino-Korean word of saram). 85% of the constructions of amwuto with extra NP occurs with constituent negation eps(not exist). There is typical pattern like [Relative Clause + saram + -un/-i amwuto + eps-ta] where amwuto is used with extra NP. At the end, the types of negations which give license to NPI amwuto are collected. As a result, there are sharp contrasts between long and short negations and between explicit and implicit negations.

이유 있는 반항

정민아(Jeong Min Ah) 한국영화학회 2011 영화연구 Vol.0 No.49

This paper is to survey the conditions of teen movies from 1989, when Happiness Does Not Come In Grades was made, to 1991, when The Marriage Life kicked off the fad of romantic comedy, and probe into the nature and meaning of those films. During the time Korea’s film industry, facing direct competition with films made in Hollywood, was forced to find an escape route. In order to survive the competition, it was in the process of making changes such as recruiting new personnels, searching new ways to finance and seeking new ways to produce and distribute films. In late 1980s Korea’s film industry was experiencing drastic change of situation like opening its market to foreign products as the Korean society was rapidly transforming itself into a consumer capitalism. That is when the phenomena of teem movies surfaced again, and just like in 1970s its fad survived only a few years. What distinguishes the teen movies of 1980s from the ones of 1970s such as Yalkae series or Never never series is the fact that those of 1980s actively reflected the social problem and suggested a way of solving teenagers’ agonies, so they enjoyed much attention from teenagers and continuous production. Happiness Does Not Come In Grades was the one that opened the gate. The teen movies produced in early 1990s commonly had characteristics like long titles, small pool of actors and actresses, development of story mixed with critical perspective towards the harsh reality of school and comical elements, and similar episodes. The teen movies seem to have been a mixed territory of newly introduced rational planning and production, and outdated mode of production without any clear plan. We can say the teen movies of this period led introduction and experiment of various genres of films that flourished in so-called the Renaissance period of Korean films from the late 1990s through 2000s. Among the films made in this short period only two, Happiness Does Not Come In Grades and Our Class Accepts Anyone Regardless of Grade, stand out, as many other similar films seem to have been produced with no distinctive qualities. Analyzing styles presented by Happiness Does Not Come In Grades and Our Class Accepts Anyone Regardless of Grade, I hope to specify the features and merits of the 1980s’ teen movies. The two films share with many other films the element of teenagers’ ‘revolt’ at home and school, but they actually ‘revolted’ against the 1980s’ mainstream commercial films not just in story but in stylistics. And I analyze the two films from the viewpoint of stylistic ‘revolt.’

『사고로모모노가타리(?衣物語)』의 사랑과 도심(道心) -사고로모다이쇼(?衣大?)와 온나니노미야(女二宮)의 관계를 중심으로-

신재인 한국일본어문학회 2009 日本語文學 Vol.43 No.-

宇治十帖の?と浮舟における、道心を抱く男と出家した女の物語は後期物語においてもさらに語り?がれた。本論文は、?を受け?ぐ『?衣物語』の?衣と彼のために出家した女二宮の?係を道心を抱く男と出家した女の物語として?み直そうとするものである。『?衣物語』は、『源氏物語』に次ぐ名作として後世の多くの人に絶?された物語である。?衣と複?の女性たちとの?係についても多?な?究がなされ、中でも女二宮との?係については多?の?究者が注目してきた。しかし、?を受け?ぐ人物としての?衣と、彼の道心に?係する出家した女性としての女二宮、の物語を『源氏物語』の宇治十帖以?繰り返されてきた一つの話型として捉える?究はまだ十分に行われてこなかったように思われる。本稿では、?衣と女二宮の?係を道心の男と出家した女の物語として?み直すことにより??の女二宮に?する?みに一つの新しい手がかりを提示したいと思う。そのために、?衣の出家願望を源氏の宮と女二宮の?係に求め、二人の女性が?衣の道心と?わっていくあり方を明らかにした。二人の女性は「山のあなた」や「絆し」といった象?的なことばによって表現され、いずれも?衣の出家願望を促したり、現世に?する思いを?くさせる存在であった。?衣における?の?みは、彼の現?執着と厭世への思いに同時に?わっていたのである。女二宮は、?衣のために出家し、出家した後にも?衣の愛執の存在になるが、出家を起点に、自分の意思を押し通し、?衣の愛執やわが子との因?にも振り回されず、ひたすら修行に?む?い女性へと?わっていく。しかし、彼女の?した7首の?泳ならぬ?泳には高貴な女性としての?靭さの底に?されている女性としての悲哀や悲しさが歌い?まれていた。『?衣物語』は、女人往生の難しさがいわれ、女性は罪深い愛執の存在という?念が?く根付いていた時代に、道心を抱く男と出家した女性の?係を?比的に語ることにより、女性の存在性と人間の愛執を克明に提示した物語と言えよう。

“Our Slogan Is to Adapt, Not to Adopt”

Pawit Mahasarinand 한국현대영미드라마학회 2014 현대영미드라마 Vol.27 No.2