?꒤?귬?ꑪ?뻇?끝롧ꩫꯟ뻇꡴?뫓ꑨ뻇ꛬ뷗ꓥ????뫴믚뫴룴쏒꣩ꗦ꧶뙂듛꒧곣ꡳ??A Study on Internet Securities Fraud ????????????뻉뇐뇂ꅇ뚾빟ꙴ??곣?ꡳ?ꗍꅇ뱂ꟓ뮨?????꒤뗘ꗁ냪ꑅꑑ꙾ꑃꓫ???
ꙕ쏾돕ꑨ멛뇐쏾뫓ꑨ뷗ꓥ뇂앶껑??냪곬라곬뻇덎룪껆꒤ꓟꪩꖻ???ꖻ뇂앶껑꧒뇂앶꒧뷗ꓥ결ꖻꑈꙢꇄꡰ?ꗟ?꒤?귬ꇄꑪ뻇?뻇끼?ꇄ끝?롧?ꩫ?ꯟ?뻇ꇄ꡴꧒ꇄꑋ?ꑑ?ꑅꇄ뻇꙾ꯗ닄ꇄꑇꇄ뻇듁꣺녯ꇄ뫓ꇄꑨ뻇ꛬ꒧뷗ꓥꅃ??뷗ꓥꙗ뫙ꅇꇄꇄ뫴?믚?뫴?룴?쏒?꣩?ꗦ?꧶?뙂?듛?꒧?곣?ꡳꇄꇄꇄꇄꇄꇄꇄ?ꆼꙐ띎††ꆼ꒣Ꙑ띎†?ꖻꑈ꣣ꚳ뗛Ꝁ끝늣앶꒧뷗ꓥꗾꓥ룪껆ꅁ뇂꒩ꛦ걆끼냪깡곬뻇ꥥ귻라곬뻇덎룪껆꒤ꓟꅂ냪깡맏껑쁝ꖻꑈ늦띾뻇껕맏껑쁝ꅁ녯꒣궭ꙡ냬ꅂ껉뚡뭐ꚸ볆ꕈ띌셙ꅂꗺ뫐볆ꛬ꓆떥ꙕ뫘ꓨꚡ궫뭳ꯡ뒲ꖬ땯ꛦꑗ룼뫴룴ꅃ?ꖻ뷗ꓥ결ꖻꑈꙖ롧샙뎡뒼뱺끝늣ꞽꗓ뷐녍ꝑꪺꗳ꒧ꑀꅁꗓ뷐ꓥ뢹결ꅇꇄꇄꇄꇄꇄꇄꅁ뗹ꧺꓥ뢹뷐녎ꗾꓥ룪껆ꦵꯡꕢ꙾ꙁ꒽뙽ꅃ?ⴭⴭⴭⴭⴭⴭⴭⴭⴭⴭⴭⴭⴭⴭⴭⴭⴭⴭⴭⴭⴭⴭⴭⴭⴭⴭⴭⴭⴭⴭⴭⴭⴭⴭⴭⴭⴭ??ꆼꙐ띎††ꆼ꒣Ꙑ띎†??ꖻꑈ꣣ꚳ뗛Ꝁ끝늣앶꒧뷗ꓥꗾꓥ룪껆ꅁ뇂꒩뇐뎡ꥷ끥쎺꒧맏껑쁝ꖻꑈ늦띾뻇껕맏껑쁝ꅁ결뻇덎곣ꡳ꒧ꗘꪺꕈꙕ뫘ꓨꩫ궫뭳ꅁ결ꑗ굺ꗘꪺꙁ뇂앶ꕌꑈꕈꙕ뫘ꓨꩫ궫뭳ꅁ꒣궭ꙡ냬뭐껉뚡ꅁ놩ꡃꑈꕈꑀꗷ결궭ꅃ?ꑗ굺뇂앶꒺깥ꞡ때뚷굱ꗟ엽뭐뇂앶ꮴ곹껑ꅃꖻ뇂앶꒧땯ꛦ앶결ꭄ녍쓝꧊땯ꛦ앶ꝑꅃꖻ뇂앶꧒결꒧ꚬ뿽ꅂ궫뭳ꅂ땯ꛦ뻇덎곣땯ꝑꗎꞡ결때쁶ꅃꑗ굺Ꙑ띎뭐꒣Ꙑ띎꒧쓦ꛬ굙ꖼ륟뿯ꅁꖻꑈꙐ띎뗸Ꙑ뇂앶ꅃ?뻉뇐뇂ꥭꙗ?뚾?빟?ꙴ?곣ꡳꗍ쎱ꙗ㨠?뱂ꟓ뮨†††††††††††††?뻇뢹?8695011??뿋떧ꖿ랢⤠††††††††††††††
냈ꖲ뛱뱧??ꓩ듁?ꗁ냪†ꑅꑑ†꙾?ꑃ?ꓫ?ꑔꑑꑀ?ꓩ?ㄮ?ꖻ뇂앶껑뷐ꕈ뛂떧벶뱧ꣃ뱶Ꙍ룋굱꧳껑ꙗ궶꒧ꚸ궶ꅃ?㈮?뇂앶닄ꑀ뚵ꅁ뷐뵔뭻뻇껕걏ꝟꕎꚬꅁ굙때ꅁ뷐귓ꝏꙁ녈뷗ꓥꑀꖻꛜꕸꕟꖫ??㌶ꥍꖭꩆ룴ꑇ걱?뢹ㄷ〲ꯇ?냪곬라곬뻇덎룪껆꒤ꓟ?ꓽ뉑굳ꅃ?ꖻ뇂앶껑뿔룟륱룜㨰??㈷㌷㜷㐶??㌮?ꖻ뇂앶껑꧳ꗁ냪㠵꙾?ꓫꓩ끥뷐꒺걆뎡뗛Ꝁ앶ꥥ귻라?뉻결롧샙뎡뒼뱺끝늣ꞽ?귗ꖿꅁ㠹⸱ㄮ㈱뎡ꗷ귗ꖿꥷ뵚ꅃ?ꖻ껗뻚뇐뎡냪깡맏껑쁝㠵⸴⸱?ꕸ⠸㔩맏뵳꙲닄㜱?뢹꣧뿬뉺ꅃ?????????
뷗ꓥ뒣굮 쁈뗛뫴룴냓띾삳ꗎꪺ뒶뭐륱ꑬ냓냈ꪺ뾳끟ꅁ뵵ꑗꗦ꧶앫땍ꑷ롧ꚨ결냓띾겡냊ꪺ돌띳쇍뛕ꅆ꣤꒤땯깩돌결ꢳ덴ꅂꚨ돌결엥ꑈꪺꭄ뫴룴쏒꣩ꗦ꧶닶쓝ꅃ껚뻚과냪쏒뫞라ꕎ뉺ꕄ깵Laura S. Ungerꑫꑨ꧳ꑀꑅꑅꑅ꙾ꑑꑀꓫ꧒뒣ꕘꪺ곣ꡳ돸ꝩꕘꅁꑀꑅꑅꑃ꙾ꛜꑀꑅꑅꑅ꙾닄ꑇꥵꪺꑇ꙾뚡ꅁ뫴룴쏒꣩ꗦ꧶녢ꓡꝥ뉻꫱ꑔ궿ꪺꚨ쇍뛕ꅁ뵵ꑗꗦ꧶ꪺꚨꗦ뙱ꑝꚨꑇ궿ꚳ빬ꅃ ꛜ꧳냪꒺ꪺ땯깩놡ꅁ껚뻚ꕸ왗쏒꣩ꗦ꧶꧒ꪺ닎군ꅁꗁ냪ꑋꑑ꒻꙾ꑑꑀꓫ뙽꧱뫴룴ꑕ돦띾냈럭ꓫ뛈ꚳ3,677ꑈ뙽ꗟ뫴룴ꗦ꧶녢ꓡꅁ뫴룴ꗦ꧶ꪺꚨꗦ썂뛈ꕥꖫ돵ꚨꗦ썂ꪺꉈꅆ땍ꛓꛜꗁ냪ꑅꑑ꙾꒭ꓫ결ꓮꅁ군ꚳ1,785,284ꑈꑷ뙽ꗟ륱ꑬꚡꗦ꧶녢ꓡꅁꚨꗦ썂ꓱ꣒륆ꉈꅃ때뷗냪꒺ꕾꪺ닎군볆뻚ꞡ엣ꗜ뫴룴쏒꣩ꗦ꧶ꖫ돵ꪺ땯깩ꝥ뉻ꢳ덴쉘녩ꪺ쇍뛕ꅁꛓꚹ뫘쇍뛕녎ꖲ땍쁈뗛볆ꛬ꓆샴맒ꪺꓩ몥ꚨ보ꛓꟳ결쎭ꅃ 땍ꛓꅁ뫴룴쏒꣩ꗦ꧶ꢳ덴땯깩ꪺꙐ껉ꅁ뫴룴룪뙂듛껗ꗳꗧ쁈뗛뫴룴꣏ꗎꪺ뒶ꛓ뱗ꕛꅃ뫮왛냪꒺ꕾ꧒땯ꗍꪺ뫴룴쏒꣩뙂듛껗ꗳꅁꞡꙝ뫴룴ꗦ꧶꒧꽓꧊ꛓꚳꝏ꧳뛇닎쏾ꮬꅁ꒣뛈낻걤꒣꧶ꅁꛓꕂ덱녠띬깠ꑑ꓀쑙궫ꅃ걏ꕈ꙰꛳ꝑꗎ뉻ꚳꗦ꧶뻷꣮ꩫꯟ덗뵤꣓ꢾ뵤쏒꣩뙂듛껗ꗳꅁꝑꗎ꣤ꕌꓨꩫ뫻앀쏒꣩ꖫ돵ꗦ꧶ꙷꗾꅁꭏ믙룪ꑈ앶꽱ꅁꑄ걏귈녯뙩ꛦ놴끑ꪺ뷒썄ꅃ ꗑ꧳냪꒺껗꣒뭐ꓥ쑭룻결꿊ꕆꅁ걇ꙨꕈSEC끟뙄ꪺ껗꣒결ꕄꅁ뮲ꕈ쏒꣩ꛛꯟ닕슴ꅂ룪ꑈꭏ앀닕슴곛쏶ꩫꯟ듁ꕚ꒧뗻뷗ꅁ꣤ꚸꕈ쏒꣩ꗦ꧶맪냈ꪺ왛쉉꣓왛맮ꓱ룻ꅁ싇ꕈ둍ꡄꞴ빁ꪺ룑ꡍꓨ껗ꅃ ꖻ뷗ꓥꙀ꓀결꒻뎹ꅆ꣤꒤닄ꑀ뎹ꭙ둎ꖻ뷗ꓥ꒧곣ꡳ냊뻷뭐ꗘꪺꅂ곣ꡳꓨꩫ떥늤Ꝁ뮡ꧺꅆ닄ꑇ뎹ꭨ둎ꑀ꿫쏒꣩뙂듛ꮬ멁뭐덤ꗴ랧굮꧊ꙡ꒶닐ꅆ닄ꑔ뎹ꛜ닄꒭뎹ꭨ꓀ꝏ둎뫴룴쏒꣩뙂듛껗꣒뭐꽓꧊ꅂ룪ꑈꭏ앀ꕈꩫꯟ덗뵤뭐꣤ꕌꢾ뵤뻷꣮ꪺꯘꗟ떥ꅁꕈ과냪쏒꣩ꕄ뫞뻷쏶맯꧳뫴룴쏒꣩뙂듛ꛦ결ꪺꙝ삳놹걉ꅁꕝ걁ꩫꕏꪺ뱗귗ꕈ꣤ꕌ끴깍ꪺꢾ뵤뻷꣮ꯘꗟ떥결ꕄ굮곣ꡳ맯뙈뙩ꛦ곣ꡳꅁ뙩ꛓ뒣ꕘꕩ꣑냪쏒꣩ꕄ뫞뻷쏶샀ꥷ맯떦ꪺ냑ꛒꯘ쒳ꅃ닄꒻뎹떲뷗뭐ꯘ쒳ꅁꭙ맯ꖻ뷗ꓥ곣ꡳ륌땻꒤꧒ꢣꪺ뫴룴쏒꣩ꗦ꧶뙂듛뉻ꩰ뭐껗꣒ꅂꕄ뫞뻷쏶띾ꪺ럭ꭥꪺꙝ삳Ꝁ결떥ꅁ뒣ꕘꢾꩶ뙩ꪺꯘ쒳ꕈ꣑냑ꛒꅃ
Abstract Online trading now becomes the main-street trend of commercial activities with the commercialization of internet and the development of electronic commerce, and securities online trading is the most conspicuous among. According to the report filed by Laura S. Unger, the acting chairman of Securities Exchange Commission of United States, in November 1999, the online accounts had almost tripled from 1997 to 2nd quarter of 1999, and the percentage of online trading volumes of all equity trades had also doubled during the period. As to the development of securities online trading in Taiwan, there were only 3,677 accounts opened and the online trading volumes were just percent of all equity trades in November 1997. After three years later, there were 1,785,284 accounts opened and the percentage of equity trades conducted online has grown to percent in May 2001. The statistics shows that the securities online trading is going to grow continuously at higher speed and the tendency will stabilize with the maturity of digital environment. However, the cases of the investment fraud have been increased with the commercialization and popularization of Internet usage. By reviewing the online securities fraud cases, we can find that there are many differences between online securities fraud cases and traditional ones, furthermore the online securities frauds always cause severe damage but usually diffcult to investigate. So it is important for us to find a sound way to keep the securities market safer and to protect investors by using all reasonable mechanisms and regulations. Owing to the lack of cases and related materials in Taiwan, I compare and analyze the cases had been prosecuted by SEC. Besides, I refer to the policies and commentaries from self-regulation organizations, investor protection organizations, and related law reviews of United States to seek for a proper solution. This thesis including six chapters. First chapter, introduction, includes the reason of writing this thesis and the research method of it, The second chapter introduces the types and obligations of general securities fraud. The third chapter focuses on the cases and characteristics of online securities fraud. The fourth chapter and fifth chapter aim at investor protection, related
regulations and other precaution mechanisms. In addition, the forth chapter and the fifth chapter try to file some suggestions by searching among precautions that adopt by SEC currently. Finally, the sixth chapter, conclusion, try to provide some ideas and suggestions for regulators and market participants.
쇂??쏣?쏒꣩ꩫ걏ꑑ꓀녍띾ꪺꩫꯟ믢냬ꅁ낣ꑆ냲슦ꪺꩫꯟꪾ쏑ꕈꕾꅁꟳ믝굮뮲ꕈ쏒꣩뿄ꪺ녍띾뒼꿠ꅆ싇ꗑ맯쏒꣩ꖫ돵뭐뿄냓ꭾꪺ뉠ꑊ셁룑ꅁꥬꚳ꿠ꑏꞴ떽덂뉺쏒꣩ꩫꯟ냝썄ꅃ뫴룴쏒꣩ꗦ꧶ꟳꚳꝏ꧳뛇닎쏒꣩ꗦ꧶ꪺ꽓꧊ꅁ꙰ꖼ뉠ꑊꑆ룑뫴룴ꗦ꧶꒺뉛ꅁ꺣꧈Ꙣ궱셻뫴룴ꗦ꧶ꪺ뫃쏸껉때ꩫ꓁ꑊ냝썄껖ꓟ뿑ꡄ룑ꡍ꒧륄ꅃ땍ꛓꅁ때뷗쏒꣩뫴룴ꅁ맯ꕼ꙾ꭥꫬꑊ곣ꡳ꧒ꪺꛓꢥꅁ뎣걏ꗾ땍궯ꗍꪺ믢냬ꅃ꧒ꦯꙢ둎뻇ꪺꕼ꙾럭꒤ꅁꚳ뻷라ꢭ꧳쏒꣩ꩫꯟꪺ맪냈ꑵꝀꅁꑀ뽳쏒꣩ꗦ꧶ꪺꗾ뮪ꅆꑝꙝ결ꗴ슾꧳꣩냓꒧걇ꅁ녠ꚳ뻷라놵쒲쏒꣩ꗦ꧶ꅁꑄꛜ꧳뫴룴ꅝ륱ꑬꚡꅞꗦ꧶ꪺ닄ꑀ뵵냝썄ꅁꚳꝑ꧳ꛛ맪냈ꪺ왛쉉ꕘ땯ꅁ둍ꡄꞴ빁ꪺ룑ꡍꓨ껗ꅃ듁ꯝ덯ꖻ뷗ꓥꢬꕈ맯냪꒺쏒꣩ꖫ돵뒣꣑띌ꪺ냑ꛒ믹귈ꅁ꽓ꝏ걏맯꧳뫴룴쏒꣩ꗦ꧶ꪺ뫞뉺ꅂ꒣ꩫꗦ꧶ꛦ결ꪺꢾ꣮뭐뇏샙떥ꅁ뒣꣑띳ꪺꯤꛒꓨꙖꅃ?뷗ꓥ녯ꕈ뚶ꝑꞹꚨꅁ궺굮띐쇂꺦깶ꅘ뚾빟ꙴ뇐뇂ꅆꙝ결ꛑ깶꧳꒤귬ꩫ곣꧒궺뙽뫴룴ꩫ뷒땻ꅁ엽ꚳ뻷라뙩ꑊꣃ놴꿁ꖼ롧뙽땯ꪺ뫴룴ꩫꯟ믢냬ꅆꙝ결ꛑ깶궫뗸뉺뷗뭐맪냈ꪺ떲Ꙙꅁꭐ꣏볝땍뙩ꑊ꣩냓ꑵꝀꅁꑝꑾꚳ뻷라놵쒲냲슦ꪺ쏒꣩ꩫꯟ냝썄ꅁ녱맪냈ꪺ왛쉉뿑ꡄ뫃쏸ꪺ룑ꡍ꒧륄ꅆꙝ결ꛑ깶쑙껦ꪺꩶ뻇멁ꯗꅁ꣏Ꙣ곣ꡳ꒧룴꒣뒱뻓ꯥꅃꚹꕾꅁꛑ깶꙰ꓷꕓꑀ꿫ꪺ쏶써ꅁꟳ걏ꕏ뻇ꗍꗃ믊꒭꒺ꅃ?ꑦ룕ꥥ귻뱂덳럔뇐뇂ꅁ둎뷗ꓥꓨꙖ뭐꒺깥꧒뒣꣑ꪺ쑟뙑띎ꢣꅁ엽뻇ꗍꚳ뻷라ꕊ닓궫띳곙ꯤꅁ둎뫃롱꒧덂귗ꖿ뷕뻣ꅁ꣏뷗ꓥ떲멣뭐꒺깥ꟳ결쑙싔ꅆꩌ냪ꗾ뇐뇂꒣뛈둎뷗ꓥ꒤싕뭾뭐늨멼덂룔ꕛꖿꅁ엽뷗ꓥ꽱뱗ꞹ과ꅆ꧳ꑦ룕껉ꅁꛑ깶ꯕ쁱궷뷬ꅂ뮴썐룙뿓ꪺꢥ뷍ꅁꟳ엽쫘쫗꒣ꙷꪺꓟꅁ륹껉샲녯ꙷꥷꪺꑏ뙱ꅆ뻇ꗍ뛈녯싇ꚹ뻷라맯ꑇꛬꛑ깶띱ꫭ쇂ꟕꅃ?꒤귬ꑪ뻇끝롧ꩫꯟ곣ꡳ꧒ꪺ램ꛋꗍꛑ깶ꅂ뎯쓥땞ꛑ깶ꅂꟵ뙑굞ꛑ깶ꅂꟵ뻋꛵ꛑ깶ꅂ뛀ꯘ뷷ꛑ깶ꅂ쇂꧶ꞻꛑ깶떥ꞡ꒣뇳꧳뻇ꗍ빱뙷꒧룪ꅁ노ꓟ뻉ꅁꑝ걏뻇ꗍꚳꦯꞹꚨ곣ꡳ꧒뻇띾꧒ꖲ뚷띐쇂ꪺ깶ꅆꚹꕾꅁꕀ띳ꑪ뻇Ꟶ둟ꡬꛑ깶ꅂ꒤냪ꓥ꓆ꑪ뻇ꩌꭈꥍꛑ깶ꞡ껉녠쏶ꓟ뻇ꗍꪺ뷒띾뭐ꗍ겡ꅁꚹ떥럅놡ꗧ쏸ꕈꟑ써ꅃ?ꕴꕾꅁ굙ꭄꯘꖰ쏒꣩ꪺꓽꥸꭾꣳ뉺ꑔ꙾ꭥ꽽꣒Ꙑ띎ꕈꙢ뻇ꪺꢭꗷ뙩ꑊ꒽ꕱꑵꝀꅁꑝ꺣때뻷라Ꙣ땵듁꒺샲녯싗둉ꪺ쏒꣩맪냈롧엧ꅆ쇙ꚳꅁꟳ믝굮띐쇂ꩫ냈ꯇꪺ썑ꮰꣳ뉺ꅁ깥ꗴꙢ녱꒽ꕱꩫ냈ꑵꝀꪺꙐ껉ꅁ쑾쓲곣ꡳ꧒뻇띾뭐뷗ꓥ뱧Ꝁꅁꛓꩫ냈ꯇꪺ꣤ꕌꙐꅁ쁒ꧽꅂ뇓믱ꅂ듰꿸떥ꑈꅁꭨꖲ뚷ꙝ결꓀ꓟ꧳뷒띾ꪺꛛꡰꅁ꓀뻡꒣ꓖ썂ꕾꪺꑵꝀꅁ싔Ꙣꚹꑀ꣖교ꑗ돌뉠ꪺ쇂띎ꅃ꽓ꝏ걏쁒ꧽꥪ맯쏒꣩ꩫ덗뭐맪냈ꪺ뱟보녍뫫ꅁ꒣뛈꿠듀룑ꡍꗴ꛳쏒꣩ꩫꯟ뭐맪냈ꓨ궱ꪺ뫃쏸싸꽧ꅁ꣤솾ꡒꪺ멁ꯗꅁꟳ걏귈녯ꗩ껄뭐뻇닟ꅃ?
뎯곕쁁뻇ꅂ낪뒼과뻇ꥪꗪ쓗ꅁꙢ셣ꚣꪺ샋맮냈꒧빬ꅁ꒴싂쏶꓁ꪺ뷒띾뭐ꗍ겡ꅁ맯꧳ꪺꗍ뉐덗릺ꑝꙨ꧒ꯘ쒳ꅆ귵ꯛꅂꮺ쓵ꗪ쓗꒣뛈ꙝ결ꙡꝑ꒧ꭋꚨ결뷐꽱ꪺ돌꣎ꑈ뿯ꅁ꣤맯꧳ꩫꯟꑵꝀꪺ볶놡뭐뉺띑ꪺ냭꯹ꅁꟳꕏꑑ꓀드꣘ꅆꕴꕾꅁꕀꧺꅂ쑐떾ꅂꑨ귵ꅂ뉍뉗ꅂꥫꥫꅂ맅엯떥ꑪ뻇Ꙑ뻇ꅁ맯ꪺꑵꝀꅂꗍ겡뭐뷗ꓥ뙩ꯗꪺ쏶ꓟꅆ돓뫊ꅂꭔ돇ꅂ뫻뙶ꅂꑪ뙶ꅂꭔ꒶ꅂꛊ뮨ꅂ늻돇ꅂꕀ드떥낪꒤Ꙑ뻇뿋꙰ꕓꑀ꿫ꪺ곛꒬꯹뭐쏶써ꅁꞡꕏꗃ뭸Ꙣꓟꅃ?곣ꡳ꧒ꟹ뫻뻇ꅁꕀ돇ꅂꥺꅂ쏽꙰ꅂ겣뵮ꅂ꣘ꫢ떥Ꙑ뻇뻇ꅂꥦ떥ꅁ뒣꣑덜Ꙩ뫴룴땯깩ꪺ띳ꪾꅁꙢ뫴룴ꩫ뷒땻꒤뽅샺ꕘ덜Ꙩ쏶꧳뫴룴ꩫ곛쏶냝썄ꪺ뫫앐ꢣ룑ꅁꑝ뎣ꚨ결뷗ꓥ벶뱧륌땻꒤닶ꑪꪺ산ꝕꅆꕴꕾꅁ썃ꦾ멾ꅂ빇꒯맘ꅂ덜둟꩙떥뷑ꛬꙐ떡ꅁꕼ꙾꣓ꦼꚹ쏶ꓟꅂ곛꒬릪쁹ꅁꑝ결곣ꡳ꧒ꗍ뉐꽤ꑕ과ꙮꪺ끏뻐ꅆ쇙ꚳꧺ꺤ꝕ뇐Ꙣ덜Ꙩꛦ걆냈ꑗꪺꣳꝕꅁꑾ꣏뻇ꛬꛒ룕뚶ꝑꞹꚨꅁꞡ싇ꚹ뻷라뭸쇂ꅃ?돌궫굮ꪺꅁ굮띐쇂ꖼ녂ꥤꥵ깓꫱ꑋ꙾꣓ꪺ곛꛱ꅆꙝ결ꚳ꙯ꪺ릪쁹ꅁꑾ꿠Ꙣ비륊껀껉궫걂ꛛꭈꅆꙝ결ꚳ꙯ꪺꓤ꯹ꅁꑾ꿠볈ꝏ냪깡ꛒ룕ꪺ엹닌ꅁ녱ꚳ뷬ꪺꩫꯟ맪냈뭐곣ꡳꑵꝀꅆꙝ결ꚳ꙯ꪺ뱥깥ꅁꑾ꿠롶때벪ꙡ귩맜꙯꣼낲ꓩꗰ뚢ꪺ앶ꝑꅁ녍ꓟ뷗ꓥ뱧Ꝁ…ꅃ띑ꅁꚳꦯ녯뗛ꚹꑀ뾷뷨쓵ꓟꪺꑫꑬ결닗ꢭ꛱ꭑꅁꥷ걏ꭥꕀ귗꣓ꪺ뫖ꗷꅃ?럭땍ꅁ굙ꡓꚳ깡ꑈ귌때뇸ꗳꪺꓤ꯹ꅁꑝ떴때ꕩ꿠뚶ꝑꞹꚨ곣ꡳ꧒뻇띾ꅆ꙰꒵녯ꚳ덯ꖻ뷗ꓥꪺꞹꚨꅁ돌믝굮띐쇂ꪺ둎걏ꪺ깡ꑈꅃ?싔ꕈꚹ뷗ꓥ띱쑭떹꒭ꛬ꽫띒ꪺꥮꥮꕈ띏띒ꪺ?ꓷ뿋—뱂굺ꧺꗽꗍ?ꗀ뿋—ꩌ과ꥦꑫꑨ???뱂ꟓ뮨싔뭸꧳ꕸꕟ?ꗁ냪ꑅꑑ꙾ꑃꓫꑔꑑꑀꓩ? ?
ꗘꚸ 뫴믚뫴룴쏒꣩ꗦ꧶뙂듛꒧곣ꡳ ꗘ ꚸ 닄ꑀ뎹 뫼뷗_________________________________________1 닄ꑀ론 곣ꡳ냊뻷뭐ꗘꪺ________________________________________4 닄ꑇ론 곣ꡳꓨꩫ_____________________________________________5 닄ꑔ론 곣ꡳ뵤돲뭐궭꣮________________________________________6 닄ꑇ뎹 쏒꣩뙂듛랧굺__________________________________9 닄ꑀ론 쏒꣩뙂듛꒧ꥷ롱_______________________________________10 닄ꑀ뚵 뙂듛꒧ꥷ롱_________________________________________10 닄ꑇ뚵 쏒꣩뙂듛ꪺꥷ롱_____________________________________11 닄ꑇ론 쏒꣩뙂듛꒧쏾ꮬ뭐덤ꗴ_________________________________14 닄ꑀ뚵 쏒꣩뙂듛꒧쏾ꮬ_____________________________________14 닄ꑀ듚 ꫬ꿅ꖫ돵뙂듛—꒽뙽뮡ꧺ껑뗪낰꒣맪___________________14 닄ꑇ듚 ꚸ꿅ꖫ돵뙂듛_____________________________________22 닄ꑀꗘ 끝냈돸ꝩ뗪낰꒣맪_______________________________23 닄ꑇꗘ 궫ꑪ끔꺧뒦앓뭐끝냈륷듺꒧뗪낰꒣맪_________________24 닄ꑔꗘ ꒺뵵ꗦ꧶_______________________________________25 닄ꕼꗘ 뻞셡ꛦ결_______________________________________30 닄ꑇ뚵 쏒꣩뙂듛꒧덤ꗴ_____________________________________34 닄ꑀ듚 ꫬ꿅ꖫ돵뙂듛—꒽뙽뮡ꧺ껑뗪낰꒣맪꒧덤ꗴ_____________36 닄ꑇ듚 ꚸ꿅ꖫ돵뙂듛_____________________________________39 닄ꑔ뎹 뫴룴쏒꣩뙂듛_________________________________45 닄ꑀ론 뫴룴쏒꣩뙂듛꒧ꥷ롱___________________________________48 닄ꑇ론 뫴룴쏒꣩뙂듛꒧꽓꧊___________________________________49 닄ꑔ론 뫴룴쏒꣩뙂듛쏾ꮬ뭐껗꣒_______________________________52 닄ꑀ뚵 띌ꖫ귈뙂듛ꅝMicrocap Fraudꅞ________________________53 닄ꑀ듚 PSAꪣꝀ껗______________________________________54 닄ꑇ듚 PinkMonkey껗____________________________________57 닄ꑇ뚵 땯ꛦ뙂듛ꅝOffering Fraudꅞ___________________________58 i
뫴믚뫴룴쏒꣩ꗦ꧶뙂듛꒧곣ꡳ 닄ꑀ듚 New Utopia껗____________________________________59 닄ꑇ듚 Families On Line껗________________________________60 닄ꑔ뚵 ꖫ돵뻞셡ꅝMarket Manipulationꅞ______________________61 닄ꑀ듚 ꧔낪귋덦ꅝPump and Dumpꅞ_______________________62 닄ꑀꗘ NEI Webworld껗________________________________63 닄ꑇꗘ Heartsoft껗____________________________________65 닄ꑔꗘ Jesse Hogan껗_________________________________66 닄ꑇ듚 쇍뛕ꗦ꧶ꅝMomentum Tradingꅞ_____________________67 닄ꑀꗘ FastTrade껗____________________________________68 닄ꑇꗘ Sunset껗______________________________________70 닄ꑔ듚 ꞣ뙬ꗳꅝSpamꅞ________________________________72 닄ꑀꗘ AOL Investment Snapshot껗_______________________73 닄ꑇꗘ Unity List껗____________________________________74 닄ꑔ듚 ꧙뛂룪끔ꅝSmearing Informationꅞ____________________75 닄ꕼ뚵 ꭄꩫ쑕뮤ꅝIllegal Toutingꅞ____________________________77 닄ꑀ듚 Tokyo Joe껗_____________________________________78 닄ꑇ듚 JMAX Online Communications껗_____________________80 닄ꑔ듚 Stockstowatch껗__________________________________81 닄꒭뚵 ꭟꗎꙗ롱ꅝImposterꅞ________________________________83 닄꒻뚵 ꒺뵵ꗦ꧶ꅝInsider tradingꅞ___________________________84 닄ꕼ론 냪뫴룴쏒꣩뙂듛쏾ꮬ뭐껗꣒____________________________87 닄ꑀ뚵 ꝑꗎ뫴룴ꗦ꧶꒧륈곹ꗦ돎맯쏒꣩냓뙂듛___________________87 닄ꑇ뚵 ꝑꗎ뫴룴뒲ꝇ꒣맪끔꺧뻞셡ꖫ돵________________________92 닄꒭론 뫴룴쏒꣩뙂듛꒧덤ꗴ___________________________________94 닄ꕼ뎹 룪ꑈꭏ앀___________________________________97 닄ꑀ론 ꭥꢥ________________________________________________97 닄ꑇ론 IOSCOꪺꯘ쒳Ꝁꩫ____________________________________98 닄ꑔ론 과냪ꪺꝀꩫ_________________________________________100 닄ꑀ뚵 맯땯ꛦ꒽ꕱꪺ뫞뉺ꅘ룪끔꒽뙽뒦앓_____________________100 닄ꑀ듚 ꕛ녪룪끔꒽뙽ꪺ굮ꡄ______________________________101 닄ꑇ듚 ꭋꝑ룪끔꣺녯____________________________________102 닄ꑇ뚵 맯뿄ꩁ냈띾ꅘ빁럭꧊롱냈_________________________104 ii
ꗘꚸ 닄ꑀ듚 ꗾꓨꛬ뿄ꩁ냈꧒구ꗍꪺ띳뷒썄_____________________106 닄ꑇ듚 뙗덳떲룪끔ꪺ덤ꗴ________________________________109 닄ꑔ뚵 맯룪ꑈꅘ룪ꑈ뇐뭐뇏샙놹걉______________________111 닄ꑀ듚 룪ꑈ뇐_______________________________________111 닄ꑇ듚 ꯘꗟ샋셼꣮ꯗ____________________________________114 닄ꕼ론 냪ꪺ낵ꩫ_________________________________________115 닄ꑀ뚵 맯땯ꛦ꒽ꕱꪺ뫞뉺ꅘ룪끔꒽뙽뒦앓_____________________115 닄ꑇ뚵 맯뿄ꩁ냈띾ꅘ빁럭꧊롱냈_________________________116 닄ꑀ듚 ꗾꓨꛬ뿄ꩁ냈꧒구ꗍꪺ띳뷒썄_____________________116 닄ꑇ듚 뙗덳떲룪끔ꪺ덤ꗴ________________________________122 닄ꑔ뚵 맯룪ꑈꅘ룪ꑈ뇐뭐뇏샙놹걉_____________________123 닄ꑀ듚 룪ꑈ뇐______________________________________123 닄ꑇ듚 꿉뷕덂뭐뇏샙__________________________________124 닄꒭뎹 ꩫꯟ덗뵤뭐꣤ꕌ끴깍뻷꣮ꪺꯘꗟ__________________131 닄ꑀ론 ꭥꢥ_______________________________________________131 닄ꑇ론 ꩫꯟ덗뵤—ꕄ뫞뻷쏶ꪺ귗ꩫ멁ꯗ_________________________132 닄ꑀ뚵 과냪ꪺ귗ꩫꓨꙖ____________________________________132 닄ꑀ듚 ꢾꓮ쏒꣩뙂듛ꛦ결________________________________132 닄ꑀꗘ Rule 504 of Regulation D_________________________133 닄ꑇꗘ Form S-8_____________________________________133 닄ꑔꗘ Rule 15c2-11__________________________________134 닄ꕼꗘ Rule 701______________________________________136 닄ꑇ듚 ꣤ꕌꚳ믹쏒꣩뛒뚰ꅂ땯ꛦ뭐뙒뷦_____________________137 닄ꑇ뚵 냪ꪺ귗ꩫꓨꙖ____________________________________139 닄ꑀ듚 ꕛ녪땯ꛦ꒽ꕱ쏒꣩ꩁ냈띾뫞뉺____________________139 닄ꑇ듚 ꣤ꕌꚳ믹쏒꣩꒧뛒뚰ꅂ땯ꛦ뭐뙒뷦ꪺ냝썄______________140 닄ꑔ론 ꯘꗟꙷꗾꪺ뫴룴ꗦ꧶샴맒______________________________144 닄ꕼ론 ꣤ꕌ끴깍뻷꣮ꪺꯘꗟ__________________________________148 닄ꑀ뚵 과냪ꪺ낵ꩫ________________________________________148 닄ꑀ듚 ꚨꗟ녍슾돦ꛬ____________________________________148 닄ꑇ듚 ꝑꗎ뫴룴꽓꧊ꕛ녪룪뇐_________________________149 닄ꑇ뚵 냪ꪺ낵ꩫ________________________________________150 iii
뫴믚뫴룴쏒꣩ꗦ꧶뙂듛꒧곣ꡳ 닄꒻뎹 떲뷗뭐ꯘ쒳__________________________________153 닄ꑀ론 떲뷗_______________________________________________153 닄ꑇ론 ꯘ쒳_______________________________________________156 뿽ꑀ 과냪쏒꣩ꗦ꧶ꩫ덗뙂듛곛쏶덗ꥷ멋뿽____________161 뿽ꑇ 쏒꣩룪ꑈ듁덦ꗦ꧶ꑈꭏ앀ꩫ꿳껗______________181 뿽ꑔ ꒤냪ꑪ뎰ꅭ뫴ꑗ뗽꣩ꥥꚫ볈ꛦ뫞뉺뿬ꩫꅮ___________193 냑ꛒ룪껆__________________________________________199 iv
닄ꑀ뎹 뫼뷗 닄ꑀ뎹 뫼뷗 ꑇꑑꕀ곶꒧ꫬꅁ뗜꽓ꕓꚨꕜꙡ녎꧒땯ꧺꪺ궸뻷끥ꑗꓑ꒧ꯡꅁꦻ셙땵ꑆꕀ곉ꙕꙡꪺ뙚싷ꅆꑅꆳ꙾ꕎꕈꯡꅁ뫴믚뫴룴뱳꩸ꙡ삳ꗎꅁꟳꖴ꽽ꑆꕀ곉ꙕꙡꪺꚳ쎦냬ꅃ뫴믚뫴룴ꪺ땯ꧺ뭐삳ꗎꅁ녎ꑈ쏾ꪺꗍ겡닟멄ꅂꓩ녠ꛦ결ꑄꛜ꧳믹귈왛꧀궫띳닕Ꙙꅁ뫴룴ꕀ곉료둘ꕇꑷꡓꚳ꒣ꕩ꿠ꪺꅃꅵꡱꑾ꒣ꕘꅁ꿠ꪾꓑꑕꅶꚭ둎꒣ꙁꟆ꡵ꅆ룪끔껉ꕎꪺꑈ귌꒣뛈ꕩꕈ륂ꗎ뫴믚뫴룴뭐ꕾ곉랾덱끔꺧ꅂ곆ꛜꕩꕈꞤꙢ닗뫝뻷ꭥ덽뗳쇊ꪫꅂ곝꽦싥샸ꅁꙢ뫴룴ꕀ곉료ꅁꝙ꣏꒣ꕘꑝꕩꕈ뽗ꛛꗍ꙳ꅉ 쁈뗛뫴룴냓띾삳ꗎꪺ뒶뭐륱ꑬ냓냈ꪺ뾳끟ꅁ뵵ꑗꗦ꧶앫땍ꑷ롧ꚨ결냓띾겡냊ꪺ돌띳쇍뛕뭐냓띾롧샧ꓨꩫꅆ꣤꒤ꅁ땯깩돌결ꢳ덴ꅂꚨ돌결엥ꑈꪺ닶륌꧳뫴룴쏒꣩ꗦ꧶ꅃꛛ녱과냪쏒꣩냓Ameritradeꛛꑀꑅꑅꕼ꙾뙽뿬뫴룴ꑕ돦띾냈ꕈ꣓ꅁ꒣뛈꣏녯귓ꑈ룪ꑈꟳ꧶꧳ꪽ놵냑뭐룪겡냊ꅁꟳ궢꣏뛇닎꣩냓꿉꿉신ꛓ뒣꣑뫴룴ꩁ냈ꅁ궰ꝃꓢ쓲뙏ꅂ뱗ꕛ뿄ꩁ냈뫘쏾떥떥ꅆ껚뻚ꑀꗷꗑ과냪쏒뫞라ꅝSecurities and Exchange Commissionꅁꕈꑕ슲뫙SECꅞꕎ뉺ꕄ깵Laura S. Ungerꑫꑨ꧳ꑀꑅꑅꑅ꙾ꑑꑀꓫ꧒뒣ꕘꪺ곣ꡳ돸ꝩꕘꅁꑀꑅꑅꑃ꙾껉ꅁꗾ과뵵ꑗꗦ꧶녢ꓡ결ꑔꛊꑃꑑ롕ꓡꅁꛜꑀꑅꑅꑅ꙾닄ꑇꥵꭨꚨꛜꑅꛊꑃꑑ롕ꓡꅁꝥ뉻꫱ꑔ궿ꪺꚨ쇍뛕ꅆꛓ뵵ꑗꗦ꧶ꪺꚨꗦ뙱ꑝ녱ꑀꑅꑅꑃ꙾닄ꑀꥵꪺ7ꉈꚨꛜꑀꑅꑅꑅ꙾닄ꑇꥵꪺꛊ꓀꒧ꉈꅁꗧꝥ뉻ꑇ궿ꪺꚨ쇍뛕1ꅃꛓꕂꚹ뫘엥ꑈꪺꚨ쇍뛕ꖼ뒿땹랲ꅃ 냪꒺ꪺ뫴믚뫴룴샴맒Ꙣꛦ걆끼냪깡룪끔덱ꭈ냲ꖻꯘ덝녍껗뇀냊ꑰ닕ꅝNational Information InfrastructureꅁNIIꅞꪺ뽮랥뇀깩ꑕꅁ뫴룴ꑈꑦꝥ뉻ꑪ둔ꯗꪺ뱗ꕛꅁꕝ걁벷놵ꚡꑗ뫴뭐놵ꚡꑗ뫴ꗎꓡ셠볆Ꙙ군띾ꑷ뙗륌ꑃꛊꑇꑑꑀ롕ꑈꑪ쏶2ꅆ쑾꒧ꛓ꣓ꪺ륱ꑬ냓냈땯깩ꅁꗧ쁈뗛ꕀ곉볩걹깩뉻붴꭫ꪺꗍ뻷ꅃ쏒꣩ꗦ꧶ꪺ뫴룴삳ꗎꙢꚹꑀꭥ뒣ꑕꅁꛛ땍ꑝ때ꩫꛛꕾ꧳ꗾꕀ곉ꪺ땯 1 See On-Line Brokerage: Keeping Apace of Cyberspace, available at < or < 2 껚뻚NIIꑰ닕꧒ꖿꚡ꒽ꖬꪺ룪껆엣ꗜꅁꛜꗁ냪ꑋꑑꑋ꙾ꑅꓫꓮꅁꗾ꒤뗘ꗁ냪ꙡ냏꒧ꑗ뫴ꗎꓡꑷ륆ꕼꛊꑔꑑ롕ꑈꅝ놩ꛜꗁ냪ꑅꑑ꙾ꑋꓫꓮꅁ룓ꑰ닕뫴꾸ꣃ때꣤ꕌꟳ띳룪껆ꅞꅁ뷐냑ꢣNII녍껗뇀냊ꑰ닕ꗾ뉹룪끔뫴ꅁ< 1
뫴믚뫴룴쏒꣩ꗦ꧶뙂듛꒧곣ꡳ 깩쇍뛕ꅁꗧ뽮랥뇀냊뫴믚뫴룴쏒꣩ꗦ꧶ꅃ 냪ꪺꚳ믹쏒꣩뫴룴ꗦ꧶쇶ꛛꗁ냪ꑋꑑ꒭꙾끟ꑷꚳ쏒꣩냓ꗽꛦ뙽꧱뿬뉺ꅁ땍ꖿꚡ뙽꧱걏뿰ꛜꗁ냪ꑋꑑ꒻꙾ꑑꑀꓫꑾ뙽ꥬꅃ궺ꗽ걏ꕸ왗쏒꣩ꗦ꧶꧒끴Ꙙ귗ꖿ샧띾닓ꭨ꒤쏶꧳ꥥ끕ꓨꚡꪺ덗ꥷꅁ꒹덜뫴믚뫴룴ꥥ끕녯Ꝁ결ꥥ끕ꓨꚡ꒧ꑀ3ꅆ꣤ꚸ쏒듁라ꗧ꧳ꑋꑑꑋ꙾ꑔꓫꑋꓩꖿꚡꙐ띎냪꒺ꙀꙐ냲녯뙩ꛦ뵵ꑗꗦ꧶4ꅁꛜꚹꕩ뮡ꚳ믹쏒꣩ꗦ꧶ꖫ돵ꪺꑇꑪꕄ굮뿄냓ꭾꞡꑷ녯덺륌뫴믚뫴룴뙩ꛦꗦ꧶ꅆꚹ뫘땯깩엣ꗜꅵꚳ믹쏒꣩ꗦ꧶뫴룴꓆ꅶꪺ쇍뛕ꟳ결뵔ꗟꅃ ꛜ꧳냪꒺뫴룴쏒꣩ꗦ꧶ꪺ땯깩놡ꅁ껚뻚ꕸ왗쏒꣩ꗦ꧶꧒ꗷꚳ궭꒽ꕱꪺ닎군ꅁꗁ냪ꑋꑑ꒻꙾ꑑꑀꓫ뙽꧱뫴룴ꑕ돦띾냈껉ꅁ뛈ꚳ3,677ꑈ뙽ꗟ뫴룴ꗦ꧶녢ꓡꅁ덺륌뫴룴ꗦ꧶ꪺꚨꗦ썂뛈ꕥꖫ돵ꚨꗦ썂ꪺ롕꓀꒧ꑇꅝꝙꉈꅞꅆ땍ꛓ롧륌ꑔ꙾ꕢ꒧ꯡꅁꝙ멉ꛜꗁ냪ꑅꑑ꙾꒭ꓫ결ꓮꅁ셠군ꚳ1,785,284ꑈ뙽ꗟ륱ꑬꚡꗦ꧶녢ꓡꅝꚹ뎡ꗷꑷ꿇ꑊ뭹궵ꑕ돦녢ꓡ떥꣤ꕌ륱ꑬꚡꥥ끕ꗦ꧶녢ꓡꅞꅁꕥꖫ돵ꚨꗦꓱ꣒ꑷ륆ꛊ꓀꒧ꑋꅄꑅ꒭ꅝꝙꉈꅞ5ꅃ때뷗냪꒺ꕾꪺ닎군볆뻚ꞡ엣ꗜ뫴룴쏒꣩ꗦ꧶ꖫ돵ꪺ땯깩ꝥ뉻ꢳ덴쉘녩ꪺ쇍뛕ꅁꛓꚹ뫘쇍뛕녎ꖲ땍쁈뗛볆ꛬ꓆샴맒ꪺꓩ몥ꚨ보ꛓꟳ결쎭ꅃ 땍ꛓꅁꙢ쏒꣩ꗦ꧶뫴룴꓆ꢳ덴땯깩ꪺ굉ꯡꅁ뫴믚뫴룴ꑝꙢꓖ볆ꑈꪺ생ꗎ꒧ꑕꅁꚨ결뙂듛ꗇ롯ꪺ럅Ꟊꅆꓗ꣤걏뫴룴룪뙂듛껗ꗳꖿ쁈뗛뫴룴삳ꗎꪺ뒶ꛓꚨꖿꓱꚨꅁꕈ과냪결꣒ꅁSEC꧳ꑀꑅꑅꑃ꙾ꗾ꙾꧒꣼뉺ꪺ뫴룴쏒꣩ꗦ꧶ꗓ뙄껗ꗳ뛈ꚳꑇꛊ꒭ꑑꗳꅁ땍ꛓ꣬ꑆꑀꑅꑅꑋ꙾껉ꅁꝙꖭꞡꡃꓩ놵꣬뙗륌ꑀꛊꑇꑑꗳꕈꑗ뭐쏒꣩뙂듛ꚳ쏶ꪺꗓ뙄껗ꗳꅁꧺ엣ꪺꓱ륌ꕨ뱗ꕛ륏330%ꕈꑗ6ꅃꚹꑀ뉻뙈꒣돗결Ꙩ볆ꑈ깉궺뇀냊뫴믚뫴룴쏒꣩ꗦ꧶껉꧒삳ꩠ띎ꪺ쒵끔꒧ꑀꅃ ꙝ결뫴믚뫴룴때뮷ꖱꦡ뭐깥꧶ꝑꗎꪺ꽓꧊ꅁꯪꙮ뒣꣑꣣ꚳ꒣ꩫ띎맏ꪺ 3 ꕸ왗쏒꣩ꗦ꧶꧒ꗷꚳ궭꒽ꕱ꧳ꗁ냪ꑋꑑ꒻꙾ꑑꑀꓫ꒻ꓩ꒽ꝩ귗ꖿ룓꒽ꕱ샧띾닓ꭨ닄ꑃꑑ꒭뇸ꅁꖿꚡ녎뫴믚뫴룴ꥥ끕꿇ꑊꥥ끕ꓨꚡ꒧ꑀꅃꚹꯡꑓ꧳ꑋꑑꑋ꙾ꑀꓫꑇꑑ꒻ꓩꅁ녎ꥥ끕ꓨꚡ뙩ꑀꡂ쉘ꑪꛜ꒹덜륱ꑬꚡꗦ꧶멁ꥥ끕ꅝꝙ꧒뿗꒧뭹궵ꑕ돦ꅂꛦ냊륱룜ꑕ돦떥ꅞꗧ녯결ꥥ끕ꓨꩫ꒧ꑀꅃ 4 뷐냑ꢣꑋꑑꑋ꙾ꑔꓫꑋꓩ끝걆뎡쏒꣩멛듁덦뫞뉺ꥥ귻라 (88) ꕸ끝쏒(ꕼ) ꙲닄15691뢹꣧귣꒩껖돆꒤뗘ꗁ냪쏒꣩룪ꭈ끕멛압냝냓띾Ꙑ띾꒽라꒧ꅵ냪꒺ꙀꙐ냲꒧뵵ꑗꗦ꧶Ꝁ띾럇ꭨꅶꅃ 5 뷐냑ꢣꕸ왗쏒꣩ꗦ꧶꧒ꗷꚳ궭꒽ꕱ쏒꣩냓ꡃꓫ륱ꑬꚡꥥ끕뙽ꓡꗦ꧶닎군< 6 See SEC Forms Unit to Combat Internet Securities Fraud < 2
닄ꑀ뎹 뫼뷗 뻷ꗷꑬꑀ귓띳ꛓꚳ껄ꪺꗇ롯ꑵ꣣ꅁ꣏꣤녯ꕈꙢꯜ땵ꪺ껉뚡꒺ꅁꫡ뙏랥ꝃ띇ꪺꚨꖻꅁꙐ껉ꗽꯡ뭐볆ꕈꛊ롕군ꪺ룪ꑈꅝ볧Ꙣ꣼깠ꅞ뙩ꛦ놵쒲ꅆꚹꕾꅁꗑ꧳뫴룴꣣ꚳ꒧냎ꙗ꧊ꅁꗧꕩ꣏꒣ꩫꟳ꧶꧳ꕈ냎ꙗꪺꓨꚡ녱ꗇ롯ꛦ결ꅁ덗쇗ꩫꯟꪺ꣮뗴ꅃ ꕈ륌ꕨ땯ꗍ륌ꪺ껗꣒ꛓꢥꅁꕩꕈ땯뉻덜Ꙩꚳꓟꑈꑨꝑꗎ뫴믚뫴룴뒲땯ꞣ뙬ꗳꅁ덺륌끑뷗냏ꅂ꒽ꝇ쓦ꅂ꽤ꢥꅁ곆ꛜ뉺끝룪끔뫴꾸떥뫞륄ꅁ뒲ꝇ꒣맪끔꺧ꅁꗸ맏ꕈ꒣ꖿ럭ꓨꚡ뱶암믹ꅁ륅ꛦ룪뙂듛ꛦ결ꅃꕨ꙾ꅝꑇꆳꆳꆳ꙾ꅞꑋꓫ꦳ꅁꙢNASDAQꟳ땯ꗍꑆꑀ끟ꚳꕶꕈ꣓돌쑙궫ꪺ뫴룴쏒꣩뙂듛껗ꗳꅁ덹ꚨ륱뢣ꗺ엖뫴룴덝군뭳덹ꑪ뱴Emulex꒽ꕱꪺ믹Ꙣꑀꑰ껉꒧꒺볉뙞뙗륌ꛊ꓀꒧꒻ꑑꅁ룓꒽ꕱꖫ귈ꙝꚹ왊듮륏ꑇꑑꑇ믵과꒸7ꅁꙝꚹꗳꛓ꣼띬ꖢꪺ룪ꑈꟳ륆볆ꑤꑈ꒧쏐ꅃꕩꢣꝑꗎ뫴믚뫴룴녱쏒꣩뙂듛ꪺ뱶암ꛜ륤ꅁꑷꭄ뛇닎쏒꣩뙂듛껗ꗳ꧒ꕩꓱ샀ꅃ ꕴꕾꙢ냪꒺ꓨ궱ꅁ쇶땍냪Ꙣ뫴룴쏒꣩ꗦ꧶ꪺ땯깩ꥼ꒣굙과냪꣓녯뙩ꡂꅁ꒴Ꙣ뻇닟뭐링룕뚥걱ꅁ꒣륌Ꙣ뫴룴쏒꣩ꗦ꧶뙂듛껗ꗳꅁꑀ꙰뫴룴ꗦ꧶땯깩꒧쇍뛕ꅁ끬쁈뗛과냪쏒꣩ꖫ돵ꪺ롽ꡂꅁ뎰쓲ꙡ땯ꗍꅁ곆ꛜꟳ녎ꗇ롯ꓢꩫ슽띳ꅉꗁ냪ꑅꑑ꙾꒻ꓫꑇꑑꑀꓩꅁꙄꞽ낻ꑃ뚤ꯅꝇ낻꽽ꑀꗳ셠썂결띳ꕸ맴ꑇ믵꒭ꑤ빬롕꒸ꅁ꣼깠꣩냓낪륆ꕼꑑꑋ깡ꪺ뫴룴ꑕ돦둣띎륈곹ꗦ돎뙂끝껗ꗳꅃ룓껗뛻ꗇ꒧ꗇ롯ꓢꩫꭙꝑꗎꑈ쁙ꓡꪣꝀ꽓ꥷ늼ꅁꙖꙕꑪ꣩냓ꕈ뫴룴ꑕ돦ꪺꓨꚡ뙒뙩늼ꅁ꧔ꧯ믹ꯡꅁꙁꗴꗑꑈ쁙ꓡ륈곹ꗦ돎ꅝ뛻ꗇꙐ껉ꝑꗎ꣤ꕌ녢ꓡ녎ꚭꑷꯘꗟ꯹ꚳ뎡ꛬꪺ룓꽓ꥷ늼Ꙗ뷦ꕘꅁ꣺녯ꗦ돎듚ꅁ샲꣺볉ꝑꅞ8ꅃꙄꞽꕘꅁꗑ꧳ꖻ껗꧊뷨룻결꽓껭ꅁꕂ뉯꽁쏒꣩냓뙽ꓡꅂ뱸ꭈꪺꝀ띾꒧꒺뎡놱꣮냝썄ꅁ걇덜Ꙩ꣼깠꣩냓쇴꒣돸ꅁꕈ뿹녢ꓨꚡ덂뉺ꅁꝟꭨꖻ껗꒧꣼깠놡삳꒣뛈ꓮ꧳ꚹꅃ ꕴꕾꅁꖻ뷗ꓥꞹ뵚ꭥꅁꙄꞽꑓꯅꝇ낻꽽ꑀꗳ쁢ꯈꑊꭉ꣩냓뫴꾸ꅁ엑꣺Ꙩ륆ꑇꑤꙨꙗ룪ꑈꪺ뙽ꓡ녢뢹뭐ꗦ꧶녋뵘ꯡꅁꝑꗎ꧒엑녯녢ꓡꅁꕈ뫴룴ꥥ끕꒧ꓨꚡ뙒뙩늼ꅁꕴ녎ꛛꑶ꧒꯹ꚳꪺ늼뷦ꕘ샲ꝑꅁ돌ꯡꗴ뻌땳ꗎꪺꑈ쁙ꓡ륈곹꒣ꗦ돎ꅁ꣏꣩냓뒮굴꒻ꛊ롕꒸ꕈꑗꪺ맔ꕉ듚띬ꖢꪺ쏒꣩뙂듛 7 See SEC v. Marks. Jakob, Civil Action No. EDCV-00-687 VAP (Mcx) (. Cal.). Securities and Exchange Commission Litigation Release No. 16671 / August 31, 2000 < 8 뷐냑빜셰Ꙙ뇟돸ꅁꗁ냪ꑅꑑ꙾꒻ꓫꑇꑑꑀꓩꅁ닄ꑀꪩꅂ닄꒭ꪩꅃ 3
뫴믚뫴룴쏒꣩ꗦ꧶뙂듛꒧곣ꡳ 껗ꗳ9ꅁ꣤ꓢꩫ뭐ꭥ굺ꕈ륈곹ꗦ돎꒧ꓨꚡ맯꣩냓뙂듛ꪺ껗꣒랥결륰Ꙑꅁ꒣륌ꖻ껗ꪺ땯ꗍꟳꕙ엣ꑆ뫴룴ꙷꗾꪺ궫굮꧊맪Ꙣ꒣ꕩ뮴ꦿꅃ 뫮왛냪꒺뭐냪ꕾ꧒땯ꗍꪺ뫴룴쏒꣩뙂듛껗ꗳꅁꞡꙝ뫴룴ꗦ꧶꒧꽓꧊ꛓꚳꝏ꧳뛇닎쏾ꮬꅁ결낻걤꒣꧶ꅁ결띬깠쑙궫ꅁ꙰꺡띎뮴ꦿꚹꑀ냝썄ꅁꭨ맯꧳뿄꾴Ꟈ녎꒣ꪾ구ꗍ꙰꛳ꪺꙍ깠ꅃ걏ꕈ꙰꛳ꝑꗎ뉻ꚳꗦ꧶뻷꣮ꩫꯟ덗뵤꣓ꢾ뵤쏒꣩뙂듛껗ꗳꅁꝑꗎ꣤ꕌꓨꩫ뫻앀쏒꣩ꖫ돵ꗦ꧶ꙷꗾꅁꭏ믙룪ꑈ앶꽱ꅁ엣땍걏귈녯귌뙩ꛦ놴끑ꪺ뷒썄ꅃ 닄ꑀ론?곣ꡳ냊뻷뭐ꗘꪺ 냪쏒꣩ꗦ꧶ꩫꅝꖻꓥꕈꑕ슲뫙ꅵ쏒ꗦꩫꅶꅞ닄ꑀ뇸ꝙ뙽ꥶꧺ롱ꪺꕘ꣤꣮ꥷ꒧ꗘꪺꙢꅵ땯깩냪ꗁ롧샙ꅁꣃꭏ믙룪ꅶꅆꙝꚹ냟ꚳ뒣꣑ꙷꗾꅂꛛꗑꅂ꒽ꖭꪺ룪샴맒ꅁꑾꢬꕈꭏ믙룪ꅂ릪쁹ꗁ늳냑뭐ꪽ놵뿄ꅆꛓ럭ꪽ놵뿄ꪺꕜ꿠땯뒧ꅁꥬꚳꕒ꓀땯깩롧샙ꪺꕩ꿠ꅁꚹꖿ걏꛳ꕈ녎쏒꣩ꖫ돵뗸결ꑀ냪ꅵ롧샙썯떡ꅶ꒧귬ꙝ꧒Ꙣꅃ ꫱ꕼꅂ꒭꙾꣓ꅁ뫴믚뫴룴ꪺ늣띾땯깩꒣ꚨ결쏒꣩ꖫ돵꩙꩙Ꙗ멡ꪺꕄꙝꅁ뫴룴ꗦ꧶ꑝꚨ결쏒꣩ꖫ돵ꪺ돌볶룜썄ꅆ꽓ꝏ걏뛇닎쏒꣩냓꿉꿉뒣꣑뫴룴쏒꣩ꗦ꧶ꪺꕜ꿠ꅁ곆ꛜꪽ놵신ꮬ결뫴룴꣩냓ꅁ뉀때뫃냝ꪺꅁ뫴믚뫴룴ꑷ땍ꚨ결룪뉺끝ꪺ돌띳썄ꟷ뭐둃꒶ꅃ럭뫴룴ꚨ결룪ꪺ돌띳둃꒶꒧ꯡꅁ때뷗걏쏒꣩롧곶냓ꅂ룪압냝꒽ꕱꅂ룪ꭈ끕꒽ꕱ떥뿄ꩁ냈띾ꅝFinancial Service ProviderꅁFSPꅞ꿉꿉뇀ꕘ뫴룴ꗦ꧶뫴꾸ꩁ냈ꪺꕜ꿠ꅁꕈ뒣꣑룪ꑈꟳꟖꅂꟳ띳ꅂꟳꙨ볋꓆ꪺ룪끔꺧뭐뿄ꩁ냈ꅆ곆ꛜ꧒뿗ꪺꅵ뵌냓ꅶꑝ꒣뢨ꑈꯡꪺꯘ롭뫴꾸뭐돸믹꡴닎ꅁ꣤ꗘꪺ꒣ꕾ뫲쁈ꚹꑀꩩ뫴룴볶볩ꪺ롽ꡂꅃ ꙢꚹꙐ껉ꅁ살녯ꝑꗎ뫴믚뫴룴Ꝁ결룪뫞륄ꅂ룪둃꒶ꪺ룪ꑈꑝ쁈뗛뫴룴곬ꪺ땯깩ꛓ띕꣓띕Ꙩꅁ땍ꛓꅁꙢꝑꗎ뫴룴Ꝁ결룪ꑵ꣣ꪺꑈꑦ뱗ꕛꪺꙐ껉ꅁ뫴룴룪끔꺧뒣꣑ꑝ쁈뗛믝ꡄꪺ뱗ꕛꛓꯦ덴ꚨꅆ녠ꢣꪺꚳꕈ뫴꾸ꅂ륱ꑬ돸ꅂ륱ꑬ뙬ꗳ끑뷗냏ꅂ꒽ꝇ쓦떥떥ꓨꚡꝀ결뒣꣑ꗦ뒫룪끔꺧ꪺꑵ꣣ꅁꙢ꙰ꚹꙨ궫ꪺ룪끔뫞륄꒤ꅁꛛ땍ꕒ몡ꑆꙕꚡꙕ볋ꪺ룪썄ꟷꅃ 9 뷐냑빜ꑵ냓껉돸ꅁꗁ냪ꑅꑑ꙾ꑃꓫꑔꓩꅁ닄ꑔꪩꅃ 4
닄ꑀ뎹 뫼뷗 귌ꕩꕈ뮴꧶ꙡꙢ뫴룴ꑗ땯뉻룪뉺끝뫴꾸룪끔꺧ꅁ땍ꛓꙢ뫴룴룪끔꺧싸쳮ꪺ굉ꯡꅁꦹꦹꕏꑈ쏸ꕈ꓀뿫룓끔꺧꒧꽵낰ꅆ륌ꕨꝑꗎ륱뗸ꅂ뱳벽곆ꛜ돸ꕚ싸뭸떥뛇벽둃엩뒲ꝇꪺ끔꺧ꅁꥼꕩ덺륌뱳ꝩꕎ뉺냓ꕈꕘꪩ냓뱳벽륱뗸ꕄ뫞뻷쏶ꪺ궫궫쏶ꅁ맯꧳룪끔꣓랽ꕈ끔꺧꽵낰ꅁ땓ꕩ늤ꕛ놱뫞ꅃ땍ꛓꙢ뫴룴늱ꛦ꒧ꯡꅁꑈꑈ뎣ꕩꕈ쁈띎덺륌뫴룴뛇벽끔꺧떹뒲ꖬ꧳ꕀ곉ꙕꙡꪺ뫴룴꒽ꗁꪾ노ꅆꚹ껉ꅁ뫴룴꒣뛈쉘ꑪꑆ끔꺧ꪺ뛇벽꿠ꑏꅁꑝ떹뭐ꫀ라ꑪ늳ꪽ놵ꝑꗎ둃엩뛇벽끔꺧ꪺ뻷라ꅃꙢ룪끔꺧ꙝ결뫴룴곬ꪺ땯깩ꛓ엣녯꙰ꚹꗆ생ꪺ껉귔ꅁ덜Ꙩꖭꓩꖼꢣꪺ냝썄꿉꿉ꕘ얢ꅁ꽓ꝏ걏뫴룴쏒꣩뙂듛껗ꗳ쁈뗛뫴룴삳ꗎꪺ뒶꓆ꛓꧺ엣ꑗꅁ엽룪ꑈ볉앓꧳뉀때ꙷꗾꭏ믙ꪺ룪샴맒꒤ꅁ맯꧳룪ꭏ믙ꛓꢥꅁ때뫃걏쑙궫ꪺ뛋ꅃꩰꕂꅁ곛쏶쏒꣩ꕄ뫞뻷쏶ꅂ쏒꣩띾맯꧳뫴룴쏒꣩ꗦ꧶꒴덂꧳ꅵꢫꑀꡂꅁ뫢ꑀꡂꅶꅝLet’s see what developsꅞꪺ멁ꯗꅁ맯꧳ꗚꟓꚨ결ꅵꓓ뿄꒤ꓟꅶ곆ꛜꅵꗾ뉹륂쑷꒤ꓟꅶꪺꕸ왗꣓뮡ꅁꗧꭄ떦ꅆꙝꚹꅁꖻꓥ샀ꕈ냪꒺ꕾ꫱꙾꣓뒿롧땯ꗍ륌ꪺ뫴룴쏒꣩뙂듛껗ꗳ결ꕄ굮꒧곣ꡳ맯뙈ꅁ녎뫴룴쏒꣩뙂듛ꪺ꽓뷨ꅂ쏾ꮬꝀꑀ쉫꿇뻣뉺ꅁꙐ껉녎ꕄ뫞뻷쏶ꅂꛛꯟ닕슴ꪺꙝ삳놹걉ꅁꕈꩫ끼맯ꚹ쏾껗ꗳꪺ멁ꯗ꒩ꕈ띊뻣ꅂꓱ룻ꅁ낵결냪꒺뫴룴쏒꣩ꗦ꧶덗뵤ꪺ냑ꛒꅁ뙩ꛓ뒣ꕘ맯ꚹ쏾ꛦ결덗뵤ꕈ룪ꑈꭏ앀ꪺꯘ쒳ꓨꙖꅁ듁꿠꣑Ꝁ띾곉ꕄ뫞뻷쏶ꪺ냑ꛒꅃ 닄ꑇ론?곣ꡳꓨꩫ ꗑ꧳뫴룴쏒꣩ꗦ꧶맪믚ꪺ땯깩뉻ꩰ뭐ꖫ돵ꪺꗦ꧶덗ꥷ궭꣮ꅁꖻ뷗ꓥꕄ굮녎ꕈ과냪쏒꣩ꖫ돵꧒땯ꗍ꒧뫴룴쏒꣩뙂듛껗ꗳꅁꕈꕄ뫞뻷쏶맯뫴룴쏒꣩뙂듛룪뙂듛ꪺꙝ삳Ꝁ결ꅁꝀ결ꕄ굮ꪺ곣ꡳ맯뙈ꅁꙐ껉ꗧ뭠뚰냪꒺뒿롧땯ꗍ륌ꪺ뫴룴쏒꣩뙂듛껗ꗳꅁ녎ꑗ굺룪껆띊뻣ꅂ쉫꿇ꓱ룻꓀꩒ꯡꅁ뇄ꑕꙃꓨꩫ뙩ꛦ곣ꡳꅇ ꑀꅂ?쉫꿇띊뻣 띊뻣냪뭐과냪꧒뒿롧땯ꗍ꒧뫴룴쏒꣩뙂듛껗꣒ꅁꣃ뭠뚰ꕄ뫞뻷쏶ꅂꛛꯟ닕슴쏒꣩띾꒧ꙝ삳놹걉ꅁ롧륌쉫꿇꒧ꓨꩫ띊뻣룪껆ꅁꝀ쏾ꮬ꓆ꪺ꓀꩒ꅃ ꑇꅂ?껗꣒꓀꩒ 5
뫴믚뫴룴쏒꣩ꗦ꧶뙂듛꒧곣ꡳ 샋끑롧SEC뇄꣺녪꣮ꛦ냊ꪺ껗ꗳꅁ비꣤끟뙄ꪺ뫴룴쏒꣩뙂듛껗ꗳꅁ녱륈ꩫꛦ결쏾ꮬꅂ꧒륈꒧덗ꥷꕈꝐꡍ떲ꩇ떥꓀꩒꣤꽓껭꧊ꅁ뙩ꑀꡂ뻉ꑊ뭐뛇닎쏒꣩뙂듛ꛦ결꒧ꓱ룻ꅃ ꑔꅂ?ꓱ룻곣ꡳ ꓱ룻뫴룴쏒꣩뙂듛ꛦ결뭐뛇닎쏒꣩뙂듛ꛦ결꒧늧Ꙑ덂ꅁ녱뙂듛ꪺ꧊뷨ꅂꓢ걱뭐ꓨꩫꅂ둣깠꒧뱶암땻ꯗ떥뗛ꓢꅁ뙩ꛓ맯꧳ꕄ뫞뻷쏶뭐띾곉꧒ꧪ꯹ꪺ멁ꯗꅂꙝ삳Ꝁ결떥ꓱ룻꓀꩒ꅂ돌ꯡ뒣ꕘꕩꛦ맯떦꒧ꯘ쒳ꅃ 닄ꑔ론?곣ꡳ뵤돲뭐궭꣮ ꛛ녱Ameritrade꧳ꑀꑅꑅꕼ꙾궺ꚸ뇀ꕘ뫴룴ꑕ돦ꪺ뻷꣮뙽ꥬꅁ뫴룴쏒꣩ꗦ꧶ꪺ땯깩ꅁꛜ꒵꒣륌꒻ꅂꑃ꙾ꪺꗺ뒺ꅁꛓ냪ꪺ뫴룴쏒꣩ꗦ꧶ꢴ꒵ꟳ뛈ꚳꑔꅂꕼ꙾ꪺ뻺ꕶꅁ쇶땍뫴룴ꗦ꧶ꪺ맪냈땯깩ꢳ덴ꅁ땍ꛓ곛쏶덗뵤ꪺ덝군뭐꣮굱꒴Ꙣꖼꥷ뚥걱ꅁ곆ꛜꑝꚳꕄ뫞뻷쏶ꪺ덗ꥷ뭐맪냈Ꝁꩫ꒬꒣곛깥ꪺ놡ꅁ엣ꗜ뫴룴쏒꣩ꗦ꧶ꗘꭥ꒴덂꧳뗞꫞ꚨꪺ뚥걱ꅃꙢ곣ꡳ맯뙈ꓨ궱ꅁꗑ꧳냪꒺껗꣒뭐ꓥ쑭룻결꿊ꕆꅁ꽓ꝏ걏뫴룴뿄ꩫꯟ믢냬ꪺ뷗ꓥꟳ걏믱ꓲ여ꢤꅁꙝꚹ곣ꡳꪺ꿀ꟷꅁꙨꕈSEC셼땯끟뙄ꪺ껗꣒결ꕄꅁ뮲ꕈ쏒꣩ꛛꯟ닕슴ꅝself-regulation OrganizationꅁSROsꅞꅂ룪ꑈꭏ앀닕슴곛쏶ꩫꯟ듁ꕚ꒧뗻뷗ꅁ꣤ꚸꕈ쏒꣩ꗦ꧶맪냈ꪺ왛쉉꣓왛맮ꓱ룻ꅁ싇ꕈꕘ빁럭ꪺ덗뵤ꓨꩫ룑ꡍꓨ껗ꅃ ꖻ뷗ꓥꪺ곣ꡳ뵤돲ꕄ굮ꕈ쏒꣩ꗦ꧶ꖫ돵ꅝꚸ꿅ꖫ돵ꅞꪺ껗꣒결ꕄꅁ땯ꛦꖫ돵ꅝꫬ꿅ꖫ돵ꅞ껗꣒결뮲ꅁꙐ껉맯꧳ꕄ뫞뻷쏶ꪺ멁ꯗꅂꛛꯟ닕슴ꪺꙝ삳Ꝁ결떥ꗧꕈꭥ굺귬ꭨ결곣ꡳꓨꙖꅆꕄ굮귬ꙝꙢ꧳ꅁ뫴룴쏒꣩ꗦ꧶ꪺ삳ꗎꅁꗘꭥ꒴ꕈꚸ꿅ꖫ돵ꪺ삳ꗎ결ꕄꅁꫬ꿅ꖫ돵ꪺ뫴룴삳ꗎ꒣뛈룻꒣ꚨ보ꅁꕄ뫞뻷쏶맯ꫬ꿅ꖫ돵뙽꧱뫴룴삳ꗎꪺ멁ꯗꟳ걏ꭏꙵꅃ ꙁꅁ룪ꑈ놵쒲ꚸ꿅ꖫ돵ꪺ뻷라룻Ꙩꅁ꣤뱶암뱨궱ꑝ룻뱳ꅁꕈ냪ꛓꢥꅁ궺ꚸ꒽뙽땯ꛦꪺ궭꣮룻결쑙껦ꅁꙢꫬ꿅ꖫ돵ꪺ뫴룴삳ꗎꥼꖼ붫ꚨ궷껰꒧ꭥꅁꫬ꿅ꖫ돵뙂듛ꪺ냝썄Ꙩ쓝뛇닎멁ꅁꣃꭄ결ꖻꓥ꧒뇽끑뷗꒧궫ꓟꅁ걇ꖻ뷗ꓥꙨꕈꗦ꧶ꖫ돵ꪺ뫴룴뙂듛ꛦ결결곣ꡳ궫ꓟ꧒Ꙣꅃ ꖻ뷗ꓥꙀ꓀결꒻뎹ꅁ군ꑇꑑ론ꅁ꓀ꝏ녎ꙕ뎹론꒺깥ꑪ굮뇔굺꙰ꑕꅇ 6
닄ꑀ뎹 뫼뷗 닄ꑀ뎹결뫼뷗ꅁꙀ꓀결ꑔ론ꅁꕄ굮결ꖻ뷗결ꪺ곣ꡳ냊뻷뭐ꗘꪺꅂ곣ꡳꓨꩫꅂ곣ꡳ뵤돲뭐궭꣮떥ꪺ뮡ꧺꅃ 닄ꑇ뎹결쏒꣩뙂듛랧굺ꅁꙀ꓀결ꑇ론ꅁ닄ꑀ론궺ꗽ둎쏒꣩뙂듛꒧ꥷ롱낵슲굮ꪺ곉ꥷ뭐뮡ꧺꅆ닄ꑇ론ꭨ꓀ꝏꛛꫬ꿅ꖫ돵ꅂꚸ꿅ꖫ돵꓁ꑊ맯꧳쏒꣩뙂듛꒧쏾ꮬ뭐덤ꗴ떥굮꒶닐ꅁꕈꝕ꧳ꑆ룑쏒꣩뙂듛꒧랧꧀ꅁ꣤덤ꗴ뎡꓀녎ꕈ냪쏒ꗦꩫ꧒덗ꥷ꒧ꗁ덤ꗴ결ꕄ굮뷗굺맯뙈ꅃ 닄ꑔ뎹결뫴룴쏒꣩뙂듛ꅁ꓀ꝏ둎뫴룴쏒꣩뙂듛꒧ꥷ롱ꅂ꽓꧊ꅂ과냪냪꧒뒿롧땯ꗍ꒧뫴룴쏒꣩뙂듛쏾ꮬ뭐껗꣒꓀꩒뫴룴쏒꣩뙂듛꒧덤ꗴ떥뎡꓀ꅁꙀ냏꓀결꒭론ꕛꕈ뷗굺ꅁꕈ듁덺륌맯꧳뫴룴쏒꣩뙂듛ꪺꥷ롱ꅂ꽓꧊뭐쏾ꮬ떥룔닓꒧뮡ꧺꅁꕈ뫴룴쏒꣩뙂듛껗꣒ꪺ꓀꩒ꅁ샋끑꣤ꩫꯟ덤ꗴꅃ 닄ꕼ뎹결룪ꑈꭏ앀ꅁꙀ꓀결ꕼ론ꅁ녎냪믚쏒꣩닕슴꒧ꯘ쒳Ꝁꩫꅂ과냪냪뉻ꛦꝀ결ꅂ룪ꑈ뇐떥ꓨꩫ꓁ꑊꅁ쇗ꝋ룪ꑈ비꣼뙂듛띬ꖢꅆꕴꕾ냑ꛒꗘꭥꥼꙢꗟꩫ끼뱦쒳꒤ꪺꅵ쏒꣩룪ꑈ듁덦ꗦ꧶ꑈꭏ앀ꩫ꿳껗ꅶꅁ띊뻣ꣃꯘ쒳ꕩꛦꪺ뇏샙놹걉ꅁꕈ듁싇ꗑꭥ륷ꢾ뭐ꯡꩶ샸ꅁ녎룪ꑈꕩ꿠ꪺ뛋깠궰ꛜ돌ꝃ땻ꯗꅁ륆꣬ꭏ믙룪ꪺꗘꪺꅃ 닄꒭뎹결ꩫꯟ덗뵤뭐꣤ꕌꢾ뵤뻷꣮ꪺꯘꗟꅁꙀ꓀결ꕼ론ꅁꕄ굮끷맯과냪쏒꣩ꕄ뫞뻷쏶맯꧳뻷쏶뫴룴쏒꣩뙂듛ꛦ결ꪺꙝ삳놹걉ꅁꕝ걁ꩫꕏꪺ뱗귗ꅂꯘ룴ꙷꗾꪺ뫴룴ꗦ꧶샴맒ꕈ꣤ꕌ끴깍ꪺꢾ뵤뻷꣮ꯘꗟ떥ꅁ뒣ꕘ꣑Ꝁ냪쏒꣩ꕄ뫞뻷쏶샀ꥷ맯떦ꪺ냑ꛒꅃ 닄꒻뎹결떲뷗뭐ꯘ쒳ꅁ맯ꖻ뷗ꓥ곣ꡳ륌땻꒤꧒ꢣꪺ뫴룴쏒꣩ꗦ꧶뙂듛뉻ꩰ뭐껗꣒ꅂꕄ뫞뻷쏶띾ꪺ럭ꭥꪺꙝ삳Ꝁ결떥ꅁ뒣ꕘꢾꩶ뙩ꪺꯘ쒳ꅃ 7
뫴믚뫴룴쏒꣩ꗦ꧶뙂듛꒧곣ꡳ 8
닄ꑇ뎹 쏒꣩뙂듛랧굺 닄ꑇ뎹 쏒꣩뙂듛랧굺 ꕸ왗쏒꣩ꗦ꧶ꖫ돵꒧겡떸뒺뙈ꅁꚭꑷ셼ꕀ곒ꪾꅆꛓꕸ왗쏒꣩ꖫ돵Ꙣꕀ곉뿄샴맒꒤ꪺꙡꛬꑝꓩ몥궫굮ꅁ곆ꛜ꫱꙾꣓ꑝꚨ결냪믚ꪾꙗꪺ믹볆볐꒧ꑀꅃꙞ압ꕸ왗쏒꣩ꗦ꧶ꪺ땯깩뻺땻ꅁ녱ꗁ냪꒻ꅂꑃꑑ꙾ꕎ뱳벽돸믹ꪺ껉ꕎꅁ뙩ꡂ꣬ꑋꑑ꙾ꕎꪺ륱뗸돸믹ꅁ꫱ꑇꅂꑔ꙾꣓ꟳꚳ때뵵뛇ꥉ뭐뫴룴ꝙ껉돸믹떥뫞륄ꅁꝀ결뒣꣑늼돸믹ꪺ둃꒶ꅆꙐ껉ꅁ꣤ꕌ룪끔꺧ꑝ녱륌ꕨꪺ돸뎹싸뭸떥ꖭ궱둃엩ꅁ신ꛓ덺륌뱳벽ꅂ륱뗸ꅁ곆ꛜ뫴믚뫴룴ꅁ뒣꣑꒬냊ꪺ룪ꩁ냈ꅁ꽓ꝏ걏돌꫱꙰ꭂꯡ걋떫꿫뾳끟ꪺ뉺끝뫴꾸ꟳ걏꒣꓀뇞ꙡ뒣꣑룪끔꺧ꅁꭐ뙩ꑆ룪뉺끝ꪺ겡떸뒺뙈ꅃ 뫴믚뫴룴ꚹꑀ띳뾳둃엩삳ꗎ꧳ꚳ믹쏒꣩ꗦ꧶ꑷ걏ꗘꭥ돌볶ꪺ룜썄꒧ꑀꅃ과냪ꛛꑀꑅꑅꕼ꙾궺ꚸꚳ꣩냓뙽뇒뫴룴쏒꣩ꗦ꧶꒧궷ꅁ뙩ꑀꡂ꣫뽅ꑆ과냪쏒꣩ꗦ꧶ꖫ돵ꪺ붴꭫땯깩ꅃꛓ냪쇶뿰ꛛꑀꑅꑅꑃ꙾ꅝꝙꗁ냪ꑋꑑ꒻꙾ꅞꑾꚳ뫴룴ꑕ돦띾냈ꪺ뙽뿬ꅁ땍ꛓ쁈뗛ꙕ쏒꣩냓꿉꿉ꕛꑊ뫴룴ꗦ꧶ꖫ돵ꅁꙐ껉ꕄ뫞뻷쏶ꗧ끴Ꙙ뫴룴꓆ꪺ쇍뛕뙽꧱뫴룴ꑕ돦띾냈ꅁꑝ녎냪ꪺ쏒꣩ꗦ꧶ꖫ돵녡ꑊꑆꑀ귓띳곶꒸1ꅃ 땍ꛓꅁꙢ뫴룴쏒꣩ꗦ꧶붴꭫땯깩ꪺꙐ껉ꅁꙕ뫘ꭥ꧒ꖼꢣꖼ뭄ꪺ뫴룴쏒꣩뙂듛ꗧ쁈꒧뾳끟ꅁꕈ과냪결꣒ꅁꝑꗎ꽤ꢥꪩꅂꞣ뙬ꗳꛛ덝뫴꾸뒣꣑꒣맪룪ꯘ쒳꧒결ꪺ뻞셡ꖫ돵ꛦ결둘ꕇ쁈껉ꕩꢣꅁꚹꕾ쇙ꚳꝑꗎ뫴룴꒽땍녱ꭄꩫ쑕뮤겡냊ꅁꭟꗎꪾꙗ둃엩땯ꝇ꒣맪ꪺ궫ꑪ끔꺧떥뫘뫘뙂듛ꛦ결ꅁ꣏녯뫴믚뫴룴ꚨ결룪ꑈꑓ띒ꑓ쓟ꪺ룪뫞륄ꅃ냪꒺ꓩꭥꑝ뒿롧땯ꗍ룪ꑈꝑꗎ뫴룴꽤ꢥꪩ뒲ꝇ쇁ꢥꅁꛓ비쏒듁라꣧뷐Ꙅꞽ낻뿬꧒낻꽽ꪺ뻞셡ꖫ돵껗꣒ꅁꕴꚳꕈ륈곹ꗦ돎결ꓢ걱ꅁ맯쏒꣩냓맪걉뙂듛ꛦ결ꅃꑚꚹ뫘뫘때꒣엣ꗜ뫴룴쏒꣩뙂듛껗ꗳꚳ꽱땯쑙궫ꪺ쇍뛕ꅃꙢ뙩ꑀꡂꑆ룑뫴룴쏒꣩뙂듛꒧ꭥꅁ꒣Ɜꗽ녱쏒ꗦꩫ뉻ꚳ쏶꧳쏒꣩뙂듛ꪺ곛쏶덗ꥷ결끟쉉ꅁꕈꭋ꧳맯쏒꣩뙂듛ꪺ뫘쏾덤ꗴꚳ꧒뭻쏑ꅃ 1 ꛛ녱냪꒺꣩냓꿉꿉ꑊ뫴룴ꗦ꧶ꅁ뙽뇒ꑆ꧒뿗쏒꣩롧샧ꪺꅵ뻔냪껉ꕎꅶ꒧ꯡꅁꙕ꣩냓꿉꿉뇄ꗎꓢ쓲뙏엽떥ꝃ믹쑶ꪧꪺ떦늤ꅁ삣셙ꑆ뛇닎쏒꣩롧곶띾냈ꪺ샲ꝑ뚡ꅆꚹꕾꅁ꧳ꑋꑑꑅ꙾꒻ꓫ롧쏒듁라뵔ꗟꑆ녎ꓢ쓲뙏뇄ꑗ궭꣮ꯗꯡꅁꟳꚳ띾뙩ꑀꡂꯅ뫙녎ꚳ뇸ꗳꙡꅵꝋꚬꓢ쓲뙏ꅶꅁꚹꑀ롧샧떦늤꣏쏒꣩냓ꪺꢤꛢꥷꛬꛛ뛇닎ꪺꅵ뿄ꩁ냈ꅶ뒣꣑ꅁꟳ뙩ꑀꡂꚨ결ꅵ쏒꣩뿄ꅂ룪끔ꩁ냈ꅶ뒣꣑ꪺꢤꛢꅁꕩ뿗녎쏒꣩ꗦ꧶ꖫ돵녡뙩ꑆ띳ꪺ곶꒸ꅃ 9
뫴믚뫴룴쏒꣩ꗦ꧶뙂듛꒧곣ꡳ 닄ꑀ론?쏒꣩뙂듛꒧ꥷ롱?닄ꑀ뚵?뙂듛꒧ꥷ롱 ꧒뿗뙂듛ꅁ녱ꗁꩫꪺ띎롱왛맮ꭙꅇꅵ걇띎듛ꕌꑈꅁ꣏뎴꧳뿹뭾ꛓ결띎ꯤꫭꗜꅶ2ꅆ뿗뙂듛ꅁꭙꅵ뇽곛맯ꑈ뎴꧳뿹뭾ꅁ걇띎ꕈ꒣맪꒧ꅁꕏ꣤ꙝ뿹뭾ꛓ결띎ꯤ꒧ꫭꗜꅶ3ꅁ땍ꛓ때뷗맯뙂듛낵꛳뫘룑쓀ꥷ롱ꅁ닅Ꙙꗁꩫ꧒뫙꒧뙂듛ꅁꖲ뚷꣣돆ꑕꙃ굮ꗳꅇ ꑀꅂ?뚷ꚳ뙂듛꒧ꛦ결ꅇ뙂듛ꛦ결낣뽮랥ꪺ듛ꛦ결ꅁꝙꅵ뗪멣맪ꅶꕈꕾꅁꥼꕝꝴ껸랥ꪺꅵ쇴냎맪ꅶꅃ꧒뿗ꪺ뗪멣맪ꖲ뚷꣤ꅵ뗪낰ꅶꙢꯈ왛ꑗꢬꕈ꣏ꫭ띎ꑈ뎴꧳뿹뭾ꥬꢬ럭꒧ꅁ굙뛈걏ꢥꝪ뱎ꅂ룘녩뱳ꝩꅂ냓띾뺻쁙떥ꅁ셡ꚳ륈꒽ꖭꗦ꧶ꩫꅂ껸뙏ꭏ앀ꩫ떥곛쏶ꩫꕏ4ꅁꗧ꒣ꖲ땍멣ꚨꅵ뙂듛ꅶ5ꅃꛓꅵ쇴냎맪ꅶꭙꕈ럭ꑈꚳꝩꪾ롱냈결ꭥ뒣ꅁ맯꧳삳ꝩꪾ꧳곛맯ꑈ꒧맪꣨띎쇴뽦ꅁ교꣏ꫭ띎ꑈ뎴꧳뿹뭾ꛓ결띎ꯤꫭꗜꅃ ꑇꅂ?뚷ꚳ뙂듛꒧걇띎ꅇ낣ꑆꙢꯈ왛ꑗꚳ뗪멣쇴냎맪ꪺ뙂듛ꛦ결ꕈꕾꅁ뙂듛ꪺꕴꑀ궫굮굮ꗳꝙ뚷꣣ꚳꕄ왛ꑗꪺ뙂듛걇띎ꅃꚳ뻇ꟳ녎뙂듛ꛦ결ꪺꅵ걇띎ꅶꥷ롱결뚷꣣ꚳꅵ싹궫걇띎ꅶ6ꅃ ꑔꅂ?뿹뭾뭐뙂듛뚡뚷ꚳꙝꩇ쏶ꭙ7ꅇꚹꕩꗑ뻇뮡Ꝑ꣒맯뙂듛ꪺꥷ롱녯ꪾꅁ뙂듛ꛦ결꒣뛈뚷ꚳ꣏ꑈ뎴꧳뿹뭾ꪺ걇띎ꅁꟳ뚷ꅵꙝ꣤뿹뭾ꛓ결띎ꯤ꒧ꫭꗜꅶ8ꅁꗧꝙꙝ꣼뙂듛ꛓ뎴꧳뿹뭾ꣃ뙩ꛓ결띎ꯤꫭꗜꅃ 2 뷐냑빜ꓽ뽁얲ꅁꗁꩫ셠ꭨꅁ닄325궶ꅁꗁ냪ꑃꑑꑃ꙾ꑅꓫ꒭ꪩꅁꕈꑕ슲뫙ꅵꓽ뗛ꗁ셠ꅶꅃ 3 ꑑꑋ꙾ꑗ꙲닄ꑔꑃꑀ뢹꒭ꑑ꒻꙾ꕸꑗꑔꑔꑋꆳ뢹Ꝑ꣒맯뙂듛꧒낵ꪺꥷ롱꧊룑쓀곒결ꅇꅵꗁꩫꑗ꧒뿗뙂듛꒪ꅁꭙ뿗뇽곛맯ꑈ뎴꧳뿹뭾ꅁ걇띎ꕈ꒣맪꒧ꅁꕏ꣤ꙝ뿹뭾ꛓ결띎ꯤ꒧ꫭꗜꅃꅶ 4 ꒽ꖭꗦ꧶ꩫ닄ꑇꑑꑀ뇸ꅇꅵ띾꒣녯Ꙣ꣤냓ꭾ꣤뱳ꝩꑗ…결뗪낰꒣맪ꓞꑈ뿹뭾꒧ꫭꗜꫭ뱸ꅃ 5 뷐냑빜걉뇒뒭ꅁꗁꩫ셠ꭨ닄258궶ꅁꑋꑑꑅ꙾뱗굱ꕼꪩꅁꕈꑕ슲뫙ꅵ걉뗛ꗁ셠ꅶꅃ 6 Ꙣ랧꧀ꑗꅁ뙂듛ꛦ결뚷꣣ꚳꅝꑀꅞ꣏ꑈ뎴꧳뿹뭾ꅆꅝꑇꅞ냲꧳뿹뭾ꛓ결ꑀꥷ띎ꯤꫭꗜꪺ싹궫ꪺ걇띎ꅁꅵ걉뗛ꗁ셠ꅶ닄258궶ꅃꅃ 7 뷐냑빜ꅵꓽ뗛ꗁ셠ꅶ닄325궶 8 뷐냑ꢣꑑꑋ꙾ꑗ꙲닄ꑔꑃꑀ뢹ꅂ꒭ꑑ꒻꙾ꕸꑗꑔꑔꑋꆳ뢹Ꝑ꣒ꅃ 10
닄ꑇ뎹 쏒꣩뙂듛랧굺 닄ꑇ뚵?쏒꣩뙂듛ꪺꥷ롱 ꛳뿗쏒꣩뙂듛ꅝSecurities Fraudꅞꅈ덱녠뒣ꅵ쏒꣩뙂듛ꅶꅁꙨ라ꪽ놵셰띑꣬쏒ꗦꩫꅝꕈꑕ슲뫙ꅵ쏒ꗦꩫꅶꅞ닄ꑇꑑ뇸꒧ꅵ뙂듛뇸듚ꅶꅃ룓뇸덗ꥷꅇꅵꚳ믹쏒꣩꒧뛒뚰ꅂ땯ꛦ뙒뷦ꅁ꒣녯ꚳ뗪낰ꅂ뙂듛꣤ꕌꢬ교ꕌꑈ뭾ꭈ꒧ꛦ결ꅝ닄ꑀ뚵ꅞꅃ땯ꛦꑈꗓ돸꒽ꝩ꒧끝냈돸ꝩ꣤ꕌꚳ쏶띾냈ꓥꗳꅁ꣤꒺깥꒣녯ꚳ뗪낰쇴냎꒧놡ꅝ닄ꑇ뚵ꅞꅃ륈ꭥꑇ뚵덗ꥷꅁ맯꧳룓ꚳ믹쏒꣩꒧떽띎꣺녯ꑈꕘ뷦ꑈꙝꛓ꧒꣼꒧띬깠ꅁ삳굴뷟쁶꒧덤ꅝ닄ꑔ뚵ꅞꅃꥥ끕쏒꣩롧곶냓ꕈꛦ곶ꙗ롱뙒ꑊ뷦ꕘ꒧ꑈꅁ뗸결ꭥ뚵꒧꣺녯ꑈꕘ뷦ꑈꅝ닄ꕼ뚵ꅞꅃꅶ ꗑ꧳룪ꑈꣃ때ꩫ녱ꚳ믹쏒꣩ꪺꕾ왛Ꝑ쉟꣤롧샙믹귈ꅁꛓꭙꖲ뚷덺륌땯ꛦ꒽ꕱꖻꢭ끝냈ꅂ띾냈ꪬꩰꪺꅁꡍꥷ룓ꚳ믹쏒꣩ꪺ믹귈낪ꝃꅆꙝꚹ땯ꛦ꒽ꕱꖻꢭꪺ띾냈ꅂ끝냈ꪬꩰꪺ꒽뙽뭐꽵맪ꅁꢬꕈ뱶암룪ꑈ맯꧳룓ꚳ믹쏒꣩믹귈ꪺ뗻꛴뭐Ꝑ쉟ꅂꖪꕫꚳ믹쏒꣩ꪺꖫ돵믹귈ꅁ꧒ꕈꙕ냪때꒣꧳쏒ꗦꩫ꒤녎꒽뙽뒦앓귬ꭨꝀ결꣤궫굮ꪺ롱냈굮ꡄ9ꅁ싇ꕈ궰ꝃ쏒꣩뙂듛ꛦ결땯ꗍꪺ뻷라ꅃ꧶ꢥ꒧ꅁꢾꓮ룪뙂듛쏒꣩뙂듛ꪺ돌ꚳ껄ꓨꩫ꒧ꑀ둎걏덥맽ꅵ꒽뙽귬ꭨꅶꅃ 굮ꡄꚳ믹쏒꣩땯ꛦꑈ덥맽꒽뙽귬ꭨꪺꗘꪺꙢ꧳ꭐ꣏땯ꛦꑈ뒣꣑ꖿ뵔룪껆ꅁꕈꝑ꧳룪ꑈꝐ쉟쏒꣩꒧룪믹귈ꅁ뵔ꭏ룪앶꽱룪ꛦ결ꪺꖿ뵔꧊ꅃꙝ결낲덝Ꙣꑀ귓ꚳ껄뉶ꪺꖫ돵꒤ꅁ쏒꣩ꪺ믹껦녎라ꙝ결룪끔ꪺ뒦앓ꛓ꣼꣬궫ꑪꪺ뱶암ꅁꣃꕂ녎ꕒ꓀ꙡ덺륌ꖫ돵뻷꣮걍ꕘ꣓ꅃꛓ룪끔뒦앓ꪺ땻ꯗ뭐ꚳ믹쏒꣩ꪺ꽵맪믹껦ꚨꖿꓱꅁꗧꝙ룪끔뒦앓녯띕ꕒ꓀ꅂ띕ꞹ뻣ꅁꭨ쏒꣩믹껦띕쇍꫱꧳꣤맪믚믹귈ꅝintrinsic valueꅞꅁ룪ꑈꙝꚹ비꒣맪룪끔뭾뻉꧒ꗍꪺ룪뙂듛껗ꗳ삳ꕩꚳ껄궰ꝃꅆꚹꑀ뉺뷗ꝙ걏꧒뿗ꪺꅵ껄뉶룪ꖻꖫ돵낲덝ꅶꅝEfficient Capital Market Hypothesis, ECMHꅞ10ꅃ 9 ꧒뿗ꪺꅵꕒ꓀뒦앓ꅶ귬ꭨꅝFull disclosureꅞꑄ랽ꛛ꧳굞냪꒽ꕱꩫꅆꚹꑀꕒ꓀뒦앓ꪺ굮ꡄꕎꫭ뗛걆ꦲꙢ랥ꑏꢾꓮ쏒꣩뙂듛롧샙ꗇ롯뭐릪쁹룪ꑇ뚡ꪺ끊놹걉ꅁSee James M. Bartos, Erank D. Dangerard, United States Securities Law a Practical Guide 2 (1992) 10 때뷗걏SEC과냪셰ꢹ돌낪ꩫ끼ꭷ뭻결ꚳ믹쏒꣩꒽뙽ꗦ꧶ꖫ돵삳룓결ꚳ껄뉶ꪺꖫ돵ꆧefficient market”ꅁꛓ꧒뿗ꪺꚳ껄뉶ꪺꖫ돵걏Ꙣꚹ뫘ꖫ돵꒤ꅵ늼ꪺ믹껦ꞹꗾ걍꧒ꚳꕩꗎ룪끔ꅶꅝefficient market is that price in such a market “fully reflect” all “available” informationꅞꅁꚹꑀ랧꧀ꝙ걏꧒뿗ꪺꅵ껄뉶룪ꖻꖫ돵낲덝ꅶꅝEfficient Capital Market Hypothesis, ECMHꅞꅃSee Richard W. Jennings, Harold Marsh, Jr., John C. Coffee, Jr., Securities Regulation Case and Materials 209(7th ed. 1992) 11
뫴믚뫴룴쏒꣩ꗦ꧶뙂듛꒧곣ꡳ ꚹꕾꅁ꒽뙽귬ꭨꪺ덥맽ꅁꟳꢬꕈꢾ뵤ꗸ띾ꪺ꒣ꩫꛦ결ꅃ과냪ꑪꩫꥸBrandise뒿롧ꕈꅵ뚧ꗺ걏돌ꙮꪺꢾ뭇뺯ꅁ뽏ꗺ걏돌ꚳ껄꿠ꪺ쒵맮ꅃꅶꅝsunlight is said to be the best of disinfectants; electronic light the most efficient policemanꅞꑀꢥ꣓룠쓀꒽뙽귬ꭨꪺ궫굮꧊ꅁꙝ결덥맽꒽뙽귬ꭨꕩ꣏걆ꦲ꒽늳뱳꩸셁룑꒽ꕱ놡ꩰꅁ륋ꓮ꒽ꕱ꒺뎡ꑈꝑꗎ꒽ꕱ룪랽녱ꝑ꽱뿩끥떥륈ꩫ생앶ꪺꛦ결11ꅃꑀ꿫ꛓꢥꅁꙕ냪쏒ꗦꩫ덗ꞡ굮ꡄ꒽뙽땯ꛦ꒽ꕱ낣ꑆ꧳ꚳ믹쏒꣩궺ꚸ땯ꛦ껉ꅁ굴ꚳꫬꚸ꒽뙽ꪺ롱냈ꕈꕾꅁꟳ굮ꡄꙢ걹덱ꖫ돵꒤ꅁ꒽뙽땯ꛦ꒽ꕱꙐ껉굴ꚳ쑾쓲꒽뙽꒧롱냈ꅃꕈ냪ꪺ쏒ꗦꩫꕏꛓꢥꅁꭥꝙ꒽뙽뮡ꧺ껑ꪺ뵳뭳뭐ꗦꕉ12ꅆꯡꭨ결끝냈돸ꝩ꒧쎱쏒ꅂ걤껖ꅂ꒽ꝩ뭐ꗓ돸13ꅃ 땍ꛓꖻ뚵꧒뇽끑뷗ꪺ궫쉉Ꙣ꧳꛳뿗쏒꣩뙂듛ꅈ맪ꑗꅁꛜꗘꭥ결ꓮꣃꖼꢣꚳ뻇ꪽ놵맯ꅵ쏒꣩뙂듛ꅶꑀ뗼낵ꕘꧺ뵔꒧ꥷ롱ꅁꑀ꿫ꭙꕈ쏒ꗦꩫ닄ꑇꑑ뇸꒧덗ꥷꝀ결룠쓀ꪺ뻚ꅃꛜ꧳쏒ꗦꩫ닄ꑀꛊ꒭ꑑ꒭뇸꧒덗ꥷ꒧뻞셡ꛦ결ꅁ걏ꝟ쓝꧳쏒꣩뙂듛ꛦ결ꅈꚹꑀ냝썄ꑛꕈ꣓ꥬ닗꙳ꚳꪧ쒳ꅁ땍ꗑ꧳ꖻꓥ꧒뇽놴끑꒧뫴룴쏒꣩뙂듛ꛦ결ꑓꙨ쓝쏒꣩ꖫ돵꒤꒧뻞셡ꛦ결멁볋ꅁꙝꚹ삳꧳ꖻ론꒤둎쏒꣩뙂듛꒧띎뉛늤ꕛ뷗굺ꅃ ꧳과냪ꩫꑗꅁꑪꙨ볆꒧맪냈ꢣ룑ꞡꕈ결뻞셡ꛦ결ꑄ쏒꣩뙂듛꒧ꑀ뫘14ꅁꗧꚳ뻇맯ꑇ뚡꒧Ꙑ뷨꧊ꅃ뙂듛뭐뻞셡ꛦ결ꑇ꒧깴늧ꕄ굮Ꙣ꧳ꅁ꧒뿗뙂듛믝굮ꚳꅵ꒣맪ꪺ뎯굺ꅶꅝfalse representationꅞ15ꅁꛓ뻞셡ꛦ결뛈믝굮ꅵꕈꑈ결ꓢ걱꣓놱꣮ꚳ믹쏒꣩ꪺ믹껦ꅶꅁ꒣ꖲ땍꣣ꚳꭥ뚵굮ꗳꅃ냲꧳ꚹꑀ귬ꙝꅁ걇뇽녎ꭄ꣣ꚳ뎯굺꒺뉛꒧뻞셡ꛦ결뭻ꥷ결쓝꧳쏒꣩뙂듛꒧ꑀ뫘ꅁ꺣룻ꚳꪧ쒳16ꅃ ꛜ꧳냪ꅁꗑ꧳쏒꣩뙂듛뭐뻞셡ꖫ돵ꛦ결ꭙ꓀ꝏ덗뵤꧳ꅵ뙂듛뇸듚ꅶꅝ쏒ꗦꩫ닄ꑇꑑ뇸ꅞ뭐ꅵ뻞셡뇸듚ꅶꅝ닄ꑀꛊ꒭ꑑ꒭뇸ꅞꅁ 11 뷐냑빜뿠굞럓ꅁ쏒ꗦꩫ덶뇸쓀롱ꅝꑀꅞꅁ닄696궶ꅃꑃꑑꑅ꙾닄꒭ꪩꅃ 12 쏒ꗦꩫ닄ꑔꑑ뇸ꛜ닄ꑔꑑꑇ뇸꓀ꝏ덗ꥷ꒽ꕱ꧳뛒뚰땯ꛦꚳ믹쏒꣩껉ꅁ삳뵳뭳ꅂꗦꕉ꒽뙽뮡ꧺ껑떥롱냈ꅃ 13 뷐냑빜쏒ꗦꩫ닄ꑔꑑ꒻뇸ꅁ쏶꧳끝냈돸ꝩ뭐ꝙ껉궫ꑪ룪끔뒦앓꒧덗ꥷꅃ 14 뷐냑빜붲뱛믊떥ꑔꑈꅁ쏒ꗦꩫ닄ꑀꛊ꒭ꑑ꒭뇸덗ꥷ꒧샋끑뭐ꯘ쒳ꅁꕸꕟꖫ쏒꣩냓띾Ꙑ띾꒽라곣ꡳ군릺ꅁꗁ냪ꑋꑑ꒻꙾ꑑꑀꓫꅃ닄29궶ꅃ 15 껚뻚과냪앶ꯂꩫꯟ꙲꣥Black’s Law Dictionary맯꧳fraudꑀ뗼꧒Ꝁꪺ룑쓀결ꆧ… A false representation of a matter of fact, whether by words or by conduct, by false or misleading allegations, or by concealment of that which should have been disclosed,…ꆨ 16 Ꙑꭥ뗹14ꅃ 12
닄ꑇ뎹 쏒꣩뙂듛랧굺 ꙰ꖼ뉠ꑊ놴ꡳꅁ꒣ꝋ꧶꣏ꑈ뭾뭻결ꑇ꒧뚡ꭙ꒬곛뽗ꗟꅂ뉀때쏶ꭙꅆ땍ꗑ꧳냪쏒ꗦꩫꭥ뙽덗ꥷꕄ굮꧓얧과냪Securities Exchange Act of 1934ꅝꖻꓥꕈꑕ슲뫙ꅵ1934꙾쏒ꗦꩫꅶꅞSEC꧳1942꙾껚뻚1934꙾쏒ꗦꩫ꧒륻ꝇꪺRule 10b-5ꅝꖻꓥꕈꑕ슲뫙Rule 10b-5ꅞꛓ꣓ꅁꛓRule 10b-5ꖻꢭ쏶꧳뻞셡뭐뙂듛ꪺ랧꧀ꖻ둎Ꞩ싸ꣃꙃꅁꙝꚹ굙뇽쑙껦냏ꝏꚹꑇ꒧랧꧀꺣쓝꒣꧶ꅃ곆ꛜꚳ뻇뭻결ꅵ쏒ꗦꩫ닄ꑇꑑ뇸맪결ꑀ뱳꩸꒧뙂듛뇸듚ꅁ낣ꭄꕴꚳ뇸듚ꅁ맪ꕩꕝ걁쏒꣩ꖫ돵꒤꧒ꚳ꒧뙂듛뻞셡ꛦ결ꅃꅶ17 띍띎ꕈ결ꅁ쏒꣩ꗦ꧶뙂듛ꛦ결ꪺ꒺뉛랥뱳ꅁ멁볋셣Ꙩꅁ쏒ꗦꩫ닄ꑀꛊ꒭ꑑ꒭뇸꒧뻞셡ꛦ결ꚳ껉뛈ꭙꛦ결ꑈ맪뉻꣤쏒꣩뙂듛꒧ꓨꩫꛓꑷꅆ곆ꛜ꒣뛈뻞셡ꛦ결ꕩ쓝꧳쏒꣩뙂듛ꛦ결꒧ꑀꅁꗑ과냪1934꙾쏒ꗦꩫ닄10(b)뇸ꕈRule 10b-5꒧빁ꗎꕈ왛ꅁ냪쏒ꗦꩫ닄ꑀꛊ꒭ꑑꑃ뇸꒧ꑀ꧒덗뵤꒧꒺뵵ꗦ꧶ꛦ결ꗧꕩ쓝꧳뱳롱ꪺ쏒꣩뙂듛ꛦ결18ꅃ쏶꧳쏒꣩뙂듛꒧ꥷ롱삳ꚳ꙰ꑕ뱳롱뭐꽕롱ꪺ냏꓀ꅇ 뱳롱ꪺ쏒꣩뙂듛ꅇꝙꑚ꧳ꚳ믹쏒꣩꒧뛒뚰ꅂ땯ꛦ뙒뷦껉ꕈꗴ꛳ꓨꩫꅂ군릺군뿑녱뙂듛ꅆꕈꗴ꛳뗪낰ꅂ꒣맪뎯굺쇴냎꒧ꛦ결꣏ꕌꑈ뎴꧳뿹뭾ꛓ뙒뷦ꚳ믹쏒꣩ꅆꙝ꣤꧒ꪾ노ꢬꕈ궫ꑪ뱶암룓쏒꣩믹껦꒧끔꺧ꥼꖼ꒽뙽ꭥ꧒결뙒ꑊ뷦ꕘꪺ꒣꒽ꖭꗦ꧶ꛦ결ꅁꞡ쓝꧳뱳롱ꪺ쏒꣩뙂듛ꅃ뷨ꢥ꒧ꅁꑚꕈꗴ꛳뙂듛ꅂ뻞셡꒧ꓨꩫ뙒뷦ꚳ믹쏒꣩ꅁꙝꝑꗎꖼ꒽뙽꒧꒺뎡껸꺧꧒결ꪺꚳ믹쏒꣩뙒뷦ꛦ결떥ꞡꕩ뭻결ꭙ뱳롱ꪺ쏒꣩뙂듛19ꅃ 꽕롱ꪺ쏒꣩뙂듛ꅇ곛맯꧳뱳롱ꪺ쏒꣩뙂듛꒧ꥷ롱ꅁꭨ꽕롱ꪺ쏒꣩뙂듛삳궭꧳맯꧳ꚳ믹쏒꣩믹껦꣣궫ꑪ뱶암ꪺ룪끔결뗪낰ꅂ꒣맪뎯굺 17 뷐냑빜ꝅ뎷ꧺꅁ쏒꣩ꗦ꧶ꩫꅁ닄527궶ꅁ끝많ꩫꑈ꒤뗘ꗁ냪쏒꣩멛듁덦ꖫ돵땯깩냲라ꅁꑇꆳꆳꆳ꙾ꑑꑀꓫꪩꅁꕈꑕ슲뫙ꅵꝅ뗛쏒ꗦꩫꅶꅃ 18 과냪1934꙾쏒ꗦꩫ닄10ꅝbꅞ뇸ꭙ롔ꓮꗴ꛳ꑈꕈ뙂듛ꓨꩫ녱쏒꣩ꗦ꧶ꅃ꯹ꚳ꒺뵵껸꺧ꛓꖼ꒽뙽ꣃ뭐룪ꑈ결쏒꣩뙒뷦ꅁ꙰꯹ꚳ껸꺧꒧ꑈꚳ꒽뙽꒧롱냈ꅁꩫ끼뭻결ꭙ뙂듛ꪺꑀ뫘ꮬ멁ꅃ뷐냑빜Loss, Fundmentals of Securities Regulation(1988) at 729ꅁ신ꓞꛛ뿠뗛쏒ꗦꩫ덶뇸쓀롱ꅘ닄ꕼꕕꅁ닄545궶ꅁ뗹161ꅃ 19 놩ꗑ꧳냪꒺ꑀ꿫녎쏒꣩뙂듛ꛦ결꒧ꥷ롱결닅Ꙙ쏒꣩ꗦ꧶ꩫ닄ꑇꑑ뇸꒧덗ꥷꅁꥬ뫙결쏒꣩뙂듛ꅁꣃꖼꕝꝴ쏒ꗦꩫ닄ꑀꛊ꒭ꑑꑃ뇸꒧ꑀꪺ꒺뵵ꗦ꧶ꛦ결Ꙣ꒺ꅃ땍ꛓ둎과냪ꩫ쏶꧳꒺뵵ꗦ꧶ꛦ결ꞡꕈ륈34꙾쏒ꗦꩫ닄10(b)뇸Rule 10b-5꒧덗ꥷ결ꗑ곬ꕈꩫꯟ덤ꗴꕈ왛ꅁ녎꒺뵵ꗦ꧶꿇ꑊ뱳롱ꪺ쏒꣩뙂듛랧꧀꒤삳쓝Ꙙ뉺ꅃSee Niels B. Schaumann, Gilbert Law Summaries Securities regulation 171 (5th ed 1997). 13
뫴믚뫴룴쏒꣩ꗦ꧶뙂듛꒧곣ꡳ 쇴냎꒧ꛦ결ꅁ꣏ꕌꑈꙝ곛ꭈ룓룪끔ꛓ뙒ꑊ뷦ꕘ룓ꚳ믹쏒꣩ꛓ뻉교띬ꖢꪺ놡ꅃ ꖻ뎹샀ꕈ돌뱳롱꒧쏒꣩뙂듛결뷗굺냲슦ꅁ꓀ꝏ둎륈꒽뙽뒦앓롱냈ꅂ꒺뵵ꗦ꧶뭐뻞셡ꖫ돵ꛦ결떥뙂듛쏾ꮬ뭐덤ꗴꝀ굮ꪺ끑뷗ꅃ 닄ꑇ론?쏒꣩뙂듛꒧쏾ꮬ뭐덤ꗴ 닄ꑀ뚵?쏒꣩뙂듛꒧쏾ꮬ 닄ꑀ듚?ꫬ꿅ꖫ돵뙂듛—꒽뙽뮡ꧺ껑뗪낰꒣맪 룪ꖻꖫ돵ꅝcapital marketꅞ20덦맴ꖫ돵ꅝmoney marketꅞ21걏뿄ꖫ돵ꪺꑇꑪꕄ엩ꅁꛓ룪ꖻꖫ돵ꪺꕄ굮ꕜ꿠둎걏뻡ꗴ쁸뭗뭐룪꒧뚡ꪺ뫞륄ꅁꖦ뒣꣑ꗸ띾뛒뚰룪ꪺ뫞륄ꅁ덺륌ꪽ놵뿄ꪺꓨꚡ뛒뚰룪ꅁ꒣뛈엽꒽ꕱ듮ꓖ셼뛅꧒믝굴뻡ꪺꡈ궫ꝑ꺧ꓤꕘꅁꙐ껉ꑝ엽ꗸ띾꒽뙽롧샧ꪺ뉺띑뽮랥맪뉻ꅃ 룪ꖻꖫ돵ꑓꕩ꣤뚥걱ꅁ꓀결ꫬ꿅ꖫ돵ꅝPrimary marketꅞ뭐ꚸ꿅ꖫ돵ꅝSecondary marketꅞꅃ꧒뿗ꫬ꿅ꖫ돵ꑓ뫙결ꅵ땯ꛦꖫ돵ꅶꅁ걏ꑵ냓ꗸ띾꒽뙽땯ꛦꚳ믹쏒꣩걆ꦲ땯ꛦ꒧띳뛅꣩ꅁ닄ꑀꚸꪽ놵빐냢뭐룪ꑪ늳ꥥ끕룪믈ꛦꅂ쏒꣩꧓빐냓ꕝ빐ꕎ빐ꅁ녎쏒꣩ꕈ쒻냢륳냢ꓨꚡ늾신꒩룪ꑈꅁꕈꝬꚬ듁ꅂꙷꥷꅂ륤썂룪ꪺꖫ돵22ꅃ슲ꢥ꒧ꅁꫬ꿅ꖫ돵걏ꚳ믹쏒꣩ꪺ뛒뚰뭐땯ꛦꪺꖫ돵ꅃꛜ꧳꧒뿗ꪺꚸ꿅ꖫ돵ꑓ뫙결ꅵꗦ꧶ꖫ돵ꅶꅵ걹덱ꖫ돵ꅶ23ꅁꭙ쏒꣩땯ꛦꯡꅁ룓쏒 20 룪ꖻꖫ돵ꑓ뫙쏒꣩ꖫ돵ꅁ뻇꒧ꥷ롱ꑄꕈꑀ꙾듁ꕈꑗꖼꥷ듁궭ꚳ믹쏒꣩뙩ꛦꗦ꧶꒧뿄ꖫ돵ꅆ룔ꢣꩌ쓁뚯ꅁ덦맴믈ꛦ뻇ꅁꝀꛛꪩꅁ1993꙾꒻ꪩꑇ꣪ꅁ궶202ꕈꑕꅃ 21 뿄ꖫ돵ꕩ룪뿄덱껉뚡ꪺ땵ꅁ꓀결ꑀ꙾듁ꕈ꒺ꪺ덦맴ꖫ돵ꅝMoney Marketꅞꅁꕈꑀ꙾듁ꕈꑗꪺ룪ꖻꖫ돵ꅝCapital Marketꅞꅃ덦맴ꖫ돵ꕩ꓀결뿄띾ꧮ듚ꖫ돵뭐땵듁늼꣩ꖫ돵ꅃ싇ꗑ덦맴ꖫ돵ꪺ륂Ꝁꅁ땵듁룪ꪺ꣑믝싹ꓨꅁ때뚷덺륌뿄ꗲ꒶ꪺ둃꒶ꅁꝙ꿠샲녯룪뙧신ꅃ< 22 뷐냑빜뎯걋ꑳꅂꟵ뇒뷥Ꙙ뗛ꅁ쏒꣩땯ꛦ맪냈뫫뗘—꣮ꯗꅂꩫꕏꅂꮴ곹ꅁ닄3궶ꅁ꒭맏껑ꕘꪩ꒽ꕱꅁꑋꑑ꒭꙾ꪩꅁꕈꑕ슲뫙ꅵ맪냈뫫뗘ꅶꅃ 23 뷐냑빜뎯걋ꑳꅁ쏒꣩ꗦ꧶ꩫ뷗ꅁ닄207궶ꅁ꒭맏껑ꕘꪩ꒽ꕱꅁꑋꑑ꒭꙾ꑑꑀꓫꪩꅁꕈꑕ슲뫙ꅵ뎯뗛쏒ꗦꩫꅶꅃ 14
닄ꑇ뎹 쏒꣩뙂듛랧굺 ꣩녯꒽뙽뙒뷦ꪺꖫ돵ꅁꝙ룪ꑈ꧒보노ꪺ뚰꒤ꗦ꧶ꖫ돵뭐ꦱ쁙ꖫ돵ꅃꅝ맪ꑗꅁꗘꭥꓩ꽱쇍꧳볶떸ꪺꖼꑗꖫ늼ꗦ꧶ꖫ돵ꑝ삳쓝꧳ꚸ꿅ꖫ돵ꪺ뵤쎥ꅞꅃ 낣ꑆꭥ굺ꪺꫬ꿅ꖫ돵뭐ꚸ꿅ꖫ돵ꕾꅁ꒽뙽땯ꛦ꒽ꕱꙢꑗꖫꅝ쉤ꅞꪺ륌땻ꅁ삳쓝꧳ꭥ굺꛳ꅈ뻇꒧ꥷ롱ꅁꙢꫬ꿅ꖫ돵꒤ꚳ꧒뿗ꫬꚸ땯ꛦꅝPrimary offerꅞ뭐ꙁꚸ땯ꛦꅝSecondary offerꅞꅁꅵꫬꚸ땯ꛦꅶꑄ걏ꚳ믹쏒꣩귬ꥬꪺꅂ닄ꑀꚸꪺꛛ땯ꛦꑈ걹Ꙗ룪ꑈꪺꛦ결ꅁꛓꅵꙁꚸ땯ꛦꅶꭨ걏ꚳ믹쏒꣩녱걊꙳꒧꯹ꚳꑈ걹Ꙗ꣤ꕌ룪ꑈꪺꛦ결24ꅃꚹꥷ롱ꅁꭨ꒽뙽땯ꛦ꒽ꕱꙢꑗꖫꅝ쉤ꅞ륌땻꒤뒣벷ꑀꥷꓱ뉶꒽뙽빐냢ꪺꗷꭨ삳쓝꧳ꫬ꿅ꖫ돵ꪺꙁꚸ땯ꛦ뚥걱ꅃ Ꙣ냪ꪺ쏒꣩ꖫ돵꒤ꅁ땯ꛦ꒽ꕱ굙꿠뚶ꝑꑗꖫꅝ쉤ꅞ덱녠ꕎꫭ꒽ꕱꪺ샧륂셚껄샲녯ꥷꅁꛓ꒽ꕱꪺ늼믹껦Ꙣꑗꖫꅝ쉤ꅞꪺ륌땻꒤ꑝ둘ꕇ뎣ꚳ꧒뿗ꪺꅵ뭥ꓫꛦ놡ꅶꅁ믹라ꙝꛓꑪ둔ꑗ몦ꅁ꣏녯ꑗꖫꅝ쉤ꅞꚨ결땯ꛦ꒽ꕱꑪꩆꑀ꿫룪ꑈꪺ돌띒ꅃꡳ꣤귬ꙝꅁꕄ굮ꭙꗑ꧳ꑗꖫꅝ쉤ꅞ믝굮롧륌꧓빐냓ꑀꥷ듁뚡ꪺ뮲뻉ꅁꕂ꒽ꕱꪺ끝냈샲ꝑꪬꩰꞡ믝굮닅Ꙙꑀꥷ뇸ꗳ25ꅁꙝꚹꑚ걏땯ꛦ꒽ꕱꪺ늼녯ꕈꑗꖫꅝ쉤ꅞꅁ둘ꕇ걏꣣돆ꑆꗦ꧶꧒ꅝ쉤쉩뙒뷦꒤ꓟꅞꅵꭾ뷨ꭏ쏒ꅶꪺ껄ꩇꑀ꿫ꅃ ꗑ꧳ꑗꖫꅝ쉤ꅞꞡ믝굮롧륌궫궫ꪺ뱦걤ꅁꙝꚹ룪ꑈꦹꦹ꒣냝꒽ꕱ롧샧뚵ꗘꅂ롧샧셚껄뭐끝냈ꪬꩰꅁꕈ결ꕵ굮닅Ꙙꑗꖫꅝ쉤ꅞ뇸ꗳꪺ꒽ꕱ늼둎ꡓꚳ룪궷쁉ꅁ곆ꛜꪼꗘꙡ룪ꅆ보노쏒꣩ꗦ꧶맪냈ꪺꑈꝙꕩ땯뉻덜Ꙩ룪ꑈ맯꧳꧒룪ꪺ꒽ꕱ굉뒺ꅂ샧띾뚵ꗘ떥뉀때꧒노ꅁ꒴싂뉀꒣곈쓟ꙡꑊꑪ떧룪녱룪겡냊26ꅁꙢꡓꚳ궷쁉띎쏑ꪺ룪뻉교솫띬꒧ꯡꅁ덳녡ꙡ덹ꚨꑀ덳ꛪꪺꫀ라냝썄뭐뿄냝썄ꅃ 24 뷐냑빜뒿ꥻ꙰ꅁ쏒ꗦꩫ귬뉺ꅁ닄64궶ꅁꝀꛛꪩꅁꑇꆳꆳꆳ꙾ꑇꓫꅁꕈꑕ슲뫙ꅵ뒿뗛쏒ꗦꩫ귬뉺ꅶꅃ 25 ꙰ꕸ왗쏒꣩ꗦ꧶꧒ꗷꚳ궭꒽ꕱꚳ믹쏒꣩ꑗꖫ뱦걤럇ꭨ닄ꕼ뇸ꅂ닄꒭뇸ꅁ끝많ꩫꑈ꒤뗘ꗁ냪쏒꣩쉤쉩뙒뷦꒤ꓟ쏒꣩냓ꛛ샧덂꧒뙒뷦ꚳ믹쏒꣩뱦걤럇ꭨ닄ꑔ뇸ꅁ꓀ꝏꚳ꒽뙽땯ꛦ꒽ꕱ늼ꑗꖫꅂꑗ쉤냲ꖻ뇸ꗳ꒧덗ꥷꅃ 26 쏒꣩녱띾ꑈ귻ꦼꚹ뚡맯꧳뒲ꓡ룪ꑈꪺꪼꗘ룪ꛦ결걹뛇ꪺꑀꭨ꾺룜ꅁꙢꗁ냪ꑃꑑꑃꅂꑃꑑꑋ꙾ꖫꡧ듁뚡ꅁ뒿롧땯ꗍꭕ뫙ꅵ뗦쑸뇚ꅶꪺ룪ꑈ결ꑆ뙒뙩럭껉몦ꪺ뿄쏾ꅁꙖ샧띾귻놾돦ꅇꅵ…ꝁ산뿯ꑀꓤ쇙ꡓ몦낱ꪺ뿄…ꅶꅃ샧띾귻Ꙟ돸ꅇꅵ…ꓓꓓꅁꗘꭥꗾ뎡뎣몦낱돡…ꅶꅁ룪ꑈꗟꝙ냝ꅇꅵ…ꅹ롕ꗸꅺ꒣걏 쇙ꡓ몦낱뛜ꅈꅶꅃ룪ꑈꙝ결ꅵ롕ꗸꅶ뭐ꅵꕟꗸꅶꅂꅵ꒤ꗸꅶ떥뿄쏾뎣Ꙑ볋ꚳꅵꗸꅶ꙲ꅁꛓ녎ꙃ결왛ꗺ쏾ꅁ슲뫙ꅵ롕ꗸꅶꪺ롕뗘ꗸ띾꒽ꕱ늼럭ꚨ믈ꛦ뙒뙩ꅁꕩꢣ꣤ꪼꗘ땻ꯗ꧳ꑀ꿫ꅃ 15
뫴믚뫴룴쏒꣩ꗦ꧶뙂듛꒧곣ꡳ 룛땍ꅁ때뷗걏쏒꣩ꗦ꧶꧒쉤쉩뙒뷦꒤ꓟꅁꙢ꒽뙽땯ꛦ꒽ꕱ쇚Ꙗꑗꖫꅝ쉤ꅞꪺ륌땻꒤ꅁ곒면ꑆ셼ꢬ뮴궫ꪺ뱦걤ꪺꢤꛢꅆꚹ뫘놡꒣뛈Ꙣꑗꖫꅝ쉤ꅞꪺ륌땻꒤곛럭궫굮ꅁ쏶꧳ꚳ믹쏒꣩뛒뚰뭐땯ꛦꓨ궱ꅁꙢ륌ꕨ뿄뫞꣮꒴쓝쑙껦ꪺ꙾ꕎ꒤ꅁ쏒꣩ꕄ뫞뻷쏶맯꧳ꚳ믹쏒꣩ꪺ뛒뚰뭐땯ꛦꟳ꣣ꚳ귣믩ꪺ떴맯앶ꝑ27ꅃ걏쁈뗛뿄ꛛꗑ꓆롽ꡂꪺ뙽깩ꅁꕄ뫞뻷쏶ꗧ덶ꡂꙡ녎뱦껖ꪺ앶ꝑ신꓆ꚨ뮲뻉뫞뉺ꪺ덤ꗴꅁꛓ냑뭐ꪽ놵뿄겡냊ꪺ룪ꑈꭨꖲ뚷맯ꛛꑶꪺ룪ꡍ떦굴ꞹꗾꪺ덤ꗴꅃ뒫ꢥ꒧ꅁꙢ룪ꡍꥷꝀꚨ꒧ꭥꅁ룪ꑈꚳ덤ꗴꛛꛦ뗻꛴룪맯뙈ꪺ궷쁉ꅃ럭땍ꅁꕄ뫞뻷쏶ꣃꭄ녎쏒꣩땯ꛦ뫞뉺ꪺ덤ꗴꞹꗾꗦꗑ룪ꑈꛛꛦ꧓뻡ꅁꙢꫬ꿅ꖫ돵ꪺꚳ믹쏒꣩뛒뚰꧳땯ꛦꓨ궱ꅁ둎ꕈꗦꕉ꒽뙽뮡ꧺ껑ꪺ덤ꗴꅁ굮ꡄ땯ꛦꑈꖲ뚷녎꧒땯ꛦꪺꚳ믹쏒꣩곛쏶뚵끏룼꧳꒽뙽뮡ꧺ껑28ꅃꣃꕂꗦꕉ꒩뭻ꑈ삳뛒ꑈꅃꅝ쏒ꗦꩫ닄ꑔꑑꑀ뇸닄ꑀ뚵냑럓ꅞ ꒽ꕱ뛒뚰ꅂ땯ꛦꚳ믹쏒꣩꧳ꗓ뷐뱦껖껉ꅁ삳ꕴꛦꕛ꣣꒽뙽뮡ꧺ껑ꅝ쏒ꗦꩫ닄ꑔꑑ뇸냑럓ꅞꅆ꧳뛒뚰ꚳ믹쏒꣩껉ꅁ삳ꗽꙖ뭻ꑈ삳뛒ꑈꗦꕉ꒽뙽뮡ꧺ껑ꅆ꙰륈ꚹꗦꕉ롱냈ꅁ낣삳맯떽띎꒧곛맯ꑈꙝꛓ꧒꣼꒧띬깠굴뷟쁶덤ꗴꕾꅝ쏒ꗦꩫ닄ꑔꑑꑀ뇸냑럓ꅞꅁꙐꩫ닄ꑀꛊꑃꑑꑃ뇸닄ꑀ뚵닄ꑀ듚덗ꥷꅁꟳꕩ덂ꑀ꙾ꕈꑕꚳ듁깻ꙄꅂꧫꟐ곬꣖곬띳ꕸ맴ꑀꛊꑇꑑ롕꒸ꕈꑕ꒧뭀ꅃ ꑓꅁ땯ꛦꑈ낣굴ꚳꗦꕉ꒽뙽뮡ꧺ껑ꪺ덤ꗴꕾꅁ맯꧳꒽뙽뮡ꧺ껑ꪺ꒺깥끏룼꒧꽵맪꧊ꟳ굴ꚳ뵔ꭏ꣤결꽵맪ꪺ덤ꗴꅁꝟꭨꖲ뚷맯꧳떽띎꒧곛맯ꑈ꧒꣼꒧띬깠ꅁ굴띬깠뷟쁶덤ꗴꅃ쏒ꗦꩫ닄ꑔꑑꑇ뇸덗ꥷꅇꅵꭥ뇸꒧꒽뙽뮡ꧺ껑ꅁ꣤삳끏룼꒧ꕄ굮꒺깥ꚳ뗪낰ꓭ꿊꒧놡ꅁꖪꙃꙕ듚꒧ꑈꅁ맯꧳떽띎꒧곛맯ꑈꅁꙝꛓ꧒꣼꒧띬깠ꅁ삳둎꣤꧒삳굴덤뎡 27 ꗁ냪ꑃꑑꑃ꙾쏒ꗦꩫ귗ꖿꅁ맯꧳땯ꛦꑈ뛒뚰뭐땯ꛦꚳ믹쏒꣩ꅁ낣귬ꚳꪺꗓ뷐껖귣꣮ꕾꅁ귝뇄과ꓩ떥ꗽ뙩냪깡ꪺꗓ돸ꗍ껄꣮ꯗꅁ낣슲꓆ꚳ믹쏒꣩꒧땯ꛦ땻ꟇꕈꕾꅁꣃꙘ뉺뷕뻣땯ꛦꑈ꒧덤ꗴꅃ뷐냑빜뎯걋ꑳꅂꟵ뇒뷥Ꙙ뗛ꅵ맪냈뫫뗘ꅶꅁ닄6궶ꅃ 28 쏶꧳뛒뚰뭐땯ꛦꚳ믹쏒꣩맪삳뵳뭳ꅂꗦꕉ꒧꒽뙽뮡ꧺ껑ꅁꕄ뫞뻷쏶쏒듁라굱ꚳꅵ꒽ꕱ뛒뚰땯ꛦꚳ믹쏒꣩꒽뙽뮡ꧺ껑삳ꛦ끏룼뚵럇ꭨꅶꅂꅵ뿄띾뛒뚰땯ꛦꚳ믹쏒꣩꒽뙽뮡ꧺ껑삳ꛦ끏룼뚵럇ꭨꅶꅁꛜ꧳땯ꛦ꒽ꕱ뇽ꑗꖫꑗ쉤껉꧒믝뵳뭳ꪺ꒽뙽뮡ꧺ껑ꭨꚳꅵ끝많ꩫꑈ꒤뗘ꗁ냪쏒꣩쉤쉩뙒뷦꒤ꓟꗓ뷐ꚳ믹쏒꣩ꑗ쉤꒧꒽뙽뮡ꧺ껑삳ꛦ끏룼뚵굮쉉ꅶꅂꅵ뭏왗쏒꣩ꗦ꧶꧒ꗷꚳ궭꒽ꕱꫬꚸꗓ뷐ꚳ믹쏒꣩ꑗꖫ꒧꒽뙽뮡ꧺ껑삳ꛦ끏룼뚵굮쉉ꅶꅆꕴꕾꅁ뛒뚰ꙀꙐ냲껉꧒삳뵳뭳ꪺ꒽뙽뮡ꧺ껑ꭨꚳꅵ쏒꣩룪ꭈ끕띾땯ꛦ꣼꽱뻌쏒뵳뭳꒽뙽뮡ꧺ껑삳ꛦ끏룼뚵ꅶ떥ꛦ걆덗뎹ꕈ꣑뿭둠ꅃ 16
닄ꑇ뎹 쏒꣩뙂듛랧굺 ꓀뭐꒽ꕱ굴덳녡뷟쁶덤ꗴꅇꑀꅂ땯ꛦꑈ꣤굴덤ꑈꅃꑇꅂ땯ꛦꑈ꒧슾귻ꅁ뒿Ꙣ꒽뙽뮡ꧺ껑ꑗ쎱뎹ꅁꕈ쏒맪꣤꧒룼꒺깥꒧ꗾ뎡ꑀ뎡ꅃꑔꅂ룓ꚳ믹쏒꣩꒧쏒꣩꧓빐냓ꅃꕼꅂ라군깶ꅂꯟ깶ꅂꑵ땻깶꣤ꕌ녍슾띾덎ꑈ귻ꅁ뒿Ꙣ꒽뙽뮡ꧺ껑ꑗ쎱뎹ꅁꕈ쏒맪꣤꧒룼꒺깥꒧ꗾ뎡ꑀ뎡ꅁ뎯굺띎ꢣꅃꅝ닄ꑀ뚵ꅞꭥ뚵닄ꑀ듚ꛜ닄ꑔ듚꒧ꑈꅁ낣땯ꛦꑈꕾꅁ맯꧳ꖼ롧ꭥ뚵닄ꕼ듚꒧ꑈ쎱쏒뎡꓀ꅁ꙰꿠쏒ꧺꑷ뫉곛럭꒧ꩠ띎ꅁꣃꚳꖿ럭뉺ꗑ뵔ꭈ꣤ꕄ굮꒺깥때뗪낰ꅂ쇴냎놡맯꧳쎱쏒꒧띎ꢣꚳꖿ럭뉺ꗑ뵔ꭈ꣤결꽵맪ꅁꝋ굴뷟쁶덤ꗴꅆꭥ뚵닄ꕼ듚꒧ꑈꅁ꙰꿠쏒ꧺꑷ롧Ꙙ뉺뷕걤ꅁꣃꚳꖿ럭뉺ꗑ뵔ꭈ꣤쎱쏒띎ꢣ결꽵맪ꅁꗧꙐꅃꅝ닄ꑇ뚵ꅞꅶ 껚뻚쏒ꗦꩫ닄ꑔꑑꑇ뇸꒧덗ꥷꕩꪾꅁ꙰꒽뙽뮡ꧺ껑꧒끏룼꒧ꕄ굮꒺깥ꚳ뗪낰쇴냎꒧놡ꅁ교떽띎곛맯ꑈ꣼ꚳ띬깠ꅁ삳굴덳녡띬깠뷟쁶덤ꗴ꒧ꑈꅁ꣤녯ꝟꝋ덤낵결덤ꗴ땻ꯗ냏꓀ꪺ볐럇ꅁꕩ꓀떴맯덤ꗴ뭐곛맯덤ꗴ29ꅇ ꑀꅂ?떴맯덤ꗴꅇ땯ꛦꑈ삳맯꣼ꚳ띬깠ꪺ떽띎꒧곛맯ꑈ굴띬깠뷟쁶덤ꗴꅃ ꑇꅂ?곛맯덤ꗴꅇ땯ꛦꑈ꒧굴덤ꑈꅂ뒿Ꙣ꒽뙽뮡ꧺ껑ꑗ쎱뎹꒧땯ꛦꑈ꒧슾귻ꅂ쏒꣩꧓빐냓뭐라군깶ꅂꯟ깶ꅂꑵ땻깶꣤ꕌ녍슾띾덎ꑈ귻ꅁ뒿Ꙣ꒽뙽뮡ꧺ껑ꑗ쎱뎹ꅁꕈ쏒맪꣤꧒룼꒺깥꒧ꗾ뎡ꑀ뎡ꅁ뎯굺띎ꢣꅃꛓ껚뻚뇸ꓥꓥ롱ꑓꕩ꓀결ꅵ뮴ꯗ곛맯덤ꗴꅶ뭐ꅵ궫ꯗ곛맯덤ꗴꅶꅃ ꅝꑀꅞ?뮴ꯗ곛맯덤ꗴꅇꝙ땯ꛦꑈ꒧굴덤ꑈꅂ뒿Ꙣ꒽뙽뮡ꧺ껑ꑗ쎱뎹꒧땯ꛦꑈ꒧슾귻ꅂ쏒꣩꧓빐냓떥ꅁ꙰룓꒽뙽뮡ꧺ껑꽁뗪낰꒣맪꒧뎡꓀ꭙꖼ롧라군깶떥녍슾띾덎ꑈ귻쎱쏒ꅁ꙰꿠쏒ꧺꑷ뫉곛럭꒧ꩠ띎ꅁꣃꚳꖿ럭뉺ꗑ뵔ꭈ꣤ꕄ굮꒺깥때뗪낰ꅂ쇴냎놡ꅆꑷ롧라군깶떥녍슾띾ꑈ귻쎱쏒ꅁꛓ맯꧳쎱쏒꒧띎ꢣꚳꖿ럭뉺ꗑ뵔ꭈ꣤결꽵맪ꅁꝋ굴뷟쁶덤ꗴꅃꅝ롧라군깶떥녍띾ꑈ귻쎱쏒ꅁ꣤ꕌ꧳꒽뙽 29 뷐냑빜ꝅ뗛쏒ꗦꩫꅁ닄520궶ꅃ 17
뫴믚뫴룴쏒꣩ꗦ꧶뙂듛꒧곣ꡳ 뮡ꧺ껑꣣ꙗ꒧ꑈ삳굴ꪺꩠ띎땻ꯗ결꛳ꅁ룔ꯡꓥ쏶꧳ꖿ롱궹ꭾ껗꒧뷗굺ꅞ ꅝꑇꅞ?궫ꯗ곛맯덤ꗴꅇꝙ라군깶ꅂꯟ깶ꅂꑵ땻깶꣤ꕌ녍슾띾덎ꑈ귻ꅁ낣ꚳꖿ럭뉺ꗑ뵔ꭈ꣤쎱쏒띎ꢣ결꽵맪ꕾꅁ꙰꿠뙩ꑀꡂ쏒ꧺꑷ롧Ꙙ뉺뷕걤ꗧꝋ굴뷟쁶덤ꗴꅃ ꗁ냪ꑃꑑꑃ꙾ꑀꓫꑇꑑꑅꓩ쏒ꗦꩫ귗ꖿꭥ꒧귬뇸ꓥꭙ뇄떲ꩇ덤ꗴꕄ롱ꅁꛓ때닄ꑇ뚵꒧덗ꥷꅁ뭻결룓뇸꧒ꙃꙕ듚꒧ꑈ삳뭐땯ꛦꑈ굴덳녡뷟쁶덤ꗴꅁꣃ때ꝋ덤꒧빬ꙡ30ꅁꛓꛛꗁ냪ꑃꑑꑃ꙾ꖻꩫ귗ꖿꯡꭨ뱗ꕛꑆꕩ셼쏒ꝋ덤꒧덗ꥷꅃ 쇶땍ꚳ쏶꧳꒽뙽뮡ꧺ껑뗪낰꒣맪꒧덤ꗴꑷꧺ뵔ꙡ덗ꥷ꧳쏒ꗦꩫ닄ꑔꑑꑇ뇸ꅁ땍ꛓ멉ꛜꗘꭥ결ꓮꅁ냪꒺ꥼ때ꗴ꛳뭐륈ꖻ뇸덗ꥷ곛쏶ꪺ꣣엩ꕱꩫꝐꡍꕩ꣑냑끵ꅃ껚뻚끝많ꩫꑈ꒤뗘ꗁ냪쏒꣩멛듁덦ꖫ돵땯깩냲라ꅝꕈꑕ슲뫙쏒냲라ꅞ룪ꑈꩁ냈뭐ꭏ앀꒤ꓟ꣼끕뿬뉺꒧곛쏶ꡄ쁶껗ꗳ엣ꗜꅁ뛈ꚳꩆ뚩꒭껗ꅂ뚶ꑪ룎껗뭐ꖿ롱궹ꭾ꒽ꕱꑗ쉤껗떥비꣤ꕈ쏒ꗦꩫ닄ꑔꑑꑇ뇸ꕄ녩뷐ꡄ띬깠뷟쁶31ꅃꛓꭥ굺ꑔꗳꗘꭥꖿ쎴쓝꧳ꩫ끼뱦뉺꒤꒧껗ꗳꅁꑓ뛈ꚳꖿ롱궹ꭾ껗꒧덑ꝩꭙ뉛뭜쏒ꗦꩫ닄ꑔꑑꑇ뇸닄ꑀ뚵ꙕ듚꧒ꙃ꒧ꑈꅃꙝꚹꖿ롱궹ꭾ껗ꕩ뮡걏꽁ꫬ꿅ꖫ돵뙂듛ꪺ궫굮껗꣒ꅁꖻ껗꒧Ꝑꡍ떲ꩇ뛕녎뱶암냪ꕱꩫ맪냈맯꒽뙽뮡ꧺ껑뗪낰꒣맪덤ꗴ꒧Ꝑ쉟ꅃ ꖿ롱궹ꭾꗷꚳ궭꒽ꕱꅝꕈꑕ뫙ꖿ롱궹ꭾꅞ꧳ꗁ냪ꑋꑑꕼ꙾꒭ꓫꑇꑑꑇꓩ샲귣놾땐ꑗ쉤뙒뷦ꅁ땍꧳ꑋꑑ꒭꙾ꑑꑀꓫ꒭ꓩꛜꑋꓩ뚡뎰쓲땯ꗍ륤썂끨늼ꗳꅆꑋꑑ꒻꙾ꑇꓫꑀꓩꅁ비끝많ꩫꑈ꒤뗘ꗁ냪쏒꣩쉤쉩뙒뷦꒤ꓟꅝꖻꓥꕈꑕ슲뫙쉤뙒꒤ꓟꅞ닗ꓮꑗ쉤ꅁ낱ꓮ꧳쉤뙒꒤ꓟꅝOTCꅞ뙒뷦ꗦ꧶ꅁ껗롧쏒냲라꧳ꑋꑑꑃ꙾ꑑꓫꙖꕸ왗ꕸꕟꙡꓨꩫ끼끟뙄ꅁ뷐ꡄꖿ롱궹ꭾ굴덤ꑈꅂ쎱쏒라군깶ꅂꕄꣳ뿬꒧뇀싋쏒꣩냓떥덳녡뷟쁶32ꅃꖻ껗ꗘꭥꥼ쎴쓝꧳닄ꑀ뱦ꩫ끼ꅁ뿰ꖼꚳ뙩ꑀꡂ꒧뙩깩ꅃ 30 뷐냑빜뎯뗛쏒ꗦꩫꅁ닄317궶ꅃ 31 뷐냑ꢣ끝많ꩫꑈ꒤뗘ꗁ냪쏒꣩멛듁덦ꖫ돵땯깩냲라룪ꑈꩁ냈뭐ꭏ앀꒤ꓟ꣼끕뿬뉺꒧곛쏶ꡄ쁶껗ꗳꑀ쓽ꫭꅃ< 32 냑ꢣꕸ왗ꕸꕟꙡꓨꩫ끼ꑋꑑꑃ꙾궫뙄꙲닄ꑀꑔꕼꑃ뢹끟뙄ꪬꅃ 18
닄ꑇ뎹 쏒꣩뙂듛랧굺 ꗑ꧳룓껗ꗘꭥ꒴덂꧳뙄덞뚥걱ꅁꣃ꒣빁ꥹꪽ놵맯ꚹ귓껗Ꝁꗴ꛳ꩫꯟ띎ꢣ꒧뗻꩒ꅆ놩ꗑ꧳멉ꛜꗘꭥ결ꓮꅁ냪꒺ꕱꩫ맪냈ꥼ꿊ꕆ맯꧳쏒ꗦꩫ닄ꑔꑑꑇ뇸뷐ꡄ꒧꣣엩띎ꢣꕩ꣑냑끵ꅁꙝꚹꝞꑈ꒣녯꒣ꗑꖿ롱궹ꭾ껗ꅂ뚶ꑪ룎껗뭐ꩆ뚩꒭껗ꕘ땯ꅁ링룕뒣ꕘꅵꕩ꿠ꅶ뭐룓뇸ꚳ쏶꒧ꩫꯟ빁ꗎꑗꪺ냝썄ꅁ슲굮ꙡꕛꕈ끑뷗ꅇ ꅝꑀꅞ?결ꑗꖫꅝ쉤ꅞ꧒뵳뭳꒧꒽뙽뮡ꧺ껑뭐쏒ꗦꩫ닄ꑔꑑ뇸ꛜ닄ꑔꑑꑇ뇸꧒덗ꥷ삳ꗦꕉ꒧꒽뙽뮡ꧺ껑ꅁ걏ꝟ곛Ꙑꅈ 쏒ꗦꩫ닄ꑔꑑꑇ뇸닄ꑀ뚵꒧ꩫꓥ결ꅇꅵꭥ뇸꒧꒽뙽뮡ꧺ껑ꅁ꣤삳끏룼…굴덳녡뷟쁶덤ꗴ…ꅶꅁꚹ꧒ꅵꭥ뇸ꅶꭙ닄ꑔꑑꑀ뇸ꅁꝙꅇꅵ뛒뚰ꚳ믹쏒꣩ꅁ삳ꗽꙖ뭻ꑈ삳뛒ꑈꗦꕉ꒽뙽뮡ꧺ껑ꅃꅶ뒫ꢥ꒧ꅁ쏒ꗦꩫ닄ꑔꑑꑇ뇸굴덳녡덤ꗴ꒧ꯈ엩ꭙꙝꅵ뛒뚰ꅶꚳ믹쏒꣩꧒ꗦꕉ꒧꒽뙽뮡ꧺ껑ꅁꛓꙝꫬꚸꅵꑗ쉤ꅶ꧒뵳뭳꒧꒽뙽ꧺ껑걏ꝟꑝꙢ쏒ꗦꩫ닄ꑔꑑꑇ뇸덗뵤꒧ꙃꅁ꒣때뫃냝ꅉ꯶꧒뿗꒧꒽뙽뮡ꧺ껑ꅁ쏒ꗦꩫ닄ꑑꑔ뇸덗ꥷ결ꅇꅵ…꒽뙽뮡ꧺ껑ꅁ뿗땯ꛦꑈ결ꚳ믹쏒꣩꒧뛒뚰ꕘ뷦ꅁꖻꩫ꒧덗ꥷꅁꙖ꒽늳뒣ꕘ꒧뮡ꧺꓥ껑ꅃꅶ엣땍쏒ꗦꩫ꧳ꗟꩫ껉ꚳ띎맯ꅵ뛒뚰ꅶ뭐ꅵꕘ뷦ꅶ꧒삳뵳뭳꒧꒽뙽뮡ꧺ껑ꕛꕈ냏ꝏꅃ ꛓ꧒뿗ꪺ뛒뚰ꅁ쏒ꗦꩫ닄ꑃ뇸뿗ꅇꅵ…뛒뚰ꅁ뿗땯끟ꑈ꧳꒽ꕱꚨꗟꭥ땯ꛦ꒽ꕱ꧳땯ꛦꭥꅁ맯ꭄ꽓ꥷꑈ꒽뙽뛒ꗷ꒽ꕱ뛅꒧ꛦ결ꅃꅶꝙ뛒뚰ꭙ꒽ꕱꅵꚨꗟꅶꭥꅵ땯ꛦꅶꭥꅁ맯ꭄ꽓ꥷꑈ꒽뙽뛒ꗷ꒽ꕱ뛅꒧ꛦ결ꅃ ꑗꖫꅝ쉤ꅞ꒧륌땻엣뭐꒽ꕱꅵꚨꗟꅶ때쏶ꅁꛓꑗꖫꅝ쉤ꅞꪺ륌땻꒤꙰ꖼꙐ껉꛱쁈뱗룪땯ꛦ띳ꅁꭨꚹ뫘ꅵꕈꛑꑗꖫꅝ쉤ꅞꅶꪺ냊Ꝁ걏ꝟ결ꅵ땯ꛦꅶꅈ쏒ꗦꩫ닄ꑋ뇸ꅇꅵ…땯ꛦꅁ뿗땯ꛦꑈ뛒뚰ꯡ뭳Ꝁꣃꗦꕉꚳ믹쏒꣩꒧ꛦ결33ꅃꅶ엣땍녎땯ꛦꑀ뗼궭셙Ꙣꅵ뭳Ꝁꣃꗦꕉꚳ믹쏒꣩꒧ꛦ결ꅶꅁ뭐ꑀ꿫뭻ꪾꪺꅵ땯ꛦꅶꧺ엣꒣Ꙑꅃ뭜굙녎땯ꛦ궭ꥷ결뭳Ꝁ 33 ꑋꑑꑅ꙾ꑃꓫꑑꑅꓩ띳귗ꖿ꒧쏒ꗦꩫ닄ꑋ뇸덗ꥷ결ꅇꅵꖻꩫ꧒뫙땯ꛦꅁ뿗땯 ꛦꑈ뛒뚰ꯡ뭳Ꝁꣃꗦꕉꅁꕈ녢쎯릺벷ꓨꚡꗦꕉꚳ믹쏒꣩꒧ꛦ결ꅃꅶ띳뱗ꕈ녢쎯릺벷ꓨꚡ결ꗦꕉ꒧덗ꥷꅃ 19
뫴믚뫴룴쏒꣩ꗦ꧶뙂듛꒧곣ꡳ ꣃꗦꕉꚳ믹쏒꣩꒧ꛦ결ꅁꭨ땯ꛦꝙ삳때냏ꝏꅵ꒽뙽ꅶꅵꭄ꒽뙽ꅶ꒧ꖲ굮ꅃ34 굙Ꙟ랹꒽ꕱꩫ뭐쏒ꗦꩫ곛쏶덗ꥷꕩꪾꅁ땯ꛦꚳ믹쏒꣩꒧놡ꕩ꿠ꚳꑕꙃ둘뫘ꅇ 1. ꒽ꕱꚨꗟꭥꅁ뇄뛒뚰덝ꗟꅃꅝ꒽ꕱꩫ닄ꑀꛊꑔꑑꑇ뇸ꅞ 2. ꒽ꕱꚨꗟꯡ뉻뱗룪땯ꛦ띳ꅃꅝ꒽ꕱꩫ닄ꑇꛊ꒻ꑑ꒻뇸ꕈꑕ곛쏶덗ꥷꅞ 3. ꒽ꕱꚨꗟꯡ땯ꛦ꒽ꕱ뛅ꅃꅝ꒽ꕱꩫ닄ꑇꛊꕼꑑ꒻뇸ꕈꑕ곛쏶덗ꥷꅞ 4. ꣤ꕌꅃ꙰냲꣼꽱뻌쏒꒧땯ꛦꅂ뭻쇊ꅝ냢ꅞ앶쏒꒧땯ꛦ떥ꅃ ꗑꑗ굺꓀쏾ꕩꪾꅁ꒽ꕱꩫ뭐쏒ꗦꩫ맯ꚳ믹쏒꣩꒧땯ꛦ둘ꕇꞡ궭ꥷ결ꅵꚳ믹쏒꣩귬ꥬꪺꅂ닄ꑀꚸꪺꛛ땯ꛦꑈ걹Ꙗ뭻ꑈꅶꅁꝙꫬꚸ땯ꛦꪺꛦ결ꅆ뒫ꢥ꒧ꅁꑗꖫꅝ쉤ꅞꕂ때꛱쁈땯ꛦ띳ꅁ삳꒣쓝꧳쏒ꗦꩫ꧒뫙ꪺꅵ땯ꛦꅶꅁꛓꗧ꒣쓝꧳쏒ꗦꩫ닄ꑃ뇸ꥷ롱꒧ꅵ뛒뚰ꅶꅃ귣ꚹꅁꙝꑗꖫꅝ쉤ꅞ꒧믝굮꧒뵳뭳꒧꒽뙽뮡ꧺ껑ꝙꭄ쏒ꗦꩫ닄ꑔꑑꑀ뇸꧒뫙꒧꒽뙽뮡ꧺ껑ꅃ ꕈꖿ롱궹ꭾ껗결꣒ꅁ굙ꙝꖿ롱궹ꭾ꒽ꕱꑗ쉤ꛓ뵳뭳ꅂꗦꕉ꒧꒽뙽뮡ꧺ껑꒧뗪낰꒣맪ꛓ꣼띬깠꒧룪ꑈꅁ걏ꝟ녯ꕈ쏒ꗦꩫ닄ꑔꑑꑇ뇸Ꝁ결꣤띬깠뷟쁶꒧뷐ꡄ앶냲슦ꝙꚳ뫃냝ꅃ 걊땍쏒ꗦꩫ닄ꑔꑑꑇ뇸꧒덗ꥷ꒽뙽뮡ꧺ껑끏룼뗪낰꒣맪꒧덳녡덤ꗴꭙꧺꥷꅵ뛒뚰ꅶ꧒ꗦꕉꅁꭨ결ꅵꑗ쉤ꅶ꧒뵳뭳ꅂꗦꕉ꒧꒽뙽뮡ꧺ껑셡ꚳ뗪낰꒣맪ꅁ걏ꝟ꒴삳굴쏒ꗦꩫ닄ꑔꑑꑇ뇸꒧덳녡덤ꗴꅈ굙떪껗결걏ꅁꭨꚹ덳녡뛅냈걊ꭄꙝ럭ꑈ꒧ꅵꧺꗜꅶꛓꚨꗟꅁꗧꭄꅵꩫꯟꚳ덗ꥷꅶꅁ 34 뷐냑ꢣ뒿뗛쏒ꗦꩫ귬뉺ꅁ닄50궶ꅃ 20
닄ꑇ뎹 쏒꣩뙂듛랧굺 끚꒣뭐덳녡뛅냈ꚨꗟ꒧귬ꙝ꒣닅35ꅈ굙떪껗결ꝟꅁꭨ쏒ꗦꩫ닄ꑔꑑꑇ뇸꒧ꗟꩫꗘꪺ엣쏸륆ꚨꅃ ꅝꑇꅞ?롧라군깶떥녍슾띾ꑈ귻쎱쏒ꅁ꣤ꕌ꧳꒽뙽뮡ꧺ껑쎱뎹꣣ꙗ꒧ꑈ삳뫉꒧ꩠ띎땻ꯗ결꛳ꅈ ꯶쏒ꗦꩫ닄ꑔꑑꑇ뇸닄ꑇ뚵덗ꥷꅇꅵꭥ뚵닄ꑀ듚ꛜ닄ꑔ듚꒧ꑈꅁ낣땯ꛦꑈꕾꅁ맯꧳ꖼ롧ꭥ뚵닄ꕼ듚꒧ꑈ쎱쏒뎡꓀ꅁ꙰꿠쏒ꧺꑷ뫉곛럭꒧ꩠ띎ꅁꣃꚳꖿ럭뉺ꗑ뵔ꭈ꣤ꕄ굮꒺깥때뗪낰ꅂ쇴냎놡맯꧳쎱쏒꒧띎ꢣꚳꖿ럭뉺ꗑ뵔ꭈ꣤결꽵맪ꅁꝋ굴뷟쁶덤ꗴꅃꅶꚹꕄ굮ꭙ냑끵과냪1934꙾쏒ꗦꩫ닄ꑑꑀ뇸쏶꧳Ꙙ뉺뷕걤앇ꅝdue diligence defenseꅞ꒧덗ꥷꛓ꧳ꗁ냪ꑃꑑꑃ꙾귗ꖿꯡ띳뱗ꅁ듁뇦ꕈꚹ럾ꭐ땯ꛦꑈꕈꕾ꧳꒽뙽뮡ꧺ껑쎱뎹꒧ꑈ떽뫉뷕걤롱냈36ꅃ 놩룓덗ꥷ맯꧳롧라군깶떥녍ꑈ귻쎱쏒꒧띎ꢣꚳꖿ럭뉺ꗑ뵔ꭈ꣤결꽵맪ꅁꝋ굴뷟쁶덤ꗴꅁꭨ룓ꅵꖿ럭뉺ꗑꅶ결꛳ꅈꕈ꒽뙽뮡ꧺ껑꒤쏶꧳끝냈돸ꝩ라군깶결꣒ꅁ라군깶냵ꛦ슾냈껉ꅁ꒣녯ꚳ꒣ꖿ럭꒧ꛦ결ꅂ륈뱯ꚢ꣤띾냈ꑗ삳뫉꒧롱냈ꅝ라군깶ꩫ닄ꑑꑃ뇸ꅞ냑럓ꅃ뒫ꢥ꒧ꅁ굙쎱쏒라군깶ꭙ닅Ꙙ라군깶룪껦ꅁꭨ땯ꛦ꒽ꕱ꒧굴덤ꑈꅂ슾귻ꅂ꧓빐냓떥ꕄ녩몸떥곛ꭈ룓꣣ꚳꙘ껦룪껦꒧라군깶ꖲ뻚꣤슾냈라군깶ꩫ꒧굮ꡄꅁ떾맪쎱쏒ꅁ걏ꝟ멣ꚨ몡ꢬ꣤뵔ꭈ꒧ꅵꖿ럭뉺ꗑꅶꅈ ꗑ꧳쏒ꗦꩫ닄ꑔꑑꑇ뇸귗ꖿꢴ꒵ꥼ때ꙝ룓뇸ꛓ뚷뷟쁶덤ꗴ꒧껗꣒뭐맪냈ꢣ룑ꅁ룓뇸꒧ꅵꖿ럭뉺ꗑꅶꑓ쓝꧳랥결볒뵫꒧꒣뵔ꥷꩫꯟ랧꧀ꅁꙝꚹ꧳ꗟꩫꗘꪺ뭐덝군꧓빐꣮ꯗ꒧ꖻꚮꑇ뚡삳꙰꛳뷕ꥍꅁ맪결ꑀ귈녯ꕊ닓띲끵ꪺ냝썄ꅃ 35 ꯶ꗁꩫ닄ꑇꛊꑃꑑꑇ뇸ꅇꅵ볆ꑈ굴Ꙑꑀ뛅냈ꅁꧺꗜ맯꧳뛅냈ꑈꙕ굴ꗾ뎡떹ꕉ꒧덤ꗴꅁ결덳녡뛅냈ꅃꅝ닄ꑀ뚵ꅞ때ꭥ뚵꒧ꧺꗜ껉ꅁ덳녡뛅냈꒧ꚨꗟꅁꕈꩫꯟꚳ덗ꥷ결궭ꅃꅝ닄ꑇ뚵ꅞꅶꗧꝙ덳녡뛅냈ꚨꗟ꒧귬ꙝꚳꑇꅇ꣤ꑀ결뛅냈ꑈ꒧ꧺꗜꅁ꣤ꑇ결ꩫꯟꚳ덗ꥷꅃ꙰꒣꣣ꭥ굺ꑇ귬ꙝ꒧ꑀꛓ뇽ꚨꗟ덳녡뛅냈ꅁ꺣뭐ꗁꩫ쏶꧳덳녡뛅냈꒧ꗟꩫꖻꚮ꒣닅ꅃ 36 뷐냑ꢣꝅ뗛쏒ꗦꩫꅁ닄521궶ꅃ 21
뫴믚뫴룴쏒꣩ꗦ꧶뙂듛꒧곣ꡳ ꅝꑔꅞ?ꙝꩇ쏶ꭙ꒧쏒ꧺ ꕈ쏒꣩맪냈꒧륂Ꝁ왛맮ꅁ냪꒺떴ꑪꙨ볆꒧뒲ꓡ룪ꑈ냑뭐ꫬ꿅ꖫ돵꒧룪뎣Ꙣ꣼ꅵ뭥ꓫ듁ꅶꕩ꿠늣ꗍ꒧믹깴ꅁ띳땯ꛦ믹껦뭐ꖫ돵믹껦뚡꒧깴믹ꝑ꽱ꅁ쉁ꓖ꧳뭻삳뛒꒧믚ꅁ맯꧳땯ꛦꑈ꧒ꗦꕉ꒧꒽뙽뮡ꧺ껑룔ꕛ빜얪ꅃꚹ껉ꅁꖼ빜얪꒽뙽뮡ꧺ껑꒧룪ꑈꕩꝟ뒩ꓞ쏒ꗦꩫ닄ꑔꑑꑇ뇸뷐ꡄ띬깠뷟쁶ꝙꚳ뫃냝37ꅃ ꙝꩇ쏶ꭙ꒧꙳Ꙣꑄ뷐ꡄ띬깠뷟쁶꒧궫굮ꙝ꿀꒧ꑀꅁꕂꙝꩇ쏶ꭙ뱶암띬깠뷟쁶꒧뷐ꡄ뵤돲ꅃꙢ뉻맪놡ꑕꅁ룪ꑈ삳꙰꛳쏒ꧺ꣤꣼띬깠뭐꒽뙽뮡ꧺ껑꒧뗪낰꒣맪뚡꙳Ꙣꙝꩇ쏶ꭙꅁꗧ귈녯뉠ꑊ둍ꡄ룑떪ꅃ 닄ꑇ듚?ꚸ꿅ꖫ돵뙂듛 ꚸ꿅ꖫ돵꒧ꥷ롱ꑷ꙰ꭥ굺ꅁ꣤ꭙꚳ믹쏒꣩덺륌ꫬ꿅ꖫ돵땯ꛦ꒧ꯡꪺ뙒뷦ꖫ돵ꅃꚳ믹쏒꣩ꪺ룪믹귈ꅁ낣ꑆ싇ꗑꅵꩆ앶ꅶ꧒ꗍꪺ샲꽱꓀끴꣓ꫭ맼ꕈꕾꅁꕴꑀ룪믹귈ꭙꚳ믹쏒꣩ꪺꅵꗦ뒫믹귈ꅶꅁꑝ둎걏덺륌ꖫ돵ꗦ꧶뙒뷦늣ꗍꪺ샲꽱ꅃꗑ꧳뗻꛴ꚳ믹쏒꣩ꪺ롧샙믹귈뭐뗻꛴ꑀ꿫ꚳ엩ꪫ꧒믝ꛒ뙱ꪺꙝ꿀ꣃ꒣곛Ꙑꅁ때ꩫꪽ놵ꗑ꣤ꕾ왛Ꝑ쉟꣤믹귈낪ꝃꅁꛓꭙꖲ뚷ꛒ뙱땯ꛦ꒽ꕱꖻꢭ끝냈ꅂ띾냈ꪬꩰꪺꅂ땯ꛦ꒽ꕱꪺ샲ꝑ꿠ꑏꅂ늣띾ꭥ뒺떥ꙝ꿀ꥬꢬꕈꡍꥷꅁꙝꚹ룓땯ꛦ꒽ꕱꪺ곛쏶끝냈ꅂ띾냈룪끔ꭋ엣녯곛맯궫굮ꅃ꣒꙰꒽ꕱꪺ끝냈륷듺걏ꝟ륌꓀룘ꑪꅂ늣ꭾꪺ뙽땯돐띳뭐녍쓝앶ꝑꪺ꣺녯뭐ꝟꅂ꒽ꕱ궫ꑪ걆떦엜냊곆ꛜꑈꑨꪺ늧냊떥ꅁ뎣ꢬꕈ뱶암ꖫ돵맯룓땯ꛦ꒽ꕱ늼믹껦ꪺ뭻Ꙑꅁ뻉교늼믹껦ꩩ냊ꅃ ꧳ꚸ꿅ꖫ돵뙂듛꒤ꅁ녠ꢣꪺ굮쓝끝냈돸ꝩ뗪낰꒣맪ꅂ궫ꑪ끔꺧뒦앓뭐끝냈륷듺꒧뗪낰꒣맪ꅂ꒺뵵ꗦ꧶뭐뻞셡ꖫ돵ꛦ결떥ꅁꕈꑕꝙ꓀ꝏ둎ꚹꕼ쏾ꮬ꒧ꚸ꿅ꖫ돵뙂듛ꛦ결꓀ꝏ뷗굺ꅃ 37 뷐냑ꢣ뒿뗛쏒ꗦꩫ귬뉺ꅁ닄185궶ꅃ 22
닄ꑇ뎹 쏒꣩뙂듛랧굺 닄ꑀꗘ 끝냈돸ꝩ뗪낰꒣맪 땯ꛦ꒽ꕱ때뷗ꑗꖫꅝ쉤ꅞ뭐ꝟ38ꩫꖲ뚷ꥷ듁맪믚놡ꩰꙖꕄ뫞뻷쏶ꗓ돸꣤끝냈돸ꝩ샧륂놡ꣃ뿬뉺꒽ꝩꅁ걏결쏒ꗦꩫ닄ꑔꑑ꒻뇸꧒덗ꥷ39ꅁꚹꑓ결땯ꛦ꒽ꕱ꒽뙽뒦앓롱냈꒤ꅵ쑾쓲꒽뙽롱냈ꅶꪺ궫굮꒺깥꒧ꑀ40ꅃ 껚뻚쏒ꗦꩫ꒧덗ꥷꅁ꧒삳꒽ꝩ꒧끝냈돸ꝩ껉궭ꕩ냏꓀꙰ꑕꅇ 뫘쏾 ꒺깥굮ꡄ 듁 뻚 ꙾ꯗ끝냈돸ꝩ 끝냈돸ꝩ 샧띾꙾ꯗ닗ꑆꯡꕼ귓ꓫ꒺ ꆱ36ꋗ ꆰ?롧라군깶걤껖쎱쏒 뢳라덱륌 뫊맮ꑈ꧓뭻 ꕢ꙾돸 끝냈돸ꝩ ꡃꕢ샧띾꙾ꯗ닗ꑆꯡꑇ귓ꓫ꒺ ꆱ36ꋗ? ꆰ?롧라군깶걤껖쎱쏒 뢳라덱륌 뫊맮ꑈ꧓뭻 ꥵ돸 끝냈돸ꝩ 닄ꑀꅂꑔꥵ닗ꑆꯡꑀ귓ꓫ꒺ ꆱ36ꋗ? ꆰ롧라군깶껖빜 ꓫ돸 샧륂놡 닝ꓫꑑꓩꭥ ꆱ36ꋗ? ꆰ꒽ꕱꛛꛦ뭳Ꝁꞹꚨ ꗓ돸끝냈돸ꝩꪺ꒺뉛ꚳꑇꅁꑀ걏뷮ꛦꗓ돸땻Ꟈꅁꕈ덥맽쑾쓲꒽뙽ꪺ롱냈ꅆꑇ걏뵔ꭏꗓ돸꒺깥꽵맪ꪺ롱냈ꅃ껚뻚쏒ꗦꩫ닄ꑀꛊꑃꑑꑋ뇸닄ꑀ뚵닄ꑀ듚꒧덗ꥷꅁ땯ꛦ꒽ꕱ꙰륈뷮ꛦꗓ돸땻Ꟈ꒧ 38 껚뻚ꗁ냪ꑃꑑꑃ꙾ꑀꓫꑇꑑꑅꓩ귗ꖿꯡ꒧뇸ꓥꅁ땯ꛦ꒽ꕱ때뷗ꑗꖫꅝ쉤ꅞ뭐ꝟꅁꞡꚳ롱냈꧳ꡃꕢ샧띾꙾ꯗ닗ꑆꯡꑇ귓ꓫ꒺ꗓ돸ꣃ꒽ꝩ꣤끝냈돸ꝩꅁ뭐귗ꖿꭥ뛈굮ꡄꑗꖫ꒽ꕱ꒽ꝩꅂꗓ돸ꕢ꙾돸꒧덗ꥷ꒣Ꙑꅁ꣏ꑵ뙽땯ꛦ꒽ꕱ꒣믝냏꓀ꑗꖫꅝ쉤ꅞ뭐ꝟꅁꞡ빁ꗎ곛Ꙑꪺ꒽뙽롱냈ꅃ귬쏒ꗦꩫ닄ꑔꑑ꒻뇸덗ꥷ꙰ꑕꅇꅵꑷꖻꩫ땯ꛦꚳ믹쏒꣩꒧꒽ꕱꅁ삳꧳ꡃ샧띾꙾ꯗ닗ꑆꅁ뿬뉺ꡍ뫢ꯡꑑ꒭ꓩ꒺ꅁ녎끝냈돸ꝩꗽ롧라군깶걤껖쎱쏒ꅁꣃꩫ뒣롧ꩆ녠라꧓뭻ꯡꅁꙖꕄ뫞뻷쏶ꗓ돸ꣃ꒽ꝩ꒧ꅃꅝ닄ꑀ뚵ꅞꚳ믹쏒꣩ꑷꙢ쏒꣩ꗦ꧶꧒ꑗꖫ꒧꒽ꕱꅁ낣ꭥ뚵꒧덗ꥷꕾꅁ삳꧳ꡃꕢ샧띾꙾ꯗ닗ꑆ뿬뉺떲뫢ꯡꑑ꒭ꓩ꒺ꅁ녎끝냈돸ꝩꗽ롧라군깶걤껖쎱쏒ꅁꣃ롧뢳라ꅂ뫊맮ꑈ꧓뭻ꯡꙖꕄ뫞뻷쏶ꗓ돸ꣃ꒽ꝩ꒧ꅃꅝ닄ꑇ뚵ꅞꭥ뚵꒧끝냈돸ꝩꅁ삳ꕈꖻ끥쏒꣩ꗦ꧶꧒쏒꣩냓Ꙑ띾꒽라ꅁꕈ꣑꒽늳빜쓽ꅃꅝ닄ꑔ뚵ꅞ닄ꑀ뚵꒧ꩆ녠라ꅁ삳꧳ꡃ샧띾꙾ꯗ닗ꑆꯡ꒻귓ꓫ꒺ꕬ뚰꒧ꅃꅝ닄ꕼ뚵ꅞꅶ 39 뉻ꛦ쏒ꗦꩫ닄ꑔꑑ꒻뇸닄ꑀ뚵덗ꥷꅇꅵꑷꖻꩫ땯ꛦꚳ믹쏒꣩꒧꒽ꕱꅁ삳꧳ꡃ샧띾꙾ꯗ닗ꑆꯡꕼ귓ꓫ꒺꒽ꝩꣃꙖꕄ뫞뻷쏶ꗓ돸ꅁ롧라군깶걤껖쎱쏒ꅂ뢳라덱륌뫊맮ꑈ꧓뭻꒧꙾ꯗ끝냈돸ꝩꅃ꣤낣롧ꕄ뫞뻷쏶껖귣ꕾꅁꣃꖪꙃ덗ꥷ뿬뉺ꅇꑀꅂ꧳ꡃꕢ꙾샧띾꙾ꯗ닗ꑆꯡꑇ귓ꓫ꒺ꅁ꒽ꝩꣃꗓ돸롧라군깶걤껖쎱쏒ꅂ뢳라덱륌뫊맮ꑈ꧓뭻꒧끝냈돸ꝩꅃꑇꅂ꧳ꡃ샧띾꙾ꯗ닄ꑀꥵ닄ꑔꥵ닗ꑆꯡꑀ귓ꓫ꒺ꅁ꒽ꝩꣃꗓ돸롧라군깶껖빜꒧끝냈돸ꝩꅃꑔꅂ꧳ꡃꓫꑑꓩꕈꭥꅁ꒽ꝩꣃꗓ돸ꑗꓫꗷ샧륂놡ꅃꅶ 40 ꗸ띾꒽뙽뒦앓귬ꭨꅁ낣ꑆ녎끝냈ꅂ띾냈ꪬꩰ꒽뙽ꕈꕾꅁ맯꧳뢳ꅂ뫊맮ꑈꅂꑪꩆ롧뉺ꑈ떥꒺뎡ꑈ꒧꯹ꪬꩰ떥ꑝꙢ덗뵤ꪺ뵤돲꒧ꑀꅁ꙰쏒ꗦꩫ닄ꑇꑑꑇ뇸꒧ꑇꅂ닄ꑇꑑ꒭뇸떥쏶꧳꯹신엽ꅂ덝뷨떥ꪬꩰꗧ덗ꥷ삳뭐ꗓ돸꒽ꝩꅃꩌ냪ꗾ뗛ꅁ쏒ꗦꩫ곣ꡳꅝꕈꑕ슲뫙ꩌ뗛ꅵ쏒ꗦꩫ곣ꡳꅶꅞꅁ닄42궶ꕈꑕꅃ 23
뫴믚뫴룴쏒꣩ꗦ꧶뙂듛꒧곣ꡳ 롱냈ꅁꕄ뫞뻷쏶녯덂ꕈ띳뭏맴ꑑꑇ롕꒸ꕈꑗ꒻ꑑ롕꒸ꕈꑕ꒧뭀쇬ꅆꛜ꧳끝냈돸ꝩ꒺깥ꪺ꽵맪꧊굙ꚳ륈ꅁꭨ꓀ꝏ꧳Ꙑꩫ닄ꑀꛊꑃꑑꕼ뇸닄ꑇꑑ뇸덗ꥷ곛쏶꒧Ꙅ41뭐ꗁ덤ꗴ42ꅃꗑ쏒ꗦꩫ맯꧳땯ꛦꑈꅝ꒽ꕱꅞ쑾쓲꒽뙽롱냈ꪺ쑙껦굮ꡄꅁꕩꕈ띑ꢣ룪끔꒽뙽맯꧳룪ꖫ돵ꪺ궫굮꧊ꭄꕩꑰꅃꅝ덤ꗴ뎡꓀꒧룔닓뷗굺뷐ꢣꑕ론ꅞ 닄ꑇꗘ 궫ꑪ끔꺧뒦앓뭐끝냈륷듺꒧뗪낰꒣맪 ꅵ쑾쓲꒽뙽ꅶꪺ롱냈ꅁ낣ꑆꭥ굺ꪺ끝냈돸ꝩꥷ듁ꗓ돸ꕈꕾꅁ쏒ꗦꩫ닄ꑔꑑ꒻뇸닄ꑇ뚵ꕴ덗ꥷꚳꝙ껉궫ꑪ끔꺧ꪺ뒦앓롱냈ꅁꝙꑚ꒽뙽땯ꛦ꒽ꕱꚳꑕꙃ놡꒧ꑀ껉삳꧳맪땯ꗍ꒧ꓩ끟ꑇꓩ꒺꒽ꝩꣃꙖꕄ뫞뻷쏶ꗓ돸ꅇ ꅝꑀꅞ?ꩆ녠라꧓뭻꒧꙾ꯗ끝냈돸ꝩ뭐꒽ꝩꣃꙖꕄ뫞뻷쏶ꗓ돸꒧꙾ꯗ끝냈돸ꝩ꒣ꑀ교ꅆ ꅝꑇꅞ?땯ꗍ맯ꩆ앶꽱쏒꣩믹껦ꚳ궫ꑪ뱶암꒧뚵43ꅃ ꙰ꖼ덗ꥷ꒽ꝩꣃꙖꕄ뫞뻷쏶ꗓ돸껉ꚳꕩ꿠비ꕄ뫞뻷쏶ꕈ쏒ꗦꩫ닄ꑀꛊꑃꑑꑋ뇸덂ꕈ뭀쇬꒧덂꓀ꅁꙐ껉룓꒽ꝩꗓ돸뚵꙰ꚳ뗪낰꒧끏룼ꅁ삳굴꙰꛳꒧ꗁꙄ덤ꗴꅈ꙰룓ꅵ맯ꩆ앶꽱쏒꣩믹껦ꚳ궫ꑪ뱶암ꅶ꒧ꗓ돸ꓥꗳꕩ덑뭻결ꭙꅵ띾냈ꓥꗳꅶꅁ 41 닄ꑀꛊꑃꑑꕼ뇸닄ꑀ뚵닄꒭듚덗ꥷꅇꅵ땯ꛦꑈꅂ쏒꣩냓ꅂ쏒꣩냓Ꙑ띾꒽라ꅂ쏒꣩ꗦ꧶꧒닄ꑑꑋ뇸꧒ꥷ꒧띾ꅁ꧳ꩫꕄ뫞뻷쏶냲꧳ꩫꯟ꧒땯ꖬ꒧ꥒꕏ덗ꥷ꒧녢쎯ꅂꫭꕕꅂ뛇늼ꅂ끝냈돸ꝩ꣤ꕌꚳ쏶띾냈ꓥꗳ꒧꒺깥ꚳ뗪낰꒧끏룼ꅃꅶ녯덂꒭꙾ꕈꑕꚳ듁깻ꙄꅂꧫꟐ곬꣖곬띳뭏맴ꑇꛊꕼꑑ롕꒸ꕈꑕ뭀ꅃ 42 뷐냑ꢣ쏒ꗦꩫ닄ꑇꑑ뇸ꅃ 43 쏒ꗦꩫ걉ꛦ닓ꭨ닄ꑃ뇸꒧덗ꥷꅁ꧒뿗맯ꩆ앶꽱쏒꣩믹껦ꚳ궫ꑪ뱶암꒧뚵ꭙꅇ ꙳듚꒣ꢬ꒧끨꣤ꕌ돠ꖢ뛅ꭈ놡ꅃ ꙝ뙄덞ꅂꭄ덞ꅂꛦ걆덂꓀ꛦ걆ꪧ덞ꗳꅁ맯꒽ꕱ끝냈띾냈ꚳ궫ꑪ뱶암ꅃ 쑙궫듮늣ꗾ뎡뎡꓀낱ꑵꅂ꒽ꕱ뱴꧐ꕄ굮덝돆ꕘ꾲ꅂꗾ뎡ꕄ굮뎡꓀룪늣뷨ꧣꅁ맯꒽ꕱ샧띾ꚳ뱶암ꅃ ꚳ꒽ꕱꩫ닄ꑀꛊꑋꑑ꒭뇸닄ꑀ뚵꧒ꥷꙕ듚놡꒧ꑀꅃ 롧ꩫ끼꒽ꕱꩫ닄ꑇꛊꑋꑑꑃ뇸닄ꑀ뚵닄꒭듚덗ꥷ꣤늼결롔ꓮ신엽꒧뗴ꥷꅃ 뢳ꅂ셠롧뉺ꑔ꓀꒧ꑀꕈꑗ뢳땯ꗍ엜냊ꅃ 엜ꟳ쎱쏒라군깶ꅃ 쎱굱궫굮ꮴ곹ꅂ엜띾냈군땥꒧궫굮꒺깥ꅂꞹꚨ띳늣ꭾ뙽땯ꚬ쇊ꕌꑈꗸ띾ꅃ ꣤ꕌꢬꕈ뱶암꒽ꕱ쑾쓲샧륂꒧궫ꑪ놡ꅃ 24
닄ꑇ뎹 쏒꣩뙂듛랧굺 ꭨꕩ꓀ꝏ굮ꡄ쏒ꗦꩫ닄ꑇꑑ뇸닄ꑀꛊꑃꑑꕼ뇸꒧덗ꥷ굴ꗁꅂꙄ덤ꗴꅁ뭐끝냈돸ꝩꗓ돸꒽ꝩ꒧덤ꗴ곛Ꙑꅃ ꚹꕾꅁ뻚쏒듁라꧒륻ꝇ꒧ꅵ쏒꣩땯ꛦꑈ끝냈돸ꝩ뵳뭳럇ꭨꅶꅝꑕ뫙ꅵ뵳뭳럇ꭨꅶꅞ닄ꑑ꒭뇸덗ꥷꅁ땯ꛦ꒽ꕱ삳뒦앓끝냈륷듺ꅁꣃꅵ꒽뙽땯ꛦ꒽ꕱ끝냈륷듺룪끔꒽뙽엩꡴맪걉굮쉉ꅶꅝꑕ뫙ꅵ끝듺꒽뙽굮쉉ꅶꅞ꒧덗ꥷ꒩ꕈ꒽뙽44ꅃ땯ꛦ꒽ꕱ굙륈덗ꥷꖼ꒩꒽뙽ꅁ냲꧳걇띎궫ꑪ륌ꖢ교끝냈륷듺ꚳ뗪낰쇴냎꒧놡ꅁ녎쏒ꗦꩫ닄ꑀꛊꑃꑑꕼ뇸꒧덗ꥷ덂뉺ꅃ45ꅝ놩ꚹ덗ꥷ녎ꅵ궫ꑪ륌ꖢꅶ교끝냈륷듺ꚳ뗪낰쇴냎꒧놡ꅁ꿇ꑊ쏒ꗦꩫ닄ꑀꛊꑃꑑꕼ뇸꒧빁ꗎ뵤돲ꅁꑷ륏뙖롯Ꙅꩫꥷ귬ꭨꅁ꣤껄ꑏ귈녯써뫃ꅁꚹꭄꖻꓥ꧒뇽끑뷗꒧궫쉉ꅁ걇꒣싘굺ꅃꅞ 닄ꑔꗘ ꒺뵵ꗦ꧶ ꒺뵵ꗦ꧶ꅝinsider tradingꅞ46둎꣤굞ꓥ꙲롱ꛓꢥꑓꕩ뫙결꒺뎡ꑈꗦ꧶ꅁ걏Ꙩ볆냪깡쏒ꗦꩫ꧒궭꣮꒧ꛦ결ꅁ꣤귬ꙝꕄ굮ꗑ꧳꒺뎡ꑈ뭐ꑀ꿫룪ꑪ늳곛룻ꅁꭙ덂꧳룻꧶꣺녯ꖫ돵룪끔ꅝmarket informationꅞ꽓ꝏ걏꒽ꕱ꒺뎡룪끔ꅝcorporate inside informationꅞꪺ쁵뛕ꙡꛬꅃꗟꩫ냲꧳ꭏ믙ꖫ돵룪끔걹덱뭐꒽ꖭꗦ꧶ꪺ뉺띑ꅁ 44 ꅵ꒽뙽땯ꛦ꒽ꕱ끝냈륷듺룪끔꒽뙽엩꡴맪걉굮쉉ꅶ닄ꑇ쉉덗ꥷꅁ삳꒽뙽끝냈륷듺결ꅇ 늼ꑷ꧳쏒꣩ꗦ꧶꧒ꑗꖫ꧳쏒꣩냓샧띾덂꧒뙒뷦꒧꒽뙽땯ꛦ꒽ꕱꅁ뭐뉻땯ꛦ띳ꅂ땯ꛦ신뒫꒽ꕱ뛅ꅂꙐꑀꗴ듁꒺뢳땯ꗍ엜냊닖군륆ꑔ꓀꒧ꑀꕈꑗ…떥놡ꅁ삳꒽뙽끝냈륷듺ꅃ 늼ꖼ꧳쏒꣩ꗦ꧶꧒ꑗꖫꖼ꧳쏒꣩냓샧띾덂꧒뙒뷦꒧꒽뙽땯ꛦ꒽ꕱꅁ덗ꥷ뉻땯ꛦ띳ꣃ맯ꕾ꒽뙽땯ꛦ껉ꅃ Ꙗ뭏왗쏒꣩ꗦ꧶꧒ꗷꚳ궭꒽ꕱꗓ뷐늼ꑗꖫꙖ끝많ꩫꑈ꒤뗘ꗁ냪쏒꣩쉤쉩뙒뷦꒤ꓟꗓ뷐늼꧳쏒꣩냓쉤쉩뙒뷦ꅁ낣ꗓ뷐ꑗꖫꅂꑗ쉤덗ꥷ꒽뙽끝냈륷듺ꕾꅁꣃ삳꧳ꕄ뫞뻷쏶껖귣ꑗꖫꑗ쉤ꯡ꒧ꚸꑀ꙾ꯗ끟덳쓲ꑔ꙾ꯗ쑾쓲꒽뙽끝냈륷듺ꅃꛛ쑀꒽뙽끝냈륷듺ꅃ 45 ꒽뙽땯ꛦ꒽ꕱ끝냈륷듺룪끔꒽뙽엩꡴맪걉굮쉉닄ꑇꑑ꒭쉉ꚳ꙰ꑕ꒧덗ꥷꅇꅵ꒽ꕱ뫞뉺럭ꞽ삳ꖻ룛ꭈ귬ꭨꅁ냲꧳Ꙙ뉺꒧냲ꖻ낲덝꒹럭뵳뭳ꣃ껉ꟳ띳끝냈륷듺ꅃ꙰냲꧳걇띎궫ꑪ륌ꖢꅁ교끝냈륷듺꒺깥ꚳ뗪낰쇴냎꒧놡ꅁ쏒ꗦꩫ닄ꑀꛊꑃꑑꕼ뇸덗ꥷ덂뉺ꅁ맯꧳룓ꚳ믹쏒꣩꒧떽띎꣺녯ꑈꕘ뷦ꑈꙝꛓ꧒꣼꒧띬깠ꅁꣃ쏒ꗦꩫ닄ꑇꑑ뇸굴뷟쁶꒧덤ꅃꅶ 46 껚뻚과냪앶ꯂꩫꯟ꙲꣥Black’s Law Dictionary맯꧳ꆧinsider tradingꆨ꧒Ꝁꪺ룑쓀꙰ꑕꅇꆧTerm refers to transactions in shares of publicly held corporations by persons with inside or advance information on which the trading is based. Usually the trader himself is an insider with the employment or other relation of trust and confidence with the corporation. …ꆨ 25
뫴믚뫴룴쏒꣩ꗦ꧶뙂듛꒧곣ꡳ 굮ꡄ땯ꛦ꒽ꕱ삳녎꣣ꚳꅵ꒽Ꙁ끝ꅶ꧊뷨ꪺꖫ돵룪끔맯ꑪ늳꒽뙽47ꅃ ꒺뎡ꑈꅝinsiderꅞꣃꭄꩫ뇸꒧ꗎ뭹ꅁꙢ뻇뉺ꑗꚳ꧒뿗ꅵ꒽ꕱ꒺뎡ꑈꅶ뭐ꅵꖫ돵꒺뎡ꑈꅶ48ꅁꅵ귬ꥬ꒺뎡ꑈꅶ뭐ꅵꚸ꿅꒺뎡ꑈꅶ꒧꓀49ꅁ맪ꑗꅁꚹ뚵냏꓀뛈ꭙꚳꝕ꧳셁룑꒺뎡ꑈ꒧ꝴ롱ꅁꙢꩫꯟ빁ꗎꑗꣃ때쑙껦냏ꝏ꒧ꖲ굮ꅃꛓ껚뻚냪쏒ꗦꩫ닄ꑀꛊ꒭ꑑꑃ뇸꒧ꑀ꧒덗ꥷꅁ닅Ꙙ꒺뵵ꗦ꧶멣ꚨ굮ꗳ굮ꡄ꒧ꅵ꒺뎡ꑈꅶꕩ꓀결ꅇ ꅝꑀꅞ?꒽ꕱ뢳ꅂ뫊맮ꑈ롧뉺ꑈꅃ ꅝꑇꅞ?꯹ꚳ룓꒽ꕱꗷ뙗륌ꛊ꓀꒧ꑑ꒧ꩆꅝ꯹삳ꕝ걁꣤끴낸ꅂꖼꚨ꙾ꑬꑫꝑꗎꕌꑈꙗ롱꯹ꚳ꒧ꗷꙘ꣖군뫢ꅞꅃ ꅝꑔꅞ?냲꧳슾띾놱꣮쏶ꭙ샲노껸꺧꒧ꑈꅃ ꅝꕼꅞ?녱ꭥꑔ뚵꧒ꙃ꒧ꑈ샲노껸꺧ꅃꅝ룑쓀ꑗ때뷗ꪽ놵뚡놵샲교껸꺧ꅁ곒쓝꒧ꅞ ꒺뵵ꗦ꧶ꕄ엩꒧ꅵꑈꅶꪺ굮ꗳꑷ꙰ꭥ굺ꅆꛜ꧳꧒뿗ꪺꅵ꒺뵵껸꺧ꅶꭙ땯ꛦ꒽ꕱꥼꖼ꒽뙽꒧ꅵ궫ꑪ뱶암꣤늼믹껦꒧껸꺧ꅶꅆ껚뻚Ꙑ뇸닄ꕼ뚵꒧덗ꥷꅁ꧒뿗ꅵ궫ꑪ뱶암꣤늼믹껦꒧껸꺧ꅶꭙ: ꅝꑀꅞ?꽁꒽ꕱ끝냈ꅂ띾냈룓쏒꣩꒧ꖫ돵꣑ꡄꅁ맯꣤늼믹껦ꚳ궫ꑪ뱶암꒧껸꺧ꅆ 47 ꅵ룪끔ꅶꕩ뿗땯ꛦ꒽ꕱ꒧ꚳ믹쏒꣩Ꙣ쏒꣩ꖫ돵걹덱껉돌꣣ꚳ뱶암꣑믝ꪬ멁ꪺ궫굮ꙝ꿀ꅁꙢ쏒꣩ꖫ돵ꚹꑀ낪ꯗꅵ끝꓆ꅶꪺꕀ곉꒤ꅁꅵ룪끔ꅶ앫땍ꑷ롧ꚨ결뿺ꪺꙐ롱뗼ꅁꝞꑈ곆ꛜ삳녎쏒꣩ꖫ돵ꪺ꒺뎡룪끔뗸결ꑀ뫘ꅵꡰꚳ끝ꅶꅝprivate goodsꅞꅁ뙩ꛓ덺륌ꩫꯟ덗뵤녎꒺뎡룪끔꒩ꕈ꒽뙽ꅁ꣏ꚹ뫘룪끔ꙁꝑꗎꑗ륆ꚨꑀ뫘쏾ꅵ꒽Ꙁ끝ꅶꪺ뗻믹ꕜ꿠…ꅃ쏶꧳ꚹ뷗굺뷐냑빜ꗃꗍꅁ쏒꣩룪ꅂ룪룪끔뭐꒺뵵ꗦ꧶ꅁꚬ뿽꧳끝롧ꩫ뷗뚰—걟ꩋ뇐뇂꒻꾴뗘뷏꾬뙐뷗ꓥ뚰ꅁ닄501ꇣ508궶ꅃ 48 ꧒뿗ꅵ꒽ꕱ꒺뎡ꑈꅶꭙ꒽ꕱ꒧뢳ꅂ뫊맮ꑈꅂ롧뉺ꑈ꯹ꚳ꒽ꕱꗷ뙗륌ꛊ꓀꒧ꑑ꒧ꩆꅁꝙ쏒ꗦꩫ닄ꑀꛊ꒭ꑑꑃ뇸꒧ꑀ닄ꑀ뚵닄ꑀꅂꑇ듚꧒뫙꒧ꑈꅁ꣣ꚳꚹ뫘ꢭꗷ꒧ꑈ덱녠꣣ꚳ룻Ꙩꪺ뻷라놵꫱꒽ꕱ궫굮끔꺧ꅆꛜ꧳ꅵꖫ돵꒺뎡ꑈꅶꭨ걏뭐꒽ꕱꣃ때꽓껭쏶ꭙꅁꗽꑀꡂ꣺녯ꢬꕈ뱶암ꑗꖫꅝ쉤ꅞ꒽ꕱ늼믹껦궫굮껸꺧ꪺꑈꅁ꙰쏒꣩냓ꗦ꧶꧒ꑈ귻ꪾ노걙ꑗꖫ꒧꽓껭뙒뙩뷦ꕘ놡ꅃꭥ굺꓀쏾뷐냑빜뿠굞럓ꅁ쏒ꗦꩫ덶뇸쓀롱—닄ꕼꕕꅁ닄539궶ꕈꑕꅃ10b-5덗ꭨ녎녱꒺뵵ꗦ꧶ꛦ결ꪺ맯뙈꓀결꒺뎡ꑈꅝinsidersꅞ껸꺧꣼믢ꑈꅝtippeesꅞꅆ꧒뿗ꪺinsiders걏Ꙣ녱룓ꚳ믹쏒꣩ꗦ꧶ꪺꑈ꒧ꭥꟳꚭ녯ꪾꚳ쏶룓쏒꣩ꗦ꧶ꪺ궫굮끔꺧ꅝmaterial informationꅞꅁꛜ꧳tippeesꭨ걏ꛛ꒺뎡ꑈ덂샲노궫굮끔꺧ꅁꣃꕂꝑꗎ룓끔꺧맪믚녱룓꽓ꥷ늼꒧ꗦ꧶ꅃSee Niels B. Schaumann, Gilbert Law Summaries Securities regulation 151 (5th ed 1997) 49 뷐냑빜ꝅ뗛쏒ꗦꩫꅁ닄562궶ꅃ 26
닄ꑇ뎹 쏒꣩뙂듛랧굺 ꅝꑇꅞ?맯ꖿ럭룪ꑈ꒧룪ꡍꥷꚳ궫굮뱶암꒧껸꺧ꅃ 왛맮ꭥꑇ뚵꧒ꥷ롱꒧ꅵ꒺뵵ꗦ꧶ꅶꪺ꒺뉛ꕩ땯뉻ꅁꢬꕈ멣ꚨ꒺뵵껸꺧ꪺ끔꺧ꖲ뚷꣣ꚳ궫굮꧊ꅝmaterialityꅞꅁꗧꝙ룓끔꺧걏ꝟ꒽뙽ꑷꢬꕈ쑙궫뱶암믹ꪺꫭ뉻ꅁꥬꢬꕈ멣ꚨ꒺뵵ꗦ꧶꒧꒺뵵껸꺧ꅃ땍쏒ꗦꩫ쏶꧳ꖻ뇸꧒뿗꒧ꅵ궫ꑪ뱶암꣤늼믹껦꒧껸꺧ꅶ낣ꑆꑗ굺랧걁ꪺꥷ롱꧊룑쓀ꕈꕾꅁ걏ꝟꚳ꣤ꕌ룻결룔뫉꒧ꥷ롱ꅈ Ꙣ쏒ꗦꩫ걉ꛦ닓ꭨꅝꕈꑕ슲뫙걉ꛦ닓ꭨꅞ닄ꑃ뇸덗ꥷꚳꑅ듚꒧ꗑꅁꝙꅇ 1ꅂ ꙳듚꒣ꢬ꒧끨늼ꅂ떴ꦹ꣓꣤ꕌ돠ꖢ뛅ꭈ놡ꅃ 2ꅂ ꙝ뙄덞ꅂꭄ덞ꅂꛦ걆덂꓀ꛦ걆ꪧ덞ꗳꅁ맯꒽ꕱ끝냈띾냈ꚳ궫ꑪ뱶암ꅃ 3ꅂ 쑙궫듮늣ꗾ뎡뎡꓀낱ꑵꅂ꒽ꕱ뱴꧐ꕄ굮덝돆ꕘ꾲ꅂꗾ뎡ꕄ굮뎡꓀룪늣뷨ꧣꅁ맯꒽ꕱ샧띾ꚳ뱶암ꅃ 4ꅂ ꚳ꒽ꕱꩫ닄ꑀꛊꑋꑑ꒭뇸닄ꑀ뚵꧒ꥷꙕ듚놡꒧ꑀꅃ 5ꅂ 롧ꩫ끼꒽ꕱꩫ닄ꑇꛊꑋꑑꑃ뇸닄ꑀ뚵닄꒭듚덗ꥷ꣤늼결롔ꓮ신엽꒧뗴ꥷꅃ 6ꅂ 뢳ꅂ셠롧뉺ꑔ꓀꒧ꑀꕈꑗ뢳땯ꗍ엜냊ꅃ 7ꅂ 엜ꟳ쎱쏒라군깶ꅃ 8ꅂ 쎱굱궫굮ꮴ곹ꅂ엜띾냈군땥꒧궫굮꒺깥ꅂꞹꚨ띳늣ꭾ뙽땯ꚬ쇊ꕌꑈꗸ띾ꅃ 9ꅂ ꣤ꕌꢬꕈ뱶암꒽ꕱ쑾쓲샧륂꒧궫ꑪ놡ꅃ ꚳ뻇뭻결ꅁꙢꑀ꿫놡ꑕꅁꭥ굺뚵ꪺ땯ꗍ삳ꝙꕩ멣ꚨꅵ꒺뵵껸꺧ꅶ50ꅆ땍띍띎ꕈ결ꅁ쇶땍쏒ꗦꩫ걉ꛦ닓ꭨ녎ꑗ굺ꑅ듚ꗑꙃ셼결ꅵ맯ꩆ앶꽱쏒꣩믹껦ꚳ궫ꑪ뱶암꒧뚵ꅶꅁꡳ뎺걏ꝟ꽵ꖿ꣣ꚳꅵ궫ꑪ뱶암ꅶꥼꖲ뚷뗸꣣엩놡ꛓꥷꅃ ꣒꙰ꕈ과냪쏒꣩ꩫꪺ덗ꥷꅁ뇽ꚨꗟ덗ꭨ10b-5ꪺ쏒꣩뙂듛ꛦ결ꅁꖲ뚷샋뗸룓껸꺧걏ꝟ맯룪꒧룪ꡍꥷ꣣ꚳ궫ꑪ뱶암ꅁ꓀ 50 뷐냑ꢣꅁ뿠뗛쏒ꗦꩫ쓀롱ꅝꕼꅞꅁ닄542궶ꅃ 27
뫴믚뫴룴쏒꣩ꗦ꧶뙂듛꒧곣ꡳ ꝏ녱ꅇꅝ1ꅞꩫꥷ꒽뙽뚵ꗘ꒧궫ꑪ꧊ꅝLine Item Materialityꅞ51ꅆꅝ2ꅞ뷨ꪺ궫ꑪ꧊ꅝQualitative Materialityꅞ52ꅆꅝ3ꅞꭄ녠ꕩ꿠꧊ꅝSubstantial likelihood of significanceꅞ53ꅆꅝ4ꅞꕩ꿠꧊뭐뱶암땻ꯗꅝProbability vs. magnitudeꅞ54떥ꓨ궱샋뗸ꅁꥬꚳꝕ꧳Ꝑ쉟걏ꝟ멣ꚨ꒺뵵ꗦ꧶ꪺ륈ꩫꛦ결ꅃ ꚹꕾꅁ꒺뵵ꗦ꧶ꕄ굮ꭙꙢ덂뭀ꖫ돵냑뭐ꙝꢭꗷ놱꣮쏶ꭙꛓ꣺녯꒺뵵껸꺧ꯡꅁ꽽썡꒽ꖭꗦ꧶ꪺ귬ꭨꅁꗧꝙ륈꧒뿗ꪺꅵꖭ떥꣺녯룪끔뉺뷗ꅶꅝthe Equal Access Theoryꅞ55ꅁꥬ꣣ꚳꕩ뭀꧊ꅃ꒣륌ꅁꚹ뉺뷗ꭙꑀꑅꑋꆳ꙾ꕈꭥ쏶꧳꒺뵵ꗦ꧶꣣ꚳꕩ뭀꧊ꪺ뉺뷗냲슦ꅃ꣬ꑆꑀꑅꑋꆳ꙾ꅁ과냪셰ꢹꩫ끼땯깩ꕘꕴꑀ귓ꚳ쏶꒺뵵ꗦ꧶덤ꗴꪺ뉺뷗ꅁ뫙결ꅵꦾ맪롱냈뉺뷗ꅶꅝThe Fiduciary Duty Theoryꅞꅁ뭻결럭꒺뎡ꑈ녱ꗦ꧶껉ꅁ꙰륈ꑆ뭐Ꙑ껉듁ꗦ꧶꒧곛맯ꑈꪺꭈ뿠쏶ꭙꅝtrust or confidenceꅞ껉ꅁꥬꚳ멣ꚨ쏒꣩뙂듛꒧ꕩ꿠ꅁ꒧굙꿊ꕆꚹꑀꦾ맪롱냈쏶ꭙꅁ꒺뎡ꑈꣃ때롱냈ꙖꙐ껉듁ꗦ꧶ꑈ뒦앓룪끔ꅁꗧ꒣삳교쏒꣩뙂듛뙄덞56ꅃꚹꑀ뉺뷗꒧뗛ꙗ껗꣒ꅁꕩꕈ셰ꢹ돌낪ꩫ끼꧳ꑀꑅꑋꆳ꙾맯꧳Chiarella v. United States껗57ꑀꑅꑋꑔ꙾ Dirks v. SEC58ꑇꝐꡍ결ꕎꫭꅃ 51 뷐냑ꢣ뱂덳럔ꅁ꒽ꕱꩫ뉺뷗뭐Ꝑꡍ곣ꡳꅝꑇꅞ닄170-171궶ꅁꑀꑅꑅꑋ꙾ꕼꓫꝀꛛꪩꅃꚹꝙ뭐쏒ꗦꩫ걉ꛦ닓ꭨ닄ꑃ뇸꒧덗ꥷꝀ결Ꝑ쉟ꅵ궫ꑪ껸꺧ꅶ곛Ꙑꅃ 52 Ꙑꭥ뗹ꅃ 53 ꧒뿗ꪺꅵꭄ녠ꕩ꿠ꅶꅝsubstantial likelihoodꅞ걏ꅵ걏ꝟꢬꕈ뱶암ꑀ귓ꖿ녠ꪺꩆꅝreasonable shareholderꅞꙢꡍꥷ꙰꛳결늼ꛦ결껉라ꕛꕈꛒ뱻ꪺ궫ꑪ맪ꅃꅶSupra note at 45, at 151. 54 럭꒴때ꩫ뵔ꥷ꧒뿗ꪺꅵ궫ꑪ껸꺧ꅶ걏ꝟ라땯ꗍ껉ꅁ돌낪ꩫ끼뇄꣺꣢귓샋뗸볐럇꣓Ꝑ쉟걏ꝟ멣ꚨ꒺뵵ꗦ꧶ꪺ궫ꑪ껸꺧ꅁꝙꅝ1ꅞ룓ꗳ땯ꗍꪺꕩ꿠땻ꯗ꙰꛳ꅈꅝ2ꅞ굙룓ꗳ땯ꗍꅁꭨ뙩ꑀꡂ놴ꡳ룓ꗳ맯땯ꛦ꒽ꕱ룪ꑈꪺ궫굮땻ꯗ꙰꛳ꅈꚹꝐ쉟볐럇ꭙ돌낪ꩫ끼꧳Basic, Inc. v. Levinsonꑀ껗꧒결ꪺ곝ꩫꅃIdꅃ 55 See SEC V. Texas Gulf Sulphur Co. 401 833(2nd Cir. 1968) 56 뷐냑ꢣ꿕ꑀ쓉ꅁ과냪셰ꢹ돌낪ꩫ끼United States v. O'HaganꝐꡍ맯꧳꒺뵵ꗦ꧶덗뵤꒧뷄삻ꅁ쏒뫞싸뭸닄ꑑꑃꣷ닄ꑑ듁ꅁꗁ냪ꑋꑑꑋ꙾ꑑꓫꅃ< 57 ꙢChiarella v. United Statesꑀ껗꒤ꅁChiarellaꭙ꣼릵꧳녱Ꙍ꣪띾ꪺPandick Press ꒽ꕱꅁ뻡ꗴ뇆꙲ꪩ궱ꑵꝀꅁ룓꒽ꕱ꣼ꥥ끕뭳Ꝁꚳ쏶꒽뙽ꚬ쇊껗삳뒦앓꒧ꓥꗳꅁ룓떥ꓥꗳ쇶녎ꗘ볐꒽ꕱꕈꕎ뢹ꗕꫭꗜꅁChiarella뉱ꕘꗘ볐꒽ꕱ꒧ꙗ뫙ꅁꭋ뙒뙩ꗘ볐꒽ꕱ꒧늼ꅁ꧳꒽뙽ꚬ쇊껸꺧꒽뙽ꯡꅁ쁈ꝙ뷦ꕘ늼ꅁ쇈꣺ꝑ꽱곹ꑔ롕과꒸ꅃ꿃곹ꙡꓨꩫ끼Ꝑꡍ꣤륈Rule10b-5ꅁChiarella꒣ꩁꅁꑗ뙄닄ꑇꢵ끪ꩫ끼ꅁ룓끼ꙁꚸ뇄꣺ Texas Gulf Sulphur Co.ꑁ껗ꯘꗟ꒧ꅵꖭ떥놵쒲뉺뷗ꅶꅁꣃ녎꒧ꥷ롯ꅆ껗롧ꑗ뙄ꛜ돌낪ꩫ끼ꯡꅁ돌낪ꩫ끼뇀슽ꑆꑗ뙄ꩫ끼꒧ꢣ룑ꅁ뭻결ꕵꚳꅵꙢꚳ롱냈뒦앓껉ꖼ꒽뙽룪끔껉ꅁꥬ멣ꚨ뙂듛ꅶꅁꛓꚹ뫘뒦앓롱냈뛈꙳Ꙣ꧳꒽ꕱ뢳ꅁ꣣놱꣮앶꒧ꑪꩆ뭐낪꿅슾귻떥꒺뎡ꑈꅃ 셰ꢹ돌낪ꩫ끼ꣃ떴SECꕈChiarellaꖼ맯ꅵꙐ껉듁ꗦ꧶ꑈꅶ뒦앓ꭙ멣ꚨ34꙾쏒ꗦꩫ닄10(b)꒧ꅵ듛뙂ꅶꅝdeceptionꅞ굮 28
닄ꑇ뎹 쏒꣩뙂듛랧굺 ꒣륌ꅁ꣬ꑆꑀꑅꑅꑃ꙾ꅁ셰ꢹ돌낪ꩫ끼ꙢO'Hagan껗꒧Ꝑꡍꅁ뒭뇳ꑆ륌ꕨꧫꩤ꧳ꓥ롱룑쓀꒧ꓨꩫꅁ꧓뭻ꅵꡰ꣺뉺뷗ꅶꅝThe Misappropriation TheoryꅞꝀ결꒺뎡ꑈꗦ꧶덤ꗴ냲슦ꅁ꣏SEC녯ꕈꝑꗎꚹꑀ쏒꣩뙂듛뉺뷗ꅁ맯꧳ꝑꗎ꒺뵵껸꺧녱ꚳ믹쏒꣩뙒뷦끬뙄ꗁꅂꙄ덤ꗴꅃ돌낪ꩫ끼뭻결O'Haganꪺꛦ결닅Ꙙ34꙾쏒ꗦꩫ닄10(b)ꪺ굮ꗳꅁꝙO'Haganꕈ듛뙂ꪺꓨꩫꅝdeceptive deviceꅞ녱뭐ꚳ믹쏒꣩뙒뷦곛쏶ꅝin connection withꅞꪺꛦ결ꅁꣃꕂꗑ꧳룓끔꺧맯꧳ꗦ꧶꣣ꚳ궫굮꧊ꅁ걇O'Haganꪺꗦ꧶륈34꙾쏒ꗦꩫ닄10(b)뭐Rule 10b-5ꪺ덗ꥷ59ꅃ 셰ꢹ돌낪ꩫ끼Ꙣꑀꑅꑅꑃ꙾United States v. O'Hagan껗꒤ꅁꧺ뵔꧓뭻ꅵꡰ꣺뉺뷗ꅶ꒧ꚳ껄꧊ꅆ뭻결ꅵꡰ꣺뉺뷗ꅶꕇ걏ꅵꦾ맪롱냈뉺뷗ꅶ뭐ꅵꖭ떥놵쒲뉺뷗ꅶꪺ뫮Ꙙ엩ꅝ뫙결ꅵꖭ떥꣺녯룪끔뉺뷗ꅶꅞꅆꝙꛛꅵꦾ맪롱냈뉺뷗ꅶꪺꢤꯗꢥꅁꅵꡰ꣺뉺뷗ꅶ꒴ꯘꗟꙢ륈ꦾ맪롱냈ꑗꅁ꣤ꦾ맪롱냈꒧꒺뉛ꑷ꒣곛Ꙑꅁꭙꗦ꧶ꑈ맯ꖼ꒽뙽룪끔꒧꣓랽굴ꚳ롱냈ꅆꕴꑀꓨ궱ꅁꅵꡰ꣺뉺뷗ꅶ맯꧳룪ꑈꥍ뭐꣤ꗦ꧶꒧ꖫ돵냑뭐뚡꒣뚷ꚳꦾ맪롱냈쏶ꭙꅁ뭐ꅵꖭ떥놵쒲뉺뷗ꅶ곛Ꙑ60ꅃ 셰ꢹ돌낪ꩫ끼ꙢO'Hagan껗Ꝑꡍ신뒫ꑆ꒺뎡ꑈꗦ꧶덗뵤꒧ꩫꯟ엩꡴ꅁ걏ꅵꡰ꣺뉺뷗ꅶ걏ꝟ녎ꚨ결과냪맯꧳Ꝑ쉟꒺뵵ꗦ꧶꒧ꕄ굮귬ꭨꅁꗘꭥ꒴때ꩫꝐ쉟ꅁ땓ꯝ과냪ꩫ끼Ꙣꖼ꣓ꪺ껗ꗳ꒤ꯘꗟꟳ닏맪ꪺ뉺뷗냲슦ꅃ ꕴꕾꅁꙢꑇꆳꆳꆳ꙾ꑋꓫꅁSEC껖귣덱륌꒽ꖭ뒦앓덗ꭨ(Regulation Fair Disclosureꅁ슲뫙Regulation FD)61ꅁ뱯낣쏒꣩땯 ꗳ꒧뷗쉉ꅁꩫ끼뭻결냲꧳Ꝑ꣒ꩫ귬ꭨꅁꖼ꒽뙽룪끔꒧ꛦ결뭐꒽뙽꒧롱냈뚷Ꙑ껉꙳Ꙣꅁꥬꚳ뙂듛ꕩꢥꅆꙝꚹ돌낪ꩫ끼ꕈChiarella 뭐ꗘ볐꒽ꕱꩆ뚡ꣃ때ꗦ꧶쏶ꭙꅁꑓꭄ룓떥ꩆ꒧ꕎ뉺ꑈ꣼끕ꑈ결ꗑꅁ걇꣤Ꙣ녱쏒꣩ꗦ꧶ꭥꅁꣃ때뒦앓꒧롱냈ꅆ꣤뛈ꭙ돦꿂꒧ꡈ쁱ꣃꖼ륈34꙾쏒ꗦꩫ닄10(b)Rule10b-5꒧덗ꥷꅃ룪껆꣓랽Ꙑꭥ뗹ꅃ 58 Dirks v. SECꑀ껗ꅁ돌낪ꩫ끼뭻결ꅁ껸꺧꣺녯ꑈ뛈ꭙ놵꣼룪끔ꅁꣃꖼ뭐꒽ꕱꩆꚳꭈ끕꒧ꦾ맪롱냈쏶ꭙꅁꙝꚹꣃ때뒦앓꒧롱냈ꅆꩫ끼맯SEC뭻결껸꺧꣺녯ꑈ꒧덤ꗴ뉺뷗냲슦ꭙꗾ뎡ꖫ돵ꗦ꧶뚡삳ꚳꖭ떥룪끔꒧뙂듛덗뵤ꪺ뷗쉉ꅁꙐꭥ뗹ꅃ 59 See Alan R. Palmiter, Securities Regulation Examples and Explanations ꆱꅝ1st ed. 1998ꅞ 60 Ꙑꭥ뗹57ꅃ 61 ꒽ꖭ뒦앓뇸꣒ꭙ결ꑀ띳굱ꥷꣃ녪뷕꒽ꖭ뒦앓룪끔꒧ꩫ뇸ꅃ룓뇸꣒녪뷕ꅇ굙땯ꛦ돦ꛬ꣤ꕎꫭ 29
뫴믚뫴룴쏒꣩ꗦ꧶뙂듛꒧곣ꡳ ꛦꑈ뿯뻜꧊ꙡ뒦앓룪끔ꅁ굮ꡄ땯ꛦ꒽ꕱꙢꗾ궱꧊꒽ꖬ끝냈룪끔꒩룪ꑪ늳ꭥꅁ꒣녯뿯뻜꧊ꙡ녎궫굮ꕂꭄ꒽뙽ꪺ룪끔뒦앓꒩꽓ꥷ쏒꣩ꖫ돵녍띾ꑈꑨꅂ쏒꣩꓀꩒깶ꅂ뻷멣룪ꑈ뭐롧곶냓떥ꅃꑀ꿫뭻결ꚹ덗ꭨ꒧꒽ꖬꅁ녎맯꒺뵵ꗦ꧶ꛦ결꒧뭻ꥷ늣ꗍ궫ꑪ뱶암ꅁ꒣륌맯꧳ꗦ꧶ꖫ돵룪끔꒽ꖭꪺ뫻앀ꅁ삳ꚳ꧒ꝕ꽱62ꅃ ꛜ꧳냪쏒ꗦꩫ쏶꧳꒺뵵ꗦ꧶꒧덗ꥷꅁꖲ뚷ꅵ…Ꙣ룓껸꺧ꖼ꒽뙽ꭥ…ꅶꥬ꣣ꚳ멣ꚨ굮ꗳ룓럭꧊ꅁꭨ꧒ꗍ뫃냝Ꙣ꧳꛳뿗ꅵ꒽뙽ꅶꅈ걏ꝟꕈ뷮ꛦꩫꯟ땻Ꟈ꧒굮ꡄꪺꅵ꒽ꝩꅶꅵꗓ돸ꅶ땻Ꟈꅁꥬ녯뿗결꒽뙽ꅈꕵ굮ꕈꅵ꒣꽓ꥷꙨ볆ꑈ녯ꕈꙀꢣꙀ뭄ꅶꝙꢬꅈ ꗑ꧳꒺뵵ꗦ꧶걏쏒ꗦꩫ꧒덗ꥷꪺꗇ롯ꛦ결ꅁ륈녎비Ꙅ덤ꗴ꒧뙄끬ꅃ땍ꛓꚹꅵ궫ꑪ뱶암꣤늼믹껦꒧껸꺧ꅶꡳ뎺삳꙰꛳곉ꥷꅈꅵ꒽뙽ꅶꪺꥷ롱ꑓ꙰꛳ꅈꚹ냝썄꒣뛈Ꙣꑀ꿫놡ꑕ귈녯띲끵ꅁꙢꝙ녎ꛓ꣓ꪺ뫴룴껉ꕎꟳ걏궫ꑪ뷒썄ꅁꚳꯝꝞꑈ뙩ꑀꡂ싧뉍ꅃ 닄ꕼꗘ 뻞셡ꛦ결 ꅵ뻞셡ꅶꅝmanipulationꅞ결쏒꣩ꖫ돵ꑗ꒧꒣꒽ꖭꗦ꧶ꛦ결ꅁ떴ꑪꙨ볆냪깡ꅁ꙰과냪ꅂ굞냪ꅂꩫ냪ꅂ뱷냪ꅂꓩꖻ떥ꙕ냪쏒ꗦꩫ맯쏒꣩ꖫ돵꒧뻞셡ꛦ결곒ꚳꧺꓥꪺ롔ꓮ덗ꥷꅃꙝꚹꕩꕈ뮡ꕈ쏒ꗦꩫ롔ꓮꖫ돵뻞셡ꛦ결ꑷ롧걏ꕀ곉볩걹63ꅃ ꚳ쏶뻞셡ꖫ돵ꪺ덗뵤ꅁ돌ꫬꑄ걏끟랽ꛛ굞냪꧳ꑀꑋꑀꕼ꙾꧒땯ꗍꪺRex v. de Berengerꑁ껗ꅁ덑ꝩꝑꗎ뒲ꝇ꺳꽽녛ꚺ끔ꕈ뙒뷦꒽ꕱ뛅맏ꝑꛓ덑ꝐꙄ64ꅁꖻ껗뵔ꗟꑆꚳ믹쏒꣩ꗦ꧶ꪺꛛꗑ뭐꒽뙽 ꧳뒦앓궫굮ꭄ꒽뙽룪끔꒩ꖫ돵꽓ꥷꑈꑨꅁꣃꙢꙘ뉺륷듁꒤녯ꪾ룓ꑈꑨ녎ꕈꚹ떥룪끔ꞹꚨꗦ꧶ꡍꥷ껉ꅁꖲ뚷맯ꑪ늳꒽뙽뒦앓룪끔ꅃ굙룪끔뒦앓ꚳ뿯뻜꧊뛻뫃껉ꅁ땯ꛦ돦ꛬ꒽뙽뒦앓룪끔껉뻷ꙝ삳ꓨꚡꗧꚳ꧒꒣Ꙑꅃꟳ뫫뵔꣓뮡ꅁ굙쓝ꚳ띎맏ꛦ결껉ꅁ땯ꛦ삳Ꙑ껉(simultaneously)꒽뙽뒦앓룪끔ꅆ굙쓝때띎맏껉ꅁꭨ뇄ꗟꝙ(promptly)꒽뙽뒦앓룪끔ꓨꚡ룉뇏꒧ꅃ뷐냑ꢣꅁ깽꙰뱺ꅁ뿯뻜꧊뒦앓룪끔뭐꒺뵵ꗦ꧶꒧놴끑ꅁ쏒ꗦ룪껆닄ꕼ꒻ꑔ듁ꅁꗁ냪ꑋꑑꑅ꙾ꑑꑀꓫꅁ< 62 Ꙑꭥ뗹ꅃ 63 뷐냑ꢣ꧶ꯘꧺꅁꅵ꒽뙽ꕘ믹ꚬ쇊ꅶ(tender offer)뭐ꖫ돵뻞셡—ꕈ과냪쏒ꗦꩫ결꒤ꓟꅁ쏒뫞싸뭸닄ꑑꑃꣷ닄ꑅ듁ꅁꗁ냪ꑋꑑꑋ꙾ꑅꓫꅃ< 64 Ꙑꭥ뗹ꅃꕴꚳꑀ뮡뭻결굞냪닄ꑀ귓ꚳ쏶뻞셡ꖫ돵꒧껗꣒ꅁ뵔ꗟꓩꯡꖫ돵쑶ꪧ꒧냲ꖻ귬ꭨꅁꭙ꧳1884꙾꧒ꚨꅁꛓꭄꭥ굺ꑀꑋꑀꕼ꙾꧒땯ꗍꪺRex v. de Berengerꑁ껗ꅁ뷐냑ꢣDaniel 30
닄ꑇ뎹 쏒꣩뙂듛랧굺 귬ꭨꅁꯅꗜꅵꑀ꿫ꗁ늳ꚳ앶ꚳ꒣꣼꒣럭ꙝ꿀ꑺ쉚ꅶꖫ돵ꪺ앶ꝑꅃ뒫ꢥ꒧ꅁꚹꑀ껗꣒떥꧳ꯅꗜꅁ쏒꣩ꖫ돵ꗦ꧶ꪺ꒽ꖭ꧊ꅂꙷꗾ꧊걏ꖲ뚷꣼꣬ꭏ앀ꪺꅃꛓꚹꑀ귬ꭨꖿ뭐떴ꑪꙨ볆냪깡쏒ꗦꩫꭏ믙ꗦ꧶ꙷꗾꪺꗟꩫꗘꪺ곛Ꙑꅃ ꛳뿗ꅵ뻞셡ꅶꅵ뻞셡ꛦ결ꅶꅈꙕ냪쏒ꗦꩫ맯ꚹꞡ때ꧺ뵔꒧ꥷ롱ꅃꕈꓩꖻ결꣒ꅁ꣤쏶꧳쏒꣩ꖫ돵믹껦뻞셡ꛦ결꒧덗뵤ꑄ덗ꥷ꧳쏒꣩꣺ꓞꩫ닄ꑀꛊ꒭ꑑꑅ뇸ꅁ꣤덗뵤ꣃ때끷맯뻞셡ꛦ결꽓ꝏ꒩ꕈꥷ롱ꅁꛓ걏꣣엩ꙡꙃ셼ꙕ뫘뻞셡ꛦ결멁볋Ꝁ결롔ꓮꪺ덗뵤65ꅃ ꛜ꧳과냪쏶꧳뻞셡ꛦ결꒧롔ꓮ덗ꥷꭙ덗ꥷ꧳1934꙾쏒ꗦꩫ닄ꑅ뇸ꅁ꣤덗ꥷ쇶룻결룔닓ꅁꗧ때맯꧳뻞셡ꛦ결ꪺꥷ롱꧊덗ꥷꅃꛜ꧳냪ꅁ쏶꧳뻞셡ꛦ결꒧롔ꓮ덗뵤ꕄ굮ꭙ덗ꥷ꧳쏒ꗦꩫ닄ꑀꛊ꒭ꑑ꒭뇸ꅁ룓뇸ꕄ굮ꭙ꧓얧ꛛ과냪ꩫꛓ꣓ꅁꗧꖼ맯꧳ꅵ뻞셡ꅶꛦ결ꕛꕈꥷ롱ꅁꛓ걏꧳닄ꑀ뚵꒧닄ꑀ듚ꛜ닄꒭듚꒧쏾ꮬ꓆덗ꥷ결ꕄꅁꙁ꧳닄꒻듚ꕈ랧걁ꚡꪺ덗ꥷ룉ꕒꅁꕈ쇗ꝋꙝꙃ셼덗ꥷꛓ늣ꗍ놾ꑀ멼롕꒧뉻뙈66ꅃ ꅵ뻞셡ꛦ결ꅶꅝManipulationꅞꗧꕩ뫙결ꅵꖫ돵뻞셡ꅶꅝMarket ManipulationꅞꅁSEC맯Manipulationꑀ뗼꧒Ꝁꪺ룑쓀ꅇꅵ걇띎ꕈ놱꣮ꑈ결ꪺꓨꩫ뱶암ꚳ믹쏒꣩ꖫ돵ꪺꛦ결ꅁ꣒꙰ꕈ뛇벽땯ꛦ꒽ꕱꪺ뿹뭾ꓞꑈ뿹뭾ꪺ끔꺧ꅂ꒣빁럭ꙡ궭꣮ꕩ꒽뙽ꗦ꧶ꗷꪺ볆뙱ꅂ듛뙂ꙡ돸믹ꕈ뭳덹뿹뭾뗪낰놡ꩰꛓ뱶암늼ꪺ꣑떹믝ꡄꅶ67ꅃꓩꖻ뻇맯뻞셡ꛦ결꒧ꥷ롱결ꅇꅵ쏒꣩ꖫ돵꒧뻞셡믹껦ꅁꭙ맯꧳삳ꗑꖫ돵꣑믝쏶ꭙꛛ땍ꚨ꒧쏒꣩믹껦ꅁ띎맏꧔낪ꅂ R. Fischel and David J. Ross, Should the Law Prohibit “Manipulation” in Financial Markets?, 105 Harvard Law Review. (1991), at 509ꅁ신ꓞꛛ붲뱛믊떥ꑔꑈꅁ쏒ꗦꩫ닄ꑀꛊ꒭ꑑ꒭뇸덗ꥷ꒧샋끑뭐ꯘ쒳ꅁꕸꕟꖫ쏒꣩냓띾Ꙑ띾꒽라곣ꡳ군릺ꅁꗁ냪ꑋꑑ꒻꙾ꑑꑀꓫꅃ닄27궶ꅃꅃ 65 뷐냑빜ꩌ냪ꗾꅁ쏒ꗦꩫ곣ꡳꅁ닄163궶ꅃ 66 뷐냑ꢣ닸돓멡ꅁ뷗쏒꣩뚰꒤ꗦ꧶ꖫ돵뻞셡ꛦ결꒧Ꙅ덤ꗴꅁ쏒꣩뿄ꑇꑑꑃ듁ꅁ닄58궶ꅁꑀꑅꑅꆳ꙾ꅃ 67 SEC맯Manipulationꑀ뗼룑쓀ꪺ귬ꓥ결ꆧManipulation is intentional conduct designed to deceive investors by controlling or artificially affecting the market for a security. Manipulation can involve a number of techniques to affect the supply of, or demand for, a stock. They include: spreading false or misleading information about a company; improperly limiting the number of publicly-available shares; or rigging quotes, prices or trades to create a false or deceptive picture of the demand for a security.ꆨ < 31
뫴믚뫴룴쏒꣩ꗦ꧶뙂듛꒧곣ꡳ 삣ꝃꅂꢾꓮ꣤엜냊ꅁꛓꕛꕈꑈ결뻞셡꒧ꛦ결ꅶ68ꅃ꙰ꩇꟳ슲돦ꪺ뮡ꅁ뻞셡ꛦ결ꭙꅵꗸ맏ꝑꗎꗦ꧶ꪺ뻷꣮꣤ꕌ쏒꣩ꖫ돵ꛦ놡ꪺ궫굮ꪺ덗뵤꣓돐덹ꖫ돵꒧쏒꣩믹껦ꅶ69ꅵ맯꧳삳ꗑꖫ돵꣑믝쏶ꭙꛛ땍ꚨ꒧쏒꣩믹껦띎맏꧔낪ꅂ삣ꝃꅂꢾꓮ꣤엜냊ꅁꛓꕛꕈꑈ결뻞셡꒧ꛦ결ꅶꛓꢥ70ꅃ뻇뚡맯뻞셡꒧ꥷ롱쇶늤ꚳ꒣Ꙑꅁ놩쉫떲꣤ꙀꙐꪺ꽓뱸땯뉻ꅵ뻞셡ꅶꕩꥷ롱결ꅇꅵꕈꑈ결ꓢ걱꣓놱꣮ꚳ믹쏒꣩믹껦ꪺꛦ결ꅃꅶ 때뷗뻞셡ꛦ결꒧ꥷ롱결꛳ꅁ귓ꑈ냑끵껗꣒뻇띎ꢣ쉫꿇ꅂꓱ룻꒧ꯡ땯뉻ꅁ꙰ꕈꭄ쓝꧳ꖿ녠꒧ꚳ믹쏒꣩뙒뷦ꓨꚡ꧳쏒꣩ꖫ돵뙒뷦ꚳ믹쏒꣩껉ꅁ꣣ꚳꚳꑕꙃ꽓뷨ꝙꕩ덑뭻결걏ꅵ뻞셡ꛦ결ꅶ꒧ꑀ뫘71ꅇ 1ꅂ 맯ꖫ돵꣑믝꒧ꛛ땍ꚨ꒩ꕈꑺ쉚72ꅃꭄ냲꧳빁럭ꅝillegitimateꅞ꒧믝ꡄꛓ맯ꖫ돵꣑믝ꪬꩰ꧒결꒧ꑺ쉚ꅃ 2ꅂ 뮤꣏룪ꑈ결ꗦ꧶73ꅃ싇ꗑ꽓ꥷ꒧ꛦ결ꅁ꣒꙰궫ꑪ끔꺧ꪺ땯ꝇ맪믚ꪺ늧녠ꗦ꧶ꛦ결ꅁ뮤꣏룪ꑈ뙒뙩뷦ꕘꅃ 3ꅂ ꣏쏒꣩믹껦ꭄꛛ땍ꅝArtificialꅞꚨꅃ꧒뿗꒧ꅵ믹껦ꭄꛛ땍ꚨꅶꭙ꣏늼믹껦뮷싷ꖿ녠ꪬꩰꅁꛓꖿ녠ꪬꩰ꒧Ꝑ쉟ꭨ믝ꕈ믹ꪺ듁ꪬꩰ결Ꝑ쉟볐럇74ꅃ ꚳ믹쏒꣩꧳ꖫ돵걹덱꧒ꚨꪺ믹껦삳룓덺륌꣑믝ꩫꭨꡍꥷꅁꚹ결롧샙겡냊꒧귬뉺ꅆ굙ꚳ꒣ꖿ럭꒧ꛦ결ꑺ륷놱꣮늼믹껦꒧몦뙞ꅁ꣏쏒꣩ꖫ돵ꚨ결ꑈ결뻞셡ꅂ뙂듛ꪺꖫ돵ꅁꭨ꒣뛈ꕩ꿠꣏냑 68 쁳ꗐ론ꅁꅵ쏒꣩꣺ꓞꩫꪺ덗ꭨꅶ뉻ꕎ롧샙멣덹ꩫꅁ닄518궶ꅁ1975꙾ꅁ신ꓞꛛꩌ냪ꗾꅁ쏒ꗦꩫ곣ꡳꅁ닄161궶ꅁ뗹1ꅃ 69 “Market manipulation is an attempt to set stock price—or other important criteria of stock market performance, such as the volume of shares traded—by entering into transactions for the specific purpose of such manipulation….” Supra note 54. at 307. 70 뷐냑빜ꩌ냪ꗾꅁ쏒ꗦꩫ곣ꡳꅁ닄161궶ꅃ 71 뷐냑빜붲뱛믊떥ꑔꑈꅁ쏒ꗦꩫ닄ꑀꛊ꒭ꑑ꒭뇸덗ꥷ꒧샋끑뭐ꯘ쒳ꅁꕸꕟꖫ쏒꣩냓띾Ꙑ띾꒽라곣ꡳ군릺ꅁꗁ냪ꑋꑑ꒻꙾ꑑꑀꓫꅃ닄27궶ꅃ 72 Ꙑꭥ뗹닄28궶ꅃ 73 Ꙑꭥ뗹ꅃ 74 Frank H. Easerbrook. Monopoly, Manipulation, and Regulation of Futures Markets, 59 J. Bus. S103(1986),at 118. 32
닄ꑇ뎹 쏒꣩뙂듛랧굺 뭐쏒꣩ꗦ꧶ꪺ룪ꑈꝑ꽱비꣼띬깠ꅁꗧ녎띬룪ꑈ맯ꖫ돵ꪺꭈ뿠ꅁ뙩ꑀꡂ꣏룪ꑈ뮷싷ꖫ돵ꅁ뻉교ꗸ띾쑷룪ꪺꕜ꿠때녱땯뒧75ꅁ뛋롧샙ꖫ돵꒧ꖿ녠땯깩ꅃꕀ곉ꙕꕄ굮냪깡맯꧳곛쏶꒧쏒꣩ꖫ돵뻞셡ꛦ결곒ꚳ롔ꓮꪺ덗ꥷꅁ꣒꙰1934꙾쏒ꗦꩫ닄9ꅂ닄10뇸ꅁꓩꖻ쏒꣩꣺ꓞꩫ닄ꑀꛊ꒭ꑑꑅ뇸떥곒결ꖫ돵뻞셡ꛦ결꒧롔ꓮ덗ꥷꅃꛓ냪쏶꧳뻞셡ꛦ결ꪺ덗뵤ꭙ덗ꥷ꧳쏒ꗦꩫ닄ꑀꛊ꒭ꑑ꒭뇸ꅁꑀ꿫녎룓뇸뫙결ꅵ뻞셡뇸듚ꅶꅃ ꕈ냪쏒ꗦꩫ결꣒ꅁ맯꧳꧒뿗ꅵ뻞셡뇸듚ꅶ덗뵤꒧ꛦ결쏾ꮬꚳꑕꙃ볆뫘ꅇ 1ꅂ 뚰꒤ꗦ꧶쥝돵돸믹ꅁ띾롧ꚳꑈ꧓뿕놵꣼ꛓ꒣맪믚ꚨꗦ꒣뱩ꛦꗦ돎ꅁꢬꕈ뱶암쥝돵꾴Ꟈꅃꚹꝙꑀ꿫꧒뫙꒧ꅵ륈곹ꗦ돎ꅶ76ꅃ 2ꅂ 띎맏ꧯ낪삣ꝃ뚰꒤ꗦ꧶쥝돵걙뫘ꚳ믹쏒꣩꒧ꗦ꧶믹껦ꅁ뭐ꕌꑈ덱뿑ꅁꕈ곹ꥷ믹껦꧳ꛛꑶꕘ냢ꅁ쇊뙒ꚳ믹쏒꣩껉ꅁ꣏곹ꥷꑈꙐ껉결쇊뙒ꕘ냢꒧곛맯ꛦ결ꅃꚹꝙꑀ꿫꧒뫙꒧ꅵ곛맯ꥥ끕ꅶꅃ 3ꅂ 띎맏ꧯ낪삣ꝃ뚰꒤ꗦ꧶쥝돵걙뫘ꚳ믹쏒꣩꒧ꗦ꧶믹껦ꅁꛛꛦꕈꕌꑈꙗ롱ꅁ맯룓ꚳ믹쏒꣩ꅁ덳쓲ꕈ낪믹뙒ꑊꕈꝃ믹뷦ꕘꅃ 4ꅂ 띎맏뱶암뚰꒤ꗦ꧶쥝돵ꚳ믹쏒꣩ꗦ꧶믹껦ꅁꛓ뒲ꖬ걹ꢥ꒣맪룪껆ꅃ 5ꅂ ꪽ놵뚡놵녱꣤ꕌ뱶암뚰꒤ꗦ꧶쥝돵걙뫘ꚳ믹쏒꣩ꗦ꧶믹껦꒧뻞셡ꛦ결ꅃ ꑗ뒦ꙕ뫘ꛦ결쏾ꮬꅁ낣냪꧒뽗ꚳ꒧ꅵ륈곹ꗦ돎ꅶ뭐ꖫ돵믹껦뻞셡쏾ꮬ꒧ꖻ뷨늤ꚳ꒣Ꙑꕾ77ꅁꯡ굺ꕼꑄ걏ꗘꭥ쏶꧳뻞셡ꖫ돵꒧쏒꣩뙂듛꧒덗뵤꒧ꛦ결멁볋ꅃ껚뻚뉻ꛦ꒧쏒ꗦꩫ닄ꑀꛊꑃꑑꑀ뇸 75 뷐냑빜ꩌ냪ꗾꅁ쏒ꗦꩫ곣ꡳꅁ닄161궶ꅃ 76 뿗꒧륈곹ꗦ돎ꅁ삳뫙결ꅵ륈곹꒣ꗦ돎ꅶꥬꙘ뉺ꅁꕈꗘꭥ냪꒧뚰꒤ꖫ돵뭐ꦱ쁙ꖫ돵꧒뇄ꛦ꒧쏒꣩ꗦ꧶꣮ꯗꛓꢥꅁꚹ뫘놡삳ꑷ꒣둟꙳Ꙣꅃ 77 뷐냑빜ꩌ냪ꗾꅁ쏒ꗦꩫ곣ꡳꅁ닄187-189궶ꅃ 33
뫴믚뫴룴쏒꣩ꗦ꧶뙂듛꒧곣ꡳ 덗ꥷꅁ꙰륈닄ꑀꛊ꒭ꑑ꒭뇸쏶꧳ꅵ뻞셡뇸듚ꅶ꒧덗ꥷꅁ덂ꑃ꙾ꕈꑕꚳ듁깻Ꙅꅁ녯꣖곬띳뭏맴ꑔꛊ롕꒸ꕈꑕ뭀ꅁꚹꭙ쏒ꗦꩫ꒤돌궫ꪺ덂뭀덗ꥷꅁꗑ쏒ꗦꩫ녎뻞셡ꛦ결낵꙰ꚹ꒧덗ꥷꅁꕩꢣ뻞셡ꛦ결맯꧳쏒꣩ꖫ돵꧒ꕩ꿠덹ꚨ꒧둣깠쑙궫꒧땻ꯗꅃ 놩ꅁꚳ믹쏒꣩ꖫ돵뻞셡ꛦ결걏ꝟꝙ결륈ꩫꛦ결ꅈ맪ꑗ꧒뿗꒧ꅵꙘꩫ뻞셡ꅶꅝlegitimate manipulationꅞꅵꙷꥷ뻞ꝀꅶꅝStabilizationꅞꝙ결꣒ꕾ귣덜ꪺꖫ돵뻞셡ꛦ결78ꅃ냪ꩫ쇶ꣃꖼꧺꗕꙡ귣덜ꅵꙷꥷ뻞Ꝁꅶꛦ결ꅁ땍ꛓ녱맪냈ꑗ꒧멁ꯗ왛맮ꅁ냪쏒꣩ꖫ돵꒤꒴꙳Ꙣ뗛Ꙙꩫ뻞셡ꪺ뚡ꅆ79셡ꚳ뻇맯ꙷꥷ뻞Ꝁ걏ꝟ삳꿇ꑊ쏒ꗦꩫ닄ꑀꛊ꒭ꑑ꒭뇸꒧덗뵤꙳ꚳ꒣Ꙑ꒧ꢣ룑ꅁ80땍ꛓꙢ쏒ꗦꩫ맯ꚹꥼꖼꝀꕘ귗ꖿꕈꭥꅁꅵꕄ왛ꑗꣃ때뙂듛걇띎ꅶ꒧뻞셡ꛦ결ꕇ꒴걏쏒ꗦꩫ꧒꒹덜ꪺꛦ결81ꅃ 닄ꑇ뚵?쏒꣩뙂듛꒧덤ꗴ ꗁꩫ뻇녠녎룛맪ꭈꗎ귬ꭨꅝTreu und Glauben, bonne foiꅞ뫙결ꅵꯒꓽ뇸듚ꅶꅁ뭻결꣤결ꩫꯟ귛뉺믹귈ꪺ녒낪ꫭ뉻ꅁ걏꫱ꕎꗁꩫꪺ돌낪뻉귬ꭨ82ꅃ곛ꭈ꙰ꩇ녎쏒ꗦꩫ닄ꑇꑑ뇸꒧뙂듛뇸듚뫙결뫻앀쏒꣩ꗦ꧶ꙷꗾ뭐꒽ꖭꪺꯒꓽ뇸듚삳꒣결륌ꅃ뭜쏒ꗦꩫ닄ꑇꑑ뇸맪결ꑀ꒧뱳꩸꒧뙂듛뇸듚ꅁꕩꕝ걁쏒꣩ꖫ돵꧒ꚳ꒧뙂듛ꛦ결뭐뻞셡ꛦ결83ꅃ ꯶쏒꣩ꗦ꧶ꩫ닄ꑇꑑ뇸맯꧳쏒꣩뙂듛ꛦ결ꚳꧺ뵔ꪺ롔ꓮ덗ꥷꅇꅵꚳ믹쏒꣩꒧뛒뚰ꅂ땯ꛦ뙒뷦ꅁ꒣녯ꚳ뗪낰ꅂ뙂듛꣤ꕌꢬ교ꕌꑈ뭾ꭈ꒧ꛦ결...ꅃ84ꅶ꙰ꚳ륈ꅁ꣤ꙝꚹꛓ꣼띬깠꒧떽띎꣺녯ꑈꕘ뷦ꑈꅁ녯 78 뷐냑ꢣꕝ냪늻ꅁ뷗늼뚰꒤ꗦ꧶ꖫ돵꒣ꩫ뻞셡ꛦ결꒧ꗁ덤ꗴꅁ냪ꗟ꒤뾳ꑪ뻇ꩫꯟ곣ꡳ꧒뫓ꑨ뷗ꓥꅁ닄33궶ꅁꗁ냪ꑋꑑ꙾꒻ꓫꅃ 79 ꣒꙰꧳ꅵ꒽ꕱ뛒뚰땯ꛦꚳ믹쏒꣩꒽뙽뮡ꧺ껑삳끏룼뚵럇ꭨꅶ닄ꑔ뇸닄ꑔ뚵ꝙꚳꅇꅵ뉻뱗룪꙰샀덗ꥷ뇄ꙷꥷ뻞Ꝁꅁꣃ삳꧳ꯊ궱ꕈ엣뗛꙲엩뗹ꧺꅹꖻꚸ뉻뱗룪꧒땯ꛦ꒧늼ꅁ결ꙝ삳쏒꣩ꖫ돵믹껦꒧엜냊ꅁ쏒꣩꧓빐냓ꖲ굮걂녯덗ꥷ뙩ꛦꙷꥷ뻞Ꝁꅺꅃꅶ 80 뷐냑빜ꩌ냪ꗾꅁ쏒ꗦꩫ곣ꡳꅁ닄193궶ꅃ 81 ꥷꖫ믹꒧뻞셡ꛦ결ꅁꙝꛦ결ꑈꕄ왛ꑗꣃ때뙂듛꒧걇띎띎맏ꅁ걇삳뭻결ꭙꙘꩫ꒧뻞셡ꛦ결ꅁ뷐냑ꢣ닸돓멡ꅁ뷗쏒꣩뚰꒤ꗦ꧶ꖫ돵뻞셡ꛦ결꒧Ꙅ덤ꗴꅁ쏒꣩뿄닄ꑇꑑꑃ듁ꅁ닄66궶ꅁꑀꑅꑅꆳ꙾ꅃ 82 뷐냑빜걉뗛ꗁ셠ꅁ닄390궶ꅃ 83 뷐냑빜ꝅ뗛쏒ꗦꩫꅁ닄527궶ꅃ 84 쏒꣩ꗦ꧶ꩫ닄ꑇꑑ뇸ꅇꅵꚳ믹쏒꣩꒧뛒뚰ꅂ땯ꛦ뙒뷦ꅁ꒣녯ꚳ뗪낰ꅂ뙂듛꣤ꕌꢬ교ꕌꑈ 34
닄ꑇ뎹 쏒꣩뙂듛랧굺 뷐ꡄ띬깠뷟쁶ꅃꚹꕾꅁ꧳Ꙅ덤ꗴ뎡꓀ꅁꟳ녯Ꙑꩫ닄ꑀꛊꑃꑑꑀ뇸꒧덗ꥷꅁ덂ꕈꑃ꙾ꕈꑕꚳ듁깻Ꙅ녯꣖곬띳ꕸ맴ꑔꛊ롕꒸ꕈꑕ꒧뭀85ꅃ 쏒ꗦꩫ닄ꑇꑑ뇸ꭙ냪맯꧳쏒꣩뙂듛ꛦ결ꗁ덤ꗴ꒧ꕄ굮덗ꥷꅁ땍ꛓꖻ뇸ꗁ덤ꗴ꒧꧊뷨결꛳뫘쏾ꮬꅈꕈꑕ뛈둎뻇맯룓뇸덤ꗴ쏾ꮬ꒧ꢣ룑슲굺꙰ꯡꅇ ꑀꅂ?ꮴ곹뮡ꅇꗑ룓뇸닄ꑀ뚵ꅂ닄ꑔ뚵왛맮ꅁ룓ꅵ뛒뚰ꅂ땯ꛦ뙒뷦ꚳ믹쏒꣩ꅶ꒧ꑈ삳결롱냈ꕄ엩ꅆꛓ꣼ꚳ띬깠ꪺꅵ룓ꚳ믹쏒꣩꒧떽띎꣺녯ꑈ떽띎꒧ꕘ뷦ꑈꅶꭙ뷐ꡄ꒧ꕄ엩ꅃꗑꚹ왛꒧ꅁꖻ뇸꒧덤ꗴ삳ꕈꡄ쁶앶ꝑꑈ뭐롱냈ꑈ꒧뚡ꚳꮴ곹쏶ꭙ결ꭥ뒣ꅁꙝꚹ뭻결ꖻ뇸꒧ꗁ덤ꗴ삳쓝꧳ꮴ곹덤ꗴ쏾ꮬꅃ ꑇꅂ?ꭉ앶ꛦ결뮡ꅇꖻ뮡ꑄ둎꣤ꗟꩫ띎ꚮꕘ땯ꅁ뭻결굙꒣녎ꚹ덤ꗴ룑쓀결ꭉ앶덤ꗴ쏾ꮬꅁꭨ꺣쏸ꕈꭏ믙뭐ꕛ깠ꑈ꒣꣣ꮴ곹쏶ꭙ꒧룪ꑈꅁꗧꝙ굙녎ꖻ뇸꒧뷟쁶덤ꗴ롱냈ꑈ궭꧳ꅵ뛒뚰ꅂ땯ꛦꅂ뙒뷦ꚳ믹쏒꣩ꅶ꒧ꑈꅁ녎꣏녯ꖻ뇸꒧ꕜ꿠ꑪ결듮띬ꅃ결ꑆ닅Ꙙꖻ뇸꒧ꗟꩫ띎ꚮꅁꙝꚹ뭻결ꖻ뇸꒧꧊뷨삳룑쓀결ꭉ앶ꛦ결덤ꗴꅁꛓꭄꮴ곹덤ꗴꅃ ꑔꅂ?뽗ꗟꛦ결뮡ꅇꚹ뮡뭻결ꕈꮴ곹뮡ꭉ앶ꛦ결뮡ꞡꚳ꧒낾ꅁ뭜굙ꕄ녩ꮴ곹덤ꗴꭉ앶ꛦ결덤ꗴꅁꖲ뚷닅Ꙙ룓덤ꗴꪺ굮ꗳꅁ꙰ꚹ꺣녎꣏녯빁ꗎ땯ꗍꝸ쏸ꛓ뭐ꗟꩫ띎ꚮꚳ륈ꅁꙝꚹ삳룑쓀결뽗ꗟꛦ결쏾ꮬ룻꿠닅Ꙙꗟꩫ띎ꚮꅃ 둎ꗁ냪ꑃꑑꑃ꙾쏒ꗦꩫ귗ꖿꭥ꒧뇸ꓥꕈ왛맮뇄ꮴ곹뮡ꅁ놩꙰ꚹ룑쓀꺣때ꩫ륆꣬Ꞵ빁ꭏ믙룪ꑈꪺꗘꪺ86ꅆ ꛓ꧳맪냈Ꝑꡍꑗꅁꕸꕟꙡꓨꩫ끼꧳ꗁ냪ꑃꑑꕼ꙾둎띳곁꒽ꕱꑁ껗꧒ꝀꪺꝐꡍꭨ낾Ꙗ뇄ꭉ앶ꛦ결뮡87ꅁ 놩ꚳ뻇뭻결룓Ꝑꡍꢬꕈ삱룉ꗟꩫ꒧꿊 뭾ꭈ꒧ꛦ결ꅃ땯ꛦꑈꗓ돸꒽ꝩ꒧끝냈돸ꝩ꣤ꕌꚳ쏶띾냈ꓥꗳꅁ꣤꒺깥꒣녯ꚳ뗪낰쇴냎꒧놡ꅃ륈ꭥꑇ뚵덗ꥷꅁ맯꧳룓ꚳ믹쏒꣩꒧떽띎꣺녯ꑈꕘ뷦ꑈꙝꛓ꧒꣼꒧띬깠ꅁ삳굴뷟쁶꒧덤ꅃꥥ끕쏒꣩롧곶냓ꕈꛦ곶ꙗ롱뙒ꑊ뷦ꕘ꒧ꑈꅁ뗸결ꭥ뚵꒧꣺녯ꑈꕘ뷦ꑈꅃꅶ 85 쏒꣩ꗦ꧶ꩫ닄ꑀꛊꑃꑑꑀ뇸ꅇꅵꚳꖪꙃ놡꒧ꅁ덂ꑃ꙾ꕈꑕꚳ듁깻Ꙅ녯꣖곬띳ꕸ맴ꑔꛊ롕꒸ꕈꑕ꒧뭀ꅇꑀꅂ륈닄ꑇꑑ뇸닄ꑀ뚵ꅂ닄ꑀꛊ꒭ꑑ꒭뇸닄ꑀ뚵ꅂ닄ꑇ뚵닄ꑀꛊ꒭ꑑꑃ뇸꒧ꑀ닄ꑀ뚵꒧덗ꥷꅃ…ꅝ닄ꑇ듚늤ꅞꅶ 86 뷐냑빜ꓽꑨ꣘ꅁ쏒꣩ꗦ꧶ꩫꑗꑀ꿫뙂듛뇸듚꒧곣ꡳꅁ닄18궶ꅁ냪ꗟ꒤뾳ꑪ뻇ꩫꯟ뻇곣ꡳ꧒뫓ꑨ뷗ꓥꅁꗁ냪ꑋꑑ꒭꙾꒻ꓫꅃ 87 뷐냑ꢣꕸ왗ꕸꕟꙡꓨꩫ끼ꑃꑑꕼ꙾ꯗ뙄꙲닄ꑀ꒭꒭ꑇꑀ뢹Ꝑꡍꅃ 35
뫴믚뫴룴쏒꣩ꗦ꧶뙂듛꒧곣ꡳ 멼ꅁ룑쓀ꑗ쓝꭪녪88ꅆ 귗ꖿꯡ꒧뇸ꓥꑷ녎뷟쁶롱냈ꑈ뵤돲쉘ꑪꛜ닄ꑔꑈꅁ꣏ꖻ뇸꒧덤ꗴ꧊뷨신결ꭉ앶ꛦ결쏾ꮬ89ꅃ ꛜ꧳Ꙅ덤ꗴ꒧뎡꓀ꅁꖲ뚷뗸꣤꧒륈결닄ꑀ뚵닄ꑇ뚵꒧덗ꥷꛓꚳ꒣Ꙑ꒧덂뭀ꅃ꙰꧒륈결쏒ꗦꩫ닄ꑇꑑ뇸닄ꑀ뚵ꅁꭨ닄ꑀꛊꑃꑑꑀ뇸덗ꥷꅁꕩ덂ꑃ꙾ꕈꑕꚳ듁깻Ꙅꅁ녯꣖곬띳뭏맴ꑔꛊ롕꒸ꕈꑕ뭀90ꅃꛜ꧳꧒륈결룓뇸닄ꑇ뚵ꅁ닄ꑀꛊꑃꑑꕼ뇸닄ꑀ뚵닄꒭듚곬덂꒭꙾ꕈꑕꚳ듁깻ꙄꅂꧫꟐ곬꣖곬띳ꕸ맴ꑇꛊꕼꑑ롕꒸ꕈꑕ꒧뭀ꅃ 낣ꑆ닄ꑇꑑ뇸ꭙ덗ꥷꚳ쏶쏒꣩ꗦ꧶뙂듛ꛦ결꒧롔ꓮ덗ꥷꕈꕾꅁ쏒꣩ꗦ꧶ꩫ닄ꑔꑑꑇ뇸ꅂ닄ꑀꛊ꒭ꑑ꒭뇸ꅂ닄ꑀꛊ꒭ꑑꑃ뇸꒧ꑀ떥ꞡꚳ맯뙂듛ꅂ뗪낰꒣맪ꅂ쇴냎떥꒣닅Ꙙ꒽뙽귬ꭨ꒧ꛦ결굱ꚳꗁ덤ꗴ덗ꥷꅁ곆ꛜ둘ꕇꞡꚳ곬ꕈꙄ덤ꗴ꒧굮ꡄꅃꕈꑕꝙ둎냪쏒꣩ꗦ꧶ꩫꚳ쏶쏒꣩뙂듛ꛦ결꒧곛쏶ꗁꅂꙄ덤ꗴ꓀ꝏ슲굺ꅃ 닄ꑀ듚?ꫬ꿅ꖫ돵뙂듛—꒽뙽뮡ꧺ껑뗪낰꒣맪꒧덤ꗴ ꑀꅂ?ꗁ덤ꗴꅇ 쏒꣩ꗦ꧶ꩫ닄ꑔꑑꑇ뇸덗ꥷꅆꅵꭥ뇸꒧꒽뙽뮡ꧺ껑ꅁ꣤삳끏룼꒧ꕄ굮꒺깥ꚳ뗪낰쇴냎꒧놡…맯꧳떽띎꒧곛맯ꑈꙝꛓ꧒꣼꒧띬깠ꅁ삳둎꣤꧒삳굴덤꒧뎡ꗷꅁ뭐꒽ꕱ굴덳녡뷟쁶덤ꗴ…ꅶ91 88 뷐냑ꢣ뿠뗛쏒ꗦꩫ쓀롱ꅝꑀꅞꅁ닄338궶ꅃ 89 뷐냑빜ꓽꑨ꣘ꅁ쏒꣩ꗦ꧶ꩫꑗꑀ꿫뙂듛뇸듚꒧곣ꡳꅁ닄18궶ꅁ냪ꗟ꒤뾳 ꑪ뻇ꩫꯟ뻇곣ꡳ꧒뫓ꑨ뷗ꓥꅁꗁ냪ꑋꑑ꒭꙾꒻ꓫꅃ 90 쏒꣩ꗦ꧶ꩫ닄ꑀꛊꑃꑑꑀ뇸ꅇꅵꚳꖪꙃ놡꒧ꑀꅁ덂ꑃ꙾ꕈꑕꚳ듁깻Ꙅꅁ녯꣖곬띳뭏맴ꑔꛊ롕꒸ꕈꑕ뭀ꅇꑀꅂ륈닄ꑇꑑ뇸닄ꑀ뚵ꅂ닄ꑀꛊ꒭ꑑ꒭뇸닄ꑀ뚵ꅂ닄ꑇ뚵닄ꑀꛊ꒭ꑑꑃ뇸꒧ꑀ닄ꑀ뚵꒧덗ꥷꅃꅶꅝ닄ꑇ듚늤ꅞꅃꅶ 91 쏒꣩ꗦ꧶ꩫ닄ꑔꑑꑇ덗ꥷ꙰ꑕꅇꅵꭥ뇸꒧꒽뙽뮡ꧺ껑ꅁ꣤삳끏룼꒧ꕄ굮꒺깥ꚳ뗪낰ꓭ꿊꒧놡ꅁꖪꙃꙕ듚꒧ꑈꅁ맯꧳떽띎꒧곛맯ꑈꅁꙝꛓ꧒꣼꒧띬깠ꅁ삳둎꣤꧒삳굴덤뎡ꗷ뭐꒽ꕱ굴덳녡뷟쁶덤ꗴꅇꑀꅂ땯ꛦꑈ굴덤ꑈꅃꑇꅂ땯ꛦꑈ꒧슾귻ꅁ뒿Ꙣ꒽뙽뮡ꧺ껑ꑗ쎱뎹ꅁꕈ쏒맪꣤꧒룼꒺깥꒧ꗾ뎡ꑀ뎡ꅃꑔꅂ룓ꚳ믹쏒꣩꒧쏒꣩꧓빐냓ꅃꕼꅂ라군깶ꅂꯟ깶ꅂꑵ땻깶ꅂ꣤ꕌ녍슾띾덎ꑈ귻ꅁ뒿Ꙣ꒽뙽뮡ꧺ껑ꑗ쎱뎹ꅁꕈ쏒ꧺ꣤꧒룼꒺깥꒧ꗾ뎡ꑀ뎡ꅁ뎯굺띎ꢣꅃꭥ뚵닄ꑀ듚ꛜ닄ꑔ듚꒧ꑈꅁ꙰땯ꛦꑈꕾꅁ맯꧳ꖼ롧ꭥ뚵닄ꕼ듚꒧ꑈ쎱쏒뎡ꗷꅁ꙰꿠쏒ꧺꑷ뫉곛럭꒧ꩠ띎ꅁꣃꚳꖿ럭뉺ꗑ뵔ꭈ꣤ꕄ굮꒺깥때뗪낰ꅂ쇴냎놡맯꧳쎱쏒꒧띎ꢣꚳꖿ럭뉺ꗑ뵔ꭈ꣤결꽵맪ꅁꝋ굴뷟쁶덤ꅆꭥ뚵닄ꕼ듚꒧ꑈ꙰꿠쏒ꧺꑷ롧Ꙙ뉺뷕걤ꅁꣃꚳꖿ럭뉺ꗑ뵔ꭈ꣤쎱쏒띎ꢣ결꽵맪ꅁꗧꙐꅃꅶ 36
닄ꑇ뎹 쏒꣩뙂듛랧굺 ꅝꑀꅞ덤ꗴꕄ엩ꅇ 1. 땯ꛦꑈꅇ닄ꑔꑑꑇ뇸꒧ꩫꓥ녎덤ꗴꕄ엩굱결ꅵ땯ꛦꑈꅶꅁꛓ닄ꑔꑑ뇸닄ꑀ뚵덗ꥷꚳꗦꕉ꒽뙽뮡ꧺ껑롱냈꒧ꑈ결ꅵ꒽ꕱꅶꅁꭥꯡꑇ뇸ꓥ맯꧳덤ꗴꕄ엩꒧ꙗ뫙ꙕꚳ꒣Ꙑ꒧끏룼ꅁꕂ쏒ꗦꩫ닄ꕼ뇸ꅂ닄꒭뇸맯꧳ꅵ꒽ꕱꅶ뭐ꅵ땯ꛦꑈꅶ꒧ꥷ롱꒣Ꙑꅁ꺣ꓞ교빁ꗎ꒧뉖뉣92ꅃ놩ꛛꗟꩫ꒧ꖻ띎ꛓꢥꅁ룓ꑇ뇸ꓥ꧒꒧ꕄ엩삳ꭙꙐꑀꅁꝙ결뛒뚰ꚳ믹쏒꣩꒧ꅵ땯ꛦꑈꅶꑝꅃꕂ땯ꛦꑈ꒧덤ꗴ결떴맯덤ꗴꅁ삳맯꒽뙽뮡ꧺ껑꒺끏룼꒧꧒ꚳ꒺깥굴덤ꅃ 2. 땯ꛦꑈ꒧굴덤ꑈꅇ땯ꛦꑈ결꒽ꕱ껉ꅁ꒽ꕱꩫ닄ꑋ뇸꒧덗ꥷ꒽ꕱ꒧굴덤ꑈ결1ꅂ뢳ꅆ2ꅂ뫊맮ꑈꅆ3ꅂ롧뉺ꑈꅃꯡꑇ둎꣤냵ꛦ슾냈꒧뵤돲꒺ꗧ결꒽ꕱ굴덤ꑈ93ꅁ걇꒽뙽뮡ꧺ껑꒧꒣맪뎡꓀꙰ꭙ꣤삳굴덤ꅁꗧꕩꚨ결덤ꗴꕄ엩ꅃ 3. 땯ꛦꑈ꒧슾귻ꅇꚹ슾귻ꖲ뚷뒿Ꙣ꒽뙽뮡ꧺ껑ꑗ쎱뎹ꅁꕈ쏒맪꣤꧒룼꒺깥꒧ꗾ뎡ꑀ뎡ꅃ 4. ꧓빐냓ꅇ룓ꚳ믹쏒꣩꒧꧓빐냓ꅁꦼꚹ뚡굙때릺꓀덤ꗴꅁ삳둎꧒ꚳ꧓빐꒧쏒꣩굴덤ꅃ꒧ꅁ굙꧳꧓빐ꮴ곹꒤ꚳ릺꓀덤ꗴꅁꭨ삳꣤덤ꗴ굴덤ꅃꕴꅁꗑ꧳꧓빐꒧곛쏶ꩫꕏ쏶꧳꧓빐냓꒧덤ꗴꣃ때ꕄꅂꣳ뿬꧓빐꒧냏꓀ꅁꙝꚹ맪냈ꑗꕄꅂꣳ뿬꧓빐꒧덤ꗴꡳ삳꙰꛳냏ꝏ꒴ꯝꕱꩫ맪냈꒧ꢣ룑ꕛꕈ싧뉍ꅃ 5. 라군깶ꅂꯟ깶ꅂꑵ땻깶꣤ꕌ녍슾띾덎ꑈ귻ꅇꚹꝙ꧒뿗꒧ꅵ녍깡ꅶ쎱쏒뎡꓀ꅁ결ꖲ뚷ꕈ꣤뒿Ꙣ꒽뙽뮡ꧺ껑ꑗ쎱뎹ꅁꕈ쏒맪꣤꧒룼꒺깥꒧ꗾ뎡ꑀ뎡ꅁ뎯굺띎ꢣꅃ ꅝꑇꅞꯈ엩ꅇ ꒽뙽뮡ꧺ껑ꅃ쏒ꗦꩫ닄ꑔꑑꑇ뇸꧒삳굴덤꒧꒽뙽뮡ꧺ껑ꡳꭙꅵ뛒뚰ꅶꚳ믹쏒꣩꧒ꗦꕉꅁꅵ뷦ꕘꅶꚳ믹쏒꣩꧒ꗦꕉꅁꭥꑷ뷗ꅝꢣꖻ론닄ꑀ뚵닄ꑀ듚ꅞꅃ꧳ꚹ뇽룉ꕒ뒣ꕘ결ꅵ꒽뙽 92 쏒꣩ꗦ꧶ꩫ닄ꕼ뇸ꅇꅵꖻꩫ꧒뫙꒽ꕱꅁ뿗꒽ꕱꩫ닕슴꒧ꗷꚳ궭꒽ꕱꅃꅶ닄꒭뇸ꅇꅵꖻꩫ꧒뫙땯ꛦꑈꅁ뿗뛒뚰땯ꛦꚳ믹쏒꣩꒧꒽ꕱꅁ뛒뚰ꚳ믹쏒꣩꒧땯끟ꑈꅃꅶ 93 ꒽ꕱꩫ닄ꑋ뇸ꅇꅵꖻꩫ꧒뫙꒽ꕱ굴덤ꑈꅇ…Ꙣꚳ궭꒽ꕱꅂꗷꚳ궭꒽ꕱ결뢳ꅃꅝ닄ꑀ뚵ꅞ꒽ꕱ꒧롧뉺ꑈ뉍뫢ꑈꅁꗷꚳ궭꒽ꕱ꒧땯끟ꑈꅂ뫊맮ꑈꅂ샋걤ꑈꅂ궫뻣ꑈ궫뻣뫊럾ꑈꅁꙢ냵ꛦ슾냈뵤돲꒺ꅁꗧ결꒽ꕱ굴덤ꑈꅃꅝ닄ꑇ뚵ꅞꅶ 37
뫴믚뫴룴쏒꣩ꗦ꧶뙂듛꒧곣ꡳ 뛒뮡ꧺ껑ꅶ걏ꝟꗧ녯ꚨ결ꖻ뇸덤ꗴ꒧ꯈ엩ꅈ 껚뻚쏒듁라ꅵ땯ꛦꑈ뛒뚰뭐땯ꛦꚳ믹쏒꣩덂뉺럇ꭨꅶ닄ꑔꑑꑋ뇸ꛜ닄ꕼꑑꑇ뇸덗ꥷꅁꚳ믹쏒꣩꯹ꚳꑈ쏒ꗦꩫ닄ꑇꑑꑇ뇸닄ꑔ뚵덗ꥷꅁ맯ꭄ꽓ꥷꑈ꒽뙽뛒껉삳뵳뭳ꅂꗦꕉꅵ꒽뙽뛒뮡ꧺ껑ꅶꅃ땍ꅁ굙꣤꧒뵳뭳ꅂꗦꕉ꒧ꅵ꒽뙽뛒뮡ꧺ껑ꅶꚳ뗪낰꒣맪ꛓ교떽띎곛맯ꑈ꣼ꚳ띬깠껉ꅁ걏ꝟ녯ꖻ뇸ꕄ녩ꅁ뷐ꡄ룓ꚳ믹쏒꣩꯹ꚳꑈ꧓빐냓굴덳녡띬깠뷟쁶덤ꗴꅈ ꙰쑙껦ꙡ뻚덳녡뛅냈꒧ꩫ뉺ꅁꭨꭥ굺놡ꛛ때ꩫ쏾뇀빁ꗎ닄ꑔꑑꑇ뇸뷐ꡄꅆ띍띎ꕈ결ꛜꙨ뛈녯쏒ꗦꩫ닄ꑇꑑ뇸Ꙗ룓ꚳ믹쏒꣩꒧꯹ꚳꑈꡄ쁶ꅁꛜ꧳꧓빐냓꒧뎡꓀ꭨꕩꗁꩫ닄ꑀꛊꑋꑑ꒭뇸꒧ꙀꙐꭉ앶ꛦ결뷐ꡄ뭐ꚳ믹쏒꣩꯹ꚳꑈꙀꙐ굴덳녡뷟쁶덤ꗴꅁ놩꙰ꗁꩫ뷐ꡄꅁꥼ뚷쏒ꧺ꣤ꚳꅵ걇띎ꅶ꣏룓뮡ꧺ껑뗪낰꒣맪ꅁꝟꭨ꺣쏸ꕈꚨꗟꅃ ꑇꅂ?Ꙅ덤ꗴꅇ ꒽뙽뮡ꧺ껑뗪낰꒣맪꒧Ꙅ덤ꗴꅁꕄ굮덗ꥷ꧳쏒ꗦꩫ닄ꑀꛊꑃꑑꕼ뇸94ꅁ꙰닅Ꙙꑕꙃ덗ꥷꅁꕩ덂꒭꙾ꕈꑕꚳ듁깻ꙄꅂꧫꟐ곬꣖곬띳뭏맴ꑇꛊꕼꑑ롕꒸ꕈꑕ뭀ꅇ ꅝꑀꅞ?꧳ꖻꩫ닄ꑔꑑ뇸덗ꥷ꒧ꗓ뷐뚵결뗪낰꒧끏룼ꅃꅝ닄ꑀ듚ꅞ 94 ꚳꖪꙃ놡꒧ꑀꅁ덂꒭꙾ꕈꑕꚳ듁깻ꙄꅂꧫꟐ곬꣖곬띳뭏맴ꑇꛊꕼꑑ롕꒸ꕈꑕ뭀ꅇ ꧳ꖻꩫ닄ꑔꑑ뇸ꅂ닄ꕼꑑꕼ뇸닄ꑀ뚵ꛜ닄ꑔ뚵닄ꑅꑑꑔ뇸덗ꥷ꒧ꗓ뷐뚵결뗪낰꒧끏룼ꅃ 맯ꚳ믹쏒꣩꒧ꛦ놡뭻뛒껖귣꒧궫굮뚵결뗪낰꒧끏룼ꛓ뒲ꖬ꧳늳ꅃ 땯ꛦꑈ꣤굴덤ꑈꅂ슾귻ꚳ닄ꑔꑑꑇ뇸닄ꑀ뚵꒧놡ꅁꛓ때Ꙑ뇸닄ꑇ뚵ꝋ덤ꗑꅃ 땯ꛦꑈ꣤쏶ꭙꑈꅂ쏒꣩냓꣤ꥥ끕ꑈꅂ쏒꣩냓Ꙑ띾꒽라ꅂ쏒꣩ꗦ꧶꧒닄ꑑꑋ뇸꧒ꥷ꒧띾ꅁ맯꧳ꕄ뫞뻷쏶ꥒꕏ뒣ꕘ꒧녢쎯ꅂꫭꕕꅂꓥꗳ꣤ꕌ냑ꛒ돸ꝩ룪껆꒧꒺깥ꚳ뗪낰꒧끏룼ꅃ 땯ꛦꑈꅂ쏒꣩냓ꅂ쏒꣩냓Ꙑ띾꒽라ꅂ쏒꣩ꗦ꧶꧒닄ꑑꑋ뇸꧒ꥷ꒧띾ꅁ꧳ꩫꕄ뫞뻷쏶냲꧳ꩫꯟ꧒땯ꖬ꒧ꥒꕏ덗ꥷ꒧녢쎯ꅂꫭꕕꅂ뛇늼ꅂ끝냈돸ꝩ꣤ꕌꚳ쏶띾냈ꓥꗳ꒧꒺깥ꚳ뗪낰꒧끏룼ꅃ 둎땯ꛦꑈ걙뫘ꚳ믹쏒꣩꒧ꗦ꧶ꅁ뻚꒣맪꒧룪껆ꅁꝀ룪ꑗ꒧Ꝑ쉟ꅁꛓꕈ돸ꕚꅂꓥ껑ꅂ뱳벽ꅂ륱뱶꣤ꕌꓨꩫꫭꗜ꒧ꅃ 라군깶ꯟ깶ꅁ꧳걤껖꒽ꕱꚳ쏶쏒꣩ꗦ꧶꒧ꮴ곹ꅂ돸ꝩ껑쏒ꧺꓥꗳ껉ꅁ결꒣맪꒧쎱쏒ꅃ ꕄ뫞뻷쏶맯꧳ꭥ뚵닄ꑃ듚꒧놡ꅁ녯꒩ꕈ낱ꓮ냵ꛦ쎱쏒ꑵꝀ꒧덂꓀ꅃ 38
닄ꑇ뎹 쏒꣩뙂듛랧굺 ꅝꑇꅞ?땯ꛦꑈ꣤굴덤ꑈꅂ슾귻ꚳ닄ꑔꑑꑇ뇸닄ꑀ뚵꒧놡ꅁꛓ때Ꙑ뇸닄ꑇ뚵ꝋ덤ꗑꅃꅝ닄ꑔ듚ꅞ 닄ꑀ듚꒧덗ꥷ삳쓝꧳ꛦ결ꗇꅁꝙ꒽ꕱ꧳ꗓ뷐뱦껖뛒뚰땯ꛦꚳ믹쏒꣩껉꧒ꕛ꣣꒧꒽뙽뮡ꧺ껑ꅁ꙰ꚳ뗪낰꒧끏룼ꝙꕩꚨꗟꗇ롯ꅁ꒣뚷ꗍ띬깠꒧떲ꩇꅃꛜ꧳닄ꑔ듚꒧ꗇ롯삳쓝꧳떲ꩇꗇꅁ뚷교떽띎곛맯ꑈ꣼ꚳ띬깠ꥬꚳꚨꗟꗇ롯꒧ꕩ꿠ꅁꕂ꣤ꚨꗟꕈꗁ덤ꗴ꒧ꚳ때결뻚ꅁ걏뭐ꑀ꿫ꗇ롯꒧멣ꚨ굮ꗳ룻결꒣Ꙑ꒧덂ꅃ 쏶꧳닄ꑔ듚꒧ꗇ롯ꚨꗟꕴꚳꑀ뫃냝ꅁꝙꭥ굺꒧굴덤ꑈꅂ슾귻셡때ꩫꝋ덤ꅁꗧꖼꖲꫭꗜ꣤맯꒽뙽뮡ꧺ껑뗪낰꒣맪꒧끏룼꣣ꚳ걇띎ꅆ뭜녯ꕄ녩ꝋ덤꒧뇸ꗳ결ꅵꑷ뫉곛럭꒧ꩠ띎ꅁꣃꚳꖿ럭뉺ꗑ뵔ꭈ…ꅶꅆ뒫ꢥ꒧ꅁ꙰ꅵꖼ뫉곛럭ꩠ띎ꅶꝙ때ꩫꝋ덤ꅃ땍ꩠ띎롱냈걏ꝟꑷ뫉ꅁ삳ꭙ륌ꖢ덤ꗴꚳ때꒧Ꝑ쉟볐럇ꅁ95셡ꖼ뫉곛럭꒧ꩠ띎ꗧꕩ꿠뛈ꭙ궫ꑪ륌ꖢꅁꛓ꙰뭻결뛈꣣궫ꑪ륌ꖢ꒧ꑈꝙꢬꕈ멣ꚨ쏒꣩뙂듛꒧ꗇ롯ꅁ끚꒣ꚳ꧓뭻ꅵ륌ꖢ뙂듛ꅶ꒧뢷ꅆꚹꑀꙄꗟꩫ꒧뉺ꗑ결꛳ꅁ맪쏸띑릳ꅉ 닄ꑇ듚?ꚸ꿅ꖫ돵뙂듛 닄ꑀꗘ 끝냈돸ꝩ뗪낰꒣맪꒧덤ꗴ 땯ꛦꑈꗓ돸꒽ꝩ꒧끝냈돸ꝩ꣤ꕌꚳ쏶띾냈ꓥꗳꅁ꣤꒺깥꒣녯ꚳ뗪낰쇴냎꒧놡ꅁꚹꭙ쏒ꗦꩫ닄ꑇꑑ뇸닄ꑇ뚵꒧덗ꥷꅃ꙰ꚳ륈맯꧳룓ꚳ믹쏒꣩꒧떽띎꣺녯ꑈꕘ뷦ꑈꙝꛓ꧒꣼꒧띬깠ꅁ삳굴뷟쁶꒧덤ꅃ ꭥ굺꒧꣤ꕌꚳ쏶꒧띾냈ꓥꗳꅁ꙰ꗾꗑ땯ꛦꑈꛛꛦ뭳Ꝁ뒣꣑ꗓ돸꒽ꝩꅁ빁ꗎ룓뇸ꣃ때뫃냝ꅆ땍쏶꧳끝냈돸ꝩꚳ뚷롧라군깶걤껖쎱쏒ꅁ뢳라덱륌뫊맮ꑈ꧓뭻96ꅁ룓떥ꑈ귻둎끝냈돸ꝩ꒧뗪낰꒣맪걏ꝟ뚷굴덤ꗴꅁꩫ때ꧺꓥꅁ놩룑쓀ꑗꕩꕈꙀꙐꭉ앶ꛦ결꒧덗ꥷ맯꣤뷐ꡄꅁ삳ꕈ걇띎결궭ꅃ 95 뷐냑ꢣꝅ뗛쏒ꗦꩫꅁ닄521궶ꅃ 96 뷐냑ꢣ쏒꣩ꗦ꧶ꩫ닄ꑔꑑ꒻뇸닄ꑀ뚵꒧덗ꥷꅃ 39
뫴믚뫴룴쏒꣩ꗦ꧶뙂듛꒧곣ꡳ ꛜ꧳Ꙅ덤ꗴꅁꭨ녯쏒ꗦꩫ닄ꑀꛊꑃꑑꕼ뇸닄ꑀ뚵닄꒭듚꒧덗ꥷ덂꒭꙾ꕈꑕꚳ듁깻ꙄꅂꧫꟐ곬꣖곬띳ꕸ맴ꑇꛊꕼꑑ롕꒸ꕈꑕ뭀ꅃ 닄ꑇꗘ 궫ꑪ끔꺧뒦앓뭐끝냈륷듺뗪낰꒣맪꒧덤ꗴ 궫ꑪ끔꺧ꪺ뒦앓ꭙ쏒ꗦꩫ닄ꑔꑑ꒻뇸닄ꑇ뚵꒧굮ꡄꅁ꣤닄ꑀ듚꒧끝냈돸ꝩ꙰ꚳ뗪낰꒣맪껉ꅁꙢ빁ꗎꑗꣃ때냝썄ꅝ냑ꢣ끝냈돸ꝩ뗪낰꒣맪꒧덤ꗴꑁ론ꅞꅆꛜ룓ꅵ맯ꩆ앶꽱쏒꣩믹껦ꚳ궫ꑪ뱶암ꅶ꒧ꗓ돸ꓥꗳ걏ꝟ결ꅵ띾냈ꓥꗳꅶꅁꢬꕈ뱶암꣤ꗁꅂꙄ덤ꗴ꒧ꚨꗟꅆ꙰뇄ꥷꢣ룑ꅁꭨꕩ꓀ꝏ굮ꡄ쏒ꗦꩫ닄ꑇꑑ뇸닄ꑇ뚵닄ꑀꛊꑃꑑꕼ뇸닄ꑀ뚵닄꒭듚꒧덗ꥷ굴ꗁꅂꙄ덤ꗴꅁ뭐끝냈돸ꝩꗓ돸꒽ꝩ꒧덤ꗴ곛Ꙑꅃ 닄ꑔꗘ ꒺뵵ꗦ꧶꒧덤ꗴ ꑀꅂ?ꗁ덤ꗴ ꒺뵵ꗦ꧶ꗁ덤ꗴꕄ엩꙰ꭥꓥ꧒굺ꅁꕈ꒽ꕱ꒺뎡ꑈ뭐ꖫ돵꒺뎡ꑈ결궭ꅃꛜ꧳덤ꗴ뵤돲ꅁꭨꕈ껸꺧꒽뙽ꭥꯡ꒧뙒뷦룓꒽ꕱ늼꒧샀꣮ꝑ꽱97ꅁꝙꅇꅵ껸꺧ꖼ꒽뙽ꭥ꣤뙒ꑊ뷦ꕘ룓늼꒧믹껦ꅁ뭐껸꺧꒽뙽ꯡꑑ귓샧띾ꓩꚬ뵌ꖭꞡ믹껦꒧깴썂ꅶꅁ꙰ꕈ군뫢ꚡꕩ슲ꗜ꙰ꑕꅇ 깴썂ꇗ껸꺧꒽뙽ꭥ꒧ 뙒ꅝ뷦ꅞ믹껸꺧꒽뙽ꯡꑑ귓 샧띾ꓩ꒧ꖭꞡ믹 ꗑ꧳ꖻ뇸꒧덤ꗴꣃꭄ뗛늴꧳ꅵ띬깠뷟쁶ꅶ꒧덤ꗴꅁꛓ걏꒺뎡ꑈꝑꗎ꒣결ꑪ늳꧒ꪾ노꒧꒽ꕱ꒺뎡궫ꑪ끔꺧뙒뷦늼꒧ꅵ꒣럭ꝑ녯ꅶꅆꚹ꧒뿗꒧꒣럭ꝑ녯삳ꕝ걁뽮랥ꪺꅵꝑ녯ꅶ뭐껸랥ꪺꅵ꧒쇗ꝋꪺ띬ꖢꅶꑇ98ꅁ꙰ꭥ뚵꒽ꚡ군뫢꒧깴썂결륳굴볆ꅁꭨ때꒣럭 97 뷐냑빜ꝅ뗛쏒ꗦꩫꅁ닄562궶ꅃ 98 뷐냑빜뒿뗛쏒ꗦꩫ귬뉺ꅁ닄211궶ꅃ 40
닄ꑇ뎹 쏒꣩뙂듛랧굺 ꝑ녯ꕩꢥꅁꝙ꒣삳ꕏ꣤ꖻ뇸굴덤ꅆꛜ꧳룓ꝑ녯걏ꝟꑷ맪뉻ꭨꭄ꧒냝ꅃ ꛜ꧳뷟쁶덤ꗴ꒧썂ꯗꅁ쏒ꗦꩫ닄ꑀꛊ꒭ꑑꑃ뇸꒧ꑀ닄ꑇ뚵덗ꥷꅇꅵ…꣤놡론궫ꑪꅁꩫ끼녯떽띎녱곛뙒뷦꒧ꑈ꒧뷐ꡄ녎덤ꗴ궭썂뒣낪ꛜꑔ궿ꅃꅶ놩꛳뿗놡론궫ꑪꅁꣃ때ꩫ녯ꪾꅁꡳꭙꕈ깴썂꒧Ꙩ맨결럇ꅁ걏궫ꑪ껸꺧꧒뱶암믹꒧몦뙞ꚨ볆결뻚ꅁꕇꕵ녯듁ꯝꖼ꣓ꚹ쏾껗ꗳ꒧ꕱꩫꝐꡍ낵ꕘ룑쓀ꅃ ꑇꅂ?Ꙅ덤ꗴ ꒺뵵ꗦ꧶꒧Ꙅ덤ꗴꅁ귬덗ꥷ꧳쏒ꗦꩫ닄ꑀꛊꑃꑑ꒭뇸결ꑇ꙾ꕈꑕ꒧ꚳ듁깻ꙄꅂꧫꟐ곬꣖곬ꑑ꒭롕꒸ꕈꑕ뭀ꅁ놩꧳ꗁ냪ꑋꑑꑅ꙾ꑃꓫꑑꑅꓩ꧒꒽ꖬ꒧띳귗ꖿ뇸ꓥ녎꒺뵵ꗦ꧶꒧Ꙅ덤ꗴ굱꧳닄ꑀꛊꑃꑑꑀ뇸ꅁ뒣낪결ꑃ꙾ꕈꑕꚳ듁깻Ꙅꅁ녯꣖곬띳ꕸ맴ꑔꛊ롕꒸ꕈꑕ뭀99ꅃ 쏶꧳꒺뵵ꗦ꧶꒧Ꙅ덤ꗴ뒣낪ꛜꑃ꙾ꕈꑕ꒧ꚳ듁깻Ꙅꚳ쁾꒣ꩫ꒧롧샙ꗇ롯ꅁꕈ륆꣬ꭏ앀룪ꑈ꒧앶꽱낷ꗾꖫ돵땯깩꒧ꕜ꿠ꅁ땍ꗑꚹ꒺뵵ꗦ꧶꒧덗ꥷ왛맮ꅁꕵ굮돦꿂ꙡ맪뉻닄ꑀꛊ꒭ꑑꑃ뇸꒧ꑀꪺ멣ꚨ굮ꗳꅁ꧳룓꒽ꕱ궫ꑪ껸꺧ꥼꖼ꒽뙽ꭥ뙒ꑊ뷦ꕘ늼ꝙꕩꚨꗟꗇ롯ꅁꛓ때뚷뙩ꑀꡂ쏒ꗦꩫ닄ꑀꛊ꒭ꑑꑃ뇸꒧ꑀ닄ꑇ뚵샋뗸꣤ꚳ때ꙝ룓꒺뵵ꗦ꧶샲녯ꝑ꽱ꅁꚹꙄꩫ꒧ꗇ롯쏾ꮬ꓀쏾쓝ꛦ결ꗇ100ꅃ꙰ꚹꅁꭨ굙꒺뎡ꑈ결꒺뵵ꗦ꧶ꅁ녎ꚳꕩ꿠늣ꗍ때뚷굴뻡ꗁ덤ꗴꅁ뚷꣼냪깡Ꙅ덂뭀꒧뉻뙈ꅃ 닄ꕼꗘ 뻞셡ꛦ결꒧덤ꗴ ꑀꅂꗁ덤ꗴ 쏒ꗦꩫ닄ꑀꛊ꒭ꑑ꒭뇸닄ꑔ뚵덗ꥷꚳꅁꑚ맯꧳ꑗꖫꅝ쉤ꅞ꒧ 99 쏒꣩ꗦ꧶ꩫ닄ꑀꛊꑃꑑꑀ뇸귗ꖿꅁ녎꒺뵵ꗦ꧶꒧Ꙅ덤ꗴꕛ궫꣬ꕩ덂ꑃ꙾ꕈꑕꚳ듁깻Ꙅꅁꣃ뱗굱맯꧳녱ꝑ꽱뿩끥ꭄ녠덗ꗦ꧶ꛦ결꒧덗뵤ꅁ맯꧳쑙궫뱶암ꖫ돵꒽ꖭꅂ꒽ꖿꅂ꒽뙽꒧ꛦ결ꅁ놰꣺꒽ꕱ룪맏ꝑꓖ볆롧샧뚥뱨꒧꒣ꩫꛦ결ꅁ꒩ꕈ쑙썧ꅁꕈꚳ껄쁾꒣ꩫ꒧롧샙ꗇ롯ꛦ결ꅁꣃ륆꣬ꭏ앀룪ꑈ꒧앶꽱낷ꗾꖫ돵땯깩꒧ꕜ꿠ꅃ냑ꢣ쏒듁라ꗾ뉹룪끔뫴쏒ꗦꩫ귗ꖿ곛쏶뮡ꧺꅁ< 100 뷐냑빜ꩌꑳꗐꅁꙄꩫ덱뷗ꑗꕕꅁ닄122궶ꅁꑀꑅꑅꑋ꙾ꑀꓫ꒻ꪩꅃ 41
뫴믚뫴룴쏒꣩ꗦ꧶뙂듛꒧곣ꡳ ꚳ믹쏒꣩결믹껦꒧뻞셡ꛦ결ꅁ맯꧳떽띎뙒ꑊ뷦ꕘꚳ믹쏒꣩꒧ꑈ꧒꣼꒧띬깠삳굴뷟쁶덤ꗴꅃ륈뻞셡ꖫ돵ꛦ결꒧ꗁ덤ꗴ귬ꖻ뛈녯껚뻚쏒ꗦꩫ닄ꑇꑑ뇸뷐ꡄꅁ놩ꛛꗁ냪ꑃꑑꑃ귗ꖿꯡꅁ녎ꗁ뷟쁶덤ꗴꧺꥷ꧳룓닄ꑀꛊ꒭ꑑ꒭뇸닄ꑔ뚵ꅁ꣤띳뱗꒧덗ꥷ굮ꡄꛦ결ꑈꅵ맯꧳떽띎뙒ꑊ뷦ꕘꚳ믹쏒꣩꒧ꑈ꧒꣼꒧띬깠삳굴뷟쁶꒧덤ꅃꅶ놩ꚹ삳ꩠ띎ꅁꚳ앶뷐ꡄ뷟쁶꒧ꑈ꒣ꖲ결ꛦ결ꑈ꒬결뙒뷦꒧곛맯ꑈꅁ뛈믝결떽띎ꅁꕂ꣤띬깠ꭙꙝ룓ꚳ믹쏒꣩꒧뙒뷦ꛓꗍꝙꢬꅃ걇ꚹꛓꢥꅁꛦ결ꑈ꒧덤ꗴꣃ때궭썂ꅁ뷟쁶덤ꗴꕩ꿠곆ꑪ101ꅃ ꑇꅂꙄ덤ꗴ 쏶꧳Ꙅ덤ꗴ뎡ꗷ삳빁ꗎ쏒ꗦꩫ닄ꑀꛊꑃꑑꑀ뇸ꅁꕩ덂ꑃ꙾ꕈꑕꚳ듁깻Ꙅꅁ녯꣖곬띳ꕸ맴ꑔꛊ롕꒸ꕈꑕ꒧뭀ꅃ놩ꗑ뻞셡ꛦ결꒧쏾ꮬꦹꦹ쁈뗛ꖫ돵꒧엜꓆ꛓ쁈껉ꅵ뇀뎯ꕘ띳ꅶꅁ걇ꗸ맏ꕈ쏒ꗦꩫ닄ꑀꛊ꒭ꑑ꒭뇸덗ꥷꞹꗾ뉛뭜꧒ꚳ쏾ꮬꅁꖻ쓝랥ꯗꝸ쏸꒧ꗴ냈ꅁꕛꕈ뉻ꛦ꒧닄ꑀꛊ꒭ꑑ꒭뇸덗ꥷ뵔ꚳ뷑Ꙩꝴ뉖얢닎꒧덂ꅁꙝꚹ궡비뻇뗻ꅃ ꕈ룓뇸닄ꑀ뚵닄ꑀ듚꒧륈곹ꗦ돎ꛓꢥꅁ꣤ꗇ롯꒧ꚨꗟꖲ뚷ꅇꅵꙢ뚰꒤ꗦ꧶쥝돵돸믹ꅁ띾롧ꚳꑈ꧓뿕놵꣼ꛓ꒣맪믚ꚨꗦ꒣뱩ꛦꗦ돎ꅁꢬꕈ뱶암쥝돵꾴Ꟈꅃꅶꑀ꿫룪ꑈꣃ때ꪽ놵꧳뚰꒤ꖫ돵돸믹꒧룪껦ꅁ꣤덗뵤꒧ꕄ엩ꥷ결Ꙣ뚰꒤ꖫ돵ꅵ돸믹ꅁ…ꛓ꒣맪믚ꚨꗦ꒣뱩ꛦꗦ돎ꅶ엣ꭙ쏒꣩ꛛ샧냓롧곶냓ꛓꢥꅁ셡맪냈ꢣ룑ꕈ뚡놵ꖿꗇ꒧랧꧀뷗덂룓꒣뱩ꛦꗦ돎롱냈꒧룪ꑈꅁ102놩ꗦ꧶맪냈ꅁ뚰꒤ꖫ돵꒧ꗦ꧶ꕄ엩ꅝꝙ쏒꣩롧곶냓ꅞꞡꭙ꧳ꞹꚨꗦ돎ꯡꅁꥬꪾ룪ꑈ륈곹꒣ꗦ돎ꅆꝙ맯뚰꒤ꖫ돵ꛓꢥꅁꣃ때꒣뱩ꛦꗦ돎꒧놡ꅁꭨ뇽ꕈ뚡놵ꖿꗇ뷗덂륈곹꒣뱩ꛦꗦ돎롱냈꒧룪ꑈꅁ엣ꚳ쏸ꕈ빁ꗎ꒧땾맒ꅃ ꕴ꧳룓뚵닄꒻듚ꅇꅵꪽ놵뚡놵녱꣤ꕌ뱶암뚰꒤ꗦ꧶쥝돵걙뫘ꚳ믹쏒꣩ꗦ꧶믹껦꒧뻞셡ꛦ결ꅃꅶꗧ쓝ꗇ롯ꛦ결ꅁ땍ꚹ덂꒧ 101 뷐냑빜ꝅ뗛쏒ꗦꩫꅁ닄528궶ꅃ 102 ꙰ꑋꑑꑋ꙾ꕸꑗ꙲닄1113뢹ꅂꑋꑑꑃ꙾ꕸꑗ꙲닄2678뢹Ꝑ꣒떥ꞡ뭻결꙰룪ꑈꭙꝑꗎ꒣ꪾ놡꒧쏒꣩롧곶냓결ꗇ롯ꑵ꣣ꅁ뙩ꛓ륈곹꒣뱩ꛦꗦ돎롱냈ꅁꢬꕈ뱶암ꖫ돵꾴Ꟈꅁꭨꕩ쏒ꗦꩫ닄ꑀꛊꑃꑑꑀ뇸ꚨꗟ닄ꑀꛊ꒭ꑑ꒭뇸꒧륈곹꒣뱩ꛦꗦ돎롯ꅃ 42
닄ꑇ뎹 쏒꣩뙂듛랧굺 돌ꑪ뫃냝Ꙣ꧳ꅁ꧒뿗꒧뻞셡ꛦ결결꛳ꅈꅵ멣ꚨ굮ꗳꧺ뵔꓆ꅶꖻꭙꙄ뭀덗ꥷ꒧냲ꖻ굮ꡄꅁꑝ걏롯Ꙅꩫꥷꕄ롱꒧냲ꖻ뫫꾫꧒Ꙣꅁ뉻ꛦꩫꕈꚹ뫘볒뵫꒧랧걁덗ꥷꅁꝙꢬꕈ곬냑뭐ꖫ돵룪꒧ꑈ돌낪ꕩ륆ꑃ꙾꒧ꚳ듁깻Ꙅꅁ꙰ꚹ덗ꥷ걏ꝟꞴ빁ꅁ맪귈뉠ꡳ103ꅃ 103 뷐냑빜ꩌ냪ꗾꅁ쏒ꗦꩫ곣ꡳꅁ닄190궶ꅃ 43
뫴믚뫴룴쏒꣩ꗦ꧶뙂듛꒧곣ꡳ 44
닄ꑔ뎹 뫴룴쏒꣩뙂듛 닄ꑔ뎹 뫴룴쏒꣩뙂듛 ꛛꑀꑅꑅꕼ꙾끟ꅁ뫴믚뫴룴덑뱳꩸ꙡ삳ꗎ꧳쏒꣩ꗦ꧶ꖫ돵꒤ꅁ땵땵볆꙾ꪺ껉뚡ꅁꚳ믹쏒꣩뵵ꑗꗦ꧶ꅝ꽓ꝏ걏뫴룴ꑕ돦ꅞ꒣엜ꑆ뛇닎ꪺ룪닟멄ꅁꟳꪽ놵뱶암쏒꣩냓ꪺ롧샧볒ꚡꅁ꣏녯쏒꣩ꗦ꧶ꖫ돵ꙝꚹꛓ궱셻ꖨꑪꪺ엜궲ꅃ껚뻚. Bancorp Piper Jaffray 뭐Credit Suisse First Boston꓀ꝏ낵ꕘꪺ닎군돸ꝩ엣ꗜꅁꑀꑅꑅꑃ꙾껉ꅁ뵵ꑗꗦ꧶녢ꓡ결ꑔꛊꑃꑑ롕ꓡꅁꛜꑀꑅꑅꑅ꙾닄ꑇꥵꭨꚨꛜꑅꛊꑃꑑ롕ꓡꅁꝥ뉻꫱ꑔ궿ꪺꚨ쇍뛕ꅆꛓ뵵ꑗꗦ꧶ꪺꚨꗦ뙱ꑝ녱ꑀꑅꑅꑃ꙾닄ꑀꥵꪺ7ꉈꚨꛜꑀꑅꑅꑅ꙾닄ꑇꥵꪺꛊ꓀꒧ꉈꅁꗧꚳꑇ궿ꪺꚨꅃ1 뫴믚뫴룴ꝙ껉ꅂꢳ덴ꕈ때뮷ꖱꦡꪺ꽓꧊ꅁ꒣뛈뒣꣑룪ꑈꓨꭋꪺ룪끔뛇뿩뫞륄ꅁꟳ꣏녯쏒꣩뿄띾ꅁ곆ꛜ땯ꛦ꒽ꕱꙢ녱ꚳ믹쏒꣩뛒뚰ꅂ땯ꛦ뙒뷦껉ꅁꕒ꓀ꙡ뱗ꕛꭋꝑ꧊ꅁꣃꕂꚳ껄궰ꝃꚨꖻꅃ뫴믚뫴룴맯꧳룪ꖻꖫ돵ꅁꓗ꣤걏쏒꣩뿄ꖫ돵꧒녡꣓ꪺꙮ덂ꅁ꒣쏸녱쏒꣩냓꿉꿉뒣꣑륱ꑬꗦ꧶ꪺ볶끊땻ꯗ뽳ꪾꑀꑇꅃ2 땍ꛓꅁꙢ쏒꣩ꗦ꧶뫴룴꓆ꪺ굉ꯡꅁ뫴믚뫴룴ꑝꙢꓖ볆ꑈꪺ생ꗎ꒧ꑕꅁꚨ결뙂듛ꗇ롯ꪺ럅Ꟊꅆꓗ꣤걏뫴룴룪뙂듛껗ꗳꖿ쁈뗛뫴룴삳ꗎꪺ뒶ꛓꚨꖿꓱꚨꅃ뫴믚뫴룴ꯪꙮ뒣꣑꣣ꚳ꒣ꩫ띎맏ꪺ뻷ꗷꑬꑀ귓띳ꛓꚳ껄ꪺꗇ롯ꑵ꣣ꅁ꣏꣤녯ꕈꙢꯜ땵ꪺ껉뚡꒺ꅁꫡ뙏랥ꝃ띇ꪺꚨꖻꅁꙐ껉ꗽꯡ뭐볆ꕈꛊ롕군ꪺ룪ꑈꅝ볧Ꙣ꣼깠ꅞ뙩ꛦ놵쒲ꅆꚹꕾꅁꗑ꧳뫴룴꣣ꚳ꒧냎ꙗ꽓꧊ꅁꗧꕩ꣏꒣ꩫꟳ꧶꧳ꕈ냎ꙗꪺꓨꚡ녱ꗇ롯ꛦ결ꅁ덗쇗ꩫꯟꪺ꣮뗴ꅃ ꕈꗘꭥ꧒땯ꗍꪺ껗꣒ꛓꢥꅁꕩꕈ땯뉻덜Ꙩꚳꓟꑈꑨꝑꗎ뫴믚뫴룴때뮷ꖱꦡꅂꢳ덴ꅂ때껉깴떥꽓꧊ꅁ싇ꗑꞣ뙬ꗳꅂ끑뷗냏ꅂ꒽ꝇ쓦ꅂ꽤ꢥꅁ곆ꛜ뉺끝룪끔뫴꾸떥뫞륄ꅁ뒲ꝇ꒣맪끔꺧ꅁꗸ맏ꕈ꒣ꖿ럭ꪺꓨꚡ뱶암믹ꅁ륅ꛦ룪뙂듛ꖫ돵뻞셡ꛦ결ꅃꑇꆳꆳꆳ꙾ꑋꓫꑇꑑ꒭ꓩꅁꙢNASDAQꝙ땯ꗍꑆꑀ끟ꚳꕶꕈ꣓돌쑙궫ꪺ뫴룴쏒꣩뙂듛껗ꗳꅁ덹ꚨ륱뢣ꗺ엖뫴룴덝 1 See On-Line Brokerage: Keeping Apace of Cyberspace, available at < or < > 2 껚뻚SECꕎ뉺ꕄ깵Laura S. Ungerꑫꑨ꧳ꑀꑅꑅꑅ꙾꧒땯ꫭ꒧돸ꝩ엣ꗜꅁ럭껉ꗾ과뒣꣑뵵ꑗ쏒꣩뿄ꩁ냈ꪺ띾ꑷ뙗륌ꑀꛊ꒻ꑑ깡ꅁ곆ꛜ덳Merrill Lynch덯볋ꪺ뛇닎꣩냓뎣꒣녯꒣ꕛꑊꚹꑀ뻔ꞽꅁꕈꝋ비ꗾ궱꣬꣓ꪺ뫴룴ꕀ곶꧒뉞ꡏꅃꙐꭥ뗹ꅃ 45
뫴믚뫴룴쏒꣩ꗦ꧶뙂듛꒧곣ꡳ 군뭳덹ꑪ뱴Emulex꒽ꕱꪺ믹Ꙣꑀꑰ껉꒧꒺볉뙞뙗륌ꛊ꓀꒧꒻ꑑꅁ룓꒽ꕱꖫ귈ꙝꚹ왊듮륏ꑇꑑꑇ믵과꒸ꅃ3 쇶땍ꯡ쏒꣩ꗦ꧶꧒뇄꣺ꑆꖲ굮ꪺ놹걉ꅁ꣏룓ꗳꪺ뱶암땻ꯗꚳ껄궰ꝃꅁꕂꯡSEC뭐셰ꢹ뷕걤ꞽꅝFBIꅞꗟ꣨깩뙽뷕걤ꅁ뙥꺷ꑆ뭳덹꒣맪껸꺧ꪺꛦ결ꑈꅁꣃ녎룓껗ꗳꗦꗑꕱꩫ뻷쏶끬뙄꒤ꅁ4 땍ꛓꚹꑀꗳ맯쏒꣩ꖫ돵덹ꚨ꒣ꑰꪺ빟뻙ꅁ걏꒣ꪧꪺ맪ꅃ 럭땍ꅁ뫴룴쏒꣩뙂듛껗ꗳꣃꭄ뛈ꚹꑀꗳꅆ맪ꑗꛛꑀꑅꑅꑋ꙾끟SECꝙ뎰쓲끷맯꒣Ꙑ멁ꪺ뫴룴쏒꣩뙂듛껗ꗳ깩뙽Ꙩꚸꪺ놽뾺ꛦ냊ꅃꑀꑅꑅꑋ꙾ꑋꓫSEC꓀ꝏꙢꗾ냪ꙕꙡ걤뵲ꑋꑑꑇꙗꝑꗎ띌ꖫ귈꒽ꕱ(microcap)ꪺ썄ꟷ결뙂듛ꓢ걱ꪺ귓ꑈ뭐꒽ꕱ굴덤ꑈꅁ5 ꚹꯡSECꑓ쑾쓲꧳ꑀꑅꑅꑋ꙾ꑅꓫꑇꑑꕼꓩ꽓ꝏ끷맯ꝑꗎ뫴룴뒲ꝇ꒣맪룪끔ꪺꛦ결뙩ꛦꑪ덗볒ꪺ걤뵲냊Ꝁꅁ맯ꕼꑑꑀꙗ꽁뛻Ꙣꗾ과ꙕꙡ녱뫴룴쏒꣩뙂듛꓀ꝏ뒣끟뙄덞ꅃ6 Ꙑ꙾ꑑꓫꑇꑑꑋꓩꅁSECꑓ맯ꕼꑑꕼꙗ녱뫴룴쏒꣩뙂듛ꪺ귓ꑈ꒽ꕱ뇄꣺녪꣮ꛦ냊ꅁ덯ꕼꑑꕼꙗ덑ꝩꝑꗎ뫴룴륱ꑬ뙬ꗳꅂ띳뭄덱끔걏ꪽ놵녎끔꺧녩뙋꧳뫴꾸ꑗ꣑룪ꑈ빜쓽ꅁꕈ뒦앓꒣맪ꪺ늼룪끔쇴뽦꽓ꥷ끔꺧ꪺꓨꩫꅁ녱띌ꖫ귈꒽ꕱ뫴룴뙂듛ꅁ7 셠군꣤ꝑꗎ뫴룴륈ꩫ엳ꪺ띌ꖫ귈꒽ꕱ늼뙗륌ꑇꛊꑔꑑ꒭깡꒧Ꙩ8ꅃ SEC꒧꧒ꕈꙨꚸ뙩ꛦꑪ덗볒놽뾺ꛦ냊ꅁ삳뭐꣤꧒꣼뉺꒧ꗓ뙄껗ꗳꢳ덴뱗ꕛꚳ쏶ꅆꑀꑅꑅꑃ꙾ꗾ꙾ꅁSEC꧒꣼뉺ꪺ샋셼껗ꗳꥼ꒣뙗륌ꑔꛊꗳꅁ땍ꛓ꣬ꑆꑀꑅꑅꑋ꙾ꑀꓫꛜꑅꓫꅁ둎꣼뉺뙗륌ꑀꑤꑀꛊꗳꪺ샋셼ꗓ뙄껗ꗳꅁꖭꞡꡃꓩ꣼뉺뙗륌ꑀꛊꑇꑑꗳꕈꑗ뭐쏒꣩뙂듛ꚳ쏶ꪺꗓ뙄ꅁꧺ엣ꪺꓱ 3 Securities and Exchange Commission v. Mark S. Jakob, Civil Action No. EDCV-00-687 VAP (Mcx) (. Cal.). Securities and Exchange Commission Litigation Release No. 16671 / August 31, 2000, available at < 4 Id. 5 See SEC charges 82 individuals and Companies in Second Nationwide Microcap Fraud Sweep, available at < 6 See SEC charges 41 people in 13 Actions Invlovimg more than $25 Million in Microcap Fraud, available at < 7 ꚹꚸꗾ냪꧊ꪺ놽뾺ꛦ냊ꅁSEC꓀ꝏꙢ꽓쓵ꑪꅂꩩꑨ륹ꅂꫛꕛ귴ꅂ뗘늱륹꽓냏떥ꑑꑀ귓ꙡ냏ꅁ끷맯ꕼꑑꕼꙗ덑ꝩ뒣끟ꑇꑑꑔꗳ뙄덞ꅁ꣤꒤ꪺ뫴룴뙂듛ꛦ결꓀ꝏꖫ덺륌ꞣ뙂듛뙬ꗳ(fraudulent spams)ꅂ뵵ꑗ띳뭄덱끔ꅝonline newslettersꅞꅂ끔꺧꒽ꝇ쓦(message board postings)떥뫞륄뙩ꛦꅃ See SEC Conducts First Even Nationwide Internet Securities Fraud Sweep,Charges 44 Stock Promoters in 23 Enforcement Actions, available at < 8 덯뫴룴뙂듛ꪺꓨꩫ꒣ꕾ걏ꕈꅝ1ꅞ쇀뫙쏶꧳룓꒽ꕱꪺ룪끔ꅆꅝ2ꅞꓞꗎ꒽ꕱ곛쏶끔꺧ꅁꕛꑊꛛꑶ귓ꑈ뗪낰뿹뭾ꪺ꓀꩒ꅂ륷듺떥ꅆꅝ3ꅞ걇띎꒣ꞹꗾꕒ꓀뒦앓빁럭ꪺ끔꺧ꅁꙐꭥ뗹ꅃ 46
닄ꑔ뎹 뫴룴쏒꣩뙂듛 륌ꕨ뱗ꕛ륏330%ꕈꑗꅃ9 SEC궱맯꙰ꚹꗆ생ꪺ뫴룴쏒꣩뙂듛ꛦ결ꅁ꒣뛈Ꙩꚸ뙩ꛦ룳ꙻꅂ곆ꛜꗾ냪꧊ꪺ놽뾺ꛦ냊ꅁꗸ맏껸ꯚ뫴룴쏒꣩뙂듛ꗳ10ꅆꕴꑀꓨ궱ꅁSECꟳ뽮랥ꙡꚨꗟꅵ뫴룴ꛦ냊덂ꅶꅝThe Office of Internet Enforcement ꅁOIEꅞ녍녱맯ꓩ꽱뱗ꕛꪺ뫴룴쏒꣩뙂듛껗ꗳꅁ깩뉻ꖴ삻뫴룴쏒꣩ꗇ롯ꪺꡍꓟ11ꅃ 껚뻚SEC돌꫱ꑀꥵꅝꑇꆳꆳꆳ꙾닄ꑔꥵꅞꪺ닎군ꕘꅁꗾ과냪ꙕꙡꑷ롧뙩ꑊ낻걤땻Ꟈꪺ쏒꣩뙂듛껗ꗳꓱꕨ꙾ꅝꑀꑅꑅꑅ꙾ꅞ뱗ꕛꑆꛊ꓀꒧ꑔꑑꑃ12ꅃSEC냵ꛦ덂ꅝEnforcement Divisionꅞꪺ냆ꕄ뫞Stephen Cutlerꕘꅁ룓뎡돌꫱ꑀꩩ꧒땯냊ꪺ놽뾺ꛦ냊ꅁꕄ굮싪ꥷꚸ꿅ꖫ돵꒤ꝑꗎ륱ꑬ뙬ꗳ꣤ꕌ뫴룴덱끔ꓨꚡ꧒결ꪺ늼뻞셡ꛦ결ꅁꚹ뫘뻞셡ꛦ결덱녠뎣뚰꒤Ꙣꖻꑰꅂ믹ꝃꛓꥼꖼ샲녯ꖫ돵뭻Ꙑꪺꪺ꒽ꕱ늼ꅃ Cutler뙩ꑀꡂꕘꅁ멉ꛜꑇꆳꆳꆳ꙾ꑅꓫ결ꓮꅁSECꙢ럭꙾ꯗꙀ걤샲ꑆꑋꑑꑋꗳ뭐뫴믚뫴룴ꚳ쏶ꪺ뙂듛껗ꗳꅁꧺ엣ꙡ룻ꑀꑅꑅꑅ꙾ꗾ꙾ꪺ꒭ꑑ꒭ꗳ뭐ꑀꑅꑅꑋ꙾ꗾ꙾셠군ꕼꑑꑔꗳ뱗ꕛ덜Ꙩꅃ꣤꒤뱗ꕛ돌Ꙩꪺ쏾ꮬ걏ꪽ놵ꪺ믹뻞셡ꅁꑝ둎걏꧒뿗ꅵ꧔낪귋덦ꅶꅝPump and DumpꅁP&Dꅞꪺ뙂듛쏾ꮬꅆ꣥ꮬꪺP&Dꓢꩫ걏ꝑꗎ닡ꓑꯇꅂ륱ꑬ뙬ꗳꅂꕈ뫴꾸떥뫞륄ꅁꗾꑏ뇀꒶꽓ꥷꑰꮬꅁꕈꑈ결뻞셡ꪺꓨꚡ뱶암늼믹귈ꅁ럭룓꽓ꥷ늼믹귈덑ꮡꧯ꣬꽓ꥷ믹귈ꯡꅁꝀꓢꙁ녎늼ꕘ뉍ꅁ샲ꝑꑆ떲ꅁ녎ꓢꑗꪺ꯹귋덦ꅝDumpꅞ떹꒣ꧺꡳ료ꪺ룪ꑈꅃꙨ꙾꣓ꅁ덯뫘ꅵ빩ꅂ깍ꅂ뇾ꅶꪺꓢꩫꖼ뒿엜13ꅁ 냟ꑀ엜ꪺ걏ꅁꗑ꧳뫴믚뫴룴ꪺꕘ뉻ꅁꛓ꣏녯덯뫘늼뙂 9 See SEC Forms Unit to Combat Internet Securities Fraud, available at < < 10 뻚닎군ꅁSECꛛꑀꑅꑅꑋ꙾ꢴꑇꆳꆳꆳ꙾ꑑꑀꓫ결ꓮꅁ꧒뙩ꛦꪺꑪ덗볒놽뾺ꛦ냊ꅁꑷ륆ꑅꚸꕈꑗꅃSee Internet Enforcement Program, available at < 11 SEC꧳1998꙾7ꓫ28ꓩꚨꗟ슾ꕱꖴ삻뫴룴쏒꣩뙂듛ꪺ꽓ꝏꛦ냊닕슴ꅁ냵ꛦEnforcement Divionꪺ뫴룴군땥ꅁꕛ녪뫴룴쏒꣩ꗦ꧶ꙷꗾꪺ뫻앀ꑵꝀꅃSee SEC Creates Office of Internet Enforcement to Battle Online Securities Fraud, available at < 12 See Internet-Related Stock Fraud Cases Increasing, Brian Kerbs, available at < 13 ꙰뻇껯ꑄꖭ결덧냽껉ꕎꑀ껑꒧뇀싋Ꟈꓥ꒤꧒ꢥꅇꅵꛛꕪ쎹남껉듁ꪺꖫ돵뻷끏굺끟ꅁꖫ꒫ꑰꗁ쇈녯뻷ꑰꝑꪺꓢ뭒ꢬ쇐ꅂꖢꝑꪺ쁺냞땨귺ꅆꪣꝀ셡ꖫ돵ꑗꑕ꣤ꕇꪺꅹ빩ꅂ깍ꅂ뇾ꅺꑔ뎡ꚱꅁꚭ둎ꚳꭥ곬ꕩ뒩ꅆꛓ믹몦ꅁꚨꗾꗁ륂냊ꅁꚭꙢ쎹남ꯒ냪ꭋꑷꕘ뉻…볆ꑤ꙾꣓ꅁꑈ귌싂ꭥ꒲ꯡ쑾ꙡ녱뻷ꛦ결ꅁ돌ꯡ뢨녯둤멇ꑕ돵ꅃꅶ냑ꢣ띒녯뗘ꅄ뿺ꯤ볖뗛ꅁ믴ꯤ뷥쒶ꅁ덧냽껉ꕎꅁ닄9궶ꅁ껉돸ꓥ꓆ꕘꪩꅃ 47
뫴믚뫴룴쏒꣩ꗦ꧶뙂듛꒧곣ꡳ 듛ꛦ결엜녯ꟳꚳ껄뉶ꅂꟳ깥꧶녯델14ꅃ 쁈뗛뫴믚뫴룴삳ꗎꪺ뒶ꅁ꙰꛳ꢾ뵤뫴룴ꗇ롯ꑷꚨ결ꙕ냪ꭅꯝ룑ꡍꪺ궺굮꒧냈ꅆ맯꧳쏒꣩ꖫ돵ꛓꢥꅁ꙰꛳ꢾ뵤뫴룴쏒꣩뙂듛ꅁ뵔ꭏꗦ꧶꾴Ꟈ뭐룪ꑈ앶꽱ꅁꟳ걏ꙕ냪쏒꣩ꕄ뫞뻷쏶ꖲ뚷궱맯뭐뉠ꯤꪺ뷒썄ꅃꖻꓥꕈꑕꝙ샀ꕈ과냪결ꕄ굮맯뙈ꅁ끷맯ꗘꭥ결ꓮ꧒뒿땯ꗍꪺ뫴룴쏒꣩뙂듛껗ꗳꝀꑀ쉫꿇ꅂ꓀꩒뭐ꓱ룻ꅁ뙩ꛓ뒣꣑꒩ꕄ뫞뻷쏶ꅂ띾곆ꛜ뽮랥냑뭐ꖫ돵ꪺ룪Ꙣ녱쏒꣩뫞뉺ꅂ롧샧룪ꡍ떦껉꒧냑ꛒꅃ 닄ꑀ론?뫴룴쏒꣩뙂듛꒧ꥷ롱 뫴믚뫴룴ꭙ낣돸꿈ꅂ뱳벽ꅂ륱뗸ꕈꕾꅁ맯룪끔뛇벽뱶암돌뱳ꪺ띳뾳둃엩ꅁ꧳녪ꑪꪺ뛇벽룪끔ꕜ꿠ꕾꅁ꣤뙽꧱ꚡꪺ걛멣15ꅁꟳ꣏녯뫴룴꣏ꗎ녯ꕈ쁈띎땯ꫭ띎ꢣꅂ뛇뮼룪끔ꅃ때뷗걏ꪽ놵덺륌뫴꾸ꅂBBS꾸ꅂ끑뷗롳닕륱ꑬ뙬ꗳ떥ꅁꞡ쑁싐ꑆ뛇닎ꪺ뛇벽ꓨꚡꅃꙢ륌ꕨꪺ뛇벽ꛦ결꒤ꅁ낣ꑆꑦꛕ곛뛇ꪺꪽ놵뛇벽ꕈꕾꅁ꙰뇽ꝑꗎ꣤ꕌ둃엩ꞡ믝꣼꣬룓둃엩ꪺ론꣮ꅁꛓ꒵뫴믚뫴룴뒣꣑ꑆ꣣ꚳ녪ꑪ껄꿠ꪺꪽ놵뛇벽ꑵ꣣ꅁ꣏녯ꑈꑈꞡꚳ뻷라ꪽ놵둸뒤둃엩ꅃꙢꚹꪬꩰ꒧ꑕꅁ뫴룴ꑗꕒꖸ뗛덜Ꙩ쏸ꕈ론꣮곆ꛜ때ꩫ걤쏒ꪺ룪끔ꅁ뭆ꗍ덜Ꙩ뫴룴ꢥ뷗뫞꣮뭐ꢥ뷗ꛛꗑꪺ룜썄ꅁꡳ뎺뫴룴ꢥ뷗뫴룴룪끔삳ꝟꕛꕈ뫞뉺ꅁꛛ녱뫴룴냓띾꓆땯깩ꛜ꒵꒴싂ꪧ뷗꒣ꗰ16ꅁ땍ꛓ맪쏒ꧺꅁ뱨ꕘ꒣뵡ꪺ뫴룴뙂듛ꗳꣃ때ꩫ떥ꯝꭥ굺ꪧ쒳ꚨ떲뷗ꅁ뉻ꚳ냝썄ꪺ룑ꡍꑷ꣨꒣깥뵷ꅉ ꗑ꧳냪꒺ꥼ꿊ꕆ맯뫴룴쏒꣩뙂듛꒧곛쏶뷗굺ꅁ뻇뚡맯ꚹꕄ썄꒧곣ꡳꗧ쓝믱ꓲ엯ꢤꅁ슾걏꒧걇ꅁ귓ꑈ뛈녯링룕싇ꗑ뷑Ꙩ껗꣒꒧Ꙁ덱꧊ꅁ낵ꕘ귓ꑈ맯뫴룴쏒꣩뙂듛꒧ꥷ롱ꅃ 뫴룴쏒꣩뙂듛ꅝInternet Securities Fraudꅞ맯Ꙩ볆ꑈꛓꢥꕇ꒴걏ꑀ귓띳쉁ꪺꙗ뗼ꅁ뫴룴쏒꣩뙂듛ꗧꕩ뫙결ꅵ뵵ꑗ쏒꣩뙂듛ꅶꅝOnline Securities Fraudꅞꅵ뗪샀쏒꣩뙂듛ꅶꅝCyber Securities Fraudꅞꅃ맪 14 Supra note 12. 15 See Christine T. Jarmer, International Internet Securities Fraud and SEC Enforcement Efforts, 5 Tul. L. Rev 2121, 2123 (1999). 16 뷐냑ꢣ뫴룴꣏ꗎꗇ롯냝썄륷ꢾ놹걉꒧곣ꡳꅁ닄85ꛜ87궶ꅁꛦ걆끼곣ꡳ땯깩ꛒ껖ꥥ귻라ꅁꗁ냪ꑋꑑꑅ꙾ꕼꓫ뵳Ꙍꅃ 48
닄ꑔ뎹 뫴룴쏒꣩뙂듛 ꑗꅁ때뷗꛳ꞡꭙꅵ덺륌뫴믚뫴룴녱ꚳ믹쏒꣩뙂듛ꅶꅝsecurities fraud committed over the Internetꅞ꒧ꛦ결ꅃ 뒫ꢥ꒧ꅁ뫴룴쏒꣩뙂듛ꗧ쓝꧳쏒꣩뙂듛ꛦ결꒧ꑀꅁ꣤뭐ꑀ꿫쏒꣩뙂듛꒣Ꙑ꒧덂Ꙣ꧳꧒ꝑꗎꪺ둃꒶—뫴믚뫴룴ꅃ뫴믚뫴룴ꑄ꣣ꚳ녪ꑪ뛇벽꿠ꑏꪺꑵ꣣ꅁ꙰ꕈ뫴믚뫴룴낵결쏒꣩뙂듛ꪺ뫞륄ꅁꭨ꣤뱶암ꪺ뵤돲뭐뱨궱ꭨ꒣꿠ꕈ뒶덱놡뗸꒧ꅃꕈꗘꭥꛓꢥꅁꕀ곉ꙕꙡꪺ뫴믚뫴룴뭐륱ꑬ냓냈땯깩꒴ꚳ랥ꑪꪺꚨ뚡ꅁ걇ꗘꭥꪺ뫴룴쏒꣩뙂듛ꛦ결굙ꩵꗎꑀ꿫쏒꣩뙂듛꒧덗뵤ꧫꟴꑷꢬ냷ꅆ땍ꛓ굙ꖼ꣓뫴룴땯깩뒶ꅂ륱ꑬ냓냈꣺ꕎ뛇닎냓띾겡냊껉ꅁꑇꑑꕀ곶ꪺ뛇닎ꩫꯟ걏ꝟꢬꕈ덗뵤ꑇꑑꑀꕀ곶ꪺꋓꕀꕎꗍ겡룛ꚳ뫃냝ꅃ냲ꚹ뉺ꗑꅁ귓ꑈꕈ결꒣Ɜ싇ꗑꕈꑕꪺ뷗굺ꅁ뙽ꥬꑆ룑뫴룴쏒꣩ꗦ꧶뙂듛ꪺ꽓꧊뭐ꛦ결쏾ꮬꅁ뙩ꛓ둍ꡄꖼ꣓ꕩ꿠비륊꒧냝썄ꪺ룑떪ꅃ 닄ꑇ론?뫴룴쏒꣩뙂듛꒧꽓꧊ 쏒꣩뙂듛꒧ꥷ롱ꑷ룔굺꧳ꭥꑀ뎹론ꅁꝙꑚ뭐ꚳ믹쏒꣩ꪺ뛒뚰ꅂ땯ꛦ뭐뙒뷦ꚳ쏶ꪺ뙂듛꒣ꖿ럭ꗦ꧶ꛦ결곒ꕩ뿗결쏒꣩뙂듛ꅃꛜ꧳뫴룴쏒꣩뙂듛ꭨꕩꥷ롱결ꅇꅵ롧ꗑ뫴믚뫴룴녱ꚳ믹쏒꣩뛒뚰ꅂ땯ꛦ뙒뷦ꚳ쏶ꪺ뙂듛꒣ꖿ럭ꗦ꧶ꛦ결ꅶꅃ ꙰뇽뙩ꑀꡂ쓄굺뫴룴쏒꣩뙂듛뭐ꑀ꿫쏒꣩뙂듛ꪺ꒣Ꙑꅁꭨ삳ꗽ둎뫴믚뫴룴ꪺ꽓꧊ꕛꕈ꓀꩒ꅇ ꅝꑀꅞ?때쎦곉꧊ꅇꚹ꽓꧊ꑓꕩ뫙결꓀뒲꧊ꅝdecentralizationꅞ17ꅃꗑ꧳뫴믚뫴룴ꖻꢭ결ꑀ뙽꧱ꪺ뫴룴걛멣ꅁ꒣Ꙑ꧳ꅵꯊ뎬꧊ꅶ꡴닎ꅝclosed systemsꅞꪺ냓ꗎ뫴룴뭐ꡰꚳ뫴떸ꅝcommercial on-line networks and proprietary networksꅞꥼ뚷꣼ꪺ뫴룴꧒ꚳꪺ놱꣮18ꅆ뫴믚뫴룴ꪺ꣏ꗎ때뷗덺륌ꗾ뉹룪끔뫴ꅝWorld Wide Webꅞꅂ륱ꑬ뙬ꗳꅝE-mailꅞꅂ닡ꓑꯇꅝchat roomꅞ륱ꑬꝇꝩ쓦꡴닎ꅝBulletin Board SystemꅁBBSꅞ떥ꓨꚡ뛇뮼끔꺧ꅁꞡ꒣꣼뛇닎쎦냬궭꣮ꅁ뫴룴꣏ꗎꕩꕈ쁈껉쁈ꙡ뙩ꑊ뫴믚뫴룴ꕀ곉뭐ꕌꑈ랾덱ꅁ쉳쓽뫴룴끔꺧ꛓꕂ꒣꣼꣬ꑺ쉚ꅃ 17 Supra note 15. 18 See The IOSCO 1998 annual report , available at < 49
뫴믚뫴룴쏒꣩ꗦ꧶뙂듛꒧곣ꡳ ꅝꑇꅞ?뙩ꑊ믙쎪ꝃꅇ뫴룴덝돆둘ꕇꑷꚨ결뉻ꕎꑈ꣏ꗎ륱뢣껉ꪺ냲ꖻ끴돆ꅁꛓꕂ꯴륱뢣곬ꢳ덴뙩ꡂ꧒뷧ꅁ때뷗걏륱ꑬ뙬ꗳ쉳쓽뺹ꪺ꣏ꗎ뎣ꑷ륆꣬ꝃ뙩ꑊ믙쎪ꪺ땻ꯗꅝlow entry barrierꅞꅁꗴ꛳ꑈꕵ굮롧륌랥땵껉뚡ꪺ끖뵭뻇닟ꅁ둎ꕩꕈ뮴꧶ꙡꝑꗎ쉳쓽뺹륱ꑬ뙬ꗳ떥뫴룴삳ꗎ덮엩ꅁꑗ뫴왛쓽룪끔뭐ꑈ랾덱ꅃꕴꕾꅁꑝꗑ꧳싗둉ꪺ뫴룴룪끔뭐ꝃ믹ꪺ륱뢣덝돆ꅁ꣏녯뫴룴꣏ꗎꚨꖻ궰ꝃꅁ뒣낪ꑆꑀ꿫ꑈ꣏ꗎ뫴믚뫴룴ꪺ띎쑀ꅃ ꅝꑔꅞ?꒬냊꧊ꅝinteractivityꅞꅇ19뫴믚뫴룴꒣뛈ꕩ뒣꣑때꧒꒣ꕝꪺ룪끔ꅁꙐ껉ꕩꝑꗎ뱶릳ꅂ셮궵룪끔ꝙ껉뛇뿩ꅂꑗ룼ꅁꚨ꒬냊ꪺ랾덱볒ꚡꅁ꣒꙰꧳BBS꾸ꗦ뷍ꅂꝑꗎꝇꝩ쓦ꅂ꽤ꢥ녩뙋끔꺧ꅁꚨ맯룜ꚡꅝtalkativeꅞ랾덱ꅁ뱗ꕛꑆꪽ놵뛇벽ꪺ껄ꩇꅁ엽뫴룴꣏ꗎꟳ깥꧶ꭈ뿠ꚹ뫘ꪽ놵ꪺ끔꺧ꅃ ꅝꕼꅞ?ꗦ뿹꧊ꅇ덺륌뫴꾸뭐뫴꾸뚡ꪺ곛꒬덳떲ꅁ꣏곛쏶룪끔ꪺ꒺깥ꟳ결뱳꩸ꅁ쉘ꑪ룪끔ꪺꕩ놵쒲꧊ꅝaccessibleꅞꅃ20 땍ꛓ뙗덳떲ꅝhyperlinkꅞꪺꕜ꿠뭐끔께ꅝframingꅞꪺ뫴궶뵳뿨ꓨꚡꪺꝑꗎꅁ꒣뛈깥꧶꣏녯뫴룴꣏ꗎ맯꧳뫴꾸꒺깥뒣꣑ꅝweb site content providersꅞ늣ꗍ뉖뉣ꛓꚳꚳ꒣꒽ꖭ쑶ꪧꪺ뛻뫃ꅁ21 ꣤ꅵꙗ맪꒣닅ꅶꪺ뉻뙈ꟳꕩ꿠ꙝ결뙗덳떲ꕜ꿠ꪺ생ꗎꛓ꣏꒣Ꙙꩫꪺ룪끔ꑗꙘꩫꪺ궱꣣ꅃ22 ꅝ꒭ꅞ?냎ꙗ꧊ꅝanonymityꅞ23ꅇ뫴믚뫴룴쇶ꕩ뒣꣑ꪽ놵덳쎴ꪺꕜ꿠ꅁ땍ꛓ꒣믝굮ꅵ궱맯궱ꅶꅝface to faceꅞ랾덱ꅁ뱗ꕛꑆ귓ꑈ쇴ꡰꪺꭏ믙ꅁꚹ뫘꽓꧊ꖿ걏뫴믚뫴룴꙰ꚹꕏꑈ뗛끧ꪺ귬ꙝ꒧ꑀꅃ냎ꙗ꧊ꑄ뻉랽꧳뫴믚뫴룴뙽꧱ꅂ꓀뒲ꕂ꒬덱ꪺ걛멣꽓꧊ꅁꚹꑀ뙽꧱ꅂ꓀뒲ꪺ걛멣꒣뛈꣏룪끔걹덱ꢳ덴ꅁꑝ꣏녯ꚳꪺ믢ꑧ쎦냬때ꩫ궭꣮뫴룴ꪺ끔꺧뛇벽ꅃꚳꓟꪺ뫴룴꣏ꗎꕩꕈ덺륌꒽Ꙁ 19 Id. at . 20 Supra note 15 at 2122. 21 뙗덳떲ꪺꪧ쒳껗ꗳꅁ궺ꢣ꧳굞냪Shetland Times뭐Shetland Newsꦼꚹ뚡ꪺ뙄덞ꅁꕴꕾ과냪덮엩ꑪ뱴띌덮꒽ꕱꅝMicrosoftꅞꑝ뒿롧꧳ꑀꑅꑅꑃ꙾ꙝ결뙗덳떲ꪺ냝썄비Tickmaster꒽ꕱꙖꩫ끼뒣ꕘ놱뙄ꅃ뷐냑ꢣ뚾빟ꙴꅁ뫴룴ꩫ냲ꖻ냝썄곣ꡳꅝꑀꅞ닄152~159궶ꅃ 22 셼꣒ꛓꢥꅁꗴ꛳뫴꾸ꞡꕩꝑꗎ맏뙗덳떲끔께덎뭐쏒꣩ꕄ뫞뻷쏶ꪺ뫴꾸곛꒬덳떲ꅁꕏ룪ꑈ뭾ꕈ결룓뫴꾸뒣꣑ꪺ룪끔걏롧륌ꕄ뫞뻷쏶뭻ꕩꪺꅁꕈ궰ꝃ룪ꑈ맯꧳룪끔꣓랽꽵맪꧊ꪺ뫃뱻ꅃSupra note at 15. 23 Supra note at 15. 50
닄ꑔ뎹 뫴룴쏒꣩뙂듛 륱뢣뫴룴덝돆ꅝ꙰맏껑쁝ꅂ뫴룴ꥀ냘왕떥ꅞꪽ놵뒲ꝇ끔꺧ꅁꟳꕩ덺륌꧒뿗ꪺ신녈ꅝꭈꅞ뫴꾸ꅝremailerꅞ쇴냎꣤ꢭꗷꅁꝑꗎ냎ꙗ꓆덮엩ꅝanonymizerꅞ놻릢뛇끥룪껆ꪺꢭ꓀룪껆ꪺ꣓랽ꅃ곛맯ꪺꅁꚹ뫘꽓꧊꒣뛈떹꧳ꚳꓟꑈꕩ궼꒧뻷ꅁꑝ꣏녯곛쏶ꪺ뫴룴ꗇ롯놡엜녯쏸ꕈ끬걤ꅃ24 ꅝ꒻ꅞ?왆겡꧊ꅝFlexibilityꅞ25ꅇ뫴믚뫴룴걏귓곛럭왆겡ꪺ둃엩ꅁꕩꕈ롧ꗑ색껗뛇뿩ꪺꕜ꿠ꢳ덴ꙡꟳ뫴꾸룪껆뭐뫴궶꒺깥ꅁ꣣ꚳ낪ꯗꪺ뻷냊꧊ꅃ ꛜ꧳뫴룴쏒꣩뙂듛꒧꽓ꮬꅁ꽁낣ꑆ덑뙂듛ꪺ룪ꑈꕈꕾ꒧닄ꑔꅁ꙰뫴룴쏒꣩ꩁ냈뒣꣑ꅁꕝ걁쏒꣩꧓빐ꅂ롧곶띾냈ꅂ룪압냝떥ꅁ뭐ꑀ꿫끝롧룪끔뒣꣑ꅁ꙰띳뭄뫴꾸ꅂ룪뉺끝뫴꾸떥ꙕ뫘끝롧겡냊ꪺ꽓껭꧊뷨ꅁ귓ꑈ링룕ꗑ뫴룴샴맒꒤꒧맪믚놡ꩰ뭐꧒뭠뚰ꪺ껗꣒꒤쒤ꙃꕘꑕꙃ볆뫘꽓꧊ꅇ ꅝꑀꅞ?Ꝫ뱎룪뻷라ꅇ꧒ꚳꪺ뻷겡냊뎣걏ꝑꗎꑈ쏾덧냽ꪺꑈ껦꽓꧊ꅁꛓ룪뙂듛ꛦ결멄ꗎꪺꓢꩫꭨ걏Ꝫ뱎룪뻷라ꅁꭏ쏒낪샲ꝑꅝastronomical rates of returnꅞꅂ때궷쁉ꅝRisk-freeꅞꅁꚹ뫘꽓쉉ꖿ걏뫋럇ꑈ쏾ꅵꢳ덴교둉뷄냊ꅶꅝthe impulse to get rich quickꅞꪺ깺쉉26ꅃ ꅝꑇꅞ?뭳덹뭻Ꙑ낲뙈ꅇꗑ꧳뫴믚뫴룴꣣ꚳ냎ꙗ꧊ꅁ꣏녯뫴룴꣏ꗎꕩꕈ돦뻌ꑀꑶ꒧ꑏꙢ뫴룴ꑗꕈꙨ궫ꢭꗷ땯ꫭꢥ뷗ꅁ뭳덹볶꽐끪암ꪺ낲뙈ꅁ꣒꙰NEI Webworld껗27ꅂFastTrade껗28떥곒결ꝑꗎꙨ궫ꢭꗷꅁ뭳덹뭻Ꙑ낲뙈ꕈ뙂쑆룪ꑈꪺ껗꣒ꅃ ꅝꑔꅞ?낰ꭟꕌꑈꙗ롱ꅇꗑ꧳Ꙣ뫴믚뫴룴ꪺ뗪샀샴맒꒤ꅁ뫴룴꣏ꗎ덱 24 Ꙑꭥ뒦뗹16ꅃ 25 Supra note at 18 26 Arthur Levitt, Jr., Investor Protection in the Age of Technology, Remarks at the Third Annual Financial Services and Technology Conference, Salt Lake City, Utah (Mar. 6, 1998), available at < 27 See SEC v. Arash Aziz-Golshani, Hootan Melamed & Allen Derzakharian, . District Court for the Central District of California, Civ. Action No. 99-13139 (CBM) (AJWX) (. December 15, 1999), available at < 28 See SEC Sues Washington, .-Area Law Students for Internet Price Manipulation Scheme, available at < 51
뫴믚뫴룴쏒꣩ꗦ꧶뙂듛꒧곣ꡳ 녠뛈녯ꕈ뫴냬ꙗ뫙ꅂ뫴꾸맏ꗜ냓볐ꅂꗾ뉹룪랽ꥷꛬꙡꝽꅝURLꅞ떥Ꝁ결뿫쏑뫴룴끔꺧꣓랽ꪺꓨꩫꅆꛓ끔께ꅝframmingꅞꪺ뫴궶뵳뿨덎ꕈ뙗덳떲ꅝhyperlinkꅞꕜ꿠ꅁꞡꢬꕈꝀ결쇴싃뫴Ᵹꅂ뉖뉣냓볐떥놻릢꽵맪ꢭ꓀낰ꭟꕌꑈꙗ롱ꪺꑵ꣣ꅃ낣ꭄ맯꧳뫴믚뫴룴ꚳ룻뉠ꑊꪺ뭻쏑ꅁꝟꭨ깥꧶덑ꚳꓟ녱뙂듛ꕈꭥ굺ꓨꩫ듛뙂ꚨꕜꅆ꙰Pairgainꑀ껗ꝙ결ꝑꗎ뙗덳떲뉖뉣ꛛꑶꢭꗷꪺ껗꣒29ꅃ 닄ꑔ론?뫴룴쏒꣩뙂듛쏾ꮬ뭐껗꣒ 뫴룴쏒꣩뙂듛ꚳꝏ꧳뛇닎쏒꣩뙂듛꒧덂Ꙣ꧳뫴믚뫴룴ꕩꕈ뮡걏ꑀ귓때껉때꣨ꅂ때꧒꒣Ꙣꪺꑪ늳뛇벽둃엩ꅃ30 Ꙣ륌ꕨ뫴룴ꥼꖼ뾳끟ꪺ껉ꕎꅁꑀ꿫귓ꑈ뇽녎룪끔꒽ꝇ꧳늳ꅁ뎣믝굮덺륌꒤꒶ꪺ둃엩ꅁ꣒꙰뱳벽ꅂ륱뗸ꅂ돸뎹싸뭸떥꒤꒶ꢤꛢꪺ꒶ꑊꅁꛓꙢꚹ뫘룪끔뛇벽꧳늳꒧ꭥꅁ둃엩ꞡ라뇄꣺걙뫘땻ꯗꪺ륌쉯놹걉ꅆꑀꓨ궱걏면둃엩뫊럾ꪺꢤꛢꅁꕴꑀꓨ궱ꭨ걏Ꙣ뵔ꭏ꒣ꙝ뒲벽꒣맪룪끔ꛓ비교ꩫꯟ덤ꗴꪺ뙄끬31ꅃ땍ꛓꅁꙢ뫴믚뫴룴늱ꛦ꒧ꯡꅁ뫴룴꣏ꗎꕩꕈꪽ놵ꝑꗎꚹ띳뾳ꪺꅵ닄ꕼ둃엩ꅶ뛇벽끔꺧ꅁ둘ꕇꡓꚳꗴ꛳꣮곹ꕩꢥꅆ덜Ꙩ걏ꛓꭄꅁ곆ꛜ쏸ꕈ걤쏒ꪺ끔꺧ꕼ덂걹뛇ꅁꦹꦹ꣏녯뫴룴꣏ꗎ꒣ꪾ꙰꛳뻜ꅁ쏸ꕈ꣺뇋ꅁ땍ꛓꅁ둎Ꙣ꿉뛃싸쳮ꪺ룪끔굉ꯡꅁꡳ뎺쇴싃뗛Ꙩꓖ뎴ꣀꅁꗧ때녱녯ꪾꅃ Ꙣ뫴룴ꑗ꧒ꢣ꣬ꪺ쏒꣩뙂듛ꅁꦹꦹ걏릳ꑀ궱쏨ꑬꑀ볋녎뛇닎ꪺ뙂듛ꮬ멁걍꣬뫴믚뫴룴ꪺ뗪샀ꕀ곉꒤ꅆ꒣Ꙑꪺ걏뫴룴뙂듛ꪺ뱶암뱨궱룻뱳ꅂ꣤ꕩꝑꗎꪺꓨꩫ뭐뫞륄ꗧ룻뛇닎쏒꣩뙂듛ꟳ결Ꙩ볋꓆ꅃ꣒꙰ꝑꗎ륱ꑬꝇꝩ쓦ꅝBulletin Board Systemꅞꅂ뵵ꑗ륱ꑬ뷗뻂(Online Newsletter)ꅂꞣ뙬ꗳ(Spam)ꅂ닡ꓑꯇ(Chat room)떥ꓨꩫ뫞륄꣓녱쏒꣩뙂쑆ꛦ결ꅃ 29 See SEC v. Gary D. Hoke, JR., Civ. No. 99-04262 (LGB) (Ex), available at < 30 뻚과냪맯ꑪ늳둃엩꧒ꑕꪺꥷ롱ꅁ뙗륌꒭꓀꒧ꑀꅝ5,000롕ꙗꚬ뗸ꑈꑦꅞ과냪ꗁ늳ꝑꗎꪺ둃엩둎덑뗸결ꑪ늳둃엩ꅃ뱳벽ꫡꑆ38꙾륆ꚨꅁ륱뗸ꫡꑆ13꙾ꅁꚳ뵵륱뗸ꫡꑆ10꙾ꅁꛓ1994꙾뙽꧱냓ꗎ꓆ꪺ뫴믚뫴룴Ꙣ1998꙾ꑷꚳ6,200롕ꑈ꣏ꗎꅁ덑뗸결쑾륱뗸ꅂ돸꿈ꅂ뱳벽ꯡ띳뾳ꪺ닄ꕼ둃엩ꅃ뷐냑ꢣꩌ꿀뚳ꅁ뫴룴뱳ꝩ꒧뉻Ꙣ멛ꖼ꣓ꅁ룪떦라MIC녍껗곣ꡳꅃ 룪껆ꕩ냑빜ꑕꙃ뫴Ᵹ< 31 ꣒꙰꒽ꖭꗦ꧶ꩫ닄ꑇꑑꑀ뇸ꝙꚳ쏶꧳꒣맪뱳ꝩ꒧덗뵤ꅁꛓ쏶꧳뱳ꝩ꒺깥꒧꽵맪ꕈ뱳ꝩꕄ꒧덤ꗴ떥껸뙏룪끔꒧덗뵤ꅁꭨꕩꢣ꧳껸뙏ꭏ앀ꩫ닄ꕼ론ꅝ닄ꑇꑑꑇ뇸ꛜ닄ꑇꑑ꒻뇸ꅞꅃ 52
닄ꑔ뎹 뫴룴쏒꣩뙂듛 ꛛꑀꑅꑅꑋ꙾끟ꅁ과냪쏒꣩ꕄ뫞뻷쏶SECꑷ롧Ꙩꚸ뙩ꛦꑪ덗볒ꪺ뫴룴놽뾺ꛦ냊ꅆꛓꙢ꧒ꚳ비뷕걤ꅂ끟뙄ꪺ쏒꣩뙂듛껗ꗳ꒤ꅁꕩꕈ쉫쏾ꕘ덜Ꙩꪺ쏒꣩뙂듛쏾ꮬꅁ꣤꒤ꑓꕩ냏꓀결ꖫ돵뻞셡ꮬꅂ땯ꛦ뙂듛ꮬ뭐ꭄꩫ쑕뮤ꮬ뭐ꭟꗎꙗ롱ꮬ떥ꕼ뫘궫굮ꪺ쏾ꮬꅁ32 놩ꗑ꧳과냪꧒땯ꗍ꒧쏒꣩뙂듛ꛦ결ꅁꑓ녠ꕈ띌ꖫ귈꒽ꕱꅝMicrocap Companyꅞ꒧늼결ꕄ굮맯뙈ꅁꙝꚹ귓ꑈꗧ샀꧳꒶닐꣤ꕌꕄ굮쏒꣩뙂듛쏾ꮬ꒧ꭥꅁꗽ둎띌ꖫ귈뙂듛꒧멁볋뭐꽓꧊Ꝁ슲굮꒶닐ꅃ 닄ꑀ뚵?띌ꖫ귈뙂듛ꅝMicrocap Fraudꅞ 뇽셁룑꛳뿗띌ꖫ귈뙂듛ꅝMicrocap Fraudꅞꖲ뚷ꗽ맯띌ꖫ귈—Microcapꚳꫬꡂꪺ뭻쏑ꅃMicrocap Company33ꅵ띌ꖫ귈꒽ꕱꅶ걏ꗎꕈ깥꣥ꮬꪺ뮴송땵ꑰ뛈꣣ꚳꅵꝃꅶ룪ꖻ썂ꅵ띌ꅶ룪ꖻ썂ꪺ꒽ꕱꅝcompanies with low or "micro" capitalizationsꅞꅁꕂ꣤꒽ꕱ믹랥ꝃꅁ둘ꕇꚨ결꧒뿗ꭋꑨ늼ꅝpenny stockꅞꛓ꒽ꕱꖫ귈ꝃ꧳꒻ꛊ롕과ꪺ꒽ꕱ34ꅃꑀ꿫ꛓꢥꅁ덯꒽ꕱ덱녠꒣믝굮꙰Ꙑꑀ꿫꒽뙽땯ꛦ꒽ꕱꥷ듁꧊ꙡꙖSEC뎯돸룪껆ꅁꙝꚹ맯룪ꑈꛓꢥꅁ룻꒣꧶뮴꧶꣺녯띌ꖫ귈꒽ꕱꪺ롧샧뫞뉺ꅂ끝냈ꪬꩰ떥룪껆ꅃ35 띌ꖫ귈꒽ꕱꪺ늼ꕩꕈꙢ과냪쏒꣩냓ꣳ라ꪺꦱ쁙ꖫ돵ꝩꗜ땐ꅝOTCBBꅞ놾땐돸믹ꅂꙢ냪깡돸믹ꞽꅝNational Quotation BureauꅁNQBꅞ36 ꪺ꾻공궶ꅝPink Sheetꅞ돸믹ꅂ걏ꢺ뒵륆Ꝋ(NASDAQ)ꪺ 32 ꚹꑔ뫘ꕄ굮쏾ꮬ꒧냏꓀귬ꭨꭙ껚뻚SECꕎ뉺ꕄ깵Ungerꑫꑨ꧳ꑇꆳꆳꆳ꙾꒭ꓫꑑꑃꓩ꧳뽄걷뎷뇹꧒셼뿬ꪺIOSCO꙾라꧒땯ꫭ꒧면솿꒤꧒낵꒧꓀쏾ꅃ See Empowering Investors in an Electronic Age, available at < 33 See About Microcap Fraud, available at < >, Micro-Cap Fraud letter to Rep. John Dingell , available at < 34 껚뻚SEC돌꫱ꪺ닎군ꅁꥼꙢꗦ꧶꒤ꪺ띌ꖫ귈꒽ꕱꪺ룪늣ꖭꞡ뛈륆꒻ꛊ롕과 ꒸ꅁꛓ꣤꒤곹ꚳꕢꟴꕈꑗꪺ꒽ꕱ룪늣꒣뙗륌ꑀꛊꑇꑑ꒭롕과꒸ꅃavailable at < 35 See Microcap Stock: A Guide for Investors, available at < consumer/ > 36 냪깡돸믹ꞽꅝNational Quotation BureauꅁNQBꅞ걏1913꙾10ꓫꅁꗑꑀꛬ끝롧녍깡Babson뭐ꑀꛬBostonꪺ끝냈껑쑹ꕘꪩ냓Arthur F. Elliot꓀ꝏ녎꣤ꙕꛛ꧳1904꙾뭐1911꙾ꚨꗟꪺ늼돸믹ꩁ냈꡴닎Ꙙ꣖ꛓꚨꗟꅁꙝ결NQB뒣꣑ꪺꢳ덴ꛓꕂꞹ뻣ꪺ돸믹룪끔ꅁ꧒ꕈꙢ땵땵ꪺ볆꙾ꯡThe Pink Sheetꭋ뭐Yellow Sheets뎣ꚨ결OTCꖫ돵ꪺ룪ꑈ뭐쏒꣩롧곶냓ꪺꕄ굮ꑵ꣣ꅃ꒣륌Ꙣ1963꙾ꕈꯡꅁNQBꪺPink Sheetsꙝ결덑ꕘ냢ꅁꛓꕂNASDꚨꗟꑆNASDAQ 53
뫴믚뫴룴쏒꣩ꗦ꧶뙂듛꒧곣ꡳ ꑰ썂ꖫ돵ꅝSmall-Cap Marketꅞ돸믹ꗦ꧶ꅃ 띌ꖫ귈꒽ꕱ뭐ꑀ꿫꒽뙽땯ꛦ꒽ꕱ꒣Ꙑ꒧덂Ꙣ꧳꒽ꕱ룪끔ꪺ뒦앓롱냈룻ꝃꅂ꒽뙽ꗦ꧶궭꣮룻ꓖꅁꕈSECꖻꢭ꧒Ꝁꪺ띌ꖫ귈꒽ꕱ꒧슲꒶ꅁ뭻결띌ꖫ귈꒽ꕱ뭐ꑀ꿫꒽뙽땯ꛦ꒽ꕱ꒧덂결ꅇ37 ꅝ1ꅞ?꿊ꕆ꒽뙽룪끔ꅇꗑ꧳ꑀ꿫꒽뙽땯ꛦ꒽ꕱꖲ뚷ꥷ듁ꙖSECꗓ돸꒽ꕱ끝냈곛쏶룪껆ꅁꙐ껉덜Ꙩ녍띾ꪺ쏒꣩뿄뻷멣ꑝ라덺륌돸뎹싸뭸뒦앓ꑀ꿫꒽뙽땯ꛦ꒽ꕱꪺ끝냈ꪬꩰ꓀꩒ꅂ꒽ꕱꭥ뒺륷듺떥ꅁ뒣꣑룪ꑪ늳냑ꛒꅁ룪ꑈ꙰ꚳ믝굮맯귓ꝏ꒽ꕱ뙩ꛦ룪뗻꛴ꅁꭋꕩꕈ뮴꧶ꙡ덺륌SEC뫴꾸돸뎹싸뭸꣺녯곛쏶룪껆ꅁ뒫ꢥ꒧ꅁꑀ꿫땯ꛦ꒽ꕱꪺ롧샧셚껄ꅂ끝냈ꪬꩰ떥ꞡ룻덺ꧺꅂ꒽뙽ꅃ ꅝ2ꅞ?놾땐뙒뷦때쉥궭꣮ꅇ덱녠땯ꛦ꒽ꕱꙢꕄ굮ꗦ꧶ꖫ돵놾땐ꅁ믝굮돌ꝃꚳ룪ꖻ썂ꅂ앶꓀뒲떥궭꣮ꅁꛓ띌ꖫ귈꒽ꕱ꧳OTCBBPink Sheets놾땐ꗦ꧶ꭨ때쉥궭꣮ꅃ ꅝ3ꅞ?궷쁉귈돌낪ꅇꗑ꧳띌ꖫ귈꒽ꕱꪺ룪끔룻꒣꒽뙽ꅁꙐ껉꒣뚷쉥궭꣮ꝙꕩ꒽뙽놾땐ꗦ꧶ꅁꙝꚹ뭐룪ꑀ꿫꒽뙽땯ꛦ꒽ꕱ꒧궷쁉곛룻ꅁ띌ꖫ귈꒽ꕱꪺ궷쁉귈돌낪ꅃ 띌ꖫ귈뙂듛ꅁꝙ걏ꕈ띌ꖫ귈꒽ꕱ꒧늼결뙂듛꒧ꯈ엩ꅃꖿꙝ결ꭥ굺꒧꽓쉉ꅁ꣏녯띌ꖫ귈뙂듛ꚨ결ꗘꭥ쏒꣩뙂듛껗ꗳꪺ돌ꕄ굮쏾ꮬꅁꓗ꣤걏뫴룴쏒꣩뙂듛껗ꗳꅁ돌녠ꝑꗎ띌ꖫ귈꒽ꕱ낵결뙂듛ꯈ엩ꅁꕈꑕ뛈ꕈPSA늼ꪣꝀꑁ껗꾻공른떣ꅝpink monkeyꅞꑁ껗ꅁ셼꣒뮡ꧺ띌ꖫ귈뙂듛ꪺ놡ꅇ 닄ꑀ듚?PSAꪣꝀ껗 ꑀꑅꑅꑅ꙾ꑋꓫꑇ뢹ꅁSECꙖ셰ꢹꙡꓨꩫ끼끟뙄ꑆꑑ꒭ꙗ녱띌ꖫ귈꒽ꕱPSA늼ꪣꝀꪺ귓ꑈꗸ띾38ꅃ뙄ꪬ꒤ꕘꅁꖻ껗땯ꗍꙢꑀ 늼ꖫ돵ꛓ궷ꗺ꒣ꙁꅁꪽ꣬1997꙾NQBꙁꯗ신ꓢ떹Cromwell Coulsonꯡꅁꑾꑓ궫띳뽮랥뻣륹ꅁꣃꡍꥷ뇄ꗎ돌띳ꪺ곬덎ꅁ뒣꣑쏒꣩롧곶냓룪ꑈꑀ귓껉ꪺ돸믹ꩁ냈ꅃ 37 Supra note at 35ꅃ 38 See SEC v. Edward A. Durante (aka Edward Durant), First New Haven Corporation, Burton G. Vishno, Thomas J. Donahue, Investment Resources, Inc., Daniel C. Sanders, 54
닄ꑔ뎹 뫴룴쏒꣩뙂듛 ꑅꑅꑃ꙾ꑑꑇꓫꑀꑅꑅꑋ꙾ꑅꓫ뚡ꅁꙝ결ꑈ결ꪺꙝ꿀ꅁ꣏녯ꑀ깡ꛬ꧳겥ꟼ셆ꪺPSA꒽ꕱꪺ믹Ꙣ땵땵꒣꣬ꑇ뙧ꪺ껉뚡꒺ꅁꗑꡃ과꒸몦꣬ꡃ5과꒸ꅁ꒣ꑛ꒧ꯡꅁ믹ꑀ룴궫껀꣬ꡃꕵ돑ꑕ귬ꖻ끟몦껉ꪺꓴ럇ꅃ덑ꝩ싇ꗑ뭳덹뗪낰꒣맪ꪺ껸꺧녎PSAꪺ늼ꑀ룴ꪣ낪ꯡꅁ쁈ꝙ뻷녎ꓢ꒤ꪺ꯹ꑪ뙱ꕘ닦ꅁ돌ꯡ덑ꝩꙝ결ꚹ믹ꪣꝀ샲녯ꑆ뙗륌ꑀꛊ롕과꒸ꪺ꒣ꩫꝑ꽱ꅃ 껚뻚끟뙄ꪬꕘꅁ덑ꝩ떥ꑈ꒧ꗇ롯맪꙰ꑕꅇ39 1. 덑ꝩDuranteꅂVishnoꅂDonahue뭐Sanders떥ꕼꑈ꧳PSA뭐ꑀ깡꒽뙽땯ꛦꪺ듟꒽ꕱꅝShell Companyꅞ뙩ꛦꙖꙘ꣖ꪺ껉뻷ꅁ녱룓듟꒽ꕱꪺ롧뉺ꑈBoulderꕴꑇꙗꙐ껗덑ꝩWilliams뭐SynCom꒽ꕱ덂꣺녯ꑆ둘ꕇ곛럭꧳PSA꒽ꕱ꧒걹덱Ꙣꕾꪺ볆ꛊ롕앶ꅃ결ꑆ뙩ꑀꡂ륆꣬꣤뻞셡믹ꪺꗘꪺꅁDurante뭐ꕴꑀ덑ꝩScalzo떥ꑈ꧳겥ꟼ셆ꙡ냏ꚨꗟꑆꑀ깡ꖼ롧뗹ꕕꪺ쏒꣩꒽ꕱꇐFirst New Havenꕈ뒣꣑뫞륄빐냢PSA꒽ꕱꖼꙖSECꗓ뷐ꛓ땯ꛦꪺ늼ꅃ 2. Durante뭐Donahueꑇꑈ결ꭐ빐늼ꅁ꓀ꝏ ꅝ1ꅞ?ꕈ꓆ꙗ녎PSA늼빐냢떹ꑰ썂룪ꑈꅆ ꅝ2ꅞ?Ꙗ룪ꑈ낰뫙First New Haven걏ꑀ깡Ꙙꩫ땮끏ꪺ쏒꣩꒽ꕱꅆ ꅝ3ꅞ?뒣꣑룪ꑈ꒣맪ꪺ믹륷듺ꅁꣃꕂ맯룪ꑈꫭꗜ룓룪꒣뛈때궷쁉ꅁꟳꭏ쏒ꛜꓖꙢ볆ꓫ꒺녎ꚳꑑ궿ꕈꑗꪺ샲ꝑꅃ 3. Durante뭐Donahueꑇꑈ녱늼ꪺꭐ빐ꛦ결껉ꅁ늨꧳뒦앓Durante뒿롧ꙝ꽁뛻륈Ꙩ뚵뙂듛롯비ꕛꙻꩫ끼끟뙄ꅁꣃ비롔ꓮ쑷덝ꗴ꛳뫘쏾ꪺ쏒꣩꒽ꕱꅃ Thomas G. Scalzo, Jr., Timothy J. Pinchin, Shareholder Communications Group, LLC., Pacific Corporate Equities, LLC., Jackson L. Morris, Mark E. Gould, Thomas K. Williams, Syncom, International, Inc., and World International Marketing, Inc., Defendants, and Janice Sheeley Durante, Stanley T. Deck, Sr., and Walter J. Zink, Litigation Release (August 2,1999), available at < 39 Id. 55
뫴믚뫴룴쏒꣩ꗦ꧶뙂듛꒧곣ꡳ 4. 덑ꝩ떥낣ꑆꕈ곛맯ꥥ끕ꪺꓨꚡꅁ꧳ꖫ돵뙒ꑊPSA늼싇ꕈꮡꧯ믹ꕾꅁꙐ껉덺륌ꕴꑀ덑ꝩPinchin꧒뙽덝ꪺ뫴꾸ꅁ뒲ꝇ뭐PSA꒽ꕱꚳ쏶ꪺꝑꙨ껸꺧ꅁꣃ꧳믹꧔낪ꯡꅁ귋덦ꅝdumpꅞ떹룪ꑈꅃ 5. 덑ꝩPinchin뭐꣤꧒놱꣮꒧ꩆ덱끔뚰많ꚳ궭덤ꗴ꒽ꕱꅝShareholder Communication Group, LLC.ꅁSCGLꅞꪺꛦ결륈ꑆ33꙾쏒꣩ꩫꪺ쑕뮤뇸듚ꅝanti-touting Provisionꅞ40ꅁ꧳뫴꾸ꭐ빐PSA꒽ꕱ늼껉ꅁ늨ꖼ뒦앓꣤꣼ꚳPSA꒽ꕱ125,000앶ꪺ돸륓ꅃ 껚뻚SECꪺ끟뙄ꪬꕘꅁ덑ꝩ떥ꑈ꒧ꛦ결ꅁ꽁뛻륈33꙾쏒꣩ꩫ뭐34꙾쏒ꗦꩫ곛쏶덗ꥷꅁꕄ굮ꕩ꓀결ꅇ 1. DuranteꅂVishnoꅂDonahueꅂSandersꕼꑈ뭐First New HavenInvestment ResourcesꅝDurante꧒놱꣮꒧ꕴꑀ꒽ꕱꅞ떥ꅁ ꅝ1ꅞ?꧳꧒땯ꛦ꒧ꚳ믹쏒꣩ꥼꖼ뗹ꕕꗍ껄ꭥꝙ땯ꛦꣃꗦꕉ꒩룪ꑈꅁ꽁륈33꙾쏒꣩ꩫ닄5(a)ꅂ5(c)쏶꧳뙒뷦ꅂꗦꕉꖼ롧뗹ꕕ꒧ꚳ믹쏒꣩ꪺ덗ꥷꅃ41 ꅝ2ꅞ?녱뙂듛ꅂ뻞셡믹떥ꛦ결ꅁ륈33꙾쏒꣩ꩫ닄17(a)ꅂ34꙾쏒ꗦꩫ10(b)ꅂ15(a)ꅂ뭐10-5덗ꭨ42ꅃ ꅝ3ꅞ?ꖼ34꙾쏒ꗦꩫ닄15(g)꒧덗ꥷꅁꝩꪾꭋꑨ늼꒧ꗦ꧶궷쁉ꣃꗦꕉ궷쁉륷ꝩ껑ꅃ 2. Pinchin뭐꣤꧒놱꣮꒧꒽ꕱSCGL떥산ꝕ뛒뚰ꥼꖼ뗹ꕕꗍ껄ꪺꚳ믹쏒꣩ꅁꚹ셼꽁륈33꙾쏒꣩ꩫ닄5(a)ꅂ5(c)꒧덗ꥷꅆꕴ쑕뮤늼껉ꖼꕒ꓀뒦앓꧒샲꒧돸륓ꅁꣃ륈ꑆ17(b) 40 ꝙ과냪1933꙾쏒꣩ꩫ닄17(b)뇸꒧덗ꥷꅁꕄ굮ꭙ덗뵤녱ꚳ믹쏒꣩꒧쑕뮤ꅝtoutingꅞꅁ삳룓ꕒ꓀뒦앓꣤걏ꝟꙝꚹꛦ결ꛛ땯ꛦꑈ덂샲ꚳ꒧돸륓ꅃSee Section 17(b) of the Securities Act of 1933, 15 . 77q(b). 41 33꙾쏒꣩ꩫ닄5(a)ꭙ덗ꥷ쏶꧳뙒뷦ꅂꗦꕉꖼ롧뗹ꕕ꒧ꚳ믹쏒꣩ꪺ덗ꥷꅆ닄5(c)ꭨ걏쏶꧳뗹ꕕꓥꗳꗓ돸꒧덗ꥷꅁ뇸ꓥ꒺깥뷐냑ꢣꓥꯡ뿽ꅃ 42 33꙾쏒꣩ꩫ17(a)ꅂ34꙾쏒ꗦꩫ10(b)ꅂ15(a)Rule 10b-5떥ꞡ결쏒꣩뙂듛꒧곛쏶덗ꥷꅁ뇸ꓥ꒺깥뷐냑ꢣꓥꯡ뿽ꅃ 56
닄ꑔ뎹 뫴룴쏒꣩뙂듛 떥덗ꥷ43ꅃ ꗑPSA늼ꪣꝀ껗ꕩ땯뉻ꅁDurante떥ꑈꑀ덳ꛪ꒧쏒꣩뙂듛ꛦ결ꅁ꒣ꕾꕇꝑꗎꑕ굺꽓쉉ꥬ녯ꕈꚨꕜꅇ 1. 띌ꖫ귈꒽ꕱ룪끔꒽뙽굮ꡄ룻결뱥썐ꅁꕂꖻꑰꅂ믹ꝃ깥꧶ꪣꝀꅆ 2. ꭋꑨ늼믹껦랥ꝃꅁꝕ룪ꑈꅵ룪궷쁉ꚳ궭ꅁꖼ꣓샲ꝑ때뵡ꅶꪺ뻷ꓟ멁ꅃ 3. 녱뻞셡ꖫ돵ꛦ결껉ꅁꝑꗎ뫴꾸꒧둃엩꽓꧊뛇벽껸꺧ꅁ싇ꕈ궰ꝃ룪ꑈ맯룪끔꽵맪꧊ꅂꖿ뵔꧊ꪺ써뫃ꓟ뉺ꅃ 닄ꑇ듚?PinkMonkey껗 ꑇꆳꆳꑀ꙾ꑇꓫꑇꑑꑋꓩꅁSEC맯ꑀ깡ꙗ결ꅵ꾻공른떣ꅶꅝPinkMonkeyꅞꪺ뵵ꑗꕘꪩ냓ꕈ룓꒽ꕱ굴덤ꑈPatrick R. Greene뒣끟ꑆ쏒꣩뙂듛ꪺꗁ뙄덞44ꅃ 꾻공른떣걏ꑀ깡셠뎡ꛬ꧳뱷ꙻꗰꑨ륹ꪺ꒽ꕱꅁ띾냈ꭙꕈ뒣꣑뫴룴뇐ꩁ냈결ꕄꅆꑀꑅꑅꑅ꙾ꑔꓫꕈꭥꅁ꾻공른떣꒽ꕱꪺ뒶덱늼ꥼꙢNASDꪺꦱ쁙ꖫ돵ꝇꝩ쓦놾땐ꅁꗘꭥꭨꙢNQBꪺ꾻공궶놾땐ꗦ꧶45ꅃ SEC맯꾻공른떣꒽ꕱPatrick꧒뒣ꪺ뙄덞ꅁꕄ굮ꭙꙝ룓꒽ꕱ꧳ꑀꑅꑅꑋ꙾ꑑꑀꓫꑔꑑꓩ땯ꝇꑆꑀꭨ쏶꧳꒽ꕱ띳늣ꭾ뭐띾셚륷듺ꪺ띳뭄뵚ꅁꛓꕂꙢ띳뭄뵚꒽ꖬꯡꑔꓩ꒺꣏믹ꯦ덴몦ꑆ950ꉈꅆ꒣륌둎Ꙣ믹돐덹ꓑ믹꒧ꯡꅁ꾻공른떣쁈ꝙ꧳ꚸꓩꅝꑑꑇꓫꑔꓩꅞꟳꖿ꣤띳뭄뵚ꅁꣃ뻉교믹ꗑꭥꑀꓩꚬ뵌껉ꡃ꒸뙞뢨ꛜꡃ꒸46ꅃ 꾻공른떣꧳ꑀꑅꑅꑋ꙾ꑑꑀꓫꑔꑑꓩ꧒땯ꪺ띳뭄뵚ꯅ뫙ꅇ룓꒽ꕱ녎뇀ꕘꅝlaunchꅞꑀ뚵띳ꪺ뫴꾸ꩁ냈ꕜ꿠ꅁꛓꚹꑀꕜ꿠ꪺ뇀ꕘ녎ꕩ 43 34꙾쏒ꗦꩫ닄15(g)ꭙ쏶꧳ꝃ믹궷쁉륷ꝩ꒧덗ꥷꅁ뇸ꓥ꒺깥뷐냑ꢣꓥꯡ뿽ꅃ 44 See SEC Immediate Release No. 2001-24 < > 45 See SEC v. , Inc. and Patrick R. Greene. Sec Litigation Release No. 16919 < 46 Id. 57
뫴믚뫴룴쏒꣩ꗦ꧶뙂듛꒧곣ꡳ ꢳ덴ꙡ결룓꒽ꕱꪺꖫ돵빐냢띾셚ꪺ끞쑭ꯗ뇀ꛜꕼ믵꒸ꅝ”quickly reach a significant market share in the $400+million”ꅞ47ꅃ땍ꛓ맪꒣걏꙰ꚹꅁꛛ룓뫴꾸롧샧ꑆꑑꕼ귓ꓫꕈ꣓ꅁ꧒돐덹ꪺ맪믚빐냢썂뛈ꚳꑔꑑ꒸ꅁꛓꕂꝙ꣏룓띳뭄뵚꙰ꚹ볖왛륷듺ꅁ꾻공른떣굴덤ꑈGreeneꪺ맪믚뗻꛴ꑝ믝굮롧륌ꑀ꙾ꪺ껉뚡ꑾꕩ꿠꣺녯ꛊ꓀꒧꒭ꪺꖫ돵ꕥꚳ뉶ꅂꣃ녎띾셚뒣ꛜꑀ믵꒻ꑤ롕48ꅃꚹꕾꅁ껚뻚SECꪺ뷕걤ꅁ룓꒽ꕱ믹Ꙣ띳뭄뵚땯ꝇꭥꅁ뛈ꡃ과꒸ꕈꑕꅁꛓꙢ띳뭄뵚땯ꝇꯡ꒣꣬ꑀꑰ껉ꅁ룓늼ꗦ꧶뙱쁈ꝙ볉뱗ꅁꕂ믹슫ꛜꡃ꒸ꅁ꣬ꑆꑑꑇꓫꑇꓩ룓ꟳ뒿돐ꑕꡃ17꒸ꪺꓑ믹ꅃ땍ꛓꙢ꾻공른떣믹몦ꯡꅁ꒽ꕱꑓꕴꕾ땯ꝇꟳꖿ셮ꧺꅁ뻉교ꑑꑇꓫꑔꓩꕈꡃ꒸ꪺ믹껦ꚬ뵌ꅁꛓꗘꭥꅝ비끟뙄껉ꅞꪺ믹ꟳꕵꚳꡃ꒸ꅃ ꖻ껗꾻공른떣꒽ꕱ굴덤ꑈGreene비SECꕈ륈34꙾쏒ꗦꩫ닄10ꅝbꅞ뇸Rule 10b-5결ꗑ끟뙄ꅁ돌ꯡ덑ꝩ떥Ꙑ띎놵꣼ꩫ끼ꕈꗃꑛ롔꣮ꕏꅝpermanent injunctionsꅞ맯Greene낵ꕘꑇ롕꒸ꗁ뭀듚ꪺ뭻뿕Ꝑꡍꅃ 닄ꑇ뚵?땯ꛦ뙂듛ꅝOffering Fraudꅞ 쏒꣩뙂듛ꪺ볐ꪺ럭땍ꣃꭄ뛈ꭝ궭꧳꒽뙽땯ꛦ꒧늼ꅁꝙ꣏꽕롱ꪺꚳ믹쏒꣩49ꅁ꙰걆ꦲ뛅꣩ꅂ꒽ꕱ뛅꣩ꅂꕩ신뒫꒽ꕱ뛅곆ꛜ냲꣼꽱뻌쏒떥ꅁ곒ꚳꚨ결쏒꣩뙂듛볐ꪺ꒧ꕩ꿠ꅃ땍ꛓ때뷗볐ꪺ결꛳ꅁ땯ꛦ꒽ꕱ꧒ꕈ땯ꛦꚳ믹쏒꣩꒧ꗘꪺ때ꭄꙢ꣏ꚳ믹쏒꣩땯ꛦꑈ쑷뛒룪ꅁꕈꝑ꧳룪륂ꗎꅃ곛맯꧳땯ꛦꑈ뛒뚰룪뒣꣑룪륂ꗎꪺꗘꪺꅁ맯룪ꑈꛓꢥꅁ꣤꧒ꕈ쑀띎뒣꣑룪꒩ꚳ믹쏒꣩꒧땯ꛦꑈꅁ꒣ꕾꙢꝑꗎꚹ뒣꣑룪꒧륌땻ꅁ쇈꣺꺧ꅂ공ꝑꅂ룪ꝑ꺧곆ꛜ꣺녯ꖼ꣓꽓ꥷ듁뚡꒺ꪺ뿯뻜앶ꝑ50ꅆ슾걏꒧걇ꅁ낪ꓱ꣒ꪺ룪돸륓뉶ꭋꚨ결Ꝭꓞ룪ꑈꪺ궫굮뮤ꙝꅃ 47 Id. 48 Id. 49 ꝙ쏒ꗦꩫ꧒덗ꥷ꒧ꚳ믹쏒꣩ꅁ꙰냪쏒ꗦꩫ닄꒻뇸ꅇꅵꖻꩫ꧒뫙ꚳ믹쏒꣩ꅁ뿗걆ꦲ뛅꣩ꅂ꒽ꕱ늼ꅂ꒽ꕱ뛅꣩롧끝걆뎡껖ꥷ꒧꣤ꕌꚳ믹쏒꣩ꅃꅶ 50 ꣒꙰꧒뿗꒧ꕩ신뒫꒽ꕱ뛅ꅂ뭻쇊ꅝ냢ꅞ앶쏒떥구ꗍ꧊뿄냓ꭾꅁꑄꛛꑀ꿫뛇닎ꚳ믹쏒꣩구ꗍ땯깩ꕘꪺ띳뿄냓ꭾꅁꝑꗎ뿯뻜앶꣮ꯗꪺ덝군ꅁ뒣낪룓뫘뿄냓ꭾꪺ끝냈멢뇬ꓱ꣒ꅃ 58
닄ꑔ뎹 뫴룴쏒꣩뙂듛 귌ꕩꕈ롧ꗑ덜Ꙩ땯ꗍ륌ꪺ룪뙂듛껗꣒쉫꿇ꕘꑀꙀ덱ꪺ꽓쉉ꅁꝙ꣣ꚳꅵ낪룪돸륓뉶ꅶꪺꭏ쏒ꅝguaranteed stratospheric ratesꅞꑄ걏Ꝭꓞ꣣ꚳ뻷ꓟ멁ꪺ룪ꑈ떴꣎ꪺ뮤ꙝꅁ꽓ꝏ걏덜Ꙩꕈ쏾ꪽ빐ꪺꅵ썥뙨군땥ꅶꅝPonzi Schemeꅞ51ꑪ뙱ꙡ녱ꖫ돵ꑗꝬꚬ룪ꯡꅁ쁈ꝙꙝ결룪륂ꗎ꒣럭ꅁꗾ볆ꗎꕈꓤꕉꅵꑗꓢꅶ룪ꑈꅝprevious investorsꅞꛓꯅꝩ귋뎬꽽늣ꅁ꣏녯룪ꑈꛥꖻ때쉫ꅃ 닄ꑀ듚?New Utopia껗 SEC vs. Lazarusꑀ껗ꝙ걏ꕈꭥ굺ꓢꩫ뙂끝ꪺ꣥ꮬ껗ꗳꅇLazarusꝑꗎ꣤ꛛꛦ걛덝ꪺ뫴꾸Ꝁ결뛒뚰룪ꪺ뫞륄ꅁ뮥뫙꣤녎Ꙣ뙚싷뙽냒롳깱ꅝCayman IslandsꅞꑀꛊꙨ굞ꢽꪺꕛ냇ꓱ껼냬뾳ꯘꑀ깹ꓴꑗꮰꖫꅘ띳꽑ꚫꢹꅝNew Utopiaꅞꅁꙝꛓ뚷땯ꛦꑔ믵꒭ꑤ롕ꪺ뛅꣩Ꝁ결뾳ꯘ띳꽑ꚫꢹꪺ냲ꅁ룪ꑈ꙰꧓쇊ꚹ뛅꣩꒣뛈녎샲녯ꛊ꓀꒧ꑇꛊꪺ듞ꝑ뉶ꅝyield rateꅞꚬ꽱ꅁꙐ껉쇙ꕩ샲녯ꖼ꣓ꚨ결띳꽑ꚫꢹ꒽ꗁꪺ꽓덜앶ꝑ52ꅃꖻ껗ꕅ얥꒧ꑕꕇꕏꑈ띐꣬ꑑ꓀뫆ꡧꅁ곆ꕂꕏꑈ귪ꙩ꧒ꯤꅁ꒣륌Lazarus뎺ꑝꙝꚹ뛒뚰ꑆꑇ롕ꕼꑤ꒸ꪺ냲ꅃ53 롧SEC맯Lazarusꕈ륈33꙾쏒꣩ꩫ닄5(a)ꅂ5(c)뭐17(a)34꙾쏒ꗦꩫ10(b)Rule 10b-5떥덗ꥷ뒣끟뙄덞꒧ꯡꅁ뛸Ꝋ꧔닼남ꙻꙡꓨꩫ끼꧳ꑇꆳꆳꆳ꙾ꑇꓫꕼꓩ낵ꕘ뭻롯Ꝑꡍꅝconsented 51 썥뙨군릺ꕩ뮡걏ꑀ뫘꽓껭멁ꪺꅵꛑ릫라ꅶꅁ룓ꙗ뫙ꭙꙝꚹ뫘꣮ꯗꑄ1920꙾ꗑꙗ결썥뙨ꅝCharles Ponziꅞꪺ굞냪ꑈ꧒덝군ꅁSEC맯썥뙨군땥ꪺ룑쓀꙰ꑕꆪPonzi schemes are a type of illegal pyramid scheme named for Charles Ponzi, who duped thousands of New England residents into investing in a postage stamp speculation scheme back in the 1920s. Ponzi thought he could take advantage of differences between . and foreign currencies used to buy and sell international mail coupons. Ponzi told investors that he could provide a 40% return in just 90 days compared with 5% for bank savings accounts. Ponzi was deluged with funds from investors, taking in $1 million during one three-hour period and this was 1921! Though a few early investors were paid off to make the scheme look legitimate, an investigation found that Ponzi had only purchased about $30 worth of the international mail coupons.ꆪ available at < 52 See SEC v. Lazarus R. Long (a/k/a Howard Turney individually and doing business as New utopia,) USDC/NDOK/TULSA CA No. 99CV 0257BU(M) available at < 53 See Empowering Investors in an Electronic Age, May 17th, 2000, available at < 59
뫴믚뫴룴쏒꣩ꗦ꧶뙂듛꒧곣ꡳ judgmentꅞꅁꥒꕏLazarusꖲ뚷ꗦꕘꅝdisgorgementꅞ24,000꒧꒣ꩫ꧒녯54ꅃ 닄ꑇ듚?Families On Line껗 SEC꧳ꑇꆳꆳꑀ꙾ꑔꓫꑅꓩꅁꙖ꛲쎹ꢽ륆ꙻ냏ꙡꓨꩫ끼ꕈꅵ뵵ꑗ깡깸ꅶꅝFamilies On Line CorporationꅁFOLꅞ룓꒽ꕱ냵ꛦMark Thurman샧륂Robert Fiene떥ꑈꝑꗎ뫴믚뫴룴땯ꛦꖼ롧뗹ꕕꪺꚳ믹쏒꣩ꕈꕈ꒣맪룪끔뙂쑆룪ꑈꛓ뛒뚰룪ꪺꛦ결뒣ꕘ쏒꣩뙂듛ꪺ뙄덞55ꅃ ꅵ뵵ꑗ깡깸ꅶ걏ꑀ깡녍뒣꣑롧뽺뿯ꯡ빁Ꙙ꧳깡깸꣏ꗎ꒧뫴룴룪랽ꪺ꒽ꕱꅁ룓꒽ꕱꕄ굮띾냈걏녎꒣럭ꪺ뫴룴꒺깥ꅝ꙰ꛢ놡ꅂ볉ꑏ뷤돕ꅞꕛꕈ륌쉯ꅝfilter outꅞꯡ뒣꣑꧳ꗎꓡꅃꛛ녱ꑀꑅꑅꑅ꙾ꑃꓫ끟ꛜꑇꆳꆳꆳ꙾ꑑꑇꓫ뚡ꅁꅵ뵵ꑗ깡깸ꅶꝑꗎ뛒뚰ꖼ롧뗹ꕕ땯ꛦꗷꪺꓨꩫꅁ녱ꕼꛊꑀꑑꛬ룪ꑈꓢ꒤뛒녯꫱ꑔꛊꑅꑑ롕과꒸ꪺ룪ꅃ 껚뻚SECꪺ뙄ꪬꕘꅁ덑ꝩ떥ꑈ꧳ꅵ뵵ꑗ깡깸ꅶꡰ뛒꒧돆ꟑ뿽ꅝPrivate Placement memorandaꅞ꒽뙽뮡ꧺ껑ꅂ샧륂군땥껑떥끏룼꙰ꑕ꧒굺ꪺ뿹뭾꒣맪꒺깥56ꅇ 1. ꅵ뵵ꑗ깡깸ꅶ쇀뫙룓꒽ꕱ걏Trinity Broadcasting Network (TBN)ꪺ쏶ꭙꗸ띾ꅆꚹꕾꅵ뵵ꑗ깡깸ꅶ쇙낰덹ꑆꑀꗷꕈTBN셠뗴ꪺꙗ롱땯ꕘꪺ꒽뙽ꭈꅁꫭꗜTBN결ꑆꣳꝕꅵ뵵ꑗ깡깸ꅶꯘꗟ냲ꖻꪺꗎꓡ롳ꅁꛓꕂ녎ꚳꑔꑑꑇ롕ꪺꯈꓡ녎ꛛTBN신뒫ꛜ뵵ꑗ깡깸ꅃ 2. ꅵ뵵ꑗ깡깸ꅶ뒲땯룓꒽ꕱꪺ꒽뙽뮡ꧺ껑ꕈ샧띾군릺꒩룪ꑈꅁ샧띾군릺꒤룼ꚳ쏶꧳룓꒽ꕱ닄ꑀ꙾꧒듁뇦륆꣬ꑇꛊ꒭ꑑ롕ꗎꓡꪺꖫ돵덗볒ꅁꣃ륷군ꕩꛛ닄ꑀ꙾ꪺꑔ믵ꑔꑤ롕샧띾썂 54 Supra note at 51. 55 See Securities and Exchange Commission v. Families On Line Corporation, Mark C. Thurman, And Robert D. Fiene, Case No. 01-6369-CIV-LENARD (. Fla., filed March 9, 2001), available at < > 56 Id. 60
닄ꑔ뎹 뫴룴쏒꣩뙂듛 ꒤샲녯ꑀ믵ꑇꑤ롕ꪺ뉢ꝑꅃ꒣륌껚뻚SECꪺ뷕걤ꅁꅵ뵵ꑗ깡깸ꅶ땯ꝇꭥ뚵샧륂군릺껉ꅁ룓꒽ꕱ뛈ꚳꑀꛊ꒭ꑑꙗꗎꓡ57ꅃ 3. ꅵ뵵ꑗ깡깸ꅶꙖ룪ꑈ쇀뫙ꅁ룓꒽ꕱꑷ롧ꥥꗴDean Witter꒽ꕱ뻡ꗴ꣤궺ꚸ꒽뙽땯ꛦꅝIPOꅞꪺꕄ뿬꧓빐냓ꅆꛓꕂꖻꗳIPOꑷꙖSEC뒣ꕘꗓ뷐ꅁꣃ샲녯SECꅵꚳ뇸ꗳꪺꙐ띎ꅶꅝconditionally approvedꅞꅁꑀꖹꖿꚡ꒽뙽땯ꛦ껉ꅁ룪ꑈ녎ꕩꕈꡃ과꒸ꪺ믹껦신엽ꓢ꒤ꕢ볆ꪺ꯹ꅃ 4. ꅵ뵵ꑗ깡깸ꅶꙖ룪ꑈꯅ뫙꧒뛒녯ꪺ룪녎낵결꒽ꕱ샧륂꒧ꗎꅁ땍ꛓThurman뭐Fieneꑇꑈ꺿ꗎ룓룪낵결쇊롭ꡰꑈ륃뢥ꅂBMW뙝ꢮ뭐꽝쑟궺릢떥ꗎ덾ꅁꙘ군낪륆ꑀꛊꑋꑑ롕과꒸ꅃ 5. 샧륂군릺꒤끏룼Thurman꣣ꚳ믈ꛦꅂ라군ꅂ끝냈ꛦ빐곛쏶믢냬꒧롧엧ꅁꛓFieneꭨ꣣ꚳꯘ뽶ꅂ뫞뉺ꅂꧨꧣꗲ꒶떥룪뻺ꅁ꒣륌Ꙣ룓떥꒽뙽ꓥꗳ꒤ꖼ녎Thurman뭐Fiene뎣뒿롧ꙝ궫롯ꩁꙄꅝconvicted felonsꅞꪺ맪ꑀ꣖뒦앓ꅃ 끷맯ꭥ굺ꛦ결ꅁSECꕈꅵ뵵ꑗ깡깸ꅶThurman뭐Fiene륈33꙾쏒꣩ꩫ닄5(a)ꅂ5(c)17(a)뭐34꙾쏒ꗦꩫ닄10(b)Rule10b-5꒧덗ꥷꅁꙖꩫ끼뒣끟쏒꣩뙂듛뙄덞ꅃ 닄ꑔ뚵?ꖫ돵뻞셡ꅝMarket Manipulationꅞ ꖫ돵뻞셡58ꕩ뮡걏ꗘꭥꙢ뫴룴쏒꣩ꗦ꧶겡냊꒤돌뒶륍ꅂ돌녠ꢣꪺ뙂듛쏾ꮬꅁꙢꚹꑀ쏾ꮬꪺ뙂듛껗ꗳ꒤ꅁ뫴믚뫴룴앫땍면ꑇꑑꑀꕀ곶ꅵ삣ꑏꯇꅶꅝboiler roomꅞ59 ꪺꢤꛢꅁ뒣꣑ꚳꓟꝑꗎ뫴룴녱쏒꣩뙂듛륅ꛦꗇ롯ꪺ샴맒ꅆ맪ꑗꅁꕈ뫴믚뫴룴Ꝁ결륅ꛦ쏒꣩뙂듛ꪺꑵ 57 Id. 58 See Brian Kerbs, Internet-Related Stock Fraud Cases Increasing, available at < 59 boiler room걏꒣꡶ꪺ쏒꣩띾ꚨꗟꑀ귓녍ꝑꗎ륱룜뒣꣑룪ꑈ늼뙒뷦ꯘ쒳ꪺ띾냈돦ꛬꅁ덱녠덯띾냈귻꧒뇀싋ꪺ룪볐ꪺ뎣걏쏒꣩띾ꖻꢭꚭꑷ꯹ꚳꪺ늼ꅁ꣤ꗘꪺ걏ꝑꗎ꫱쓌쉚ꪺꓢ걱뮤꣏룪ꑈ꧓놵늼ꅁ꣏쏒꣩꒽ꕱ녯ꕈ뚶ꝑꕘ닦꯹ꅆ쏶꧳ꚹꑀ과냪쏒꣩ꖫ돵멄ꗎ덎뭹ꪺ룔닓룑쓀ꕩ냑ꢣ과냪쏒뫞라뫴꾸< 61
뫴믚뫴룴쏒꣩ꗦ꧶뙂듛꒧곣ꡳ ꣣ꅁꛓꓱ꧒뿗ꅵ삣ꑏꯇꅶ쇙ꢬꕈ땯뒧ꟳꑪꪺ껄꿠ꅁ꣤귬ꙝꖿꙢ꧳ꑀ꿫뛇닎ꪺꅵꭐ빐륱룜ꅶꅝcold callingꅞ60 걏롧ꗑ쏒꣩띾ꕄ냊뙩ꛦꪺ쑕뮤ꯘ쒳ꅁꙢꚹ놡꒧ꑕꅁ덑냊ꪺ룪ꦹꦹ라뒣낪쒵쒱ꛓ꒣뒱뙔땍뇄ꭈ쏒꣩띾ꪺ룪ꯘ쒳ꅁ셡꣏ꚳ룪ꪺ군릺ꑝ라뱦띖ꯤꛒꅁ꒣교뉶땍뿯뻜뉀때꧒노ꪺ룪볐ꪺꅁ땍ꛓꙢ뫴믚뫴룴ꪺ쉘ꑪꑆ뛇벽둃엩ꕜ꿠ꪺ뱶암꒧ꑕꅁ귬ꖻ덑냊놵꣼룪ꯘ쒳ꪺ룪ꚨ결ꕄ냊놴룟룪뻷라ꪺ룪ꑈ뻷ꯈꅁꗑ꧳ꚹ뫘ꢤꛢꪺ신엜ꅁ꣏녯룪ꑈꪺ쒵쒱꧊쇘땍궰ꝃꅁ뱗ꕛ꣼쑆ꑗ럭ꪺ뻷라ꅁꑝꙝꚹꛓꚨ결ꚳꓟꝑꗎ뫴룴녱뙂듛솻뿌ꪺ맯뙈ꅃ 껚뻚뉻ꗴSECꕎ뉺ꕄ깵Laura S. UngerꑫꑨꙢꑇꆳꆳꆳ꙾꒭ꓫ꧳뽄걷뎷뇹꧒셼ꛦꪺ냪믚쏒꣩뫞뉺ꥥ귻라닕슴ꅝIOSCOꅞ꙾라꒤꧒ꕘꅁꕈꗘꭥ과냪뫴룴쏒꣩뙂듛쏾ꮬ꒤쏶꧳ꖫ돵뻞셡ꪺ껗꣒ꑓ쉫꿇ꕘ꧔낪귋덦ꅝPump and DumpꅁP&Dꅞꅂ쇍뛕ꗦ꧶ꅝMomentum Tradingꅞ뭐ꞣ뙬ꗳꅝSpamꅞ떥ꑔ뫘ꕄ굮쏾ꮬꅆ61 ꚹꕾꅁ귓ꑈ샀둎곛맯꧳P&D꧔ꧯ믹ꅁꛓꕈ쓀꧱ꝑꪺ꒣맪뫴룴룪끔결뙂듛ꓢ걱ꪺ꧙뛂룪끔ꅝSmearing informationꅞ쏾ꮬ꣖꧳ꑕꓥ끑뷗꒧ꅃ 닄ꑀ듚?꧔낪귋덦ꅝPump and Dumpꅞ ꚹ덂꧒뫙꧔낪귋덦ꅝPump and Dumpꅞꅁ둎ꓥ롱ꛓꢥꗧꕩꪽ쒶결ꅵꝪ뱎뭐귋덦ꅶ62ꅁ땍ꛓ때뷗꣤ꙗ뫙결꛳ꅁꚹ뫘뙂듛껗ꗳꪺꛦ결멁볋ꕄ굮ꭙꝑꗎ뫴룴꽤ꢥꅂBBS꾸끑뷗냏떥뫴룴샴맒Ꝁ결꣤Ꝫ뱎ꅝPumpꅞꪺ뫞륄ꅁꕈ냎ꙗꓨꚡꑪ뙱녩뙋뒲ꝇ뗪낰꒣맪ꪺ룪끔꺧ꅁ꣨띎샧덹볶꽐끑뷗뱳꩸끪암ꪺ낲뙈ꅁ뮤꣏룪ꑈ뭾ꭈ껸꺧ꛓ뙒뙩꣤꧒뇀싋ꪺ볐ꪺ늼ꅁ럭믹ꪣ낪ꕈꯡꅁꛦ결ꑈꙁ뻷뷦ꕘꅁꅵ귋덦ꅶꅝDumpꅞ떹뫆ꡧ띭뙩ꪺ룪ꑈꅁ륅ꛦ뙂듛ꗘꪺꅆ 60 Many securities firms telephone investors they do not know to sell stocks and other investments. Known as "cold calling," these calls can serve as a legitimate way of reaching new customers, but they can also lead to trouble. Dishonest brokers may pressure you to buy a bad investment or a scam., available at < 61 Supra note 53. 62 뷐냑ꢣ뚾빟ꙴꅁ뷗ꚳ믹쏒꣩뵵ꑗꗦ꧶ꪺ땯깩뭐꣤구ꗍꪺꩫꯟ냝썄ꅁꓫꖹꩫ뻇싸뭸닄꒭ꑑꑋ듁ꅁ2000꙾3ꓫꅁ닄130궶 62
닄ꑔ뎹 뫴룴쏒꣩뙂듛 ꚹꕩꕈ땯ꗍ꧳ꑀꑅꑅꑅ꙾ꑑꑀꓫ뚡ꪺNEI Webworld껗결돌꣎ꪺ꣒쏒63ꅃ 닄ꑀꗘ NEI Webworld껗 SEC꧳ꑀꑅꑅꑅ꙾ꑑꑇꓫꑑ꒭ꓩꙖꕛꙻ꒤냏ꙡꓨꩫ끼ꅁ맯Arash Aziz-Golshaniꅂ Hootan Melamed뭐Allen Derzakharian떥ꑔꙗꕛꙻꪺꗁ뒣끟ꗁ뙄덞ꅁ놱뙄ꚹꑔꙗ덑ꝩ꧳ꑀꑅꑅꑅ꙾ꑑꑀꓫ뚡ꝑꗎ뫴룴꽤ꢥ녱뻞셡믹ꪺꛦ결ꅁꙢ땵땵ꪺꑀ귓뙧ꖽ꒧뚡샲ꝑ364,000과꒸64ꅃ 덑ꝩꑔꑈ꧳ꑀꑅꑅꑅ꙾ꑑꑀꓫꑅꓩꛜꑑꑇꓩ듁뚡ꅁ롧ꗑ꒽뙽ꖫ돵ꕈ랥ꝃꪺ믹껦ꅁ꣺녯ꑀ깡ꛬ꧳뱷ꙻ륆꧔뒵ꖫꅁ녍녱냓냈Ꙍ꣪띾냈ꪺNEI Webworld, Inc. ꅝꕈꑕ슲뫙NEIPꅞ꒽ꕱꪺ늼ꅁNEIP럭껉ꑷ롧덂꧳꽽늣뉍뫢뚥걱ꅁ룪늣쇍꫱꧳륳ꅁꛓꕂ룓꒽ꕱꚭꑷ떲ꟴ띾냈ꪺ륂ꝀꅆꚹꕾꅁꙢ덑ꝩ뙩ꛦ뙂듛뎱뿑ꪺꭥꑀ뙧ꅁNEIP늼꧳ꖫ돵꒤ꑝꕆꑈ냝걺ꅁ둘ꕇ뉀때ꗦ꧶ꕩꢥꅃ Arash떥ꑔꑈꝑꗎꑑꑀꓫꑅꓩꛜꑑꑇꓩꅁꙀꑔꓑꪺ껉뚡꧳ꖫ돵ꑗꑪ뙱뙒뙩NEIP늼꒧ꯡꅁꝙ꧳ꑑꑀꓫꑑꑇꓩ걐듁꒭ꑕꝑꗎꕛꙻꑪ뻇겥ꟼ뻷꓀껕ꅝUCLAꅞ맏껑쁝ꪺ꒽ꗎ륱뢣뙽덝ꑪ뙱ꪺ륱뢣꽤ꢥ녢뢹ꅁꣃꝑꗎ뻣뙧ꖽꪺ껉뚡ꕈꭥ굺녢뢹Ꙣ덜Ꙩ꒣Ꙑꪺ뫴룴꽤ꢥꑗ녩뙋ꅝpostꅞꚳ쏶꧳NEIPꝙ녎덑LGC Wireless, Inc.꒽ꕱꚬ쇊ꪺ껸꺧ꅃ낣ꚹ꒧ꕾꅁArash떥ꑈꑓꝑꗎ꣤ꕌ꽤ꢥꅁꕈ닄ꑔꑈꪺꢭꗷ끑뷗ꅂ뗻뷗ꭥ뚵껸꺧ꅃ Arash떥ꑈ롧륌ꑀ귓뙧ꖽ낲듁ꪣꝀ쏶꧳NEIPꝙ녎덑ꚬ쇊ꪺ끔꺧꒧ꯡꅁ귬ꖻꑑꑀꓫꑅꓩꕈꡃ꒸ꚬ뵌ꪺNEIP믹ꅁꙢꑑꑀꓫꑑ꒭ꓩ걐듁ꑀꑗ뙽뵌껉뎺ꕈꡃ8과꒸ꚨꗦꅁ룓믹꧳뵌꒤ꟳꑀꯗ돐ꑕꡃ15과꒸ꪺ낪믹ꅁArash떥ꑈ꧳걏뙘ꚹ뻷라냢ꕘ꣤ꗾ뎡늼ꅁ셠군맪뉻364,000과꒸ꪺ샲ꝑꅃ65 63 SEC, . Attorney File Fraud Charges in Internet Stock Manipulation Case Involving UCLA Computers, available at < 64 See SEC v. Arash Aziz-Golshani, Hootan Melamed & Allen Derzakharian, . District Court for the Central District of California, Civ. Action No. 99-13139 (CBM) (AJWX) (. December 15, 1999), available at < 65 Id. 63
뫴믚뫴룴쏒꣩ꗦ꧶뙂듛꒧곣ꡳ ꖻ껗롧SECꕈArash떥ꑔꑈ결덑ꝩꅁꕈ꣤꽁륈33꙾쏒꣩ꩫ닄17(a)뇸ꕈ34꙾쏒ꗦꩫ닄10(b)뇸뭐Rule 10b-5결ꗑꅁꙖꩫ끼뒣끟쏒꣩뙂듛ꪺꗁ뙄덞ꅃ땍ꛓꙢ껗ꗳꥼꖼ닗떲꒧ꭥꅁSECꕴ맯Arash뭐Hootanꑇꑈ끬ꕛ끟뙄ꅁ귬ꙝ걏롧륌SECꟳ룔뫉ꪺ뷕걤꒧ꯡꅁ땯뉻룓ꑇꑈ꧒녱꒧쏒꣩뙂듛ꗇꛦ꒣뛈ꑀꚸꅁꛛꑀꑅꑅꑅ꙾ꕼꓫ끟ꅁArash뭐Hootanꑇꑈꝙ뙽ꥬ녱쏾ꪺ뙂듛ꛦ결ꅁ셠군뒿맯ꑑꑀ깡꒣Ꙑꪺꑗꖫ꒽ꕱ늼뙩ꛦ믹뻞셡66ꅃ 맯ꚹ뫘껗ꗳꕛꕈꓱ룻꓀꩒ꅁꕩ쉫꿇ꕘꑕꙃ꽓꧊ꅇ 1ꅂ 둎Ꝁ결뙂듛ꑵ꣣ꪺ볐ꪺ늼ꛓꢥꅇꚹ쏾볐ꪺ늼ꪺ땯ꛦ꒽ꕱ룪ꖻ썂덱녠룻ꑰꅁꕂ늼믹껦Ꙩ덂꧳랥ꝃꪺ믹ꛬꅁꕈꭋꕈꚳ궭ꪺꚨꖻ뙩ꛦꪣꝀꅃ 2ꅂ 둎뻞Ꝁ볒ꚡꛓꢥꅇꛦ결ꑈꭙꚳ군릺꧊ꪺ꓀뚥걱뙩ꛦꅵ빩ꅂ깍ꅂ뇾ꅶꪺ쏒꣩뙂듛ꛦ결ꅁꝙꅇ ꅝ1ꅞ?ꯘꗟꛛꚳ뎡ꛬꅇ꧳뙩ꛦꅵꝪ뱎ꅶ꧔낪믹꒧ꭥꅁꗽꕈꝃ믹뙒ꑊ결볆ꕩ왛ꪺ볐ꪺ늼ꅁꕈꝑ녎꣓ꅵ귋덦ꅶꛈꝑꅃ ꅝ2ꅞ?Ꝫ뱎ꓞ뮤ꅁ뒲ꝇ궫ꑪ꒣맪끔꺧ꅇ꓀ꝏꕈꙨꑈꙗ롱냎ꙗꓨꚡ뒲ꝇ볐ꪺ늼꒧ꅵꝑꙨꅶ껸꺧ꅁ덹ꚨꖫ돵뭻Ꙑ꒧낲뙈ꅁ뮤쑆룪ꑈ쇊ꑊ늼ꕈ륆꣬ꮡꧯ믹꒧ꗘꪺꅃ ꅝ3ꅞ?덺륌꽓ꥷꑈ꒧ꪣꝀꅁ뭳덹ꖫ돵ꗦ꧶겡떸ꪺ낲뙈ꅁꕈꝕ꧳ꪧ꣺룪ꑈꪺ뭻Ꙑ ꅝ4ꅞ?뻷귋덦맪뉻ꝑ꽱ꅇ믹꧔ꧯꛜ곛럭믹ꛬꯡꅁꗟ꣨녎꯹ꚳ늼뷦ꕘꅁ샲꣺믹깴ꝑ꽱ꅃ 66 Arashꕴꕾ뻞셡믹ꪺ맯뙈결, Ichargeit, Inc., , Inc., E*, Inc., , Inc., Classified , Virtual Games, Inc., , Inc., , Inc., , Inc., and Casino LTD.떥ꑑꑀ깡꒽ꕱꅁ떴ꑪꙨ볆결뫴룴꒽ꕱꅆꛓArashꙝ뻞셡믹꒧ꛦ결샲ꝑ셠군륆꣬473,472과꒸ꅆHootanꭨ꧳ꑀꑅꑅꑅ꙾ꕼꓫꛜꑑꓫ맯뭐, Inc., 떥ꑇ꒽ꕱꪺ늼뙩ꛦ뻞셡ꛦ결ꅁꙀꙝꚹ샲ꝑ211,520과꒸ꅃ available at < 64
닄ꑔ뎹 뫴룴쏒꣩뙂듛 3ꅂ ꕈꝑꗎ꒧ꑵ꣣ꛓꢥꅇ덱녠뿯뻜ꝑꗎ꒽Ꙁ뫴룴덝돆ꅝ꙰맏껑쁝꒧꒽ꗎ륱뢣뫴룴ꥀ냘왕ꪺꕘ꾲륱뢣ꅞꝀ결뒲ꝇ꒣맪룪끔ꪺ꣓랽ꕄ뻷ꅁꕈꝋ뮴꧶겪멼ꢬ룱ꅝfootprintꅞꛓ비끬걤ꅃ 닄ꑇꗘ Heartsoft껗 ꑇꆳꆳꆳ꙾ꑅꓫ꒻ꓩꅁSEC꧳닄ꕼꚸꗾ냪꧊뫴룴쏒꣩뙂듛놽뾺ꛦ냊꒧ꯡꅁ맯ꑀ깡녍녱뇐덮엩띾냈ꪺ꒽뙽땯ꛦ꒽ꕱ—Heartsoft Inc.,룓꒽ꕱꪺ뢳뭐롧뉺ꑈBenjamin Shell뭐Jimmy Butler뒣끟뙄덞67ꅃ 껚뻚SECꪺ끟뙄ꪬ꒺깥ꕘꅁ BenjaminJimmyꭙ꧳ꑀꑅꑅꑅ꙾ꑗꕢ꙾ꝑꗎ꒽ꕱ뫴꾸뒲ꝇ꒣맪띳뭄뵚ꅁꯅ뫙룓꒽ꕱꪺ뇐덮엩ꑷ샲녯ꑇ귓ꕄ굮뻇냏ꅝtwo large school districtsꅞ꒺ꪺ뻇껕꧒뇄ꗎ뭐뭻ꕩꅝadoption and endorsementꅞꅁꣃꕂ샲녯ꅵ떦늤꧊냓냈돐셰럹ꅶꅝstrategic business ventures and alliancesꅞꪺꭃ럽ꅁ룓셰럹녎ꣳꝕꛦ빐꣤덮엩ꅆ곆ꛜꯅꝇ룓꒽ꕱꑝꝙ녎뭐꣤ꕌ꒽ꕱ쎱굱ꚳ쏶꧳뙽땯ꭏ앀꣠떣ꪺ뫴룴쉳쓽덮엩꒧ꅝ”child safe” Internet wed browserꅞ덎뇂앶ꮴ곹ꅝlicensing agreementꅞꅃ ꭥ굺껸꺧땯ꝇꯡꅁ룓꒽ꕱ믹ꝙ뙽ꥬ몦ꅁ돌낪몦둔ꟳ륆ꑑ꒭궿꒧Ꙩꅃ땍ꛓꅁ맪뭐룓꒽ꕱ꧒ꯅ뛇ꪺ꒺깥ꣃꭄꞹꗾꑀ교ꅁ껚뻚SECꪺ뷕걤ꅁ룓꒽ꕱꪺ뇐덮엩뛈샲녯ꑇ귓뻇냏꒺ꪺꓖ볆뻇껕꧒뇄ꗎꅁꙐ껉꧒뿗ꪺꅵ떦늤꧊냓냈돐셰럹ꅶꣳꝕꛦ빐ꑝ뛈ꓮ꧳ꅵꙢꮬ뿽ꑗ쇊뙒뱳ꝩꪩ궱ꅶꅝpurchase of advertisement space in catalogsꅞꪺꭐ빐ꓢꩫꛓꑷꅆꛜ꧳꧒뿗ꝙ녎쎱굱덎뇂앶ꮴ곹뙽땯ꭏ앀꣠떣ꪺ뫴룴쉳쓽덮엩ꪺ썄ꟷꑝ걏꒣맪ꪺ껸꺧ꅃ ꕴꕾ껚뻚SECꪺ뷕걤ꕘꅁꗑ꧳룓꒽ꕱꛛꑀꑅꑅꑃ꙾꒭ꓫꑀꓩ끟ꛜꑀꑅꑅꑅ꙾ꑑꑀꓫ결ꓮꪺ듁뚡꒺ꅁꞡꖼ덗ꥷꙖSECꗓ돸ꕝ걁ꥵ돸ꅂ꙾돸Ꙣ꒺ꪺ끝냈돸ꝩꅁꙝꚹ룓꒽ꕱꪺ띳뭄뵚ꭋꚨ 67 See SEC v. Heartsoft Inc., Benjamin Shell and Jimmy Butler, Civil Action No. 00-CV-0766-B(m), USDC (ND OK), available at < litreleases/> 65
뫴믚뫴룴쏒꣩ꗦ꧶뙂듛꒧곣ꡳ 결룪ꑈ꣺녯룓꒽ꕱ꒽뙽룪끔ꪺ냟ꑀ뫞륄ꅃꑝꗑ꧳룪ꑈ때ꩫ싇ꗑ꣤ꕌ뫞륄샲노꒽ꕱꪺ꒽뙽룪끔ꅁꑾ뻉교Benjamin뭐Jimmy녯ꕈ뛈뻌꒣맪ꪺ띳뭄뵚녎믹ꮡꧯ륆ꑑ꒭궿꒧Ꙩꕈꯡꅁ쇙꿠녱깥ꙡ녎ꛛꑶꪺ늼ꅵ귋ꅶ떹룪ꑈꅃ SEC맯HeartsoftꕈBenjaminJimmy꒧끟뙄ꅁ롧륌뛸Ꝋ꧔닼남ꙻꕟ냏ꙡꓨꩫ끼ꪺ뱦뉺ꯡꅁ덑ꝩ떥ꑈꙐ띎ꩫ끼맯꒧낵ꕘꑕꙃ뭻뿕Ꝑꡍꅇ 1ꅂ Heartsoft뎡꓀ꅇ륈34꙾쏒ꗦꩫ닄10(b)ꅂ13(a)Rule 10b-5ꅂ13a-1ꅂ13a-13꒧덗ꥷ68ꅃ 2ꅂ BenjaminJimmyꭙ륈33꙾쏒꣩ꩫ닄5(a)ꅂ5(c)ꅂ17(a)34꙾쏒ꗦꩫ닄10(b)ꅂRule 10b-5ꅆ산ꝕHeartsoft꒽ꕱ륈13(a)Rule 13a-1ꅂ13a-13ꅃ 3ꅂ BenjaminJimmy삳쉫쇙꧒ꚳ꒣ꩫ꧒녯ꅁꕂꡃꑈ삳쎺ꕉ50,000과꒸꒧뭀듚ꅃ 닄ꑔꗘJesse Hogan껗 ꛛꑇꆳꆳꆳ꙾ꑃꓫꑇꑑꑀꓩ끟ꛜꙐ꙾ꑋꓫꑇꑑꑀꓩꓮꅁꑀꙗꑇꑑꕼ랳ꪺ굞쓝귴귛ꓱꗁJesse Hogan덳쓲ꝑꗎ뫴룴녱꧔ꧯ귋덦ꪺ뻞셡ꛦ결ꅁ뻞셡꒭깡띌ꖫ귈꒽ꕱꪺ믹ꅆHoganꙢ땵땵ꪺꑀ귓ꓫ듁뚡ꅁ맯꒭깡Ꙣꢺꕱ륆Ꝋꝇꝩ쓦ꖫ돵ꅝNASDAQ OTC Bulletin Boardꅞ놾땐ꪺꦱ쁙ꖫ돵늼뙩ꛦ꧔ꧯ뭐귋덦ꪺ뻞셡ꛦ결ꅁ쑙궫쉚뛃ꖫ돵ꪺꗦ꧶꾴Ꟈꅁ싇ꚹ샲꣺뙗륌ꕼ롕과꒸ꪺ꒣ꩫꝑ꽱ꅁꣃ뻉교룪ꑈ비꣼Ꙙ군꫱ꑀꛊ롕과꒸ꪺ띬ꖢꅃꚹ껗롧SEC뷕걤ꯡꅁ꧳ꑇꆳꆳꆳ꙾ꑅꓫꑑꕼꓩꖿꚡꙖꗬꝑ뿕ꙻꕟ냏ꙡꓨꩫ끼뒣끟쏒꣩뙂듛ꪺꗁ뙄덞ꅁꩫ끼ꣃ꧳럭ꓩ귣덜SEC낲ꚩꧣ뷐ꡄꅁ녎Hoganꪺ룪늣ꗽꛦ귡떲69ꅃ 68 쏒ꗦꩫ닄10ꅝbꅞRule 10b-5결쏒꣩뙂듛꒧덗ꥷꅆꕴꅁ쏒ꗦꩫ닄13ꅝaꅞ뇸ꕄ굮ꭙ굮ꡄ꒽뙽땯ꛦ꒽ꕱ뚷쏒ꗦꩫ곛쏶덗ꭨ꒧덗ꥷꅁꥷ듁Ꙗꕄ뫞뻷쏶ꗓ돸끝냈돸ꝩ꒧롱냈ꅆꛓRule 13a-1ꭙ덗ꥷ꒽뙽땯ꛦ꒽ꕱ믝덗ꥷꙖꕄ뫞뻷쏶ꗓ돸꙾돸꒧덗ꥷꅁRule 13a-13ꭨ결꒽뙽땯ꛦ꒽ꕱ삳Ꙗꕄ뫞뻷쏶ꗓ돸ꥵ돸꒧덗ꥷꅃ 69 See SEC v. Jesse Hogan, . District Court for the Northern District of Illinois, Civ. Action 66
닄ꑔ뎹 뫴룴쏒꣩뙂듛 껚뻚SECꪺ끟뙄ꪬꕘꅁHogan맯룓꒭깡땯ꛦ꒽ꕱ꧒뇄ꗎꪺ뻞셡ꖫ돵ꓨꩫ둘ꕇ걏꙰ꕘꑀ싡ꅁHoganꙢ뙩ꛦ믹꧔ꧯ꒧ꭥꅁꞡꗽ덶ꡂ닖뽮꧒뇽뻞셡ꪺ늼ꛜꑀꥷꪺ볆뙱ꅆ럭냲ꖻ뎡ꛬꯘꗟꞹꚨꯡꅁHogan륅ꝑꗎ럭ꓩꚬ뵌ꛜꚸꓩ뙽뵌ꗦ꧶ꭥꪺ색ꅁꝑꗎꕼꛜꑋ귓꒣Ꙑꪺ꓆ꙗꅁꛜ뉺끝뫴꾸ꪺ꽤ꢥ녩뙋볆ꕈꛊ군쏶꧳볐ꪺ꒽ꕱꪺꝑꙨ껸꺧ꅁ뫙녎ꚳ꧒뿗싅쑷ꅝBlue chipꅞꪺ뗛ꙗ셚쁵꒽ꕱ녎굮ꕈ낪꧳ꖫ돵ꪺ믹껦ꅁ랸믹ꚬ쇊볐ꪺ꒽ꕱꪺ늼ꅃꕴꕾꅁHogan쇙녎뭐꽤ꢥ곛Ꙑꪺ꒣맪ꝑꙨ껸꺧뭳Ꝁꚨ륱ꑬ뙬ꗳꅁꝑꗎ뙬ꗳ녈끥땻ꚡꑪ뙱녈땯꒩꒣꽓ꥷꪺꚬꗳꑈ70ꅃ 껚뻚SECꪺ뷕걤끟뙄ꪬ꧒룼ꅁHogan꓀ꝏꛛ뻞셡꒭깡땯ꛦ꒽ꕱꪺ믹ꅁ샲꣺ꑆ42,과꒸ꪺ꒣ꩫꝑ꽱ꅁꧺ닓꙰ꑕꅇ 늼ꙗ뫙 뙒뙩볆 뙒뙩ꞡ믹 ꧔ꧯꭥꯡ믹몦둔 맪뉻샲ꝑ RSI System Inc. 25,000 58ꉈ 2, Egan System Inc. 150,000 117ꉈ 18, AM Communications, Inc. 27,000 65ꉈ 5, Microtel International, Inc. 20,000 70ꉈ 3, Astrocom Corp. 25,000 200ꉈ 12, 42, SECꕈHogan륈34꙾쏒ꗦꩫ닄10(b)Rule 10b-5꒧덗ꥷ결ꗑꅁ맯꣤뒣끟ꗁ뙄덞ꅁ굮ꡄꩫ끼낲ꚩꧣ꣤룪늣ꅁꣃ뷐ꡄꩫ끼ꝐꡍꥒHogan쉫ꑊ꒣럭ꝑ녯ꅁꕈ롔ꓮ꣤녎꣓쑾쓲녱쏒꣩뙒뷦떥71ꅃ 닄ꑇ듚?쇍뛕ꗦ꧶ꅝMomentum Tradingꅞ ꕈꛛ덝뫴꾸뙽앐녍쓦ꪺꓨꚡ뇀꒶꽓ꥷ늼ꅁꕄ냊맯룪ꑈ뒣 No 00 C 5637 (N. D. Ill. September 14, 2000), available at < 70 Id. 71 Id. 67
뫴믚뫴룴쏒꣩ꗦ꧶뙂듛꒧곣ꡳ ꣑룪ꯘ쒳ꅁ듁뇦ꕈ룪ꯘ쒳돐덹ꖫ돵뭻Ꙑꅁ뙩ꛓ덹ꚨ꧒뇀싋꒧볐ꪺ늼ꪺꑗ몦쇍뛕ꅝmomentumꅞꅆ럭늼뱳꣼뭻Ꙑꛓ녡냊믹썫낪ꯡꙁ뻷뷦ꕘ꯹ꅁ맪뉻샲ꝑꅃꚹ쏾ꮬ꒧껗ꗳꅁꕩꕈFastTrade껗Sunset껗결ꕎꫭ껗꣒ꅃ72 닄ꑀꗘ FastTrade껗 ꑀꑅꑅꑅ꙾ꑇꅂꑔꓫ뚡ꅁꑀꙗ꙾뛈ꑇꑑꕼ랳둎얪꧳뗘늱륹꽓냏ꙡ냏ꩫꯟ뻇끼ꅝWashington, . area law schoolꅞꪺ뻇ꗍDouglas Colt뭐꣤ꕌꕼꙗꑈꅁꕈ뫴꾸뛒라귻ꅁꣃꕈ륱ꑬ뙬ꗳ뛇끥뇀꒶꽓ꥷ늼결ꕄꪺꝋ뙏룪끔꺧ꅆꛓDouglas떥ꑈꭨꙢ룪ꯘ쒳뛇끥꒩라귻꒧ꭥꅁ뒣ꚭꑀꡂ뿬Ꞵ궭믹ꥥ끕ꅝlimited orderꅞꪺ뷦ꕘꗜꅁ엜곛ꙡ녎ꓢ꒤꯹뷦떹라귻ꅁ셠군Douglas떥ꑈꙝꚹ뙂듛ꛦ결샲꣺ꑆ낪륆345,000과꒸ꪺ꒣ꩫꝑ꽱73ꅃ DouglasꙢꑀꑅꑅꑋ꙾까ꓑ꧳Charles Schwab뙽ꗟꭈꗎ녢ꓡꯡꅁꕄ굮ꕈ륱ꑬ뭐ꭋꑨ결ꕄ굮ꪺ룪볐ꪺꅁꛓ꣤덱녠ꕈ땵뵵뙩ꕘ결ꕄꅃDouglasꪺ룪셚껄ꣃ꒣뉺띑ꅁ셠군ꛛ꣤뙽ꥬ녱늼룪ꅁꛜ덝ꗟFastTrade깩뙽늼뇀싋띾냈꒧ꭥꅁ뛈ꚳ24과꒸ꪺ샲ꝑꫭ뉻ꅃ74 Douglas꧳ꑀꑅꑅꑅ꙾ꑀꓫꑕꚯ덝ꗟ뒣꣑룪뉺끝ꩁ냈ꅁ뙽ꥬ껉ꕈꝋ뙏룕ꗎ꒻귓ꓫꅝsix month trial periodꅞ결뢹ꕬꕈ뱳뱸라귻ꅁ라귻꧳ꕛꑊFastTrade꒧ꯡꅁꕩꕈ뿯뻜꧳룪ꯘ쒳꒽뙽ꭥꪺꑇꑑꕼꑰ껉ꅁꕈꕄ냊땮ꑊꪺꓨꚡꅁ뙩ꑊ녋뵘냏ꅝpassword protected areaꅞ빜얪룪ꯘ쒳ꅁ덑냊ꙡ놵ꚬFastTrade꧒뛇끥ꪺ륱ꑬ뙬ꗳꅃ ꙢFastTrade뫴꾸ꑗꅁ꒣뛈ꚳꑀ꿫뉺끝뫴꾸삳ꚳꪺ슲굮룪ꯘ쒳뭐ꝋ덤셮ꧺꅝdisclaimerꅞꕈꕾꅁ75 DouglasꟳꙢ궺궶ꑗꕛꑊꑆ뢹 72 껗ꭙ땯ꗍ꧳ꑀꑅꑅꑅ꙾ꑇꓫꛜꑔꓫ뚡ꅆꑀꙗꩫ뻇끼뻇ꗍDouglas Coltꛛꛦꚨꗟꑀ귓ꙗ결ꪺ뫴꾸ꅁꝑꗎ뫴꾸뱳뛒라귻ꅁ뒣꣑뫴룪ꯘ쒳ꅁꚨꪣꝀ뚰많뻞셡ꖫ돵ꅁ뙂듛ꛈꝑꅃSee SEC Sues Washington, .-Area Law Students for Internet Price Manipulation Scheme, available at < 73 Id. 74 Id. 75 룓뫴꾸ꪺꝋ덤셮ꧺ꒤ꅁ맯꧳뫴꾸롧샧뙒뷦꣤꧒뇀싋볐ꪺ늼ꪺ앶ꝑꚳ꧒ꭏ꽤ꅁ귬ꖻ결”We may buy or sell our picks at any time” ꙢDouglas떥ꑈ뙒ꑆApache Medical Systems, Inc. 68
닄ꑔ뎹 뫴룴쏒꣩뙂듛 뫙룓뫴꾸ꣴ뙖셚껄깩뉻ꪺꅵ끬시끏뿽ꅶꅝtrack recordꅞꅁ녎륌ꕨ샲녯꣤ꯘ쒳ꛓꑗ몦꒧귓ꫭ뉻ꪺ뻺ꕶ룪껆ꅁ롭꧱꧳뫴꾸ꪺ뿴ꗘ꒧덂ꅆ땍ꛓ맪ꑗꅁꚳ덜Ꙩ끬시끏뿽ꣃꭄFastTrade꧒뒿롧뇀싋ꪺ귓ꅁꛓ걏Douglasꗎ꣓Ꝭꓞ꒣ꧺꡳ료ꪺ룪ꑈ꧒뵳덹ꪺ쇀ꢥꅃ76 롧륌륏ꕢ귓ꓫꪺ롧샧ꅁDouglasꙝ결뫴꾸띾냈덶몥뱗ꕛꛓꦵ엳Ꙑ결ꩫ뻇끼Ꙑ뻇ꪺKenneth Terrell뭐Jason Wyckoffꑇꑈꕛꑊ뫴꾸ꪺ롧샧ꛦꙃꅁꚹꑇꑈꕄ굮굴덤ꝑꗎ뫴룴꽤ꢥꕈꯅ뛇FastTradeꪺꩁ냈뚵ꗘ뭐룪셚껄ꫭ뉻ꅃꙢꙀꙐꝖꑏ꒧ꑕꅁ FastTradeꪺ라귻ꑈ볆꯹쓲뱗ꕛꛜꑅꑤ빬ꑈꅁꛓFastTradeꙢꚹ듁뚡꧒뇀싋ꪺ귓ꫭ뉻ꟳꕏ라귻띐꣬몡띎ꅁꙝꚹDouglas떥ꭋꝑꗎꚹ뻷라ꅁ뙩ꛦ꣤뙂듛뎱뿑ꅃDouglas떥ꑈ뻞셡믹ꪺꓢꩫꭙꗽꑪ뙱뙒뙩뇽ꪣꝀꪺ볐ꪺ늼ꅁ럭꯹뎡ꛬꢬ냷꒧ꯡꑾ녎꒣맪ꪺꝑꙨ끔꺧ꝩꪾ라귻ꅁ뮤쑆라귻꧓놵ꅃꑀꑅꑅꑅ꙾ꑇꓫꑑ꒻ꓩꛜꑔꓫꑑꓩꓮꅁDouglas떥ꑈꙀ끷맯ꕼ색볐ꪺ늼뙩ꛦꪣꝀꅁ뎰쓲뙒뙩꙰ꑕꫭ꧒ꗜ꒧늼ꅇ 쏒꣩ꙗ뫙 FastTrade 귓ꓩꞡ뙱 FastTrade떥ꑈ꧒뙒 떥ꑈ뙒뙩볆볆ꓩꞡ뙱ꓱ궫 Apache Medical 5,000 11,694 43% Option Care 24,000 13,823 174% American Education 36,283 3,454 1050% Artecon 51,512 33,341 154% Douglas뭐TerrellWyckoffꑔꑈꭙꚹꑀꪣꝀ뚰많ꪺꕄ굮ꚨ귻ꅁ낣ꚹ꒧ꕾ쇙ꚳDouglasꪺꕴꑀꙗꩫ뻇끼Ꙑ뻇ꅂDouglasꪺꗀ뿋ꑈ떥ꑔꛬꯡꕛꑊꙀꙐ뻞셡믹ꅃꙢꪣꝀ늼ꪺꙐ껉ꅁDouglasꪺꩫ뻇끼Ꙑ뻇ꕄ굮굴덤ꕈ냎ꙗꓨꚡ꧳Yahoo!RagingBull떥끝롧뫴꾸녩뙋꽤ꢥꅁꙖ꒣꽓ꥷꪺ뫴뇀싋FastTrade ꪺ늼ꕈꯡꅁꑓ녎ꑗ굺ꓥ꙲귗ꖿ결”…FastTrades representatives may, and in many cases do, invest or hold positions in the companies that FastTrade recommends; FastTrades representatives reserve the right to buy or sell securities recommended by FastTrade at any time.” See id. 76 Id. 69
뫴믚뫴룴쏒꣩ꗦ꧶뙂듛꒧곣ꡳ 뉺끝뫴ꅁꝬꓞ뫴ꕛꑊ라귻ꚨ결녎꣓ꅵ귋덦ꅶꪺ맯뙈ꅃ77 ꚹ뫘ꓢꩫ뭐ꭥ뚵꧔낪귋덦쏾ꮬ늤ꚳ꒣Ꙑ꒧덂ꅁꙢ꧳ꭥ굺ꛦ결ꕄ굮ꭙꕈꅵꖴ듥삻ꅶꪺꓨꚡꅁꝑꗎꕌꑈ꧒뒣꣑ꪺ뫴룴뚡뛇벽꒣맪껸꺧ꕈꝪ놷믹ꅁꝬꓞ꒣꽓ꥷꑈꪺꩠ띎ꅁ럭믹꒣ꖿ녠ꯦ덴ꑗ몦ꯡꅁꢳ덴덂꓀샲ꝑꅁ덱녠ꚹ쏾껸꺧Ꙩ쓝꧳쏾꒺뵵껸꺧ꪺ궫ꑪ끔꺧ꅆꛜ꧳ꚹ덂꧒뫙ꪺ쇍뛕ꗦ꧶ꭨ덺륌뫴꾸Ꝭꚬ라귻ꅁꝑꗎ룪ꯘ쒳ꪺꓨꚡꙖ뫴ꅝꕈ꽓ꥷꑈ결Ꙩ볆ꅞ뇀꒶늼ꅁ럭꧒뇀싋ꪺ늼믹껦덑ꪣꝀꛓ덶몥ꑗ몦ꯡꅁꛦ결ꑈꙁ뎰쓲ꕘ닦꯹ꅁ샲ꝑꑆ떲ꅃ SECꪺ뙄ꪬ꒤ꅁ쇶땍뛈ꕈDouglas떥ꑈ꽁륈34꙾쏒ꗦꩫ닄10(b)뇸뭐Rule 10b-5뒣ꕘ뙄덞ꅁSECꙐ껉꧳룓뙄ꪬ꒤꽓ꝏ녪뷕덑ꝩ떥ꑈ꧳ꖻ껗ꪺ뙂듛ꓢꩫ꒤ꅁꝑꗎ뫴룴꽓꧊꧒결ꪺꛦ결ꅇ 1ꅂ ꝑꗎ뫴믚뫴룴ꪺ냎ꙗ꧊ꅁ녎뫴룴꽤ꢥ꒧꒽Ꙁ뚡럭ꚨ뱳ꝩ돵꧒ꅁ뙩ꛦ뗪낰꒣맪ꪺꅵ뱳ꝩꅶꅃ 2ꅂ ꝑꗎ뫴룴ꪺꝙ껉꧊ꅁꣳꝕ륆꣬뻞셡믹ꪺꗘꪺꅃ 3ꅂ ꕈꕉ뙏뉺끝뫴꾸ꛛꅁ싇ꗑꅵꝋ뙏룕ꗎꅶꝬꓞ뫴ꕛꑊ라귻ꅁꚹ뫘ꙗ결ꕉ뙏맪결ꝋ뙏ꪺ뉺끝ꩁ냈뫴꾸ꪺꝋ덤셮ꧺ삳굮ꡄ꣣ꟳ낪ꪺ뒦앓롱냈ꅃ SEC뙄ꪬ꒤꧒뒣ꕘꪺ뷗쉉ꅁ꒣뛈걏껚뻚귓껗꧒뒣ꕘꪺ뙄덞ꑗꕄ녩ꅁꑝ걏맯꧳뫴룴룪겡냊뉻ꩰꚳꑆ곛럭땻ꯗꪺ뭻ꪾ꒧ꯡ꧒뒣ꕘꪺ냝썄쑰떲꧒Ꙣꅃꅝ쏶꧳ꚹ뎡ꗷ룔닄ꕼꅂ꒭뎹뮡ꧺꅞ 닄ꑇꗘ Sunset껗 ꑇꆳꆳꑀ꙾ꑇꓫꑇꑑꑋꓩSEC꧳곬쎹꧔Ꙩꙻꙡꓨꩫ끼맯Sunset Investment Group, Inc., James Brown, Pinnacle Capital Advisors, and Austin Tanner떥꽁ꝑꗎ꣤꧒롧샧ꪺ뫴꾸땯ꝇ뿹뭾꒣맪룪끔ꅁꕈ륈34꙾쏒ꗦꩫ닄10ꅝbꅞ뇸Rule 10b-5 77 DouglasꙐ껉엱ꥊTerrellWyckoffꖲ뚷ꩠ띎ꅁ꒣뛈꒣녯덺앓꣤뭐FastTrade뫴꾸뚡ꪺ쏶ꭙꅁꖲ굮껉ꖲ뚷꧳꽤ꢥꑗ쇀뫙ꛛꑶꪺ꙾쓖ꅂꢭꗷ뭐꧒Ꙣꙡ떥ꅁꕈꕛ뉠뫴맯꽤ꢥꪺꭈꗴ땻ꯗꅃSee id 70
닄ꑔ뎹 뫴룴쏒꣩뙂듛 끟뙄78ꅃ 껚뻚SECꪺ끟뙄ꪬ꒺깥끏룼ꅁꙗ결ꅂ떥ꑔ귓룪뉺끝뫴꾸ꅁꞡꕈꝑꗎ뫴꾸뒣꣑귓늼ꖫ돵꓀꩒ꅁꣃ녎룪ꯘ쒳뭐룪떦늤ꕈꅵ늼압냝륱ꑬ돸ꅶ뛇끥꒩뫴꾸라귻ꪺ뉺끝뫴꾸ꅃꛛꑀꑅꑅꑋ꙾꒭ꓫ끟ꛜꑇꆳꆳꆳ꙾꒭ꓫ뚡ꅁ녎쏶꧳꣤룪ꯘ쒳셚껄ꫭ뉻ꪺ꒣맪룪끔ꑗ룼꧳꣤뫴꾸ꅁ뢹뫙ꑚ걏껚뻚꣤룪ꯘ쒳뻞Ꝁꪺ라귻ꅁꞡꕩ샲꣺60ꉈꛜ240ꉈꪺ룪돸륓79ꅃ SECꕘꅁꪺ셚껄ꫭ뉻ꯅ뛇뎣걏뿹뭾뭾뻉ꪺ끔꺧ꅁ쇶땍룓뚵뫴꾸뻚ꕈꯅ뛇ꪺ룪껆걏꣓ꛛ꧳맪믚룪떲ꩇꪺ삳ꅁ걏ꙝ결꣤군뫢ꪺ떲ꩇꚳ쑙궫ꪺ럥늫ꅁꛓꕂꙨ결껚뻚ꯡ룪껆꧒결ꪺꅵꯡ꒧ꢣꅶꅝhindsightꅞ80ꅁꙝꚹSEC뭻결ꅁ륈34꙾쏒ꗦꩫ닄10ꅝbꅞ뇸Rule 10b-5꒧덗ꥷꅁ녱쏒꣩ꗦ꧶뙂듛꒧ꛦ결ꛓꙖ곬쎹꧔Ꙩꙻꙡꓨꩫ끼끟뙄ꅃ ꛜ꧳ꭨꙝ결꣤뫴꾸꒺깥덑뭻ꥷ결둘ꕇ걏녎뫴꾸꒺깥ꞹꗾ뷆뭳ꛓ꣓ꅁꕴꕾ꣤뫴꾸굴덤ꑈJames Brown ꅂAustin Tanner떥ꑝ덑SECꑀ꣖뒣끟뙄덞ꅃ 롧SECꙖꩫ끼끟뙄ꯡꅁSunset꒽ꕱ뭐James Brownw Ꙑ띎쎺ꕉ70,000과꒸ꪺꗁ뭀듚뒫꣺ꩫ끼낵ꕘ뭻뿕Ꝑꡍꅃꕴꕾ맯꧳ꖼ낵ꚨ뭻뿕ꝐꡍꪺTanner뭐Pinnacleꪺ뎡꓀ꅁSECꭨꟆ뇦맯꣤땯ꕘꗃꑛ롔ꓮꕏ뭐ꗁ뭀듚ꅃ 78 See SEC Immediate Release No. 2001-24 < 79 SEC v. Sunset Investment Group, Inc., James Brown, Pinnacle Capital Advisors, and Austin Tanner, Litigation Release No. 16913, available at < litrelease/> 80 Id. 71
뫴믚뫴룴쏒꣩ꗦ꧶뙂듛꒧곣ꡳ 닄ꑔ듚?ꞣ뙬ꗳꅝSpamꅞ81 때뷗걏ꖼ롧ꚬꗳꑈ굮ꡄ굱빜ꪺ룪ꯘ쒳륱ꑬꭈꅁ롧룪ꑈ굱빜ꪺ룪띳뭄ꭈꅝNewsletterꅞꅁ뎣걏ꚳꓟꑈꗎ꣓Ꝁ결쏒꣩뙂듛ꪺ떴꣎ꑵ꣣꒧ꑀꅆꗑ꧳ꝑꗎꞣ뙬ꗳꅝSpamꅞ뛈믝굮슲돦ꪺ땻ꚡꅁ곆ꛜ꒣믝굮ꗽꪾ노ꚬꭈꪺ뙬ꗳꅁ둎ꕩꕈꝑꗎ땻ꚡ뚶ꝑꙡ녎볆ꕈ롕군ꪺ뱳ꝩ뙬ꗳ뛇끥ꛜ꒣꽓ꥷꑈꪺ륱ꑬꭈ뵣꒤ꅁꚹ뫘뛇벽볒ꚡꓱ끟뒲땯뛇돦ꕚ땮뱳ꝩꅁꟳ엣녯롧샙맪둦ꅃꙝꛓ뻉교덜Ꙩꚳꓟ녱뙂쑆ꛦ결ꪺꑈꕈꚹꝀ결ꗇ롯ꑵ꣣ꅃꛓꕂꅁ쁈뗛땻ꚡ덮엩ꪺ꒣쉟뙽땯ꅁ륱ꑬ뙬ꗳꑝ꙰Ꙑ뫴궶ꑀ꿫ꅁ꣣ꚳꙨ둃엩꧊ꅂ꒬냊꧊ꪺꕜ꿠ꅁ꒣뛈뱗ꕛꑆ륱ꑬ뙬ꗳ꣏ꗎꪺꭋꝑ꧊뭐ꕩ곝꧊ꅁ덳녡ꙡꑝ꣏녯띴싃뙂듛끔꺧ꪺꞣ뙬ꗳ깥꧶결뙬ꗳꚬꗳ꧒빜얪ꕈ륅뙂듛ꗘꪺꅃ ꝑꗎꞣ뙬ꗳꝀ결뫴룴쏒꣩뙂듛ꑵ꣣ꪺ껗ꗳꅁꙢ과냪맒꒺ꚭꑷ뱨ꕘ꒣뵡ꅁ꣒꙰SEC꧳ꑀꑅꑅꑋ꙾닄ꕼꥵ꧒뙩ꛦꪺ궺ꚸ뫴룴쏒꣩뙂듛놽뾺ꛦ냊꒤ꅁꝙ뒿맯ꝑꗎꞣ뙬ꗳꓨꚡ뙩ꛦ쏒꣩뙂듛ꪺTribble뒣끟ꗁ뙄덞ꅁ82 ꕴꕾ꧳꒵꙾ꅝꛨ꒸ꑇꆳꆳꆳ꙾ꅞꑇꓫSECꟳ맯꧳ꝑꗎꕈꅵAOL룪Ꟗ끔ꅶꅝAOL Investment Snapshotꅞ결ꙗꪺꞣ뙬ꗳ녱뻞셡ꖫ돵ꛦ결ꪺSheret떥ꑈ뒣끟ꗁ뙄덞ꅆ83 ꒣뛈꙰ꚹꅁSEC곆ꛜ꧳ꑇꆳꆳꆳ꙾ꑅꓫ맯ꑀꙗ꙾뛈ꑑ꒭랳ꪺꓖ꙾곬덂ꖲ뚷쎺ꕉꑇꑑꑋ롕꒭ꑤ과꒸꒣ꩫ꧒녯ꪺꛦ걆덂뭀ꅃ84 SEC맯Tribble꧒뒣ꪺꗁ뙄덞ꅁ돌닗ꕈ뭻뿕Ꝑꡍꅝconsent judgmentꅞ닗떲ꅃTribble맯꧳SEC놱꣤ꝑꗎꞣ뙬ꗳ쑕뮤ꚳ믹쏒 81 Spam걏륤뙱때ꗎ덂ꪺ륱ꑬ뙬ꗳꅁSEC맯꧳Spamꚳꕈꑕꪺ룑쓀ꅇ"Spam" is mass electronic mail or junk email. Because spam is so cheap and easy to create, fraudsters increasingly use it to find investors for bogus investment schemes or to spread false information about a company. Spam allows the unscrupulous to target many more potential investors than cold calling or mass mailing. Using a bulk e-mail program, spammers can send personalized messages to thousands and even millions of Internet users at a time., available at < > 82 See SEC Charges 44 Stock Promoters in First Internet Securities Fraud Sweep, available at < 83 See Securities and Exchange Commission v. James Sheret, Jr. and Glenn E. Conley, No. CIV 1411 (AGS)(USDC S. D. N. Y.) available at < 84 See Administrative Proceeding File No. 3-10291, available at < 72
닄ꑔ뎹 뫴룴쏒꣩뙂듛 ꣩룪껉ꅁ륈33꙾쏒꣩ꩫ닄17(b)뇸꒧덗ꥷ늨꧳뒦앓꣤ꙝ쑕뮤ꚳ믹쏒꣩ꛓꛛ쏒꣩땯ꛦꑈ덂꧒녯ꪺ돸륓ꞡ꧓꒣뿐ꅁꛓꙐ띎떹ꕉ15,000ꪺꗁ뭀듚ꅃ85 닄ꑀꗘ AOL Investment Snapshot껗 ꑇꆳꆳꆳ꙾ꑇꓫꑇꑑꕼꓩꅁSEC맯James Sheret뭐Glenn E. Conleyꑇꑈ뒣끟꽁륈쏒꣩뙂듛뇸듚ꪺꗁ뙄덞86ꅃ껚뻚SECꪺ끟뙄ꪬ꒺깥꧒룼ꅁJames뭐Glennꑇꑈꕈꚳꅵ과냪뵵ꑗ룪Ꟗ끔ꅶ“AOL Investment Snapshot”뱳ꝩ볐썄ꪺꞣ뙬ꗳ녈끥꒩꒣꽓ꥷꪺ룪ꑈꅁꙖ꣤뇀꒶꽓ꥷ늼ꅁꣃ롧ꗑꚹꑀꓨꩫ뻞셡믹ꛓ꓀ꝏ샲녯309,705뭐21,990과꒸ꪺ꒣ꩫꝑ꽱ꅃ ꗑ꧳James뭐Glenn꧳녈끥ꪺꞣ뙬ꗳ꒤ꕛꑆ“AOL Investment Snapshot”ꪺ뱳ꝩ볐썄ꅁ꣏녯ꚬꭈꪺ룪ꑈ뭾ꕈ결걏ꗑ과냪뵵ꑗꅝAmerican Online, Inc.ꅞ꧒녈끥ꪺ뙬ꗳꅁꙝꚹ궰ꝃꟙꓟꅁ곛ꭈ룓뙬ꗳꪺꯘ쒳ꛓ낵ꑆ룪ꡍꥷꅁ꒣껆돌ꯡ뎺ꚨ결Jamesꪺ뙂듛맯뙈87ꅃ SEC걏ꕈ꣤륈34꙾쏒ꗦꩫ닄10(b)뇸꒧덗ꥷꙖ꿃곹냏ꙡꓨꩫ끼끟뙄ꅁ뷐ꡄ덑ꝩJames뭐Conley떥ꑈꗦꕘꙝꖻ껗꧒녯꒧꒣ꩫꝑ꽱ꅁꣃ뷐ꩫ끼땯ꕘꗃꑛ롔꣮ꕏꅝpermanent injunctionsꅞꅁ롔ꓮ덑ꝩꙁ녱쏒꣩ꗦ꧶ꛦ결88ꅃSEC맯꧳ꕈꞣ뙬ꗳꕛ뱳ꝩ볐썄ꪺꓨꚡꝀ결뙂듛ꓨꩫꅁꢬꕈ뉖뉣ꚬꭈꑈꅁ뻉교꣤늣ꗍ뿹뭾Ꙍ뙈ꅝcreating the false impressionꅞꛓ멣ꚨRule 10b-5꒧굮ꗳꕾꅆ맯꧳ꑀ꿫ꞣ뙬ꗳꗧꕩ꿠ꢬ교ꚬꭈꑈ뭾뭻ꪺ뫃뱻ꅁꑀ꣖뒣ꕘ뮡ꧺꅁ뭻결ꅵꞣ뙬ꗳꪺ벶뱧뭹껰꣏ꚬꭈꑈ뭾뭻결ꦻ걏녈ꗳ녎귬ꖻ굮녈떹ꑈꪺ뙬 85 See SEC v. Francis Tribble and Sloane Fitzgerald Civil Action No. 98-8699(RVX)(. Cal. October 27, 1998), available at < 86 See SEC Charges Two People With Internet Stock Manipulation Scheme Spams Implied that America Online Had Issued or Endorsed the Recommendations, available at < 87 Id. 88 See Securities and Exchange Commission v. James Sheret, Jr. And Glenn E. Conley, No. CIV 1411 (AGS) (USDC .), available at < litigation/litreleases/> 73
뫴믚뫴룴쏒꣩ꗦ꧶뙂듛꒧곣ꡳ ꗳꅁ뭾녈떹ꑆꛛꑶꅶ89ꅁꚹ뫘ꓢꩫꑝꕩ꿠꣏꒣ꪾ놡ꪺ룪ꑈꕈ결룓룪끔꺧꣣ꚳ냑ꛒ믹귈ꛓ뭾ꭈꅁ뙩ꑀꡂ낵ꕘ룪ꡍꥷꛓ뻉교솫띬ꅁꚹ뫘뭾ꭈ삳ꢬꕈ멣ꚨRule 10b-5꧒굮ꡄꪺꭈ뿠굮ꗳꅁꛓꕈ륈34꙾쏒ꗦꩫ닄10(b)뇸Rule 10b-5꒧덗ꥷ결ꗑꅁ뷐ꡄꩫ끼Ꝑꡍꛦ결ꑈ쎺ꕉꭄꩫꝑ꽱90ꅃ 닄ꑇꗘ Unity List껗 ꑇꆳꆳꆳ꙾ꑅꓫ꒻ꓩꅁSECꕈThomas Carterꝑꗎ륱ꑬ뙬ꗳꑪ뙱뒲땯뗪낰꒣맪ꪺ룪끔꺧ꅁ뮤쑆룪ꑈ결ꗑꅁꙖ겥ꟼ셆ꙡꓨꩫ끼뒣ꕘ맯Carterꪺ쏒꣩뙂듛뙄덞91ꅃ 껚뻚SEC땯ꝇꪺ띳뭄뵚꧒ꓞ굺끟뙄ꪬ꒺깥ꕘꅁꑇꑑꑃ랳ꪺꕛꙻꗁCarter꧳ꑀꑅꑅꑅ꙾꒭ꓫꛜ꒻ꓫ뚡ꅁ녎ꙗ결ꅵ닎ꑀꙗ돦ꅶꅝUnity Listꅞꪺ뙬ꗳꑗ뱳땯떹ꑗ롕ꙗ꒣꽓ꥷꪺ룪ꑈꅁCarterꙢ뙬ꗳ꒤쇀뫙꣤꧒뇀싋ꪺꕼ깡꒽뙽땯ꛦ꒽ꕱ꣣ꚳ낪ꯗ볧ꑏꅁꛓ믹ꑝ녎ꚳ엥ꑈꪺꫭ뉻ꅁ뙩ꛓ쑕뮤꒣꽓ꥷꪺ뙬ꗳꚬꗳ뙒ꑊ꣤꧒뇀싋ꪺ볐ꪺ늼ꅃꛓ둎Ꙣ륱ꑬ뙬ꗳ녈끥ꕘꕨ꒧ꯡ꒣ꑛꅁCarter꧒뇀싋ꪺꕼ깡꒽ꕱ늼믹ꪺ뵔뙽ꥬꙖꑗ썫ꅁꚨꗦ뙱ꑝꧺ엣ꙡ뱗ꕛ덜Ꙩ92ꅃ쁈ꯡCarterꙁ뙘뻷ꕘ닦ꛛꑶꚭꑷ쇊ꑊꪺ볐ꪺ늼ꅁ샲ꝑ뙗륌12,000과꒸ꅃ ꗑ꧳ꕼ깡땯ꛦ꒽ꕱꪺ믹ꧺ엣ꚳ늧녠ꪺ엜냊ꅁ꧳걏SECꕄ냊뽮랥뷕걤ꅁꣃꕈCarterꝑꗎ륱ꑬ뙬ꗳ녱쏒꣩뙂듛ꛦ결ꅁ륈33꙾쏒꣩ꩫ닄17(a)ꅂ34꙾쏒ꗦꩫ닄10(b)Rule 10b-5ꪺ덗ꥷ끟뙄ꅁ굮ꡄ 89 ꞣ뙬ꗳꪺ땯ꭈꑈꝑꗎ벶뱧ꭈꗳꪺ뭹껰ꅁ꣏ꚬꭈꑈ뭾녎꣣ꚳ뱳ꝩ꧊뷨ꪺꞣ뙬ꗳ럭ꚨ뭾녈ꪺ뙬ꗳꅁꙝꚹꛓ궰ꝃ써뫃ꅁSEC맯ꚹ뮡ꧺ꒧귬ꓥ결ꅇꆪ…spams were written as if the intended recipient was a friend of the sender, creating the false impression that the spams were send to the recipient by mistake.” Supra note at 85ꅃ 90 ꗑ꧳ꖻ껗ꥼꖼ롧ꗑꩫ끼낵ꕘ돌닗ꪺꝐꡍꅁ걇ꚹꑀ왛쉉ꗧꥼꖼꚨ결ꩫ끼꧒놵꣼ꪺꢣ룑ꅁꛓ뛈ꭙ귬ꝩ꧳뙄덞꒤꧒뒣ꕘꪺ삻뷗쉉ꅁ땍ꛓ싇ꗑꚹꑀ왛쉉ꪺ뒣ꕘꢬꕈ왛맮SEC맯꧳ꖴ삻뫴룴쏒꣩뙂듛ꛦ결ꪺ쑙ꖿꗟ돵뭐멁ꯗꅃSee id. 91 See Securities and Exchange Commission v. THOMAS CARTER, Civil Action No. CV 00-09457 GHK (SHX) (. Cal.), available at < 92 See SEC Continues Nationwide Crackdown Against Internet Fraud, Charging 33 Companies and Individuals With Fraud For Manipulating Microcap Stocks, available at < news/press/> or < 74
닄ꑔ뎹 뫴룴쏒꣩뙂듛 Carter쉫쇙꧒샲ꪺ꒣럭ꝑ꽱93ꅃ 닄ꑔ듚?꧙뛂룪끔ꅝSmearing Informationꅞ 맪ꑗꅁ뛈녱꙲롱ꑗꝙꕩ땯뉻꧙뛂룪끔ꖻꢭꝙ결뿹뭾룪끔꒧ꑀ뫘ꅃꝑꗎ꧙뛂룪끔녱쏒꣩뙂듛샲꣺꒣ꩫꝑ꽱ꪺꓢ걱ꯪ뭐꧔낪귋덦ꛦ결곛ꅆꭥꭙꕈ뒲벽꒣맪ꪺꝑ껸꺧ꖴ삣땯ꛦ꒽ꕱ믹ꅁ싇ꕈꅵ꧱ꅶ샲ꝑꅁ뙘믹꒣ꖿ녠볉뙞껉ꑪ뙱뙒ꑊꅁꯝ믹Ꙟ둟ꖿ녠ꯡꙁꅵ덻낪샲ꝑꑆ떲ꅶꅆꛓꯡꭨ걏ꕈ꒣맪ꪺꝑꙨ껸꺧뭳덹ꖫ돵뭻Ꙑꅁꯝ믹썫꒧ꯡꙁꅵ깍뇾ꅶ룪ꑈꅃ뒫ꢥ꒧ꅁ때뷗걏ꖿ궱ꪺꅵꝑꙨꅶ껸꺧ꅁ굴궱ꪺꅵꝑꅶ껸꺧뎣ꚳꚨ결쏒꣩뙂듛꧒ꝑꗎꪺꑵ꣣꒧ꕩ꿠ꅁꑀ꿫룪ꑈ삳맯ꚹꑇ뫘끔꺧ꪺ궫굮꧊떥Ꙑ뗸꒧ꅃ ꧙뛂룪끔ꪺ궫굮껗꣒ꅁ삳ꕈ땯ꗍ꧳ꑇꆳꆳꆳ꙾ꪺEmulexꑀ껗닶쓝ꅃ94 ꑇꆳꆳꆳ꙾ꑋꓫꑇꑑ꒭ꓩꑗEmulex—ꑀ깡녍녱륱뢣ꗺ엖뫴룴덝군뭳덹ꪺ꒽ꕱꅁ꣤믹Ꙣꖫ뙽뵌ꯡꪺꑀꑰ껉꒧꒺뎺땍닶ꙗꙡ볉뙞뙗륌ꛊ꓀꒧꒻ꑑꕈꑗꅁ꒣뛈뻉교꒽ꕱ뉢귈뱀듮륆ꑇꑑꑇ믵과꒸꒧Ꙩꅁꟳ궢꣏NASDAQ볈껉낱ꓮ룓꒽ꕱ늼ꗦ꧶ꅃ롧뫲ꯦ걤쏒땯뉻ꭙ뭆ꙝ꧳걙띳뭄뫴꾸비ꑈꭟꙗꕚ룼Emulex꒽ꕱꪺ궫ꑪꝑ껸꺧ꅁ뻉교ꖫ돵꧟냢룓꒽ꕱ늼ꅁ쇶땍Emulex꒽ꕱ뭐ꗦ꧶꧒ꗟꝙ맯룓꒣맪껸꺧뒣ꕘ볡뉍ꅁ땍ꛓꚹ껗ꑷ맯ꖫ돵룪ꑈ덹ꚨ쑙궫ꪺ뛋깠ꅃ럭땍ꅁꚹ껗ꗳꑝꚨ결뫴룴쏒꣩뙂듛ꪺ궫굮쏾ꮬ꒧ꑀꅃ Emulex껗꧳ꑇꆳꆳꆳ꙾ꑋꓫꑇꑑ꒭ꓩ땯ꗍꕈꯡꅁ과냪ꗾ냪쏒꣩냓ꣳ라ꅝNational Association of Securities DealersꅁNASDꅞꅂSECꕈ셰ꢹ뷕걤ꞽꅝFBIꅞꗟ꣨둎ꖻ껗깩뙽낻걤ꛦ냊ꅆꙐꓫꑔꑑꑀꓩꅁFBI뭐SECꝙ땯ꝇ띳뭄ꅁ맯뉻꙾ꑇꑑꑔ랳꽁뛻녱Emulex꒽ꕱ믹뻞셡ꪺJakob뒣ꕘꗁꙄ뙄덞ꅁ95끟뙄ꪬ꒤맯꧳Jakobꕈ뒲ꝇ꒣맪끔꺧뱶암믹ꣃ녱꒤샲ꝑꪺꗇ롯맪ꚳ뉍랡ꪺ둹굺ꅇ 1ꅂ Jakobꭙꛣ몸ꕤ녋뿕ꫀ냏ꑪ뻇ꅝEl Camino Community 93 Id. 94 See SEC v. Mark S. Jakob, Civil Action No. EDCV-00-687 VAP (Mcx) (. Cal.), available at < 95 See Class Action Suit Filed Against Internet Wire and Bloomberg over Emulex Hoax, available at < 75
뫴믚뫴룴쏒꣩ꗦ꧶뙂듛꒧곣ꡳ Collegeꅞꪺ뻇ꗍꅁꕂ귬ꖻꗴ슾꧳띳뭄뫴꾸Internet Wireꅁꙝ륷듁Emulex꒽ꕱ믹녎라ꑕ뙞ꅁꙝꚹ꧳ꑋꓫꑑꑃꅂꑑꑋꓩ뚡ꅁ뎰쓲녎꯹ꚳꪺ3,000Emulex늼ꕈ80꒸ꪺꞡ믹뷦ꕘꅁ꒣껆룓ꖼ꙰륷듁ꙡꑕ뙞ꅁꛓ덳쓲ꑗ몦ꛜꡃ113꒸ꅁꙝꛓ뻉교꣤때ꩫ샲녯꫱ꑑ롕과꒸ꪺ깴믹ꛓꓟꚳ꒣ꗌꅁ꧳걏Jakob꧳ꑋꓫꑇꑑꕼꓩꝑꗎ뻇껕ꪺ륱뢣ꛛ뫙꣤결Emulex꒽ꕱꪺꕎꫭꣃꕈ꓆ꙗ녈ꑆꑀꯊꚳ쏶꧳Emulex꒽ꕱ궫ꑪ끔꺧ꪺ띳뭄뵚ꛜInternet Wireꅃ 2ꅂ Internet Wire꧳ꑋꓫꑇꑑ꒭ꓩꑗꑅ쉉ꑔꑑ꓀꧳룓뫴꾸땯ꝇJakob꧒뛇끥ꪺ띳뭄뵚ꅁ띳뭄뵚ꑗ룼ꚳ꒽ꕱ냓볐ꅁꣃ끏룼ꖿ뵔ꪺ꒽ꕱ셰떸ꙗ뫙뭐륱룜ꅁ띳뭄뵚ꫭꗜ96ꅇ ꅝ1ꅞ?ꙝ결Emulexꪺ끝냈돸ꝩ비SEC써뫃ꚳ꒣맪끏룼ꅁ뻉교냵ꛦ꛲ꝑ뿕ꅝPaul Folinoꅞꝙ녎ꑕꕸꅆSECꑝ녎맯Emulex깩뙽뷕걤ꅃ ꅝ2ꅞ?Emulex녎궫띳꒽ꝇ륌ꕨ꣢꙾띾셚ꅁꣃ녎ꑇꆳꆳꆳ꙾닄ꕼꥵ띾셚ꗑ귬ꖻ륷꛴ꪺ샲ꝑꅁ귗ꖿ결솫띬ꅃ 3ꅂ Internet Wire땯ꝇꭥ뚵띳뭄ꕢꑰ껉ꯡꅁꪾꙗ끝롧띳뭄덱끔ꫀ둞돕ꅝBloombergꅞꗧ뇄ꗎ룓띳뭄ꅁ륄쎣덱끔뭐ꋑꋐꋡꖫ돵왛맮떥꣤ꕌ끝롧띳뭄덱끔ꫀ쁈ꝙ룲뙩ꕈ쁙뇸ꓨꚡ돸뻉ꅁꣃꫭꗜ룓띳뭄ꭙꗑEmulex꒽ꕱ땯ꝇ97ꅃ 4ꅂ Internet Wire둞돕덱끔떥띳뭄둃엩땯ꝇ룓ꭨ띳뭄ꯡꅁꛛꑗꑑ쉉ꑑꑔ꓀ꛜꑑ쉉ꑇꑑꑅ꓀NASDAQꯅꝇEmulex볈낱ꗦ꧶ꪺꑑ꒻꓀쓁꒺ꅁEmulex늼볉뙞꫱61과꒸ꅁꚨꗦ뙱륆2,300,000ꅆꛓJakobꭨꝑꗎEmulex믹볉뙞꒧믚Ꙟ룉3,500ꅁꣃ꧳ꑋꓫꑇꑑꑋꓩꗾ볆뷦ꕘꅁ셠군ꙝꚹ맪뉻241,000과꒸ꪺ샲ꝑ98ꅃ EmulexꙢ럭ꓑ뙽뵌ꑀꑰ껉꒺ꅁ믹삳셮ꗑ과꒸볉뙞ꛜ43 96 See Emulex Web Hoax Not the First…and It Certainly Won’t be The Last., available at < 97 Id. 98 Id. 76
닄ꑔ뎹 뫴룴쏒꣩뙂듛 과꒸ꅁ뙞둔륆62ꉈꅁꖫ귈뙞륏ꑇꑑꑇ믵ꅁꣃꕂꧬ닖곛쏶쏾ꑕ뙞ꅆ꧒ꦯꙢNASDAQꯅꝇ볈낱Emulex늼ꗦ꧶ꯡ꒣ꑛꅁ륄쎣띳뭄ꝙꕈ쁙뇸ꓨꚡ돸뻉Emulex꒽ꕱꪺ땯ꢥꑈꑷ맯룓꒣맪끔꺧ꕘ궱볡뉍ꅁꣃ땯ꫭ셮ꧺ쑙ꖿ믩ꖸ덯걏ꑀ끟뙂쑆ꗳꅁꑾ꣏녯Emulex늼꧳뵌ꖫ돵꯬둟룓ꗦ꧶ꅃ 쇶땍롧륌NASDAQꝙ껉ꪺ빁럭덂롭ꅁꚳ껄ꪺꢾꓮ띬깠쉘ꑪꅁ꒣륌ꚹꑀ껗ꗳꑷ롧덹ꚨꖫ돵ꪺ꺣띗ꅁ꒣뛈SECꑷ맯Jakobꪺ뻞셡ꖫ돵ꛦ결뒣끟ꗁ뙄덞99ꅁ곆ꛜꑷꚳ룪ꑈ맯Internet WireBloomberg떥둃엩뒣끟ꗁ뙄덞ꅁ굮ꡄ뷟쁶100ꅃ SEC맯Jakob꧒뒣끟꒧뙄덞ꅁꭙꕈJakob륈33꙾쏒꣩ꩫ닄17(a)뇸뭐34꙾쏒ꗦꩫ닄10(b)Rule 10b-5ꅁꕂ뷐ꡄJakob삳ꗦꕘ꣤꒣ꩫ꧒녯ꅃꚹꕾꖻ껗뭐ꭥ굺꣤ꕌ쏒꣩뙂듛껗ꗳ꒣Ꙑ꒧덂ꅁ꣼띬깠ꪺ룪ꑈꕈ많엩뙄덞ꅝclass actionꅞꓨꚡꅁ맯ꖼ롧걤쏒ꛓ뒦앓룓꒣맪끔꺧꒧띳뭄뫴꾸뷐ꡄ굴ꭉ앶ꛦ결띬깠뷟쁶덤ꗴꅃ 닄ꕼ뚵?ꭄꩫ쑕뮤ꅝIllegal Toutingꅞ 결ꑆ꣏녱ꚳ믹쏒꣩뇀꒶쑕뮤ꅁ꧳뇀꒶꒽ꕱ늼껉ꅁ꿠꯹꒤ꗟꪺꗟ돵ꅁꙐ껉엽꣼믢룪끔꺧ꪺ룪ꑈ녯ꕈꕒ꓀Ꝑ쉟룪ꯘ쒳ꪺ볐ꪺ걏ꝟ꽵ꖿ꣣ꚳ룪믹귈ꅃ33꙾쏒꣩ꩫ닄17(b)뇸꧒뿗ꅵ쑕뮤뇸듚ꅶꅝanti-touting provisionꅞ덗ꥷ뇀꒶쑕뮤룪꒧ꑈꖲ뚷ꕒ꓀뒦앓꣤ꙝ뇀꒶쑕뮤꧒샲녯꒧돸륓ꅁꝟꭨꝙ쓝륈ꩫꛦ결ꅃ101룓뇸덗ꥷꅇꅵꗴ꛳ꑈ꒣녯꧳ꝑꗎꗴ꛳ꙻ믚냓냈륂뿩ꓨꩫꅂ덱끔ꑵ꣣뙬ꗳ꒽뙽ꅂꯅ뛇뒲벽ꗴ꛳ꪽ놵뚡놵ꗑ땯ꛦꑈꅂ꧓빐냓롧곶냓ꚳ쏶ꚳ믹쏒꣩뙒뷦ꪺ꒽ꝩꅂ뛇돦ꅂ뱳ꝩꅂ돸꿈ꅂꓥ뎹ꅂꭈꗳꅂ룪ꩁ냈덱끔껉ꅁ꒣ꕒ 99 Id. 100 See Ronald Hart v. Internet Wire, Inc. and Bloomberg, ., available at < 101 낣ꑆ33꙾쏒꣩ꩫ닄17(b)뇸ꕈꕾꅁ셰ꢹ돌낪ꩫ끼뭻결륈뒦앓돸륓롱냈꧒결ꪺꚳ믹쏒꣩쑕뮤뙒뷦ꅁꗧ녯ꕈ멣ꚨ34꙾쏒ꗦꩫ10(b)뭐Rule 10b-5뙂듛뇸듚꒧ꗑꅁꙐ껉ꗧ꽁륈룪압냝ꩫ(Investment Advisors Act of 1940)꒧덗ꥷSee SEC v. Capital Gains Research Bureau, Inc., 375 . 180, 181-82 (1963). The United States Court of Appeals for the Ninth Circuit further held that such actions are also a violation of Rule 10b-5. See Zweig v. Hearst Corp., 594 1261, 1266-67 (9th Cir. 1979). 77
뫴믚뫴룴쏒꣩ꗦ꧶뙂듛꒧곣ꡳ ꓀뒦앓륌ꕨꑷꚬ꣼ꖼ꣓ꕩꚬ꣼ꪺ돸륓ꪫ꣤볆뙱ꅃꅶ102 ꛛ녱뫴믚뫴룴ꚨ결ꑀ녪ꛓꚳꑏꪺ뛇벽ꑵ꣣꒧ꯡꅁ쏒꣩띾녍녱룪ꯘ쒳ꛛ땍ꛓ땍ꙡꕒ꓀륂ꗎꚹꑀ뫞륄ꅁ녱ꚳ믹쏒꣩룪ꩁ냈ꅃ땍ꛓ둎Ꙣ뫴믚뫴룴덑ꕒ꓀ꙡꗎ꧳쏒꣩ꩁ냈띾냈껉ꅁꛛ땍ꑝ땯ꗍ덜Ꙩ륈쏒꣩ꩫ덗ꥷ꒧둃꒶쑕뮤룪ꪺ껗ꗳꅁꙢꑀꑅꑅꑋ꙾깩뙽ꪺ닄ꑇꚸꗾ냪꧊뫴룴쏒꣩뙂듛놽뾺ꛦ냊꒤ꅁSECꭋꙢ꣤꒤ꑇꑑꑔꗳ쏒꣩뙂듛껗ꗳ꒤ꅁ맯꧳44ꙗ녱뇀꒶쏒꣩껉ꖼ쏒꣩ꩫ닄17(b)뇸뱩ꛦꕒ꓀뒦앓롱냈ꪺ꒽ꕱ귓ꑈꅁ꓀ꝏꛦ걆덂꓀뒣끟ꗁ끟뙄103ꅃꛓꕂꙢꑀꑅꑅꑅ꙾ꑇꓫ꧒뙩ꛦꪺꕴꑀ뚵놽뾺ꛦ냊꒤ꅁ맯꧳륈33꙾쏒꣩ꩫ닄17(b)뇸ꛓ뙩ꛦ뷕걤끟뙄ꪺꙨ귓껗ꗳ닎군ꅁ룓쏾껗ꗳꪺꛦ결ꑈ륈덗ꥷꛓꖼ꒩뒦앓ꪺ돸륓셠썂둎낪륆꒻ꛊ롕과꒸곛쏶ꪺꑇꛊꑔꑑ꒭깡꒽ꕱ륏ꑇꛊ롕ꗷꪺ뿯뻜앶ꝑ꽱ꅃ 룪ꯘ쒳맯꧳쏒꣩ꖫ돵꣣ꚳ꣤ꖿ궱뽮랥ꪺꕜ꿠ꅆꑀ꿫룪ꑈꕩꕈ싇ꗑ녍띾ꪺ룪ꯘ쒳ꅁ뿯뻜꣣ꚳ룪믹귈ꪺ꒽ꕱ뙩ꛦ룪ꅁ샲꣺룪ꝑ꽱ꅆꛓ롧샧셚껄ꙮꪺ꒽ꕱꑝꕩꙝ룪ꯘ쒳ꪺ뇀꒶샲녯룪ꑈꪺꭃ럽ꅁ뚶ꝑ뛒녯룪뒣꣑샧륂꧒믝ꅃ룪믝ꡄꅝ땯ꛦ꒽ꕱꅞ뭐룪뒣꣑ꅝ룪ꑈꅞ꒧뚡ꕩꙝꖿ럭ꪺ룪ꯘ쒳ꛓ꒬뭘꣤ꝑꅃ꒧ꅁ굙ꖻ삳꧳ꯈ왛ꙡꛬꪺ룪ꯘ쒳ꅁꙝ결놵꣼룪믝ꡄꪺ돸륓ꛓ늣ꗍ낾믡ꪺ꓀꩒ꯘ쒳ꅁꭨꛓꕩ꿠ꙝꛓ멣ꚨ쏒꣩뙂듛껗ꗳꅃ ?닄ꑀ듚 Tokyo Joe껗 ꑇꆳꆳꆳ꙾ꑀꓫ꒭ꓩꅁSEC맯ꅵꩆꅅ돬ꅶꅝYun Soo Oh Park a/k/a Tokyo Joeꅞꕈꅵꩆꅄ돬ꅶ꧒ꚨꗟꪺ뵵ꑗ룪압냝꒽ꕱSociete Anonyme Corp.ꅝSociete Anonymeꅞ뒣끟륈33꙾쏒꣩ 102 33꙾쏒꣩ꩫ닄17(b)덗ꥷ꙰ꑕꅇ"It shall be unlawful for any person, by the use of any means or instruments of transportation or communication in interstate commerce or by the use of the mails, to publish, give publicity to, or circulate any notice, circular, advertisement, newspaper, article, letter, investment service, or communication which, though not purporting to offer a security for sale, describes such security for a consideration received or to be received, directly or indirectly, from an issuer, underwriter, or dealer, without fully disclosing the receipt, whether past or prospective, of such consideration and the amount thereof." See 15 . 77q(b) (1997). 103 Supra note 53. 78
닄ꑔ뎹 뫴룴쏒꣩뙂듛 ꩫ닄17(b)ꅂ34꙾쏒ꗦꩫ닄10(b)ꅂRule 10b-5룪압냝ꩫꅝInvestment Advisers Act of 1940ꅞ닄206(1)ꅂ206(2)뇸ꪺ쏒꣩뙂듛ꗁ뙄덞104ꅃ Tokyo Joe륅ꛦ꣤룪뙂듛ꛦ결ꪺꓨꩫꭙꝑꗎ꣤꧒ꚨꗟꪺ뵵ꑗ룪압냝꒽ꕱSociete Anonyme뱳뛒라귻ꅁ셮뫙라귻뛈믝굮ꕈꡃꓫ100ꛜ200과ꪺꕎ믹ꝙꕩꚳꗑSociete Anonyme꧒뒣꣑ꪺ룪ꯘ쒳ꅁ뙩ꛓ꣼룪교둉ꪺꚨꩇꅆꚹꕾꅁ라귻ꟳꕩ롧ꗑ륱ꑬ뙬ꗳ샲녯Tokyo Joeꪺ룪ꓩ돸ꅁ곆ꛜꕩꝑꗎꝙ껉ꪺ뵵ꑗ닡ꓑꯇ(Chat Room)뭐Tokyo Joe꣤ꕌ라귻귌ꗦ뒫룪ꓟ녯ꅃ 땍ꛓTokyo Joeꦹꦹ걏ꗽ뙒ꑊꑷ싪ꥷꪺ볐ꪺ늼ꅁꯘꗟ냲ꖻ뎡ꛬꯡꅁꙁꝑꗎ뒣꣑룪ꯘ쒳ꪺ뻷라ꅁ녎뿹뭾뭐꒣맪ꪺ끔꺧꺵녡꧳룪ꯘ쒳꒤ꅁ릪Ꝫ라귻쇊ꑊ볐ꪺ늼ꅃ럭꒣ꪾ놡ꪺ라귻ꙝ결곛ꭈ꣤룪ꯘ쒳ꛓ뎰쓲뙒ꑊ볐ꪺ늼ꅁ덹ꚨ믹ꑗ몦꒧ꯡꅁTokyo Joeꭋ꺨꺨ꙡ녎꣤ꛛꚳ뎡ꛬ뙒ꕘꅁ맪뉻샲ꝑꅃ 껚뻚SECꪺ끟뙄ꪬ꒺깥ꕘꅁTokyo Joeꪺꚹ뫘ꛦ결꓀ꝏ륈ꑆ33꙾쏒꣩ꩫꅂ34꙾쏒ꗦꩫ룪압냝ꩫ꒧곛쏶덗ꥷꅁ꣤꒤ꅇ 1ꅂ 럭Tokyo Joe뒣꣑룪ꯘ쒳껉ꅁꖼ녎꣤ꑷ롧꯹ꚳ꧒뇀싋꒧볐ꪺ늼ꪺ맪꒩ꕈ빁럭ꙡ뒦앓ꅁꛓꕂTokyo JoeꙢ뽮랥뇀싋라귻뙒ꑊ늼ꯡꅁꖼ녎ꛛꑶ굮뷦ꕘ볐ꪺ늼ꪺ띎쑀ꅝintentꅞꝩ뙄꣤라귻105ꅃ 2ꅂ Tokyo Joe결ꑆ뛒라귻ꅁ꧳꒽ꕱ뫴꾸꒤꣏ꗎ덜Ꙩ뗪낰꒣맪ꪺ룪껄꽱룪껆ꅁꝀ결룓꒽ꕱ룪셚껄ꪺꯅ뛇106ꅃ 3ꅂ 낣ꑆꭥ굺맪ꕈꕾꅁTokyo Joe맯꧳ꛛꑶ뒿롧ꚬ꣼꧒뇀싋ꪺ볐ꪺ늼땯ꛦ꒽ꕱꪺ돸륓ꑀꅁꗧꖼ꒩뒦앓107ꅃ 롧륌ꑀ꙾Ꙩꪺ뱦뉺ꅁꖻ껗닗꧳Ꙣꑇꆳꆳꑀ꙾ꑔꓫꑋꓩ롧ꗬꝑ뿕 104 See Securities and Exchange Commission Litigation Release No. 16399 / January 5, 2000, SEC v. Yun Soo Oh Park a/k/a Tokyo Joe and Tokyo Joe’s Societe Anonyme Corp., (N. D. IL., Cicil Case No 00-C-0049, filed January 5, 2000), available at < 105 Id. 106 Id. 107 Id. 79
뫴믚뫴룴쏒꣩ꗦ꧶뙂듛꒧곣ꡳ ꙻꕟ냏ꙡꓨꩫ끼낵ꕘꑆ뭻뿕Ꝑꡍ108ꅁꥒTokyo Joe뭐꣤꒽ꕱSociete Anonymeꖲ뚷ꅇ 1ꅂ ꙀꙐ꫰쇙324,934과꒸ꪺ꒣ꩫ꧒녯ꅁꣃꕂ쎺꿇429,696과꒸ꪺꗁ뭀듚109ꅃ 2ꅂ ꧳ꝐꡍꝀꚨꪺꑇꓩ꒺ꅁꕈ뙗쏬떲ꪺꓨꚡ녎Ꝑꡍ떲ꩇ롭꧳Societe Anonyme꒽ꕱꪺ뫴꾸궺궶ꑔꑑꓩ110ꅃ 닄ꑇ듚?JMAX Online Communications껗 ꑇꆳꆳꆳ꙾ꑃꓫꑑꑃꓩꅁSECꕈJason ChesterJMAX뵵ꑗ덱끔꒽ꕱꅝJMAX Online Communications, Inc.,ꅞꝑꗎ뫴꾸맯꒣꽓ꥷ룪ꑈ뒣꣑꒣맪ꪺ룪ꯘ쒳ꛓ녱꒤샲꣺꒣럭룪ꝑ꽱결ꗑꅁ맯Chester뵵ꑗ덱끔꒽ꕱ뒣끟륈33꙾쏒꣩ꩫ닄17(a)ꅂ17(b)꒧쑕뮤뇸듚ꅁ뭐34꙾쏒ꗦꩫ닄10(b)Rule 10b-5뙂듛뇸듚꒧덗ꥷꪺ쏒꣩뙂듛뙄덞111ꅃ SECꪺ뙄ꪬꕘꅁChesterJMAX꧳ꑀꑅꑅꑅ꙾ꑑꑇꓫꑅꓩ끟ꅁꙢ뫴룴ꑗ뒲ꝇꑀꭨ꒣맪ꪺ끔꺧ꅁꯘ쒳룪ꑈ뙒뙩ꑀ깡ꗘꭥꙢOTCꝇꝩ쓦ꖫ돵놾땐ꗦ꧶ꪺ럅맽뒵꽓꒽ꕱꅝWinchester Mining CorporationꅁWMCꅞ늼ꅁꙢ룓끔꺧꒤ꅁChester뭐JMAXꯅ뫙냒ꮢ륹믈ꛦꅝChase Manhattan Bankꅞ뒿롧꧳꣤ꕌꪺ듁ꕚ꒤맯럅맽뒵꽓늼낵ꕘꅵ녪꽐뙒뙩ꅶꪺꯘ쒳ꅝStrong buy recommendationꅞꅁ싇ꕈꥍ꣤뷗쉉ꅃ 땍ꛓ롧륌SEC뷕걤ꯡ땯뉻ChesterJMAX꒧꧒ꕈ라싇냒ꮢ륹믈ꛦ꒧ꙗ낵결껸꺧꣓랽꒧ꑀꅁ걏ꙝ결Chester뒿꧳꒣ꑛꭥꙢꦬꖫꅝTampaꅞꪺꑀ깡끳ꝡ꒺ꅁ롧ꗑꑀꙗ냒ꮢ륹믈ꛦꪺ슾귻Fredrick Thompsonꪺꑦ꒤녯ꪾꚹꑀ껸꺧ꅁ땍ꛓChesterJMAXꙢ꣤꧒땯 108 See SEC Settles Securities Fraud Action Against "Tokyo Joe", available at < > 109 See Securities and Exchange Commission Litigation Release No. 16925 / March 8, 2001, available at < 110 Id. 111 See Securities and Exchange Commission v. Jason M. Chester and JMAX Online Communications, Inc., No. 8:00-CV1443-T-24F (filed July 17, 2000), available at < 80
닄ꑔ뎹 뫴룴쏒꣩뙂듛 ꝇꪺ룪ꯘ쒳꒤늨꧳녎껸꺧꣓랽ꧺ뵔ꛓꞹ뻣ꪺꝩꪾ룪ꑈꅃ ꚹꕾꅁꙢChester뭐JMAX꧒뒲ꝇꪺ룪껆꒤ꟳ뙩ꑀꡂꪺꝩ뙄룪ꑈꅁ꧳ꑇꆳꆳꆳ꙾껉ꅁ룓믹ꕩꕈ륆꣬ꡃ꒸5꒸ꪺ믹ꛬꅝ럭껉ꡃ결꒸ꅞꅆSEC꧳ꖻ껗뷕걤꒤땯뉻ꅁ둎ꙢChester뭐JMAX땯ꝇꑆꖻꗳ뭐럅맽뒵꽓꒽ꕱꚳ쏶ꪺ끔꺧ꯡꅁ럅맽뒵꽓꒽ꕱꪺ늼ꗦ꧶뇛ꝙꚨ결OTCꝇꝩ쓦ꖫ돵꒤닄꒭ꑪꗦ꧶겡떸ꪺ늼ꅝthe 5th most actively traded stockꅞꅃ 둎Ꙣꭥ굺뇸ꗳꪺ끴Ꙙ꒧ꑕꅁWinchester꒽ꕱ믹ꝙ뚶뛕ꑗ몦ꅁꛓChesterꭨ뙘ꚹ뻷라ꅁ녎꣤뭐JMAXꙝꣳꝕWinchester꒽ꕱꭐ빐늼ꛓ샲녯ꪺ250,000꧳ꖫ돵ꑗ뷦ꕘꅃ SEC꧳끟뙄ꪬ꒤ꅁ맯꧳Chester뭐JMAX녱꽓ꥷ늼뇀싋ꛦ결껉ꅁꅝ1ꅞ꧒ꓞꗎ껸꺧꣓랽ꖼꧺ뵔뒦앓ꅁꗧꖼ룔ꕛ걤쏒끔꺧꒧ꖿ뵔뭐ꝟꅆꅝ2ꅞꖼ녎ꙝ뇀싋쑕뮤늼꧒샲녯ꪺ돸륓ꕒ꓀뒦앓ꅆ뭻결륈33꙾쏒꣩ꩫ닄17(a) 뭐17(b)34꙾쏒ꗦꩫ닄10(b)ꅂRule 10b-5꒧덗ꥷꅃ ꖻ껗롧끟뙄ꯡꅁꩫ끼낵ꕘꥒChester뭐JMAX떹ꕉ20,000과꒸ꗁ뭀듚ꕈ쉫쇙1,425과꒸꒣ꩫ쏒꣩ꗦ꧶ꝑ녯ꪺ뭻뿕Ꝑꡍꅃ 닄ꑔ듚?Stockstowatch껗 ꑀꑅꑅꑋ꙾ꑑꓫꑇꑑꑃꓩꅁSECꕈStockstowatchꅝꕈꑕ슲뫙STW꒽ꕱꅞ꒽ꕱ굴덤ꑈSteve A. KingꙀꙐꝑꗎ뫴꾸ꅁꭄꩫ쑕뮤뫴룴룪ꑈ뙒뷦늼꣏룪ꑈ꣼띬결ꗑꅁꙖ꛲쎹ꢽ륆ꙻꦬꖫꙡꓨꩫ끼뒣끟쏒꣩뙂듛뙄덞112ꅃ 껚뻚SECꪺ끟뙄껑ꕘꅁꛛꑀꑅꑅꑃ꙾ꑑꓫ끟ꛜꑀꑅꑅꑋ꙾ꑃꓫ뚡ꅁ덑ꝩSTW꒽ꕱ꣤셠뗴Kingꝑꗎ륱ꑬ뙬ꗳ꒽ꕱ뫴꾸뒲ꝇ꒣맪ꪺ룪껆ꅁ쑕뮤라귻뙒ꑊ꧳ꖫ돵ꑗ꒽뙽ꗦ꧶ꪺ띌ꖫ귈꒽ꕱ늼ꅃꛓ둎Ꙣ덑ꝩꝑꗎꭥ굺ꓨꩫ뇀싋라귻뙒뙩늼ꪺꙐ껉ꅁꕴꑀꓨ궱놵꣼꧒뇀싋ꪺ땯ꛦ꒽ꕱ떹꒩ꪺ늼ꅁ꒣륌STW뭐Kingꖼꕒ꓀뒦앓 112 See SEC Charges 44 Internet Stock Promoters, available at < 81
뫴믚뫴룴쏒꣩ꗦ꧶뙂듛꒧곣ꡳ ꚹ뎡ꗷ꒧맪ꅆꚹꕾꅁ덑ꝩSTW뭐KingꟳꙢꙖ라귻뇀싋뙒뙩늼ꕈꯡꅁ뎰쓲녎꣤ꛛ땯ꛦ꒽ꕱ꧒샲녯ꪺ늼ꗑꖫ돵ꑗ뷦ꕘꅁ셠군샲녯낪륆ꑀꛊ롕과꒸ꪺ돸륓ꅃꗑ꧳덑ꝩꖼ늨꧳녎꣤ꛛ땯ꛦ꒽ꕱ꣺녯늼돸륓ꕈ녎뇀싋ꪺ늼ꕘ닦떥놡뛕ꕒ꓀뒦앓ꅁꙝꛓ비SEC놱륈33꙾쏒꣩ꩫ닄17(b)뇸꒧덗ꥷꛓꙖꩫ끼끟뙄113ꅃ ꕴꕾꅁ덑ꝩ떥Ꙣꑀꑅꑅꑋ꙾ꕼꓫꑇꑑꑀꓩꅁ덺륌륱ꑬ뙬ꗳ뛇끥ꑆꑀꭨ뭹껰곛럭ꥷꪺ룪ꯘ쒳ꅁꝩꪾ룪ꑈSurgical Safety Products—ꛬ꧳쎹ꢽ륆ꙻꪺꑀ깡뭳쏄꒽ꕱꅝꕈꑕ슲뫙SURGꅞ믹녎Ꙣꑑꑋ귓ꓫ꒺ꗑꗘꭥꪺꡃ꒸ꅁꚨ결ꡃ20꒸ꪺ늼ꅃ둎Ꙣ룓ꯘ쒳롧ꗑ뫴룴뭐륱ꑬ뙬ꗳ뒲ꝇ꒧ꯡꪺꑇꓑꅁSURGꪺ믹ꝙꑆꑇ궿ꅁ돐ꑕ꙾ꯗ띳낪ꪺꡃ꒸ꅁꛓ덑ꝩSTW뭐Kingꭨ뙘ꚹ뻷라ꅁ녎꣤ꛛSURG꧒꣺녯ꪺ늼뎰쓲꧳ꖫ돵뷦ꕘꅁ꯹쓲ꛜꙐ꙾ꑃꓫ꒻ꓩ결ꓮꅁSTW뭐KingꙀꙝ냢ꕘSURGꪺ늼123,360ꛓ샲녯573,753과꒸ꪺ믹깴ꝑ꽱ꅃꙐ볋ꙡꅁSTW뭐King냢ꕘSURG늼ꪺꙐ껉ꅁꗧꖼ맯룪ꑈ뒦앓꣤녎굮ꕘ냢늼ꪺ맪ꅁꛓ륈ꑆ33꙾쏒꣩ꩫ닄17ꅝbꅞꪺ덗ꥷꅃ 낣ꑆꭥ굺ꑇꗳ쏒꣩뙂듛ꛦ결꒧ꕾꅁSTW뭐KingꕴꙢꑀꑅꑅꑋ꙾꒭ꓫꑇꑑꑔꓩꅁꙐ볋ꙡꕈ륱ꑬ뙬ꗳ뭐뫴꾸뛇벽ꪺꓨꚡꅁꙖ라귻뫴룴꣏ꗎ뇀싋ꑀ깡ꛬ꧳뱷ꙻꪺ꓆뻇꒽ꕱ—Midland, Inc.,ꪺ늼ꅁꯅ뫙룓꒽ꕱꑷ롧ꚨꕜꙡ뙽땯ꕘꑀ뫘ꚳꝕ꧳뱗ꕛꢯ홊뽕뽎ꅝoctaneꅞ껄뉶ꪺ뽕ꩯ뉋ꕛ뺯ꅝfuel-blending additiveꅞꅁꣃꑷ꣺녯룓뚵덎ꪺ녍ꝑ앶ꅃSTW뭐KingꙢ룓ꚸ뇀싋ꪺ꒺깥꒤ꣃ녪뷕ꅁMidland꒽ꕱ꧒꣺녯ꪺ룓뚵녍ꝑ꒣뛈녎ꚳꝕ꧳믹몦ꛜꡃ75과꒸ꅁꛓꕂ늼ꗧ귈녯듁꯹ꚳꅃ 둎Ꙣ룓끔꺧꒽ꖬ꒧ꯡꅁ룓늼믹ꭋꗑꡃ꒸슫ꛜ뵌꒤ꡃ돌낪꒸ꅁꛓꕂ럭ꓑ룓늼ꪺꗦ꧶뙱ꑝ룻ꭥꑀꓩ뱗ꕛꑀ궿ꅁ낪륆ꑀꛊ꒭ꑑ롕ꅃSTW뭐Kingꑝꩵꗎ뭐륌ꕨ곛ꙐꪺꓢꩫꅁꙢMidland믹ꑗ몦꒧ꯡꅁꖼ뱩ꛦ33꙾쏒꣩ꩫ닄17(b)뇸꧒굮ꡄꪺ뒦앓롱냈ꅁꛓ녎꣤ꛛMidland꣺녯152,000ꪺ늼ꗾ볆냢ꕘꅁ샲녯 113 See SEC v. Inc., et al., Civil Action No. 98-2198-CIV T-26B (M. D. Fl. Tampa Division), available at < 82
닄ꑔ뎹 뫴룴쏒꣩뙂듛 172,000과꒸ꪺꝑ꽱ꅃ ꣬ꑆꑀꑅꑅꑋ꙾꒻ꓫꑑ꒻ꓩꅁMidland꒽ꕱ땯ꝇ띳뭄뵚셮ꧺꅁ룓꒽ꕱ쏶꧳뽕ꩯ뉋ꕛ뺯ꪺ녍ꝑꑷ비멍빐ꅁꕂ꒽ꕱ셠뗴ꗧꙝ룓ꗳ꽁뙂듛ꛦ결ꛓ쏣슾ꑕꕸꅃ덳녡ꪺ꣏녯룓꒽ꕱ믹쑙궫ꑕ껀ꅁ뻉교곛ꭈSTW뭐Kingꪺ룪ꯘ쒳ꛓ쇊ꑊ늼ꪺ룪ꑈ쑙궫띬ꖢꅃꖻ껗롧SECꙖ꛲쎹ꢽ륆ꙻꙡꓨꩫ끼끟뙄ꯡꅁ멉ꛜꑇꆳꆳꆳ꙾꦳꒴Ꙣ뱦뉺꒤114ꅃ 닄꒭뚵?ꭟꗎꙗ롱ꅝImposterꅞ ꭟꗎꙗ롱ꮬꪺ뙂듛껗ꗳꕄ굮ꭙ뗛늴꧳뫴룴ꑗꪺ끔꺧싸쳮ꅁꦹꦹꕏꑈ쏸ꕈ뿯뻜ꅆ꙰ꩇ뛈ꝑꗎꙗ꒣ꢣ롧뛇ꪺ뫴꾸걏ꑀ꿫ꪺ뫴꽤ꢥꅁ낵결뒲ꝇ끔꺧ꪺꕄ굮ꓨꩫꅁ꺣꧈녎ꙝ결꿊ꕆꪾꙗꯗꪺ뵴걇ꛓ쏸ꕈ륆꣬뱳결뛇벽ꪺ륷듁ꚨ껄ꅃꙝꚹꅁꝑꗎ꣣ꚳꪾꙗꯗꪺ꒽ꕱ귓ꑈꙗ롱Ꝁ결끔꺧뒲벽ꅁꖲ땍ꚳꝕ꧳녪꓆룓룪끔ꪺꕩꭈꯗꅁ뙩ꛓ뚶ꝑ륆꣬륈ꩫ뙂듛ꪺꗘꪺꅃ땯ꗍ꧳ꑀꑅꑅꑅ꙾ꕼꓫꑃꓩꪺPairGain껗삳ꢬꕩꝀ결ꭟꗎꙗ롱땯ꝇ끔꺧녱ꚳ믹쏒꣩뙂듛ꪺ궫굮껗꣒115ꅆ ꑀꑅꑅꑅ꙾ꕼꓫꑃꓩꑗHokeꝑꗎ뫴룴땯ꝇꑆꑀꭨ쏶꧳PairGain꒽ꕱꝙ녎덑Ꙙ꣖ꪺ껸꺧ꅝPairGainꭙ꧳NASDAQ놾땐ꑗꖫꪺ낪곬꒽ꕱꅞꅁHokeꣃꕂꙢ꣤녩뙋ꪺ뫴룴꽤ꢥ덂ꕛꑆꑀ귓덳떲ꅁ롧ꗑ룓덳떲덂엣ꗜꅁꚹ끔꺧ꭙ꣓ꛛ꧳둞돕띳뭄ꅝBloomberg News Serviceꅞ땯ꕘꅃ둎ꙢHoke땯ꝇ룓끔꺧ꯡꅁ꒣ꑛPairgain꒽ꕱꪺ믹쁈ꝙꙝꚹꛓꑗ뒭ꅁꗦ꧶뙱ꑝꙝꛓꑪ뱗ꅆ럭땍ꅁ뭐꣤ꕌ쏒꣩뙂듛껗ꗳ둘ꕇ꙰ꕘꑀ싡ꪺꅁ럭룓끔꺧덑쏒맪ꣃꭄ둞돕띳뭄꧒땯ꝇꅁꕂꞹꗾ쓝꧳ꗞ꣓궷껉ꅁPairgainꪺ믹ꑝ쁈꒧삳셮ꑕ껀ꅁ뻉교ꙝ곛ꭈ룓꒣맪끔꺧ꛓ뙩돵쇊뙒ꪺ룪ꑈ멇궫띬ꖢꅃ Pairgain껗Ꙣꑀꑅꑅꑅ꙾ꑋꓫꑇꑑꑀꓩ롧SEC끟뙄꒧ꯡꅁꩫ끼쁈 114 See The SEC’s enforcement program seeks to promote the public interest by protecting investors and preserving the integrity and efficiency of the securities markets, available at< > 115 See Securities and Exchange Commission Litigation release , Securities and Exchange Commission v. Gary D. Hoke, Jr., Civ. No 99-04262 (LGB)(EX), available at< > 83
뫴믚뫴룴쏒꣩ꗦ꧶뙂듛꒧곣ꡳ ꝙ꧳Ꙑ꙾ꑋꓫꑔꑑꓩꙢ덑ꝩ때늧쒳ꪺ놡ꩰꑕ낵ꕘ륈34꙾쏒ꗦꩫ닄10(b)Rule 10b-5ꪺꝐꡍꅁꗑ꧳Hoke때ꑏ굴뻡ꗴ꛳끝늣ꑗꪺ썧뭀뷟쁶ꅁ걇ꩫ끼뛈낵ꕘꗃꑛ롔ꓮ꣤녱쏒꣩ꗦ꧶ꛦ결ꪺꝐꡍ116ꅃ ꕴꅁHoke꧒결ꪺ륈ꩫꛦ결ꪺ꒣뛈꽁쏒꣩ꗦ꧶뙂듛ꅁꗑ꧳꣤ꭟꗎBloombergꙗ롱땯ꝇ꒣맪끔꺧ꅁ꣏녯Bloombergꪺ냓볐녍ꗎ앶뭐냓앁ꙝꚹ꣼꣬띬깠ꅁ걇낣SEC뒣ꕘꭥ굺꒧쏒꣩뙂듛ꗁ뙄덞ꕾꅁBloombergꕴ맯Hoke뒣ꕘ쏶꧳ꭉ깠냓볐앶ꪺ뙄덞ꛦ냊117ꅃ 닄꒻뚵?꒺뵵ꗦ꧶ꅝInsider tradingꅞ ꑀꑅꑅꑃ꙾꙾꒤ꅁ덑ꝩJohn FreemanꅂJames CooperꕈBenton Erskine떥ꑔꑈꞡꙝ결늼룪ꖢꝑꅁꛓꙢ낸땍ꪺ뻷라ꑕꅁ꧳뫴룴닡ꓑꯇ꒤ꖩ륊ꅃꗑ꧳Freeman떥ꑔꑈꙢ뵵ꑗ닡ꓑꪺ륌땻꒤ꅁ맯꧳ꦼꚹ뚡쏶꧳룪ꪺ뷍룜ꞡ곆띐ꚳ뷬ꅁꛓFreemanꑓ녎ꗘꭥ꧳Goldman Sachs & Co., Inc. ("Goldman Sachs") 꿃곹셠뎡ꗴ슾ꅁꕈꑵꝀ꣤꒺깥꒤ꚳ뻷라놵쒲덜Ꙩ꒽ꕱ꣖쇊껗ꗳ룪껆ꪺ끔꺧ꝩ뙄Cooper Erskineꑇꑈꅁ꧳걏ꑔꑈꭋ뙩ꑀꡂ륆ꚨꣳ쒳ꅁ녎굮ꝑꗎFreemanꪺꑵꝀ꒧ꭋꅁ뭠뚰꣤꧒롧ꓢ꒽ꕱꪺ꒺뎡껸꺧ꅁꕈꝑꙢꖫꚳꑀ땦ꫭ뉻ꅃ롧ꚹꣳ쒳꒧ꯡꅁFreeman떥ꑈꭋ뙽ꥬꝑꗎAOL뒣꣑ꪺꡰꑈ끑뷗냏ꅝprivate chat roomꅞ뙩ꛦ끔꺧ꪺꗦ뒫ꅁꙝ결룓ꡰꑈ끑뷗냏ꕩꕈ뇆낣꣤ꕌ뫴룴꣏ꗎꗴ띎ꕛꑊ끑뷗ꅁꕈꝋ꒺뵵껸꺧썮ꗺꅃꕴꕾꅁFreeman뭐Cooper쇙냓쒳ꅁꝑꗎAOLꪺꝙ껉끔꺧ꕜ꿠ꅝInstant messaging capabilitiesꅞꅁꕈꭋ쁈껉롧ꗑ뵵ꑗ뛇뮼끔꺧ꅃ 놵ꑕ꣓ꪺꑇ꙾Freeman뭐꣤ꕌ껸꺧꣼믢ꑈꅝtippeesꅞꅁꝑꗎ뙗륌ꑇꑑ깡땯ꛦ꒽ꕱꪺ꒺뵵껸꺧뙩ꛦꗦ꧶ꅁꣃ롧ꗑ룓꒺뵵ꗦ꧶샲꣺ꑆ륏ꑋꛊ롕과꒸ꪺ꒣ꩫꝑ꽱118ꅃ 116 See Securities and Exchange Commission v. Gary D. Hoke, Jr., Civil Action No. 99-04262 (LBG)(EX)(. Cal.), available at < 117 Bloomberg뙄Hokeꑀ껗ꅁ돌ꯡꙝ결Bloomberg뗻꛴ꝙ꣏샲녯돓뙄ꅁ덑ꝩ꒣뛈때ꑏ뷟쁶ꅁ곆ꛜ때ꩫ굴뻡뙄덞뙏ꗎꅁꙝꚹꙐ띎ꕈꥍ룑ꪺꓨꚡꚬ돵ꅁSee Neil Hare, Internet Financial Chat Rooms Raise Concerns for Regulators, Companies , available at <? pagename=law/View&c=Article&cid=A10533-1999Nov30&live=true&cst=1&pc=0&pa=0> 118 룻룔닓ꪺ썂닎군ꅁ껚뻚끟뙄ꪬ꧒룼곹결8,244,850과꒸ꅃSee SEC Litigation Release No. 84
닄ꑔ뎹 뫴룴쏒꣩뙂듛 ꛛꑀꑅ꒻꙾ꑑꓫꛜꑇꆳꆳꆳ꙾ꑀꓫ꒧뚡ꅁFreemanꞡ꣼뚱꧳Philip Morris Companies, Inc. (Philip Morris꒽ꕱ)ꅁ꒣륌Ꙣꚹ듁뚡ꅁFreeman꓀ꝏꗽꯡꙢGoldman Sachs뭐Credit Suisse First Boston Corporation (CS First Boston)꒽ꕱ뻡ꗴꓥꗳ덂뉺ꪺꑵꝀꅁꛓꙢ꣢깡꒽ꕱꪺꑵꝀ꒺깥꒤ꅁFreemanꞡꚳ뻷라꣺녯땯ꛦ꒽ꕱꪺ꣖쇊뻷녋룪껆ꅁ ꑀꑅꑅꑃ꙾FreemanꙢ뫴룴닡ꓑꯇ떲쏑Cooper뭐Erskine꒧ꭥꅁꑔꑈ녱ꖼ뒿뿑궱ꅁꑝꞹꗾ꒣뭻쏑맯ꓨꅁꛓꕂ멉ꛜ껗땯꒧ꓩ결ꓮꅁFreeman떥ꑔꑈꑝ뎣꒣뒿럭궱놵쒲륌119ꅃ꒣륌ꑔꑈ둎Ꙣ덯볋ꪺ놡ꩰꑕꅁꙀꙐ녱꒺뵵껸꺧ꪺ끔꺧ꗦ뒫ꅁꕈ맪믚ꪺ꒺뵵ꗦ꧶ꛦ결ꅃ뻚SECꪺ끟뙄ꪬ닎군엣ꗜꅁCooperꕈꚹ뫘ꓨꚡꗦ꧶ꪺ늼낪륆ꑑ꒻색귓꒧Ꙩꅁꛓ뻚ꚹ샲녯ꪺꗦ꧶ꝑ꽱ꑝ낪륆227,000과꒸ꅆꛜ꧳Erskineꭨ걏Ꙑ볋ꙡ맯ꑑ꒻깡ꑗꖫ꒽ꕱ뙩ꛦ꒺뵵ꗦ꧶ꅁꛓ샲녯273,000과꒸ꪺ깴믹ꝑ꽱120ꅃ Freeman낣ꑆ녎끔꺧겪멼떹Cooper뭐Erskineꑇꑈꕈꕾꅁ쇙ꗽꯡ녎꒺뵵껸꺧겪멼떹ꑔꙗꙢPhilip Morris꒽ꕱꪺꙐAnthony SeminaraꅂNorman Lehrman뭐 Linda KarlsenꅝꚹꑔꑈꙀꙝ꒺뵵ꗦ꧶샲녯334,000ꪺꝑ꽱ꅞꅁꑇꙗꙢ꒽ꕱ꫱쁜왕떲쏑ꪺꩁ냈ꗍTimothy Siemers뭐 Norman GrossmanꅝꙘ군Ꙁ쇈녯730,000과꒸ꅞꅆꕈꕴꕾꑔꙗ빆Lawrence SchwartzꅂMichael AkvaꥍRichard Zelman떥ꅝꙘ군Ꙁ쇈꣺1,127,000과꒸ꅁ꣤꒤ꕝ걁Schwartz귓ꑈ둎샲ꝑ822,000꒸ꅞꅃ ꛓꭥ뙽덑ꝩ떥ꅁ롧륌SEC뷕걤맪ꑝ꧓ꅁꕌ귌뎣Ꙣ샲녯Freemanꪺ꒺뵵껸꺧꒧ꯡꅁꕈꙕ뫘꒣Ꙑꪺꓨꚡ떹ꕉ돸륓떹Freemanꅁꕝ걁녎뉻룋Ꙣꗍꓩꕤ꒤녈떹Freemanꅂ녎맯꧳닄ꑔꑈꪺ귉듚뛅앶늾신떹 16469 / March 14, 2000, available at < 119 See SEC v. John Freeman, James Cooper, Benton Erskine, Anthony Seminara, Norman Lehrman, Linda Karlsen, Timothy Siemers, Norman Grossman, Lawrence Schwartz, Michael Akva, Robert Fricker, Richard Zelman, Bradley Burke, Benjamin Cooper, Chad L. Conner, Deon Benson, Gordon K. Allen, Jr., Jon Geibel, and William H. Borders II, 00 Civ. 1963 (VM) (Southern District of New York), available at < 120 Id. 85
뫴믚뫴룴쏒꣩ꗦ꧶뙂듛꒧곣ꡳ Freemanꅁꗑ꣤꣺녯꣼쁶ꪺ룪껦ꅂꑝꚳ덑ꝩꪽ놵녎ꛛꑶꪺ뿄ꕤꅝcash cardꅞꗦ떹FreemanꅁꗑFreemanꛛꛦ롧ꗑ믈ꛦ녢ꓡ믢꣺뉻ꅁ곆ꛜꚳ덑ꝩ쏘끥ꙗ뙑ꪺ공끳떹FreemanꅁꝀ결떪쇂ꪺ돸륓121ꅃ SECꟳ뙩ꑀꡂ땯뉻ꅁꭥ굺ꛛFreeman꣼믢껸꺧ꪺꑈꅁ꒣뛈ꛛꑶꝑꗎ꒺뵵껸꺧뻞Ꝁ늼샲ꝑꅁꕌ귌쇙뙩ꑀꡂ녎꒺뵵껸꺧덺앓꒩꣤ꕌꑈꅁ꣒꙰Akva둎녎껸꺧덺앓떹Robert Frickeꅁꛓ꣏Fricke쇈꣺946,000과꒸122ꅃ ꖻ껗ꕴꑀꙗꕄ굮ꪺ덑ꝩꅁꛭꙢ뛰냲Bowling GreenꪺCooperꭨ걏녎녯ꛛ꧳Freemanꪺ껸꺧ꅁ덺앓떹ꑀꙗꙢMorgan Keegan & Company, Inc. ("Morgan Keegan")ꑗ꽚ꪺ늼롧곶ꑈChad Connerꅁꑀꙗ럭ꙡꪺꓺ싥Deon Benson뭐Cooperꪺ귴귴Benjamin Cooperꅃ꣤꒤늼롧곶ꑈConnerꟳ녎Cooper꧒덺앓ꪺ꒺뵵껸꺧ꅁꙁ신굺떹ꕌꪺꑗꕱWilliam Bordersꯈꓡꅁ꣤꒤ꑀꙗꯈꓡꙝꚹꛓ쇈꣺ꑆ2,118,000과꒸123ꅃ SEC롧륌ꑀ땦ꕊ닓ꪺ뷕걤꒧ꯡꅁ꧳ꑇꆳꆳꆳ꙾ꑔꓫꑑꕼꓩ녎꧒ꚳ뭐Freeman곛쏶녱꒺뵵ꗦ꧶ꪺ덑ꝩ륈34꙾쏒ꗦꩫ닄10(b)뭐Rule 10b-5끟뙄ꅝ꣤꒤ꓖ볆덑ꝩꙝ결꧒녱ꪺ뙒뷦ꪺ늼ꖿꙢ뙩ꛦ꒽뙽ꚬ쇊ꪺ땻Ꟈꅁꙝꛓꕴꕈ륈닄14(e) Rule 14e-3꒧덗ꥷ끟뙄ꅞꅁ셠군끟뙄ꑆꑑꑅꙗ덑ꝩꅁꣃ뷐ꡄ덑ꝩ떥녎8,244,850과꒸ꪺ꒣ꩫ꧒녯ꑀ꣖쉫쇙ꅝdisgorgementꅞꅃ ꖻ껗꒧덑ꝩ떥ꑈ쇶ꞡꭄꗘ볐꒽ꕱ꒧꒺뎡ꑈꅁ꒣륌Ꙣꑀꑅꑅꑃ꙾과냪셰ꢹ돌낪ꩫ끼맯O'Hagan껗꒧Ꝑꡍꅁ뒭뇳ꑆ륌ꕨꧫꩤ꧳ꓥ롱룑쓀꒧ꓨꩫꅁ꧓뭻ꅵꡰ꣺뉺뷗ꅶꅝThe Misappropriation TheoryꅞꝀ결꒺뎡ꑈꗦ꧶덤ꗴ냲슦꒧ꯡꅁFreemanꙝ슾냈ꑗ꒧쏶ꭙ샲ꪾ꒺뵵ꗦ꧶ꅁꣃ싇ꗑ룓꒺뵵껸꺧녱ꚳ믹쏒꣩ꗦ꧶ꅁ샲꣺꒣럭ꝑ꽱꒧ꛦ결ꅁ삳ꚳ34꙾쏒ꗦꩫ닄10(b)Rule 10b-5꒧빁ꗎꅃꛜ꧳꣤ꕌ덑ꝩꅁꙝFreeman덺앓꒺뵵껸꺧ꅁꛓꚨ결껸꺧꣼믢ꑈ(tippees)ꅁ냲ꚹ꧒결꒧ꗦ꧶ꛦ결ꗧ삳ꚨꗟ꒺뵵ꗦ꧶ꅁ꒣륌ꗑ꧳ꩫ끼ꥼꖼ둎룓껗낵ꕘ돌ꯡ꒧Ꝑꡍꅁ꣤돌닗떲ꩇ 121 Id. 122 Id. 123 Id. 86
닄ꑔ뎹 뫴룴쏒꣩뙂듛 ꙰꛳ꅁꗘꭥꥼ쏸왊ꑕꥷ뷗ꅃ 놩ꖻ껗뭐꣤ꕌ꒺뵵ꗦ꧶꒣Ꙑ꒧덂Ꙣ꧳ꅁFreemanꕈ뫴룴낵결꒺뵵껸꺧뛇뮼꒧ꑵ꣣ꅁ꒣뛈뱗ꕛꑆ뷕걤뭐뭠쏒ꪺꝸ쏸ꅁꙐ껉ꑝꙝ뫴룴뛇벽ꪺ꽓꧊ꅁ꣏녯ꙀꙐꛦ결ꑈꪺꛦ시엜녯ꟳ쏸ꕈ둸뒤ꅆꕂꗑ꧳ꖻ껗걏궺ꥶꝑꗎ뫴믚뫴룴뛇뮼꒺뵵껸꺧ꪺ꒺뵵ꗦ꧶껗ꗳꅁꙝꚹꖻ껗꒧ꖼ꣓땯깩ꅁ걏ꝟ녎뱶암ꚳ쏶ꕈ뫴룴뛇뿩꒺뎡껸꺧ꪺ덤ꗴ뭻ꥷꅁ귈녯뙩ꑀꡂ끬시왛맮ꅃ꒣륌ꕩꕈ뵔ꥷꪺ걏ꅁSEC녎Ꝗꑏ뫻꯹쏒꣩ꗦ꧶ꖫ돵꒽ꖭꅁꢾꟹꚳꓟꑈꝑꗎ뫴믚뫴룴뭐쏒꣩ꗦ꧶ꛈ꣺꒣럭ꝑ꽱ꪺꭈ꧀걏꒣라엜ꪺ124ꅃ 닄ꕼ론?냪뫴룴쏒꣩뙂듛쏾ꮬ뭐껗꣒ ꭥ굺꒧뫴룴쏒꣩ꗦ꧶뙂듛ꞡ결땯ꗍ꧳과냪꒧맪믚껗꣒ꅁ땍ꗑ꧳쏒꣩뙂듛꒧ꮬ멁라쁈뗛꒣Ꙑ꒧ꗦ꧶덗ꥷ룪ꑈ꒧룪ꪾ쏑ꪺ깴늧ꛓꚳ꽓껭꒧뙂듛쏾ꮬꅁꙝꚹꕈꑕ샀둎냪꒺꧒뒿롧땯ꗍ꒧뫴룴쏒꣩뙂듛껗꣒놴끑꒧ꅃ 닄ꑀ뚵?ꝑꗎ뫴룴ꗦ꧶꒧륈곹ꗦ돎맯쏒꣩냓뙂듛 ꑋꑑꑅ꙾ꑃꓫꕼꓩꅁꙄꞽ낻ꑃ뚤ꯅꝇ낻꽽ꑀ끟ꝑꗎ뫴룴ꗦ꧶ꪺ꽓꧊ꅁꕈ둣띎륈곹ꗦ돎ꪺꓨꩫꛈ꣺꒣럭ꝑ꽱ꪺ뒼뱺ꮬ쏒꣩뙂듛껗꣒ꅃ ꖻ껗ꭙꛦ결ꑈꝑꗎꙢ돸꿈ꕚ땮ꕎ뿬ꭈꗎꕤ뙕듚ꅁ뒣꣑ꑰ썂꒧뿺결맯믹ꅁ쑆꣺덧ꑰꭋꥹꪺ룪ꑈ꣬쏒꣩냓뙽ꓡꯡꅁ녎뙽ꓡ녢뢹녋뵘ꗦ떹ꛦ결ꑈꅃꯝꛦ결ꑈ꣺녯덯룪ꑈꪺ녢ꓡꯡꕈ뫴룴뭹궵ꑕ돦ꪺꓨꚡ뙩ꛦꚳ믹쏒꣩꒧ꥥ끕ꅃ 껚뻚돸룼ꅁꚹꑀ뙂듛ꓢ걱ꭙꗽ둍ꝃ믹ꪺꝎ꧔ꧯ뙒뙩ꅁꯘꗟꛛꑶ꒧꯹ꚳ뎡ꛬꅆ럭덑꧔ꧯꪺ늼믹뒭껉ꙁꝑꗎꑪ뙱ꑈ쁙ꓡ뙒ꑊ늼ꅁꛓ녎ꛛꑶ귬ꖻ꧒꯹ꚳꪺ늼뷦ꕘꅁ믢꣺ꗦ돎듚뚵ꅆꛜ꧳ꑈ쁙ꓡ뙒ꑊꪺ늼ꭨꗴ뻌륈곹ꗦ돎ꅁꞹꚨ뗪뙒맪뷦ꪺ뙂듛ꓢ걱125ꅃ꒣뛈꙰ꚹꅁ럭늼믹껦ꪣ낪ꯡꅁꛦ결ꑈ곆ꛜꟳꕩꝑꗎꛛꑶ귬ꚳꪺ녢ꓡ뿄꣩ꅵ꧱ꅶ 124 See SEC and US Attorney Bring Charges Against 19 Individuals, Including Wall Street Professionals, for $8 Million Insider Trading Scheme First Case Charging Use of Internet To Pass Inside Information, available at < 125 뷐냑ꢣꛛꗑ륱ꑬ띳뭄뫴ꅁꗁ냪ꑋꑑꑅ꙾ꑃꓫ꒭ꓩꅁ뫮Ꙙ띳뭄< today0705/> 87
뫴믚뫴룴쏒꣩ꗦ꧶뙂듛꒧곣ꡳ 늼ꅁꙁꚸ싇ꗑ뿄꣩ꗦ꧶샲꣺ꝑ꽱126ꅃ ꗘꭥꖻ껗쇶ꥼ때꣣엩꒧ꕱꩫꝐꡍ떲ꩇ늣ꗍꅁ땍ꛓ샋뗸ꚹ껗ꅁꡳ삳ꕈ쏒ꗦꩫ닄ꑀꛊ꒭ꑑ꒭뇸닄ꑀ뚵닄ꑀ듚꒧륈곹ꗦ돎덂쉟ꥼꚳ쒲ꗇꙄꩫ닄ꑔꛊꑔꑑꑅ뇸꒧뙂듛녯ꝑ롯ꅈꭥ굺껗꣒꒧맪꒤ꅁ꺣ꚳ륈곹ꗦ돎뙂듛꒧ꛦ결Ꙣ꒺ꅁ맯꧳ꚹ뫘ꛦ결ꡳ삳꙰꛳뗻믹ꅁꙢ쏒꣩ꗇ롯쏒꣩뙂듛꒧덤ꗴꑗ삳꣣ꚳ곛럭꒧궫굮꧊ꅃ ꑇꅂ?륈곹ꗦ돎뎡꓀ꅇ맯륈곹ꗦ돎곬ꕈꙄ덤ꗴꭙ냪꧒뽗ꚳ꒧덗ꥷ127ꅁꛓ껚뻚쏒ꗦꩫ닄ꑀꛊ꒭ꑑ꒭뇸닄ꑀ뚵닄ꑀ듚꒧덗ꥷꅁ녯ꚨ결륈곹ꗦ돎꒧ꗇ롯ꕄ엩삳꣣ꚳꗦ돎롱냈꒧ꑈꅁꕈꩫ뇸룑쓀ꅁ꣣ꚳ륈곹ꗦ돎꒧ꢭꗷ삳쏒꣩ꛛ샧냓롧곶냓ꛓꢥ128ꅁ맯꧳ꥥ끕뙒뷦꒧룪ꑈ뚷ꕈꅵ뚡놵ꖿꗇꅶ꒧랧꧀녎꒧꿇ꑊꥬꚳꕩ꿠ꚨꗟ륈곹ꗦ돎롯129ꅃ쇶뻇맯쏒ꗦꩫ닄ꑀꛊ꒭ꑑ꒭뇸닄ꑀ뚵닄ꑀ듚걏ꝟꕩꪽ놵빁ꗎ꧳ꑀ꿫룪ꑈ궡ꚳꪧ쒳ꅁ땍둎ꗘꭥ맪냈ꢣ룑ꅁ꒴뭻결ꚹ꧒뿗ꥥ끕뙒뷦꒧룪ꑈꕈ녢ꓡꙗ롱ꑈ결궭130ꅃ 땍ꛓꅁꭥ굺껗꣒꒤ꅁ룓쏒꣩녢ꓡ쇶ꭙ귉꒩ꕌꑈ꣏ꗎꅁ뭐쏒꣩냓꙳ꚳꮴ곹쏶ꭙꛓ꣣ꚳꗦ돎롱냈꒧ꑈ꒴결녢ꓡꙗ롱ꑈꅃ뒫ꢥ꒧ꅁ륈곹ꗦ돎롯꒧ꗇ롯ꕄ엩뚷꣣ꚳꑀꥷ꒧ꢭꗷꛓ결꧒뿗꒧ꅵ꿂ꖿꢭ꓀ꗇꅶ131ꅃ꣤때ꢭꗷ꒧ꑈꅝꝙꖻ껗꒧맪믚ꑕ돦ꑈꅞ꙰뭐녢ꓡꙗ롱ꑈꙀꙐ맪걉ꗇ롯ꅁꅵ쇶때꽓ꥷ쏶ꭙꅁ꒴ꕈꙀꗇ뷗ꅃꅶ 궫굮ꪺ걏ꅁ맪믚ꑕ돦꒧ꑈ뭐녢ꓡꙗ롱ꑈ꙰때ꅵꙀꙐꗇ롯꒧띎ꯤꅶꅵꙀꙐ맪걉ꗇ롯꒧ꛦ결ꅁꝙ때ꗑꚨꗟꙀꙐꖿꗇꅶꅁꛓꑕ돦꒧ꑈꗧ녎ꙝ녢ꓡꙗ롱ꑈꓭ꿊륈곹ꗦ돎꒧걇띎ꅁꛓ때ꚨꗟ륈곹ꗦ돎ꙀꙐꖿꗇ꒧ꕩ꿠ꅃ맪믚ꑕ돦꒧ꛦ결ꑈ걏ꝟꕩ꿠ꚨꗟ륈곹ꗦ돎 126 뷐냑ꢣꛛꗑ륱ꑬ띳뭄뫴ꅁꗁ냪ꑋꑑꑅ꙾ꑃꓫꑋꓩꅁ뫮Ꙙ띳뭄< today0708/> 127 뷐냑ꢣꩌ냪ꗾꅁ쏒꣩ꗦ꧶ꩫ곣ꡳꅁ닄187궶ꅃ 128 뷐냑ꢣ뿠굞럓ꅁ쏒꣩ꗦ꧶ꩫ덶뇸쓀롱ꅝꕼꅞꅁ닄501궶 129 땍ꚨꗟ뚡놵ꖿꗇꖲ뚷ꝑꗎ룓ꅵꗇ롯ꑵ꣣ꅶ맪걉ꗇ롯꒧멣ꚨ굮ꗳꅁꛓ둎쏒꣩ꖫ돵ꗦ꧶꒧걛멣ꛓꢥꅁ쏒꣩롧곶냓둎꣼끕뙒뷦꒧ꗦ꧶ꖻ둎굴ꚳꗽ결ꗦ돎꒧롱냈ꅁꛓ굙쏒꣩냓ꞹꚨꗦ돎ꯡꛛ때륈곹ꗦ돎꒧땯ꗍꅁꗧ때뙩ꑀꡂ끑뷗뚡놵ꖿꗇ꒧ꖲ굮ꅃ 130 뷐냑ꢣ럅쒣랽ꅁ쏒꣩ꗦ꧶ꗁꙄꩫꯟ냝썄꒧곣ꡳꅁ닄111궶ꅁ끝많ꩫꑈ꒤뗘ꗁ냪쏒꣩멛듁덦ꖫ돵땯깩냲라ꅁ꒤뗘ꗁ냪ꑋꑑ꙾ꑃꓫꅃ 131 ꅵ꿂ꖿꢭ꓀ꗇꅶ뫙결ꅵ꿂ꖿ꽓ꝏꗇꅶꅁꝙ뚷꣣ꚳ멣ꚨ굮ꗳꕄ엩룪껦ꥬꚳꚨꗟ룓ꗇ롯꒧ꕩ꿠ꅃ뷐냑ꢣꩌꑳꗐꙄꩫ덱뷗ꅝꑕꕕꅞꅁ닄450궶ꅃ 88
닄ꑔ뎹 뫴룴쏒꣩뙂듛 ꒧뚡놵ꖿꗇꅁ뻇뮡꒴ꚳꪧ쒳132ꅃ ꑔꅂ?뙂듛롯뎡꓀ꅇ둎ꑀ꿫쏒꣩ꗦ꧶꒧륈곹ꗦ돎껗꣒ꛓꢥꅁ꙰룪ꑈꥥ끕쏒꣩꒽ꕱꙖ꒽뙽쏒꣩ꗦ꧶ꖫ돵뙒뙩늼껉ꅁꝙ꙳ꚳꅵ믹몦ꭨꗦ돎ꅁ뙞ꭨꗴꕏ륈곹ꅶ꒧꒣뵔ꥷ걇띎ꅁ뛠꣤꧒쇊ꑊ꒧늼믹ꑀ룴럆뢨ꅁ룪ꑈꑄ륈곹꒣뱩ꛦꗦ돎롱냈ꅁꕂꢬꕈ뱶암쏒꣩ꖫ돵꒧꾴Ꟈ껉ꅁ낣ꚨꗟ륈곹ꗦ돎ꕾꅁ걏ꝟꕴꚨꗟ뙂듛녯ꝑ롯ꅈ ꕱꩫ끼뒿둎ꚹꑀ냝썄낵ꕘꡍ쒳ꅁ뭻결룪ꑈ륈곹꒣뱩ꛦꗦ돎껉ꅁ쏒꣩꒽ꕱ걊ꖼ녎뙒뙩꒧늼ꗦꕉ룪ꑈꅁꕂ뭏왗쏒꣩ꗦ꧶꧒ꗷꚳ궭꒽ꕱ쏒꣩롧곶냓꣼끕ꮴ곹럇ꭨ닄ꑑꑅ뇸덗ꥷꅁ녯Ꙗ룪ꑈ뷐ꡄ뷟쁶ꙝꥥ끕뙒뷦쏶ꭙ룑낣ꮴ곹꧒ꗍ띬깠뷟쁶꒧뛅냈ꅁꕩꢣ걙ꗒꣃꖼꙝꑗ뙽뙒뙩늼륈곹꒣ꗦ돎ꛓ녯꣬ꗴ꛳끝늣ꑗ꒣ꩫ꒧ꝑ꽱ꅁꙝꚹ꒣ꚨꗟ뙂듛녯ꝑ롯133ꅃ 땍ꛓꅁꭥ굺ꑋꑑꑅ꙾ꑃꓫꕼꓩ꧒낻꽽꒧둣띎륈곹ꗦ돎껗뭐ꑀ꿫꒧륈곹ꗦ돎껗ꚳꖻ뷨ꑗ꒧깴늧ꅁ걏ꝟꗧ꒣ꕩꚨꗟ뙂듛녯ꝑ롯ꅁꝙ꙳ꚳ끑뷗꒧뚡ꅃ맯륈곹ꗦ돎꒧ꑀꓨꛓꢥꅁꗑ꧳룪ꑈꣃꖼꪽ놵ꛛ꣼끕뙒뙩늼꒧쏒꣩냓꣺녯끝ꪫ샲ꚳꝑ꽱ꅁꛓ덑뭻결꒣ꚨꗟ뙂듛롯ꅃ땍ꛛ맪믚ꛦ결ꑈ꒧ꑀꓨ왛맮ꅁ쇶꣤샲녯꒧끝늣ꭙ꧳ꖫ돵뷦ꕘ늼꒧ꗦ돎듚ꅁ결Ꙙꩫ꒧늼ꗦ꧶꧒녯ꅆ땍둎뻣엩ꛦ결왛꒧ꅁ룓뚵ꛛ뷦ꕘ꣩냓꧒녯듚뚵뭐꣼륈곹ꗦ돎꣩냓ꗽ결ꗦ돎꧒ꗦꕉ꒧듚뚵뚡꺣꣣ꚳ맯믹꒧쏶ꭙꅃ 뒫ꢥ꒧ꅁꛦ결ꑈꕈ뙂덎꣏꣼끕뙒뙩꒧꣩냓떹ꕉꗦ돎듚꒩꣼끕뷦ꕘ꒧꣩냓ꅁꣃꕈꅵ꣼믢뷦ꕘ늼ꗦ돎듚ꅶ결샲꣺끝늣ꝑ꽱꒧ꓨꩫꅁꝙ삳ꢬꕈ덑뗻믹결뙂듛녯ꝑꛦ결ꅃ ꖻ듚끑뷗꒧껗꣒쏾ꮬꅁꣃꭄ꧳뫴룴ꗦ꧶껉ꥬꚳ땯ꗍꪺꕩ꿠ꅁ 132 쏶꧳때ꢭ꓀ꝑꗎꚳꢭ꓀결ꗇ롯ꑵ꣣걏ꝟꚨꗟ뚡놵ꖿꗇ꒧냝썄ꅁ뭻결ꚨꗟ꙰쇺ꦾ볒ꅆ뭻결꒣ꚨꗟ꙰ꩌꑳꗐꅂ뛀녠꒯떥ꅃ 133 ꕱꩫ끼 (80) 왕Ꙅꑀ꙲닄 667 뢹ꡍ쒳뭻결ꅇꅵ걙ꗒ뙒뙩늼ꭙ돸믹ꥥ끕쏒꣩꒽ꕱꙢ꒽뙽쏒꣩ꗦ꧶ꖫ돵결꒧ꅁ삳쏸뭻ꚳ걉ꗎ꛳뙂덎ꅁꑓ걙ꗒ륈곹꒣뱩ꛦꗦ돎ꅁ쏒꣩꒽ꕱ걊ꖼ녎뙒뙩꒧늼ꗦꕉ걙ꗒꅁꕂ뭏왗쏒꣩ꗦ꧶꧒ꗷꚳ궭꒽ꕱ쏒꣩롧곶냓꣼끕ꮴ곹럇ꭨ닄ꑑꑅ뇸덗ꥷꅁ녯Ꙗ걙ꗒ뷐ꡄ뷟쁶ꙝꥥ끕뙒뷦쏶ꭙ룑낣ꮴ곹꧒ꗍ띬깠뷟쁶꒧뛅냈ꅁꕩꢣ걙ꗒꣃꖼꙝꑗ뙽뙒뙩늼륈곹꒣ꗦ돎ꛓ녯꣬ꗴ꛳끝늣ꑗ꒣ꩫ꒧ꝑ꽱…ꅶꛓ뭻결셡꧳ꥥ끕ꗦ꧶껉ꝙ꙳ꚳ굙믹ꑕ뙞ꝙꗴꕏ륈곹ꗦ돎꒧걇띎ꅁꗧ꒣ꚨꗟ뙂듛녯ꝑ롯ꅃ 89
뫴믚뫴룴쏒꣩ꗦ꧶뙂듛꒧곣ꡳ Ꙣ뛇닎ꗦ꧶볒ꚡ꒤ꝙꕩ꿠꙳ꚳꚹ뫘맯쏒꣩냓뙂듛꒧ꛦ결ꅆ땍ꛓꗑ꧳곛쏶ꩫ덗맯꧳쏒꣩냓꣼뉺룪ꑈ뙽ꓡꅂ꣼끕뙒뷦떥ꞡꚳ쑙껦꒧굮ꡄꅁꅝ꣒꙰뿋ꛛ뙽ꓡ꒧굮ꡄꅂ꒣녯꣼뉺ꖼ롧뇂앶꒧ꭄꖻꑈꥥ끕떥ꅞꙝꚹ땯ꗍꚹ뫘껗ꗳ쏾ꮬ꒧뻷뉶룻ꝃꅁꙝ꽁쏒꣩냓꒧ꛦ걆덤ꗴ냝썄ꅁꛓ꣏쏒꣩냓맧쑀쇴띬ꖢꛓ꒣쑀셮녩ꅃ ꒣륌ꅁ꧳쏒꣩ꗦ꧶뫴룴꓆ꯡꅁꕩ꿠ꙝ결ꑕꙃ귬ꙝꛓ꣏녯ꚹꑀ뉻뙈엜녯ꟳ결쑙궫ꅇ ꅝꑀꅞꑰ썂뫴룴ꗦ꧶ꓡ꒧뙽ꓡ궭꣮뱥썐ꅇ ꗦ꧶꧒샧띾닓ꭨ닄ꑃꑑ꒭꒧ꑀ뇸ꅁ맯꧳ꅵ곹ꥷꡃꓩ뙒뷦돌낪썂ꯗꖼ뙗륌ꑀ꣕롕꒸ꅁꕂ꒣뙽ꗟꭈꗎꗦ꧶녢ꓡꅁ쏒꣩롧곶냓녯놵꣼ꥥ끕ꑈ롧ꗑ뫴믚뫴룴ꅂ껑ꭈ꣤ꕌꓨꚡꗓ뷐뙽ꓡꅶꅁ쏒꣩냓ꣃ녯ꅵꛛꛦꡍꥷꚹ뫘ꓨꚡ뙽ꓡ꒧뱸ꭈꅶꅃꚹꑀ뙽ꓡ뱸ꭈ덗ꥷ꒧꧱뱥ꅁ맯꧳ꭐ뙩뫴룴ꗦ꧶땯깩뭐겡떸ꖫ돵ꗦ꧶ꚳ때ꪽ놵ꪺ껄꽱ꥼ쏸뗻꛴ꅁ꒣륌맯꧳쏒꣩냓꒧ꗦ꧶궷쁉ꅁꧺ엣뱗ꕛꅃ 뭜ꅵ뙽ꓡꅶ땻Ꟈ걏ꝟꚳ껄ꞹ돆ꅁ맯쏒꣩냓뭐룪ꑈ뚡ꪺꛦ곶ꮴ곹꒧ꩫꯟ껄ꑏ꣣ꚳꡍꥷ꧊ꪺ뱶암ꅁ쏒꣩냓맯꧳ꕈ뫴룴껑궱꒧ꓨꚡꗓ뷐뙽ꓡꯡꅁ삳꙰꛳뵔뭻ꥥ끕ꑈ꧳꣼끕ꮴ곹꒧쎱뎹결꽵ꖿꅁ쇗ꝋ늣ꗍꅵ꒣ꪾ놡ꪺꑈ쁙ꓡꅶꅈ굙낣ꅵ늴ꢣ결뻌ꅶꕾ때ꕩ빡ꪺꓨꩫ134ꅁꭨ샧띾닓ꭨ결ꚹ꧱뱥덗ꥷꅁ쏸ꢣꚳꗴ꛳맪꽱ꅃ ꅝꑔꅞ곹ꥷꕈ녋뵘Ꝁ결ꗦ꧶맯뙈뵔뭻꒧뻚ꅇ 냪꒺뉻ꛦ뫴룴ꑕ돦꒧ꗦ꧶맯뙈ꪺ뵔뭻ꅁꞡꕈꯈꓡ녋뵘왟꒧ꖿ뵔뭐ꝟꝀ결뵔뭻럭ꑈ꒧ꓨꩫꅆꛓꭥ굺껗꣒꒤ꅁꛦ결ꑈꛛ녢ꓡꙗ롱ꑈ꣺녯녋뵘ꯡꅁꕈꖿ뵔녋뵘꧒결꒧ꥥ끕ꗦ꧶ꅁ맯꧳녢ꓡꙗ롱ꑈ걏ꝟ떴맯ꚳ껄ꅁꑝ걏ꕴꑀ귈녯끑뷗ꪺ냝 134 ꗦ꧶꧒샧띾닓ꭨ닄ꑃꑑ꒭꒧ꑀ뇸닄ꑀ뚵닄ꑔ듚덗ꥷꅇꅵꥥ끕ꑈ곹ꥷꡃꓩ뙒뷦돌낪썂ꯗꖼ뙗륌ꑀ꣕롕꒸ꅁꕂ꒣뙽ꗟꭈꗎꗦ꧶녢ꓡꅁ쏒꣩롧곶냓녯놵꣼ꥥ끕ꑈ롧ꗑ뫴믚뫴룴ꅂ껑ꭈ꣤ꕌꓨꚡꗓ뷐뙽ꓡꅁꭓꥥ끕ꑈꙢ꣼끕ꮴ곹쎱뎹ꅁꣃ롧쏒꣩롧곶냓뵔뭻ꯡꥬꗍ껄ꑏꅃꅶ땍쏒꣩냓ꡳ삳꙰꛳ꅵ뵔뭻ꅶꥥ끕ꑈ꒧쎱뎹결꽵ꖿꅈ낣ꅵ럭돵뿋ꛛ쎱뎹ꅶꕾꅁꗘꭥ쏸ꕈ땯뉻ꚳꗴ꛳ꟳꙮꪺ뵔뭻ꓨꩫꅃ 90
닄ꑔ뎹 뫴룴쏒꣩뙂듛 썄ꅃ귓ꑈꕈ결ꅁꙢꭥ굺껗꣒꒤ꅁ꙰녋뵘ꭙꗑ녢ꓡꙗ롱ꑈꗦꕉ꒩ꛦ결ꑈꅁ꣤ꥥ끕ꗜ맯꧳쏒꣩냓ꛓꢥꅁꛜꓖ삳쓝ꕎ뉺ꑈꕈꖻꑈꙗ롱꧒결꒧ꥥ끕ꅁꛓ맯ꖻꑈ땯ꗍ껄ꑏꅃ ꒣륌ꅁꗘꭥ냪꒺떴ꑪꙨ볆뇄ꗎ뫴룴ꑕ돦꒧쏒꣩냓뭐ꯈꓡ뚡꒧ꅵ꣼끕뙒뷦ꚳ믹쏒꣩뙽ꓡꮴ곹ꅶꅵ륱ꑬꗦ꧶Ꙑ띎껑ꅶꞡ곹ꥷꚳꅵꑚꕈ룓녋뵘ꅝ왟ꅞ꧒결꒧ꥥ끕ꞡ뗸결ꥥ끕ꑈꖻꑈ꧒결ꅶꅃꚹ뫘곹ꥷ걏ꝟ멣ꚨ껸뙏ꭏ앀ꩫ닄ꑑꑇ뇸뭻ꥷ꒧때껄ꪺꥷꮬ꓆ꮴ곹뇸듚깥ꚳ뙩ꑀꡂ끑뷗꒧뚡ꅃ Ꙣ룪ꑈꛛꛦꛜ꣩냓뙽ꓡꅁ뿋ꛛ꣺녯뇂앶녋뵘ꅝ왟ꅞ꒧놡ꩰꑕꅁ쏒꣩냓놵꣼ꥥ끕껉꙰뵔뭻녋뵘때뭾ꅁꭨ삳뭻결룓ꥥ끕ꑷ꣣돆싹ꓨ곹ꥷ꒧ꑀꥷꓨꚡꅆꕂ쏒꣩냓ꙝꭈ뿠ꚳ껄꒧녋뵘ꛓ놵꣼ꚳ믹쏒꣩뙒뷦꒧ꥥ끕ꅁ꣤ꭈ뿠삳꣼ꭏ앀ꅃ셡꣏룪ꑈꕄ녩꣤녋뵘ꭙꙝ뿲ꖢꅂ비엑곆ꛜ비쁢ꯈ멉꣺ꛓ교닄ꑔꑈ낰ꭟ꣤ꙗ롱ꛓ결ꥥ끕뙒뷦ꅁ꣤셼쏒덤ꗴꗧ삳ꗑ룪ꑈꅝꝙꯈꓡꖻꑈꅞ꧓뻡ꅁ룻결Ꙙ뉺ꅃ ꒣륌ꅁꙢꚹ륌땻꒤ꅁ녱뫴룴ꗦ꧶꒧쏒꣩냓ꚳ때롱냈ꗽꛦ셼쏒ꯈꓡ꽤꙳꧳꣤꒺뎡꒧녢뢹ꅂ녋뵘ꣃ때비쁢ꯈꑊꭉꕌꑈ엑꣺꒧뢷ꅈꚹꑀ뫃냝ꅁꙢꑅꑑ꙾ꑃꓫꑇꓩꙄꞽ꧒ꯅꝇ낻꽽ꪺꅵ쁢ꯈꑊꭉ꣩냓룪끔꡴닎ꅁ엑꣺ꯈꓡ녢뢹ꅂ녋뵘녱뫴룴ꑕ돦ꅶꪺ껗ꗳꯡꅁꭋꚨ결ꕴꑀ귈녯끑뷗꒧냝썄ꅃ 껚뻚돸룼ꅁꗴ슾꧳륱뢣꒽ꕱ꡴닎덎뎡ꪺ녩ꥭ뛻ꗇꅁꝑꗎꅵ룵삻ꓨꚡ꽽룑꒤ꖡꭈ끕ꞽ꒧뫴룴ꑕ돦꡴닎ꅁ녎꒤ꭈꞽ꧒ꚳ뫴룴ꑕ돦ꯈꓡ녢뢹ꅂ녋뵘떥룪껆ꗾ뎡ꅹ띨ꢫꅺꅁ뙩ꛓꝑꗎ꧒엑녯꒧ꯈꓡ녢뢹뙒뙩늼ꅁꙁ뻷ꕘ닦ꛛꑶ꯹ꅶ135ꅁꛓ꧒ꝑꗎ뙒뙩늼꒧녢ꓡꅁꞡꗴ꣤륈곹ꗦ돎ꅁ꣏쏒꣩냓ꖲ뚷꧓뻡ꗽꛦ맔ꕉꪺꗦ돎듚뚵띬ꖢꅃꗑ꧳ꖻ껗ꭙꝑꗎ돦ꑀ꣩냓꒧Ꙩ볆ꯈꓡ녢뢹꧒결ꅁꕂ쏒꣩냓ꗧ꧓뫴룴꡴닎비쁢ꯈꑊꭉꅁꙝꚹꥼ때셼쏒롱냈뷖쓝ꪺ냝썄ꅃꛜ굙땯ꗍ꣩냓ꝟ뭻꡴닎비ꑊꭉꅁꛓꯈꓡꗧꝟ뭻꣤ꑕ돦ꛦ결껉ꅁ삳꙰꛳덂뉺ꅈ 135 뷐냑ꢣꑵ냓껉돸ꅁꗁ냪ꑅꑑ꙾ꑃꓫꑔꓩꅁ닄ꑔꪩꅃ 91
뫴믚뫴룴쏒꣩ꗦ꧶뙂듛꒧곣ꡳ ꗑ꧳ꗘꭥꕄ뫞뻷쏶맯꧳녱뫴룴ꗦ꧶꒧쏒꣩냓ꅁꣃꖼ굮ꡄ꣤ꖲ뚷ꯘ롭ꑀꥷ볐럇꒧ꢾꓵ샰덝걉ꅁ꣤ꕌꢬꕈꢾꓮ쁢ꯈꑊꭉ꒧땻ꚡꅁꛓ뛈ꗑꙕ꣩냓꣤ꛛꛦ뗻꛴꒧궷쁉믝ꡄꅁꯘꗟꛛꢭ꧒믝꒧ꢾꓵ샰ꅃꙝꚹꅁꙢꙕ꣩냓꒧룪끔꡴닎ꙷꗾ꒣ꑀꪺ놡ꩰ꒧ꑕꅁ쏒꣩냓ꝙꚳꖲ굮Ꙣꚹ놡ꑕꅁ쏒ꧺ꣤ꯈꓡ꒧녢뢹ꅂꗦ꧶녋뵘때비엑꣺꒧뢷ꅆꥬ녯녎셼쏒덤ꗴ신ꗑꯈꓡ꧓뻡ꅃꝟꭨ뛈ꕈꑀ꿈ꥷꮬ꓆ꮴ곹ꅁ굮ꡄ룪ꑈ맯꧳ꅵ꣣ꚳꖿ뵔녋뵘ꅶ꒧ꥥ끕ꅁ굴떴맯꒧덤ꗴꅁ쏸ꝋꚳꖢ꒽ꖭꅃ ꒣륌ꅁꚹꑀ냝썄돌ꚳ껄ꪺ룑ꡍꓨꩫꅁ꒴쓝뭻쏒뻷꣮ꪺꯘꗟ뭐륱ꑬ쎱뎹꣮ꯗꪺ뇄ꛦ136ꅆꕈ쏒ꗦ꧒ꪺ닎군엣ꗜꅁꗘꭥ뙽뿬뫴룴ꑕ돦띾냈ꪺꑃꑑꑅ깡꣩냓꒤ꅁꥼꚳꑔꑑꑇ깡ꖼꞹꚨ뭻쏒뻷꣮ꪺꯘ롭137ꅁꕩꢣ꒴ꚳ뎡꓀꣩냓맯뫴룴ꗦ꧶꒧궷쁉왛꧀꒴ꯝꕛ녪ꅃ 닄ꑇ뚵?ꝑꗎ뫴룴뒲ꝇ꒣맪끔꺧뻞셡ꖫ돵 ꗁ냪ꑋꑑꑅ꙾ꑑꑀꓫ뚡ꅁꑀꙗ롰ꙗꅵALEXANDER 99ꅶꪺ룪ꑈꅁ꧳꥟벯꾸ꪺꅵꖫꗾꗁ뙽솿ꅶ궱땯ꫭ볐썄결ꅵꕾ뛇굸ꓨ녎땯냊걆엜뇀슽뎯ꓴ꯳ꅉꅶ꒧ꓥ뎹ꅁ뫙ꅵ껚뻚돌뻷녋ꪺ껸꺧ꅁ굸ꓨ녎ꙢꝦꡱ붬Ꙟ꣓ꢺꑀꓑꅁꖿꚡ땯냊굸걆엜놵뫞걆앶ꅁ쁈ꯡ녎뎯Ꝧ꣢ꑈꕈ녍뻷끥ꦹꭄ걷ꢹꗦ냪둍ꡄ걆ꩶꟈ앀ꅁ꒣ꪾꚹꑀ껸꺧맯ꖫ걏ꝑꙨꝑ…ꅶ떥꒣맪ꢥ뷗ꅁꓞ끟꣤ꕌꑗ뫴꒧ꑈ곛쑾Ꙟ삳ꣃꙢ뫴룴ꑗꢳ덴목ꦵ뒲ꖬꅃ롧꣤ꕌ뫴룴룪ꑈꙖ쏒듁라샋셼ꅁꣃ롧Ꙅꞽ뽮랥낻걤ꯡꅁ녎ꛦ결ꑈ륈쏒ꗦꩫ꒧덗ꥷ꣧끥ꕸꕟꙡ샋롰낻뿬ꅃ 롧ꕸꕟꙡ샋롰낻맮ꯡꅁ샋맮ꥸ뭻결ꅵ띎맏뱶암뚰꒤ꗦ꧶ꖫ돵ꚳ믹쏒꣩ꗦ꧶믹껦ꅁꛓ뒲ꖬ걹ꢥ꒣맪룪껆ꅁ삳ꕈ뱶암꽓ꥷ꒧ꚳ믹쏒꣩ꗦ꧶믹껦결궭ꅁꛜ땯ꫭ꩸꒧ꢥ뷗ꛓ뱶암뻣엩뚰꒤ꖫ돵뻣엩꒧ꗦ꧶믹껦ꅁꭨ꒣쓝꒧ꅃꙢꛛꗑ롧샙ꑕ꒧ꚳ믹쏒꣩ꗦ꧶ꖫ돵ꅁꖻ랥꧶꣼꣬ꙕ 136 뷐냑ꢣ덜듋냳ꅁSSL뭐륱ꑬ쎱뎹ꙷꗾ놹걉ꪺꓱ룻ꅁ쏒ꗦ룪껆닄ꕼ꒻ꑇ듁ꅁꗁ냪ꑋꑑꑅ꙾ꑑꓫꅁ< 137 뷐냑ꢣꑵ냓껉돸ꅁꗁ냪ꑅꑑ꙾ꑃꓫꑔꓩꅁ닄ꑔꪩꅃ 92
닄ꑔ뎹 뫴룴쏒꣩뙂듛 뫘룪끔꒧뱶암ꅁꗧꙝ냲꧳ꖫ돵룪끔꒧걹덱녯ꕈ꣏ꙕ뚵ꚳ믹쏒꣩꒧믹껦Ꙣꖫ돵꒤샲녯꣤ꖿ뵔꒧ꖫ돵뗻믹ꅁ쏒꣩ꗦ꧶ꩫꭥ뙽덗ꥷꝙꙢ꧳쇗ꝋꚳꑈꕈ꒣ꖿ럭꒧ꓨꩫ뱶암걙ꑀꚳ믹쏒꣩꒧믹껦ꅁ교룓ꚳ믹쏒꣩Ꙣꖫ돵ꑗ샲녯륌낪륌ꝃ꒧뗻믹ꅁ뱶암ꗦ꧶꾴Ꟈꅃꛜ굙ꛦ결ꑈ땯ꫭ걙뚵ꢥ뷗ꅁꭄꕈ뱶암걙ꑀꚳ믹쏒꣩Ꙣꖫ돵ꑗ꒧믹껦결ꗘꪺꅁꑓ꒣뭐걙ꑀ꽓ꥷꚳ믹쏒꣩꒧껸꺧ꚳ쏶ꅁ뛈ꙝ꣤꒺깥셱냊ꅁꛓꕩ꿠뱶암뻣엩쏒꣩ꗦ꧶ꖫ돵꒧믹껦ꅁꭨ꒣쓝룓롯뵤쎥ꅃꅶꛓ낵ꕘ꒣끟뙄덂꓀138ꅃ ꕴꑀꗳꝑꗎ뫴룴맯꧳꽓ꥷ늼뒲ꝇ꒣맪끔꺧ꪺ껗ꗳꭨ걏ꗑꙄꞽ낻ꑅ뚤꧳ꗁ냪ꑅꑑ꙾ꑔꓫꑑꕼꓩꯅꝇ낻꽽139ꅃ꣣돸룼ꕘꅁ룓껗꒧ꛦ결ꑈꭙꑀꙗꑪ뻇곣ꡳꗍꅁ꣤꧳ꑋꑑꑅ꙾ꑑꑀꓫꑕꚯꕈ꓆ꙗꅵWERT2001ꅶꙢ꥟벯뫴꾸ꅵꖫꗾꗁ뙽솿ꅶꅂꅵ뗦뎾뻇궸냏ꅶꅂꅵ륱ꑬꪺ띒꯫놡꒳ꅶꅂꅵ볶ꕢ뻉엩ꅶ떥ꖫ꽤ꢥꪩ궱ꑗ땯ꫭ볐썄ꅵ뮰Ꟗ뷦꒬늱륱ꅁꟖ귋ꑆꅶꪺ셱냊ꓥ뎹ꅁꣃꕘꅵꑪ깡ꧺꓑꑀꥷ굮꧱꒬늱륱빟ꖹꛦꅶꅂꅵ꒬늱녎꧱뇳ꕸ왗덱끔ꗎꭾ빐냢ꅁ뛈꽤ꑕOA뎡ꅶꅂꅵꑪ깡ꑤꑤ롕롕굮ꑰꓟ빟ꖹꛦ꒬늱ꑇꓤ늼ꅁꓗ꣤걏꒬늱륱ꅁ뙘뉻Ꙣ쇙ꚳꓜ꒸뮰Ꟗꕘ닦ꅁ꒣땍뙞꣬ꑑ꒸ꕈꑗ둎ꡓ뇏ꑆꅉꅶ떥꒣맪쇁ꢥꅁ덹ꚨ꒬늱륱늼녱ꑋꑑꑅ꙾ꑑꑀꓫꓜꑋꓩꓜꑔ쉉꒭꒸ꚬ뵌믹ꑀ룴ꑕ뙞꣬ꑑꑇꓫ꦳ꪺꑑꑔ쉉ꑋ꒸ꅃ ꛦ결ꑈ꧳비Ꙅꞽ곹뷍껉앇뫙ꅇꅵ꣤ꕚ땮ꓥ뎹걏ꙝꛛꑶ껉녠곝꣬덜Ꙩ뫴ꅂꙢꖫ곛쏶뫴꾸BBS꾸ꑗ끑뷗귓ꪬꩰꅁꣃꙢ꥟벯뫴꾸쏒꣩꒽ꕱ료곝꣬ꚳ쏶꒬늱꒽ꕱꪺ껸꺧ꅁꑾ라껄ꩫ꣤ꕌ뫴ꖦꕚ땮Ꙣ꽤ꢥꑗꅁ엽ꩠ띎ꅁꣃ때뱶암ꛦ놡ꛈ꣺ꝑ꽱ꪺ띎맏140ꅃꅶ 놩ꖻ껗ꥼꙢ낻걤뚥걱ꅁ꣤떲ꩇ꙰꛳꒴쏸륷듺ꅆ꒣륌ꅁꕈ쏒ꗦꩫ닄ꑀꛊ꒭ꑑ꒭뇸닄ꑀ뚵닄꒭듚꒧덗ꥷꕱꩫ맪냈맯ꚹ쏾껗ꗳ꒧멁ꯗꕩꪾꅁꕵ굮ꢬꕈ쏒ꧺꛦ결ꑈꚳ뱶암뚰꒤ꗦ꧶ꖫ돵ꚳ믹쏒꣩ꗦ꧶믹껦꒧띎맏ꅁꛓ뒲ꝇ걹ꢥ꒣맪룪껆ꅁꝙꢬꕈ룓럭ꖻ롯꒧멣ꚨ굮ꗳꅁꛜ꧳걏ꝟꙝꚹ샲ꚳꝑ꽱ꭨꭄ꧒냝ꅃ 138 뷐냑ꢣꕸ왗ꕸꕟꙡꓨꩫ끼샋맮롰ꑅꑑ꙾ꯗ낻꙲닄ꑀꑃ꒭ꑇ뢹꒣끟뙄덂꓀껑ꅃ 139 뷐냑ꢣ꒤껉뇟돸ꗁ냪ꑅꑑ꙾ꑔꓫꑑꕼꓩꅁ닄ꑔꪩꅃ 140 뷐냑ꢣ셰Ꙙ띳뭄뫴< 93
뫴믚뫴룴쏒꣩ꗦ꧶뙂듛꒧곣ꡳ ꗑꭥ굺껗꣒ꕈ냪ꕾ꒧ꕱꩫꝐꡍ떲ꩇꕩꕈ땯뉻ꅁꩫ끼맯꧳ꝑꗎ뫴믚뫴룴녱륈ꩫ꒧ꚳ믹쏒꣩ꗦ꧶ꛦ결ꅁꣃ꒣라ꚳ늧꧳뛇닎륈ꩫꗦ꧶ꛦ결꒧뗻믹ꅁꩫ끼꒧멁ꯗ뛈뭻결꧒꣏ꗎ꒧ꅵ둃엩ꅶ뭐뛇닎륈ꩫꛦ결ꚳꝏꛓꑷꅃ ꒣륌ꅁꗑ꧳ꝑꗎ뫴믚뫴룴뛇벽ꪺ껄ꩇ뭐뱶암땻ꯗ뵔맪룻뛇닎둃꒶쑙궫덜Ꙩꅁꛓꕂꕈ뫴믚뫴룴낵결띎ꯤꫭꗜ끥륆꒧둃꒶ꅁ꣤꧒꣣ꚳ꒧꽓껭꧊ꗧ뭐뛇닎둃꒶ꚳꝏꅁꙝꚹ때뷗ꗟꩫ냵ꩫ맯꧳뫴룴쏒꣩뙂듛ꛦ결꧒덹ꚨ꒧ꙍ깠ꅁ삳ꝟ꒩ꕈ꒣Ꙑ꒧뗻믹ꅁ곆ꛜ결ꙝ삳꣤꽓껭꧊ꛓ뱗귗빁럭꒧덗뵤ꅁ뎣걏귈녯ꕄ뫞뻷쏶뱦띖ꯤꛒꪺ뷒썄ꅃ굙뛈ꑀꣽꙡ녎뫴룴ꗦ꧶꒧궷쁉ꗦꗑ룪ꑈ쏒꣩냓ꛛꛦ꧓뻡ꅁꭨꅵ낷ꗾ땯깩ꖫ돵ꅁ뫻앀ꗦ꧶꾴Ꟈꅶꪺ꣏ꥒ녎쏸ꕈ땯뒧ꅃ 닄꒭론?뫴룴쏒꣩뙂듛꒧덤ꗴ? ꭥꑷ뷗ꅁ뫴룴뙂듛꒴땍쓝꧳쏒꣩뙂듛ꛦ결꒧ꑀꅁꙝꚹꝑꗎ뫴믚뫴룴녱쏒꣩뙂듛ꛦ결꒴삳꣼뉻ꛦ쏒꣩뙂듛꒧곛쏶덗ꥷ덗뵤ꅃꕈ과냪결꣒ꅁSEC맯꧳곛쏶꒧뫴룴쏒꣩뙂듛껗ꗳ꒴ꞡꕈ뙂듛뇸듚곛쏶덗ꥷꅁ꙰33꙾쏒꣩ꩫ닄17(a)ꅂ17(b)ꅁ34꙾쏒ꗦꩫ닄10(b)ꅂ15(a)Rule 10b-5떥Ꝁ결끟뙄ꪺ뷐ꡄ앶냲슦ꅃꛜ꧳ꩫ끼ꓨ궱ꅁ낣ꓖ볆껗ꗳꑷ낵ꕘ뭻롯Ꝑꡍꕾꅁꗘꭥꣃ때꣤ꕌꖿꚡꪺꝐꡍ떲ꩇꢬ룪냑ꛒꅃ ꕈ34꙾쏒꣩ꩫ닄10(b)뇸롔ꓮ쏒꣩뙂듛ꛦ결꒧덗ꥷꅇꅵꗴ꛳ꑈ꒣녯ꪽ놵뚡놵ꝑꗎꙻ믚냓냈ꑵ꣣뙬ꗳꗾ냪꧊쏒꣩ꗦ꧶꧒꒧덝돆ꅁꕈ륈쏒뫞라결뫻앀꒽Ꙁꝑ꽱ꭏ앀룪ꑈ꒧ꖲ굮꧒꣮굱꒧덗ꭨ꒧뻞셡뙂듛꒧ꓨꩫꅁ뙒뷦ꑗꖫꭄꑗꖫ꒧쏒꣩ꅶ141ꛓꢥꅁ룓ꩫ덗뵤꒧궫쉉Ꙣ꧳ꅵ꒣녯ꕈ뻞 141 34꙾쏒ꗦꩫ꒧쒶ꓥꭙ론뿽ꛛ뿠뗛쏒ꗦꩫ쓀롱ꅝꑀꅞꅁ닄349궶ꅃ꣤귬ꓥ꙰ꑕIt shall be unlawful for any person, directly or indirectly, by the use of any means or instrumentality of interstate commerce or of the mails, or of any facility of any national securities exchange-- a. To effect a short sale, or to use or employ any stop-loss order in connection with the purchase or sale, of any security registered on a national securities exchange, in contravention of such rules and regulations as the Commission may prescribe as necessary or appropriate in the public interest or for the protection of investors. b. To use or employ, in connection with the purchase or sale of any security registered on a national securities exchange or any security not so registered, any manipulative or deceptive device or contrivance in contravention of such rules and regulations as the Commission may prescribe as necessary or appropriate in the public interest or 94
닄ꑔ뎹 뫴룴쏒꣩뙂듛 셡뙂듛ꓨꩫꅶ뙒뷦ꚳ믹쏒꣩ꅁꛜ꧳녱뙂듛뻞셡꧒ꝑꗎ꒧둃꒶ꑵ꣣결꛳ꭨꣃꭄ덗뵤궫쉉ꅃ럇ꚹꅁ뫴믚뫴룴쏒꣩뙂듛껗ꗳ빁ꗎꑀ꿫꒧뙂듛뇸듚삳때뫃롱ꅃ SEC34꙾쏒ꗦꩫ닄10(b)뇸꒧뇂앶ꅁ꧒꣮굱ꪺRule 10b-5ꚨ결럭ꭥ덗뵤쏒꣩뙂듛ꗁ덤ꗴ돌궫굮ꪺ덗ꥷ142ꅃꛜ꧳곛쏶꒧ꛦ걆덤ꗴꅂꙄ덤ꗴ떥ꭨ뒲ꢣ꧳34꙾쏒ꗦꩫ닄21뇸ꅂ닄32뇸떥곛쏶덗ꥷ143ꅃ ꛜ꧳냪ꚳ쏶꒧덤ꗴ덗뵤ꅁꭨ믝뗸귓껗쓝꧳ꫬ꿅ꖫ돵꒧땯ꛦꅂ뛒뚰꒧뙂듛ꅁꚸ꿅ꖫ돵ꗦ꧶뙂듛곆ꛜ쓝꧳뻞셡ꖫ돵ꛦ결ꛓ꓀ꝏ닄ꑇ뎹닄ꕼ론꧒굺ꅁ빁ꗎ곛쏶덗ꥷ끬ꡳ꣤덤ꗴꅁ꧳ꚹ꒣ꙁ싘굺ꅃ for the protection of investors. " 142 Id. 143 34꙾쏒ꗦꩫ닄21뇸ꭙꚳ쏶ꛦ걆뷕걤ꅂꙄ끬뙄꒧덗ꥷꅁ닄32뇸ꭙꚳ쏶꧳Ꙅ덤ꗴ꒧덗ꥷꅁ뷐룔냑ꓥꯡ뿽ꑀꅃ 95
뫴믚뫴룴쏒꣩ꗦ꧶뙂듛꒧곣ꡳ 96
닄ꕼ뎹 룪ꑈꭏ앀 닄ꕼ뎹 룪ꑈꭏ앀 닄ꑀ론?ꭥꢥ 룪ꖻꖫ돵걏싇ꗑꗸ띾땯ꛦꚳ믹쏒꣩ꅁꝬꓞ룪ꑈ룪ꛓꚨ꒧ꚳ껄뉶ꪺꖫ돵1ꅆ뇽Ꝭꓞ룪ꑈ뙩ꑊ룪ꖻꖫ돵ꪺ돌ꑪ뮤ꙝꅁ때ꭄ걏궰ꝃꖫ돵궷쁉ꅂ뵔ꭏ룪ꝑ꽱ꅆ걏걇냟ꚳ뒣꣑ꙷꗾꅂꛛꗑꅂ꒽ꖭꪺ룪샴맒ꅁꑾꢬꕈꝬꓞ룪ꅁ뙩ꛓ땯뒧ꪽ놵뿄ꪺꕜ꿠ꅆꛓ럭ꪽ놵뿄ꪺꕜ꿠땯뒧꒧ꯡꅁꥬꚳꕩ꿠꣏냪깡롧샙샲녯ꕒ꓀땯깩ꪺ뻷라ꅃ뒫ꢥ꒧ꅁ냟ꚳ럭룪ꑈ앶꽱샲녯ꕒ꓀ꭏ믙ꯡꅁ쏒꣩룪ꑾ라셣늱ꅁꛓ쏒꣩룪셣늱꒧ꯡꅁꗸ띾ꥬ꿠뛗뚰룪ꭐ꣏ꗸ띾겡냊겡볢ꅁ뙩ꛓꭐꚨ냪ꗁ롧샙ꪺ셣멡2ꅃꗧꝙꑀ냪롧샙꒧멡걜ꕩ롧ꗑ룪ꖻꖫ돵꒧뾳끉ꛓꫭ뱸꧳ꕾꅁꚹꗧꝙ꛳ꕈꙕ냪때꒣녎쏒꣩ꖫ돵뗸결ꑀ냪ꅵ롧샙썯떡ꅶꪺ귬ꙝ꧒Ꙣꅃ ꚳ얲꧳ꚹꅁꕀ곉ꙕ냪닶꒣ꕈ꣮굱ꞹ떽ꪺ룪ꖻꖫ돵뫞뉺ꩫ덗ꅁꯘ멣ꙮꪺ룪ꑈꭏ앀뻷꣮ꅁꕈꝀ결땯깩냪깡롧샙ꅂ뫻꯹룪ꖻꖫ돵꾴Ꟈꭏ믙룪ꑈ앶꽱ꪺ궫굮ꓢ걱ꅃ꣤꒤쏶꧳쏒꣩뫞뉺꒧맯뙈ꅁꭙꕈ쏒꣩ꖫ돵꣤냑뭐결ꕄꅁ꓀ꝏꕈ맯꒽뙽땯ꛦ꒽ꕱ뭐쏒꣩ꩁ냈띾ꪺ뫞뉺ꅁꕈ룪ꑈ룪ꛦ결ꪺ덗뵤결ꑔꑪꕄ뙢ꅃ 맯꒽뙽땯ꛦ꒽ꕱꓨ궱ꅁꕈ룪끔꒽뙽ꅝdisclosureꅞꪺ굮ꡄꅁꝀ결ꭏ믙룪뭐낷ꗾꖫ돵꾴Ꟈꪺꕄ굮ꓢ걱ꅆ맯꧳쏒꣩ꩁ냈띾ꓨ궱ꅁꭨꕈ덜ꕩ꣮ꯗ3ꅁ싇ꗑ꣏ꗎ쏒꣩ꗦ꧶꧒룪껦ꪺ궭꣮Ꝁ결쏒꣩ꩁ냈띾꣺녯샧띾룪껦ꪺ놱꣮ꓢ걱ꅁ맯꧳ꑷ꣣ꚳ쏒꣩띾롧샧룪껦ꅁꭨꕈ셣싸ꪺ뫞뉺덗ꭨ롧ꗑꛛꯟ닕슴맯라귻뚡ꪺꛛꯟ덗뵤Ꝁ결뫞뉺ꪺ뻷꣮4ꅆꛜ꧳룪ꑈ룪ꛦ결ꪺ덗뵤ꭨꕈ롔ꓮ뙂듛ꖫ돵뻞셡떥꒣ꖿ럭ꗦ꧶ꛦ결Ꝁ결뫞뉺궫쉉5ꅃ 쇶땍ꅁ뫴믚뫴룴엜ꑆ쏒꣩ꖫ돵ꪺ륂Ꝁꅁ뒣ꑆ룪끔뛇뮼ꪺ껄꿠ꅁ땍 1 뷐냑빜뎯걋ꑳꅁꯘꗟ룪ꑈꭏ앀ꩫ꣮ꅁ쏒꣩쉤쉩닄ꑔꑑꑋ듁ꅁ닄1궶ꅁꗁ냪ꑋꑑꑋ꙾ꑋꓫꅃ 2 뷐냑빜ꩌ냪ꗾꅁ쏒꣩ꗦ꧶ꩫ뭐쏒꣩ꛦ걆ꅁ뉈ꚿ뻇돸닄ꑔꑑꑔ듁ꅁ닄371궶ꅁꗁ냪ꑋꑑꑔ꙾ꑔꓫꅃ 3 ꙰쏒ꗦꩫ닄ꑑꑋ뇸닄ꕼꑑꕼ뇸꒧덗ꥷꅁ쏒꣩룪곛쏶띾뭐쏒꣩냓삳롧ꕄ뫞뻷쏶꒧껖귣덜ꕩꅁꥬ녯롧샧곛쏶띾냈ꅃ 4 ꣒꙰과냪꣩냓뚷꣺녯과냪꿃곹쏒꣩ꗦ꧶꧒꒧라귻깵ꛬꅁꥬ녯ꝑꗎ룓ꖫ돵ꛛꛦ꣼끕뙒뷦꧳룓ꖫ돵꒺놾땐꒧ꚳ믹쏒꣩ꅁꛓ냪ꗘꭥꪺ쏒꣩ꗦ꧶꧒ꭨꭙ꒽ꕱ꣮ 멁ꅁ쏒꣩냓ꖲ뚷뭐쏒ꗦ꧒쎱굱꣏ꗎꖫ돵ꮴ곹ꅁ꣏녯ꝑꗎ룓ꖫ돵ꛦꚳ믹쏒꣩뙒뷦ꅃ 5 뷐냑빜ꝅ뗛쏒ꗦꩫꅁ닄3궶ꅃ 97
뫴믚뫴룴쏒꣩ꗦ꧶뙂듛꒧곣ꡳ ꛓ쏒꣩ꖫ돵ꪺ뫞뉺뭐룪ꑈꭏ앀ꪺ귬ꭨꣃ꒣ꙝ결뫴룴껉ꕎꪺ꣓셻ꛓꚳ꧒엜ꅆ곛ꙡꅁ쏒꣩뫞뉺ꑵꝀꟳꖲ뚷뭐껉귑뙩ꙡ싇ꗑ뷕뻣닕슴ꅂ녪꓆뫞뉺뻷꿠ꅁꝑꗎ룪끔곬꧒녡꣓ꪺꭋꝑꭐ뙩룪ꭏ믙ꕜ꿠ꅁꝟꭨ꺣녎꒣ꢬꕈ뻡굴ꭏ믙룪ꅂ땯깩롧샙ꪺ꣏ꥒ6ꅃ ꖻ뎹ꕈꑕ녎끷맯뫴룴껉ꕎ꧒덹ꚨꪺ엜궲ꅁꗑ룪ꑈꭏ앀ꪺꗟ돵ꅁ맯꧳ꕈ과냪결ꕄꪺ룪ꑈꭏ앀놹걉낵ꑀ뱳꩸ꪺ끑뷗ꅁꗸ맏싇ꚹ뒣ꕘꕩ꣑냪꒺쏒꣩ꕄ뫞뻷쏶ꅂꛛꯟ닕슴쏒꣩띾ꅁ곆ꛜ룪ꑈ냑ꛒꪺ뻚ꅃ 닄ꑇ론? IOSCOꪺꯘ쒳Ꝁꩫ 냪믚쏒꣩뫞뉺ꥥ귻라닕슴ꅝInternational Organization of Securities Commissionsꅞꪺ곬ꑰ닕꧳ꑀꑅꑅꑋ꙾ꑅꓫꑑꑔꓩ꧳셼ꛦꪺIOSCO꙾라꒤꧒뒣ꕘꪺ뫴믚뫴룴쏒꣩ꗦ꧶겡냊돸ꝩꅁ냲꧳ꅝ1ꅞ룪ꑈꭏ앀ꅝthe protection of investorsꅞꅆꅝ2ꅞ뵔ꭏ쏒꣩ꗦ꧶ꖫ돵ꪺ꒽ꖭꅂ껄뉶뭐덺ꧺꅝensuring that securities markets are fair, efficient and transparentꅞꅆꅝ3ꅞ궰ꝃ꡴닎궷쁉ꅝthe reduction of system riskꅞ떥ꑔ뚵ꗘ볐쉫꿇ꑆ꒭귓냲ꖻ귬ꭨꅁ뒣꣑ꙕ냪Ꙣ땯깩뫴룴쏒꣩ꗦ꧶ꅁꕈꕄ뫞뻷쏶꣮굱뫞뉺걆떦껉냑ꛒ7ꅇ ꑀꅂ?쏒꣩뫞뉺ꪺ냲ꖻ귬ꭨ꒣녯ꙝ결꧒꣏ꗎꪺ둃엩꒣Ꙑꛓꚳ꧒깴늧ꅝThe fundamental principles of securities regulation do not change based on the medium.ꅞꅆ ꑇꅂ?뿭녱쏒꣩뫞뉺ꩫ덗ꪺ냲ꖻ귬ꭨꅁꕄ뫞뻷쏶꒣삳룓맯꧳쏒꣩냑뭐쏒꣩ꖫ돵Ꙙꩫꪺ뫴룴륂ꗎꕛꕈ꒣ꖲ굮ꪺꑺ꽁ꅝConsistent with the fundamental principles of securities regulation, regulators should not unnecessarily impede the legitimate use of the Internet by 6 SECꕄ깵Ꟶ뫻꽓ꅝArthur LevittꅞꙢ돌꫱ꪺ꒽뙽면뮡꒤Ꙩꚸ녪뷕ꣃ뒦ꗜSEC꧒굴ꚳꪺꗴ냈Ꙣ꧳ꙝ삳껉ꕎ뭐곬ꪺ엜궲ꅁ쁈껉낵ꙮ쏒꣩ꖫ돵뫞뉺놹걉ꅁꭏ믙룪샴맒ꅂꯘꗟ룪ꑈ맯ꖫ돵ꪺꭈ뿠띐ꅁ꽓ꝏ걏뉻꒵덂꧳곬껉ꕎꅁꟳ꒣ꕩꙝ결꿔럄꧳곬꧒녡꣓ꪺꭋꝑꅁꛓꦿ늤ꑆꖫ돵궷쁉뫞뉺뭐룪ꑈꭏ앀ꅃSee Arthur Levitt Jr., Investor Protection in the Age of Technology, Remarks at the Third Annual Financial Services and Technology Conference, Salt Lake City, Utah (March. 6, 1998), available at < 7 See Securities Activity on the Internet –A report of the Technical Committee of the International Organization of Securities Commissions , Available at < 98
닄ꕼ뎹 룪ꑈꭏ앀 market participants and markets.ꅞꅆ ꑔꅂ?ꙕ냪ꪺ쏒꣩ꕄ뫞뻷쏶삳뫉ꑏ맯꧳뉻ꚳ쏒꣩ꩫ덗꙰꛳빁ꗎ꧳뫴룴샴맒꒤ꪺ쒳썄끬ꡄ덺ꧺ꧊뭐ꑀ교꧊ꅝRegulators should strive for transparency and consistency regarding how their regulations apply in an Internet environment.ꅞꅆ ꕼꅂ?ꙕ냪ꪺ쏒꣩ꕄ뫞뻷쏶삳룓ꙘꝀꣃ꓀ꦼꚹꪺ룪끔ꕈꚳ껄ꙡ뫊럾ꅂ뫞뉺뫴룴쏒꣩ꗦ꧶겡냊ꅝRegulators should cooperate and share information to monitor and police securities activity on the Internet effectively.ꅞꅆ ꒭ꅂ?ꙕ냪ꪺ쏒꣩ꕄ뫞뻷쏶삳룓엩뭻꣬륱ꑬ둃엩ꪺ땯깩뭐ꚹ쏾둃엩ꪺ삳ꗎꅁ녎라꒣쉟ꙡ뇀뎯ꕘ띳ꅝRegulators should recognize that electronic media and the use of such media is likely to evolve.ꅞꅃ 낣ꑆꭥ굺꒭뚵귬ꭨꕈꕾꅁ룓ꚸ라쒳ꑝꯘ쒳ꙕ냪쏒꣩ꕄ뫞뻷쏶ꅁꙢ쏶ꩠ뫴룴쏒꣩ꗦ꧶땯깩ꪺꙐ껉ꅁꗧ삳룓곣ꡳ꙰꛳굮ꡄ땯ꛦꑈꅂ쏒꣩냓떥ꝑꗎ뫴믚뫴룴꧒녡꣓ꪺꭋꝑꅁ뱩ꛦ쏒꣩ꩫ덗꧒굮ꡄꪺ롱냈ꅁ곆ꛜꕄ뫞뻷쏶ꖻꢭꑝ삳룓떽ꗎ뫴믚뫴룴륆꣬ꅵ땯깩롧샙ꅂꭏ믙룪ꅶꪺꗘꪺꅃ꣒꙰ꅇ ꑀꅂ?ꓥꗳꗦꕉ뭐꒽뙽뒦앓ꪺ롱냈ꓨ궱ꅇ꒽뙽룪끔ꅝ꣒꙰꒽뙽뮡ꧺ껑ꅞꪺꗦꕉ걏ꝟꕩ덺륌륱ꑬꓨꚡꗦꕉꅁ꣤껄ꑏ뭐뛇닎ꗦꕉꛦ결꒧뚡ꚳ때꒣Ꙑꅁ삳ꕛꕈ싧뉍8ꅃ ꑇꅂ?륱ꑬ끏뿽ꭏ꙳ꓨ궱ꅇꗑ꧳ꙕ냪쏒꣩ꩫ덗맯꧳땯ꛦ꒽ꕱꅂ쏒꣩냓떥ꅁ쏶꧳꽓ꥷ뚵꒧끏뿽ꞡ굮ꡄ믝ꭏ꙳ꑀꥷꪺ꙾궭ꅁꕈꝑꓩꯡ꒧걤빜ꅂ껖맯ꅆꛓ룓쏾룪껆ꅝ꣒꙰륱ꑬꚡ꒽뙽뮡ꧺ껑ꅂ뫴룴ꑕ돦ꥥ끕룪껆떥ꅞ삳꙰꛳ꞹ뻣ꭏ꙳ꅁꗧ삳덺륌뽮랥ꪺ덗뵤ꅁ꣏곛쏶ꪺꖫ돵냑륷ꚳ꧒둠9ꅃ ꑔꅂ?ꚳ믹쏒꣩뵵ꑗ땯ꛦꓨ궱ꅇ덱녠ꙕ냪쏒꣩ꕄ뫞뻷쏶맯ꚳ믹쏒꣩꒧녯ꝟ땯ꛦꅁ꒣ꕾꕇ뇄꣺ꅵꗓ돸ꗍ껄ꅶ뭐ꅵ껖귣ꗍ껄ꅶꑇ뫘쏾ꮬꅁꚹꕾꥼꚳ꽓껭ꪬꩰꑕꕩ뇄꣺ꅵ쇅ꝋ땯ꛦꅶꅝexemptionsꅞ10ꡰ뛒ꅝprivate 8 Id at p. 23 9 Id. 10 ꙰과냪쏒ꗦꩫRegulation D꧒결꒧땯ꛦꝙ쓝쇅ꝋ땯ꛦꅃ 99
뫴믚뫴룴쏒꣩ꗦ꧶뙂듛꒧곣ꡳ offeringꅞꅁꙕ냪쏒꣩ꕄ뫞뻷쏶ꑝ삳룓맯꧳ꝑꗎ뫴룴뙩ꛦ쇅ꝋ땯ꛦꡰ뛒꒧ꛦ결걏ꝟꙘꩫꅁꫭ륆꣣엩띎ꢣꅃ ꕼꅂ?Ꙣꕄ뫞뻷쏶ꪺ뫴룴삳ꗎꓨ궱ꅁIOSCOꯘ쒳ꙕ냪ꕄ뫞뻷쏶삳궫뗸ꅇ ꅝꑀꅞ?룪ꑈ뇐ꅇꕄ뫞뻷쏶삳덺륌뫴룴ꪺꕜ꿠ꅁ뙽앐룪ꑈ뇐룪ꑈꩁ냈녍냏ꅁ꒣뛈싇ꕈꯅ뻉쏒꣩꒧룪왛꧀ꅁ곆ꛜꕩ뒣꣑쏒꣩ꗦ꧶ꪧ쒳껗꣒ꅁ뒣뿴룪ꑈꩠ띎룪뎴ꣀꅁ쇗ꝋꚨ결쏒꣩뙂듛ꗳꪺ꣼깠ꅃꟳ뽮랥ꅁꗧꕩꚨꗟꗓ뙄꒤ꓟꅝComplaint centerꅞꅁ꣏뫴룴룪ꑈꕩ쁈껉샋셼ꚳ륈ꩫ꒧뢷ꪺ룪뙂듛ꛦ결11ꅃ ꅝꑇꅞ?뫞뉺놹걉ꅇIOSCOꯘ쒳Ꙣꕄ뫞뻷쏶ꪺ뫞뉺놹걉ꓨ궱ꅁ맯꧳ꅝAꅞ뛇닎땯ꛦ껗ꗳ꧒믝ꗓ돸꒧룪껆ꅁ덱녠ꕈ껑궱ꓨꚡ결꒧ꅁ걏ꝟꕩ뇄륱ꑬꗦꕉ뵵ꑗꗓ돸ꅁꕄ뫞뻷쏶ꥹ뺨덴싧뉍ꅃꅝBꅞ쏶꧳쏒꣩뫞뉺ꩫ덗ꅂꗦ꧶덗ꭨ떥꒧뱗귗뭐엜궲ꅁꕄ뫞뻷쏶ꕩꝑꗎ뫴꾸뒦앓ꅁꣃ뒣꣑ꖫ돵냑뭐꣏ꗎꅁꕈꝑ둸뒤돌띳ꪺꩫ덗꿟냊ꅃꅝ3ꅞ걊땍쏒꣩뙂듛ꭙꙝ결뫴룴꒧꽓꧊ꛓꟳꕛ늱ꛦꅁꕄ뫞뻷쏶ꟳ삳싇ꗑ뫴룴뫊뗸ꅂ셼땯꒣ꩫꅁ쇗ꝋ때뙤룪ꑈ꣼깠ꅃ IOSCO꧒결ꪺꯘ쒳ꅁ맯꧳ꙕꚨ귻냪ꪺ쏒꣩ꕄ뫞뻷쏶ꛓꢥꞡ꣣ꚳ곛럭ꪺꧫꟴ꧊ꅁꛓꭥ굺ꯘ쒳ꑷ결걙냪깡ꑷ뇄ꛦꪺꝀꩫꅁ꙰과냪ꪺ뵵ꑗ뛒뚰ꅂ륱ꑬꗦꕉ떥ꅆ땍ꛓꥼꖼꕉ뷑ꛦ냊ꪺꗧ삳꒣Ꙣꓖ볆ꅃ맯꧳냪뫴룴쏒꣩ꗦ꧶ꛓꢥꅁ룓ꯘ쒳맪꣣ꚳ곛럭ꪺ냑ꛒ믹귈ꅃ 닄ꑔ론?과냪ꪺꝀꩫ 닄ꑀ뚵?맯땯ꛦ꒽ꕱꪺ뫞뉺ꅘ룪끔꒽뙽뒦앓 ꗑ꧳룪ꑈꣃ때ꩫꪽ놵ꗑꚳ믹쏒꣩ꪺꕾ왛Ꝑ쉟꣤롧샙믹귈ꅁꛓꖲ뚷덺륌땯ꛦ꒽ꕱꖻꢭ띾냈ꅂ끝냈ꪬꩰꪺꅁꡍꥷ꣤꧒땯ꛦ꒧ꚳ믹쏒꣩룪믹귈ꪺ낪ꝃꅆꙝꚹ땯ꛦ꒽ꕱꖻꢭꪺ띾냈ꅂ끝냈ꪬꩰꪺ꒽뙽뭐꽵맪ꅁꢬꕈ뱶암룪ꑈ맯꧳룓ꚳ믹쏒꣩믹귈ꪺ뗻꛴뭐Ꝑ쉟ꅁ꧒ꕈꙕ냪ꞡ꧳쏒ꗦꩫ 11 Supra note 6 at p. 24. 100
닄ꕼ뎹 룪ꑈꭏ앀 ꒤녎꒽뙽뒦앓귬ꭨꝀ결꣤궫굮ꪺ롱냈굮ꡄꅁ12싇ꕈ궰ꝃ쏒꣩뙂듛ꛦ결땯ꗍꪺ뻷라ꅃꛓ뫴룴껉ꕎꪺ꣓셻ꅁ꒣뛈뒣낪ꑆ룪끔뛇뮼ꪺ껉껄ꅁꙐ껉꣏녯룪끔ꪺ뛇벽ꅂ쉞꣺엜녯ꟳꕛ깥꧶ꅁ맯꧳땯ꛦ꒽ꕱ뭐쏒꣩띾꣓뮡ꅁꖿꕩꕈꝑꗎ뫴룴곬꧒녡꣓ꪺꭋꝑ꧊ꅁ녪꓆룪끔꒽뙽ꪺ굮ꡄꅁꭋꝑ룪ꑈ꣺녯곛쏶ꖲ굮룪끔ꅃ 닄ꑀ듚?ꕛ녪룪끔꒽뙽ꪺ굮ꡄ 쏶꧳꒽뙽뒦앓롱냈ꪺ뷮ꛦꓨꚡꅁꛛ땍ꑝ라ꙝ결곬ꪺ땯깩ꛓ궱셻뷕뻣ꪺ삣ꑏꅆꚭꙢꑀꑅꑋꕼ꙾ꅁSECꝙ뭻쏑꣬ꝑꗎ륱ꑬꗓ돸꣺녯룪끔ꪺ믹귈뭐꣤꧒녡꣓ꪺꭋꝑ꧊ꅁ걇럭껉ꭋ꧳쏒뫞라덝롭ꑆ륱ꑬꗓ돸Ꝁ띾꡴닎13ꅃ껉ꛜ꒵ꓩꅁ떴ꑪꙨ볆과냪ꖻꙡꪺ땯ꛦ꒽ꕱ뎣뙽ꥬ뇄ꗎEDGAR (Electronic Data Gathering Analysis, and Retrieval)뙩ꛦ륱ꑬ색껗ꪺꗓ돸Ꝁ띾14ꅃ 맪ꑗꅁꗑ꧳륱ꑬ뭐뫴룴곬ꪺ뙩ꡂꅁ꣏녯룪끔꒽뙽꒧뷮ꛦ꒣뛈엜녯ꟳꚳ껄뉶ꅁꛓꕂꑝꑪ둔ꪺ궰ꝃꑆ꧒믝ꓤꕘꪺꚨꖻꅁ때뷗맯쏒꣩뫞뉺ꅂ땯ꛦ꒽ꕱꅁ곆ꛜ룪ꑈꛓꢥꅁꞡ쓝ꑀꑪ뫖궵ꅃ맯ꚹꅁSECꝙ뒿꧳ꑇꆳꆳꆳ꙾ꕼꓫꑇꑑꑋꓩ땯ꝇ쏶꧳땯ꛦꑈꝑꗎ륱ꑬ둃엩꒧뻉ꓨ끷ꪺ룑쓀꣧ꅝꕈꑕ뫙2000꙾룑쓀꣧ꅞ15ꅁ꽓ꝏ녪뷕쏶꧳쏒꣩ꖫ돵ꝑꗎ륱ꑬ둃엩ꪺꕼꑪ궫쉉ꅇ(1)륱ꑬꗦꕉꅝelectronic deliveryꅞꅆ(2)뫴꾸꒺깥ꅝwebsite contentꅞꅆ(3)뵵ꑗ뛒뚰ꅝonline offeringꅞꅆ(4)곬왛꧀ꅝtechnology conceptsꅞ떥ꅁꢬꕈꝀ결쏒꣩땯ꛦꑈꖫ돵냑뭐 12 ꧒뿗ꪺꅵꕒ꓀뒦앓ꅶ귬ꭨꅝFull disclosureꅞꑄ랽ꛛ꧳굞냪꒽ꕱꩫꅆꚹꑀꕒ꓀뒦앓ꪺ굮ꡄꕎꫭ뗛걆ꦲꙢ랥ꑏꢾꓮ쏒꣩뙂듛롧샙ꗇ롯뭐릪쁹룪ꑇ뚡ꪺ끊놹걉ꅁSee James M. Bartos, Erank D. Dangerard, United States Securities Law a Practical Guide 2 (1992) 13 See . Securities and Exchange Commission Report to the Congress, The Impact of Recent Technological Advances on the Securities Markets, available at < 14 Id. 15 룓꣧꒣뛈녎SEC륌ꕨ결ꙝ삳쏒꣩ꖫ돵뫴룴꓆꧒낵ꕘꪺ룑쓀꣧꒩ꕈ룉ꕒꅁꙐ껉ꑝ맯꧳땯ꛦ꒽ꕱ뫴꾸곛쏶꒺깥꒧덤ꗴꅂꣃ맯뵵ꑗ뛒뚰꧒삳ꩠ띎꒧ꩫꯟ귬ꭨꚳ룔닓ꪺ뷗굺ꅃ꣤꒤뒣꣬(1)륱ꑬꗦꕉꅝelectronic deliveryꅞꅇ쏶꧳꒽뙽뮡ꧺ껑ꅂ꒽ꕱ꙾돸ꅂꕈꥥ끕뱸ꡄ룪껆ꅆ(2)뫴꾸꒺깥ꅝwebsite contentꅞꅆ(3)뵵ꑗ뛒뚰ꅝonline offeringꅞ뭐(4)곬왛꧀ꅝtechnology conceptsꅞ떥ꕼꑪ궫쉉ꅃSee SEC Interpretation: Use of Electronic Media,(the 2000 Release), available at < > 101
뫴믚뫴룴쏒꣩ꗦ꧶뙂듛꒧곣ꡳ 녱뫴룴쏒꣩ꗦ꧶껉ꪺ궫굮냑ꛒꅃ16 닄ꑇ듚?ꭋꝑ룪끔꣺녯 ꭥꑷ뷗ꅁ땯ꛦ꒽ꕱ곛쏶룪끔ꪺ꒽뙽뒦앓맯꧳쏒꣩ꖫ돵꣣ꚳ떴맯궫굮ꪺ띎롱뭐ꕜ꿠ꅁꛓ룓떥룪끔ꪺ꣺녯ꓨꩫ낣ꑆꕈ뛇닎ꪺ껑궱룪껆ꗦꕉꕈꕾꅁ쁈뗛뫴룴껉ꕎꪺ뙽깩ꅁ륱ꑬꗦꕉꑷ붫결땯깩ꪺ쇍뛕ꅁSEC쇶ꚭꙢꑀꑅꑅ꒭꙾ꝙ뒿ꕈ룑쓀꣧ꪺꓨꚡꅁꥷ륱ꑬꗦꕉꪺ빁ꩫ꧊ꅁꅝꕈꑕ뫙1995룑쓀꣧ꅞ17꒣륌ꅁ꣤쁈ꯡꟳꙨꚸ땯ꝇ룑쓀꣧맯꧳륱ꑬꗦꕉꪺ곛쏶냝썄낵룉ꕒ뮡ꧺ뭐싧뉍ꅃ 쏶꧳륱ꑬꗦꕉꪺ뷒썄ꅁ1995꙾룑쓀꣧꒤맯꧳땯ꛦ꒽ꕱ꣩냓ꝑꗎ륱ꑬꓨꚡꗦꕉ곛쏶ꓥꗳ껉ꖲ뚷꣣돆ꑔ뚵굮ꗳꅇ ꅝꑀꅞ?덱ꪾꅝnoticeꅞꅇ삳껉ꣃꕈ빁럭ꪺꓨꩫ덱ꪾ룪ꑈꅁ룓륱ꑬꓥꗳꕈ덂꧳ꕩꝑꗎꪬ멁ꅃ꣒꙰땯ꛦ꒽ꕱ꣩냓뛈녎삳ꗦꕉꪺ룪끔롭꧳꒽ꕱ뫴꾸껉ꅁꭨ삳ꕈ빁럭ꓨꩫ덱ꪾ룪ꑈꅁꣃꝩꪾ쉞꣺ꪺꓨꩫꅃ ꅝꑇꅞ?놵쒲ꅝaccessꅞꅇSEC뭻결ꅁꕈ륱ꑬꓨꚡꗦꕉ꒽뙽룪끔ꅁꛜꓖ삳룓륆꣬뭐륌ꕨꝑꗎ껑궱룪껆ꅝpaper basedꅞ뒣꣑껉ꕩ곛뒣ꣃ뷗ꅝcomparableꅞꪺ땻ꯗꅁꗧꝙ땯ꛦ꒽ꕱ꣩냓ꖲ뚷녎꧒뒣꣑ꪺ륱ꑬ룪껆덝군ꚨ꧶꧳ꝑꗎꅂꕩꗴ띎ꑕ룼ꕂꕩꭏ꙳ꪺꚡꅃ ꅝꑔꅞ?엣ꗜꗦꕉ꒧쏒뻚ꅝevidence to show deliveryꅞꅇ뇽Ꞵ떽륆ꚨ륱ꑬꗦꕉꓥꗳ꒧롱냈ꅁ땯ꛦ꒽ꕱ꣩냓낣ꑆꑗ굺굮ꡄꕈꕾꅁꖲ뚷ꩠ띎꽤꙳ꗦꕉꪺ쏒뻚ꅝevidence of deliveryꅞꕈ쇗ꝋ녎꣓땯ꗍ꒣ꕩ륷ꢣꪺ꿉ꪧꅃ 쇶땍SEC뭻결1995꙾룑쓀꣧ꪺ굮ꡄ꒴ꢬꕈ닅Ꙙ꧳ꗘꭥ륱ꑬ샴맒ꪺ땯깩ꅁ꣤꒴싂꧳2000꙾룑쓀꣧룉ꕒꑆꑕꙃ곛쏶ꪺꗜ 16 See Use of Electronic Media for Delivery Purpose, Securities Act Release No. 7233 (Oct. 6, 1995) [60 FR 53458] (the 1995 Release). Available at < 17 Id 102
닄ꕼ뎹 룪ꑈꭏ앀 ꅝguidanceꅞꅁ꣏륱ꑬꗦꕉꪺꪧ쉉ꟳ꧶꧳싧뉍ꅃ ꅝꑀꅞ?륱룜Ꙑ띎ꅝTelephonic Consentꅞꅇ1995꙾ꪺ룑쓀꣧굮ꡄꕈ륱ꑬꓨꚡꗦꕉꓥꗳ껉ꅁꖲ뚷꣣ꚳꗦꕉ꒧쏒ꧺꅝevidence of deliveryꅞꅆꛓ결몡ꢬꚹꑀ굮ꡄꭨꕩꕈ싇ꗑ룪ꑈꕘ꣣꣤쑀띎ꕈ꽓ꥷ륱ꑬ둃꒶놵ꚬ룪끔ꪺꙐ띎덱ꪾꅝto obtain an informed consent from an investor to receive information through a particular electronic mediumꅞꪺꓨꚡ결꒧ꅃSEC꧳1996꙾뒿롧ꕈꕴꑀ귓룑쓀꣧ꅝꕈꑕ뫙1996꙾룑쓀꣧ꅞ꣧ꗜꅁ꧒뿗ꪺꅵꙐ띎덱ꪾꅶꅝinformed consentꅞꖲ뚷ꕈ껑궱륱ꑬꓨꩫ뭳Ꝁꥬꚳ껄ꅃ18ꛜ꧳ꝑꗎ륱룜Ꙑ띎걏ꝟꕩꝀ결Ꙑ띎덱ꪾꪺ쏒ꧺꅈꗑ꧳1995꙾뭐1996꙾ꪺ룑쓀꣧꒤맯ꚹꣃꖼꧺꗕ룑쓀ꅁ걇SEC꽓ꝏ꧳2000룑쓀꣧꒤뒣꣬ꅇꅵꕵ굮땯ꛦꑈ꣩냓ꚳ꿠ꑏ녎룓Ꙑ띎덱ꪾꚳ껄ꭏ꙳ꅁꭨ삳뭻결륱룜Ꙑ띎ꗧ결ꚳ껄ꪺꙐ띎ꓨꩫ꒧ꑀꅃꅶꅝtelephonic consent may be permissible if an issuer or intermediary retains a record of the consentꅞ19ꅃ ꅝꑇꅞ?랧걁Ꙑ띎ꅝGlobal Consentꅞ:1995꙾ꪺ룑쓀꣧꒤ꅁꣃꖼ뮡ꧺ땯ꛦ꒽ꕱ쏒꣩꒤꒶ꅝ꙰꣩냓ꅞꕈ륱ꑬꓨꚡꗦꕉꓥꗳ껉ꅁ걏ꝟꕩꕈ뻌룪ꑈ꧳꽓ꥷ꣩냓뙽ꓡ껉꧒결ꪺ랧걁Ꙑ띎ꅁ럭Ꝁ맯ꗾ엩ꪺꙐ띎ꅈ2000꙾룑쓀꣧맯ꚹ냝썄ꪺ곝ꩫꭙ뇄룻ꭏꙵꪺ멁ꯗꅁ뭻결럭룪ꑈ꧳꣩냓뙽ꓡ껉ꅁ쇶땍랧걁Ꙑ띎땯ꛦ꒽ꕱ꣩냓ꕈ륱ꑬꓨꚡꗦꕉꓥꗳꅁ룓랧걁Ꙑ띎ꅁꣃ꒣ꢬꕈꝀ결ꅵꙐ띎덱ꪾꅶꪺ쏒ꧺ20ꅃ ꅝꑔꅞ?꣏ꗎPDF색껗ꗦꕉꓥꗳꅝUse of Portable Document Formatꅞꅇ1995꙾ꪺ룑쓀꣧맯꧳ꓥꗳꗦꕉ껉ꅁ믝ꕈꅵ꒣라덹ꚨꚬ꣼ꚳ쏸ꕈꝑꗎ꒧ꝸ쉚ꪺ꽓ꥷ둃엩ꅶ뛇끥ꅁ21ꙝꚹꙨ볆 18 See Use of Electronic Media by Broker-dealers, Transfer Agents, and Investment Advisers for Delivery of Information, Securities Act Release (May 9, 1996)[61 FR 24644] (the 1996 Release). Available at < concept/> 19 See the 2000 Release, available at < 20 Id. 21 "the use of particular medium should not be so burdensome that intented receipients cannot effectively access the information provided" See the 1995 Release, available at < > 103
뫴믚뫴룴쏒꣩ꗦ꧶뙂듛꒧곣ꡳ ꪺ땯ꛦꑈ뭐쏒꣩냓떥ꗘꭥ곒ꕈ뙗ꓥ꙲볐끏뭹ꢥꅝHypertext Markup LanguageꅁHTMLꅞ뛇끥ꓥꗳ뭐룪ꑈꅁꛜ꧳ꕈPDF색껗뛇끥걏ꝟ닅Ꙙ1995꙾룑쓀꣧꒧굮ꡄꅈSEC맯ꚹꭨ뭻결ꅁ굙ꅇꅝ1ꅞ땯ꛦꑈ꣩냓꧳샲녯룪ꑈꅵꙐ띎덱ꪾꅶ껉뒿ꝩꪾ녎ꕈPDF색껗뛇끥ꅁꕂꅆꅝ2ꅞꝋ뙏뒣꣑ꖲ굮ꪺ덮엩꒩룪ꑈꅁ꣏꣤놵ꚬꅂ빜얪룓륱ꑬꓥꗳ껉ꣃ때ꝸ쏸ꅁꭨꕩ뭻결룓ꗦꕉ꒴결ꚳ껄22ꅃ ꅝꕼꅞ?ꭈꯊ뉺뷗꒧볡뉍ꅝClarification of the "Envelope Theory"ꅞ: 1995꙾룑쓀꣧ꕴꕾ맯꧳륱ꑬꗦꕉꓥꗳꪺꓨꚡ뭐뉻ꪬ셼ꕘ덜Ꙩ낲덝꧊ꪺ꣒쏒ꅁ맯꧳땯ꛦ꒽ꕱ꣩냓ꕈ뙗덳떲ꅝhyperlinkꅞꪺꓨꚡ녎꣤뎰쓲뒦앓ꪺ꒽뙽ꓥꗳ롭꧳Ꙑꑀ땥궱곛꒬덳떲ꅁ뭻결ꦻ걏녎꧒ꚳ룪껆꧱ꑊꙐꑀꅵ뗪샀ꭈꯊꅶ꒧꒤ꅁ23ꗑ꧳ꚹ뫘뉻뙈녎라늣ꗍ뭐뉻ꛦ꣮ꯗ뷄곰꒧뫃뱻ꅁ24ꙝꚹSEC꽓ꝏꙢ2000꙾룑쓀꣧꒤ꕛꕈ싧뉍ꅁ뭻결ꕈ뙗덳떲ꓨꚡ녎덜Ꙩ꒣Ꙑꪺꓥꗳ롭꧳ꕩ쉞꣺ꪺꪬ멁ꑕꅁ삳ꕩ뭻결ꑷ륆꣬ꗦꕉꪺ롱냈ꅃ25 닄ꑇ뚵?맯뿄ꩁ냈띾ꅘ빁럭꧊롱냈 ꧒뿗ꪺ빁럭꧊ꅝsuitabilityꅞ롱냈ꅁ띎쏒꣩냓꒣녯뒣꣑꒣빁Ꙙ꧳룪ꑈꪺ룪ꯘ쒳ꅁꝟꭨꝙꚳ륈ꑀ꿫뙂듛뇸듚ꪺꕩ꿠ꅃ26ꗑ꧳뛇닎꣩냓맯ꯈꓡ뒣꣑ꩁ냈껉ꅁꙨꭙ덺륌샧띾귻결꒧ꅁ걇샧띾귻맯꣤ꯈꓡ꒧꯹ꪬꩰꅂ끝냈ꪬꩰ곆ꛜ룪꿠ꑏ뭐닟멄떥ꞡꚳꑀꥷꪺ뭻쏑ꅁꙝꚹ쏒꣩냓Ꙣ녱귓뇀꒶껉ꅁꖲ뚷굮껚뻚귓ꝏ룪ꑈꪺ놡ꩰꅁ낵ꕘ돌빁Ꙙ꧳룓룪ꑈꪺꯘ쒳ꅃ 22 Id. 23 See the 1995 Release , available at < > 24 ꣒꙰ꅁꙢ뗹ꕕ땯ꛦꅝregistered offeringꅞ껉ꅁ낣ꭄ룓뗹ꕕ땯ꛦꑷ롧ꗍ껄ꅁꝟꭨ땯ꛦꑈ꒣녯녎빐냢ꓥꗳꅝsales literatureꅞꗦꕉ뭐룪ꑈꅁꛓꕂꅁ뛇끥돌띳ꪩ꒽뙽뮡ꧺ껑ꅝfinal prospectusꅞ껉ꑝ꒣ꕩ녎빐냢ꓥꗳ쁈꧳꣤꒤ꅃ 25 See the 2000 Release, available at < 26 ꙰ꚳ륈빁럭꧊롱냈ꪺ놡껉ꅁSECꝙꕩ껚뻚꣤ꛦ결멁볋ꅁ꓀ꝏꑔꕼ꙾쏒ꗦꩫ닄10(b)ꅂ15(c)Rule 10b-5cRule 15c1-2떥ꅃ놩꣤빁ꗎ껉ꅁ꒴믝굮닅Ꙙꑀ꿫뙂듛뇸듚꒧멣ꚨ굮ꗳ덗ꥷꅁ꙰ꅝ1ꅞ뗪낰꒣맪뎯굺ꅆꅝ2ꅞ궫굮꒧뚵ꅆꅝ3ꅞ뭐룓쏒꣩ꗦ꧶ꚳ쏶ꅆꅝ4ꅞꛦ결ꑈꪾ놡떥ꅃSee Ernst & Ernst v. Hochfelder, 425 . 185(1976). 104
닄ꕼ뎹 룪ꑈꭏ앀 ꚹꑀ랧꧀ꭙ랽ꛛ꧳과냪ꗾ냪쏒꣩ꗦ꧶냓ꣳ라ꅝNational Association of Securities Dealersꅁ NASDꅞꪺ곛쏶덗ꭨ27뭐꧒뿗ꪺ땐뉺뷗ꅝShingle Theoryꅞꅃ28 NASD꧳1939꙾껉ꅁ궺ꚸ녎빁럭꧊덗ꭨ꿇ꑊ꣤꒽ꖭꗦ꧶덗ꭨ꒧ꑀ뎡ꗷꅁ굮ꡄꢭ결NASD라귻ꪺ쏒꣩냓ꅁꙢ맯귓ꝏ룪ꑈ뙩ꛦ뇀꒶껉ꖲ뚷ꅵꚳꙘ뉺ꪺ껚뻚곛ꭈ룓뇀꒶맯룪ꑈꛓꢥ걏빁럭ꪺꅃꅶ (have reasonable grounds for believing that any recommendation they make to a customer is suitable.)29ꅃ ꛓ꣬ꑆ1963꙾ꅁ롧륌ꑀ뚵맯꧳쏒꣩ꖫ돵ꪺ꽓ꝏ곣ꡳ꒧ꯡꅁSECꑾꖿꚡ뇄꿇ꑆꅵ땐뉺뷗ꅶꅁ뷡꒩뇀꒶ꚳ믹쏒꣩껉ꧺ뵔ꪺꩫꯟꙡꛬ뭐ꩫꯟ덤ꗴꅆꗧꝙ꙰쏒꣩냓꧳뇀꒶ꚳ믹쏒꣩껉ꅁ꒣닅Ꙙ빁럭꧊귬ꭨꪺ굮ꡄꅁ녎ꕩ꿠륈셰ꢹ쏒꣩ꗦ꧶ꩫ뙂듛뇸듚ꪺ덗ꥷꕈꛛꯟ닕슴ꅝSROsꅞꪺ귛뉺덗뵤ꅃ 낣ꑆNASDꕈꕾꅁ꣤ꕌꪺꛛꯟ닕슴ꑝꚳ곛ꪺ덗ꥷꅁ꣒꙰꿃곹쏒꣩ꗦ꧶꧒ꅝNew York Stock ExchangeꅁNYSEꅞꪺ닄405뢹덗ꭨꅝRule 405ꅞꑝꙐ볋굮ꡄꢭ결꣤라귻ꪺ꣩냓ꖲ뚷뫉곛럭ꪺꩠ띎ꅝdue diligenceꅞꕨ셁룑꣤ꡃꑀꛬꯈꓡꅂꡃꑀꗳꥥ끕ꗜꅁ곆ꛜꡃꑀ귓뉻녢ꓡꭈꗎ녢ꓡꪺꪬꩰꅃ꒣뛈꙰ꚹꅁ곆ꛜꙕ귓녢ꓡ걏ꝟ뇂앶ꕌꑈ꣏ꗎꑝ걏ꖲ뚷쏶꓁ꪺ굮꿀꒧ꑀꅃ30 ꚹꑀ굮ꡄꅁ꒣뛈뗛늴꧳뒣꣑ꞹ떽ꪺ뿄ꩁ냈ꅁꟳ궫굮ꪺ걏Ꙣ꧳녪꓆쏒꣩냓꒺뎡놱꣮ꅁꖲꝋꛛꢭ비꣼띬ꖢꅃ 빁럭꧊롱냈ꪺ굮ꡄꅁ꒣뛈Ꙣ뛇닎쏒꣩롧샧ꪺꮬ멁ꑕꖲ뚷꣼꣬궫 27 껚뻚과냪ꗾ냪쏒꣩냓ꗦ꧶ꣳ라ꅝNASDꅞ닄2310뢹덗ꭨ"Recommendations to Customers (Suitability)."꒧덗ꥷ쏒꣩냓꧒뒣꣑꒧룪ꯘ쒳ꖲ뚷뻚룪ꑈꪺ꯹놡뭐끝냈ꪬꩰ떥ꅁꙢ꣣ꚳꙘ뉺ꭈ뿠꣤ꯘ쒳걏빁Ꙙ꧳룪ꑈꪺ놡ꑕꥬ녯결꒧ꅃ꣤귬ꓥ결"In recommending to a customer the purchase, sale or exchange of any security, a member shall have reasonable grounds for believing that the recommendation is suitable for such customer upon the basis of the facts, if any, disclosed by such customer as to his other security holdings and as to his financial situation and needs." 28 ꚹ뉺뷗ꑄ랽ꛛ꧳뒶덱ꩫꅁ띎뿗걊땍쏒꣩띾놾끟땐ꅝhanging out its shingleꅞ샧띾ꅁ둎떥꧳Ꙗꯈꓡ쁱ꗜꙡꫭꗜꅝimplied representationꅞ꣤녎껚뻚룓ꛦ띾ꪺ녍띾볐럇꒽ꖭꙡ맯꣤뒣꣑ꩁ냈ꅃSee On-Line Brokerage: Keeping Apace of Cyberspace, available at < > or < 29 Id. 30 NYSEꪺ405뢹덗ꭨꑓ뫙결ꅵ셁룑ꝁꪺꯈꓡꅶ귬ꭨꅝKnow Your Customer Ruleꅞꅁ덯ꛛꯟ닕슴쏾ꪺ곛쏶덗ꭨ쇶덑룑쓀결ꅁ껸뙏ꭏ앀뭐빁럭꧊덗ꭨꅝcustomer protection and suitability rulesꅞꅁ땍ꛓ꣤꣮ꥷꪺ굉뒺ꅁ걏결ꑆꭏ앀쏒꣩ꗦ꧶꧒ꪺ라귻ꅁꝋ꧳꣼꣬ꭈꗎ꒣꣎ꯈꓡꙝꗦ꧶ꛓ덹ꚨꪺ띬깠ꅆNYSE Rule 405(1), 2 NYSE GUIDE(CCH) 2405, at 3696 (Aug. 1994) 105
뫴믚뫴룴쏒꣩ꗦ꧶뙂듛꒧곣ꡳ 뗸ꅁꝙꭋ걏꣬ꑆ뫴룴껉ꕎꅁ땍때ꩫ뮴ꦿꅃ껉결SECꥥ귻꒧ꑀꪺLaura S. Ungerꑫꑨꅝ뉻ꗴSECꕄ깵ꅞꙢ1999꙾꧒땯ꫭꚳ쏶꧳뫴룴쏒꣩ꗦ꧶ꪺ돸ꝩ꒤ꅁ뒿맯꧳뫴룴쏒꣩ꗦ꧶ꪺ빁럭꧊쒳썄낵ꕘ곛쏶ꪺ곣끑ꅁꖻ론ꕈꑕ샀ꕈ룓돸ꝩ꒧곛쏶쒳썄결ꕄ뙢ꅁ둎녱뫴룴쏒꣩ꗦ꧶껉쏒꣩냓삳면ꪺꢤꛢ뭐삳뫉ꪺ롱냈ꅁ뒣ꕘ곛쏶ꪺꯘ쒳ꅃ 닄ꑀ듚?ꗾꓨꛬ뿄ꩁ냈꧒구ꗍꪺ띳뷒썄 닄ꑀꗘ 돦Ꙗꚡ뿄룪끔뒣꣑ SEC꧳ꑀꑅꑅꑅ꙾ꑑꑀꓫ뚡꧒뒣ꕘꪺ곣ꡳ돸ꝩ꒤엣ꗜꅁ과냪쏒꣩띾곛럭쏶꓁ꚹꑀ냝썄ꅁ꽓ꝏ걏ꚳ쏶꧳쏒꣩띾꧳뫴룴뒣꣑룪끔꺧껉ꅁ꣤빁럭꧊롱냈ꪺ곉궭꛳Ꙣꅝwhere the suitability obligation starts and ends in the online context?ꅞꅈꛓCharles Schwabꪺꕎꫭ뭻결ꅁ굙뒣꣑꒩ꑀ꿫룪ꑈꪺ룪ꯘ쒳쓝ꭄ귓ꑈ꓆룪끔ꅝimpersonal informationꅞꣃ꒣멣ꚨ뇀꒶ꅁꗧ때빁ꗎ빁럭꧊덗ꭨꪺ냝썄31ꅃ룓꒽ꕱꕎꫭꣃꕂ뙩ꑀꡂꯘ쒳녎뫴룴쏒꣩띾맯꧳룪ꑪ늳꧒뒣꣑ꪺꭄ귓ꑈ꓆곣ꡳ돸ꝩꅁꑀ꿫꧊ꪺ빐냢뭐ꖫ돵룪끔뭻결걏ꑀ뫘ꅵ쑕뮤ꅶꅝsolicitationꅞꅁꛓ뛈믝빁ꗎNASDꪺ2210뢹덗ꭨꝙꕩꅁꝙ뻚꒽ꖿ뭐룛ꭈ귬ꭨꅁꕂꙘ뉺ꪺ냲슦꧒Ꝁꪺ뗻꛴ꅃ32 맪ꑗꅁ쏶꧳뫴룴쏒꣩띾ꝑꗎ뫴룴뇀꒶늼뒣꣑뵵ꑗ룪ꯘ쒳삳ꝟꕈ뛇닎ꪺ왛꧀뗸꒧ꅁ곆ꛜꕈ뛇닎ꪺ덗뵤맯ꯝꅁ꒴꣣ꚳ곛럭귈녯끑뷗ꪺ뚡ꅃꚳ덜Ꙩ뵵ꑗ룪ꛦ결ꪺ왛맮둎곛ꭈꅇꅵ빁럭꧊덗ꭨꪺ뛇닎랧꧀ꣃ꒣삳룓빁ꗎ꧳뫴믚뫴룴ꅶꅁ꣤귬ꙝꙢ꧳ꅇ33 ꑀꅂ?뫴룴룪ꑈ꒣쑀띎샧띾귻ꑺ꽁꣤ꗦ꧶겡냊ꅆ ꑇꅂ?뫴룴룪ꑈ꧒ꕈ돟앷ꝑꗎ뫴룴ꗦ꧶ꅁ둎걏ꙝ결꙰ꚹꑀ꣓ꝙꕩ 31 Supra note 28. 32 NASD Conduct Rule 2210(“Communications with the Public )덗ꥷ꣤라귻ꅝꝙ꣩냓ꅞ꧳뭐ꯈꓡꦹ꣓껉ꅁꖲ뚷뿭ꙵ꒽ꖿ뭐룛ꭈꪺ귬ꭨꅁ꙰ꚳ뒣꣑맯꧳꽓ꥷ늼꽓ꥷ늣띾ꪺ룪ꯘ쒳껉ꅁ꣤뗻꛴ꖲ뚷ꚳꙘ뉺ꪺ뗻꛴냲슦ꅃSee NASD Conduct Rule 2210(a)-(d), NASD Manual (CCH)(1999). 33 Supra note 28. 106
닄ꕼ뎹 룪ꑈꭏ앀 ꕈ쇗ꝋ샧띾귻결ꑆꪧ꣺띾셚ꛓ뭐꣤뫻꯹샧띾귻뭐ꥥ끕ꑈ뚡ꪺ쏶ꭙꅆ ꑔꅂ?ꙝ결ꝑꗎ뫴룴ꗦ꧶ꪺꚨꖻ룻덺륌샧띾귻ꗦ꧶결ꝃꅆ ꕼꅂ?걊땍뫴룴룪ꑈꝑꗎ뫴룴ꪺꗘꪺꙢ쇗ꝋ샧띾귻ꑺ꽁꣤ꗦ꧶ꅁ둎꒣삳룓듁뇦ꛛꑶ꒣럭ꪺ룪ꡍ떦꣼꣬빁럭꧊덗ꭨꪺꭏ앀ꅃ ꒣륌ꅁꗑ꧳뫴룴ꗦ꧶라엜룪ꑈ꣺녯룪끔꺧ꪺ닟멄ꑷ걏꒣ꪧꪺ맪ꅁꛓ뛇닎ꗦ꧶꣮ꯗꑕ꧒ꯘ멣ꪺꅵ빁럭꧊덗ꭨꅶ걏ꝟꕩꕈꞹꗾꅵꖭ늾ꅶꛜ뫴룴ꗦ꧶샴맒꒤ꅁ맪Ꙣ귈녯뙩ꑀꡂ끑뷗ꅃ꙰ꭥ굺Charles Schwabꪺꕎꫭ녎ꑀ꿫꧊ꪺ룪ꯘ쒳뇆낣꧳뇀꒶뵤쎥꒧ꕾꪺꥉ왾ꅁ삳룻결닅Ꙙ뫴룴ꗦ꧶ꪺ샴맒꧒믝ꅃ 닄ꑇꗘ ꒬냊ꚡ뿄룪끔뒣꣑ ꖻꓥ꧒뿗꒬냊ꚡ뿄룪끔ꅁꭙ뵵ꑗ룑뵌ꅂ꽤ꢥꅂ끑뷗냏닡ꓑꯇ떥꣣ꚳ싹ꙖꙨꓨ끔꺧ꗦ뒫꽓ꛢꪺ뫴룴뉺끝끔꺧ꅆ34ꚹ뫘뿄끔꺧ꗦ뒫ꅁꕩꙝ끔꺧뒣꣑ꭙ뿄녍띾ꑈꑨꅝ뻷멣ꅞꅁꑀ꿫룪ꑈꛓꚳ꒣Ꙑꪺ닕Ꙙꅃ꣒꙰꧒뿗뵵ꑗ룑뵌ꅁꑄꗑ뫴룴쏒꣩띾뒣꣑녍띾룪꓀꩒꒩ꑀ꿫룪ꑈꅆ끑뷗냏닡ꓑꯇꭨꕩ꿠ꕈꑀ꿫룪ꑈ뚡ꪺ룪끔꺧ꗦ뒫룪롧엧꓀결ꕄꅃ꒬냊ꚡ뿄룪끔꒧꧒ꕈꑪ꣼앷ꫯꅁ낣ꑆꝙ껉꧊뭐때뮷ꖱꦡꪺ꽓꧊ꕈꕾꅁ뫴믚뫴룴ꪺ냎ꙗ꧊ꑝ걏ꑀ귓궫굮ꙝ꿀ꅃ 껚뻚SEC꧒Ꝁꪺ뷕걤엣ꗜꅁ룪ꑈ돟앷ꝑꗎꚹ쏾끔꺧ꪺ귬ꙝꙢ꧳ꅇ롧ꗑ꒬냊ꚡꪺꕜ꿠ꅁꕩꕈ뭐꣤ꕌ뫴룴룪ꑈꗦ뒫띎ꢣꅁ뒣꣑ꛛꑶ뉺끝ꪾ쏑룪끔꺧ꅁꙐ껉ꑝꕩꕈ싇ꗑ꒽ꖬ룪끔땯ꫭ띎ꢣꕈ몡ꢬꛛꑶꪺꫭ뉻벤ꅃ35ꖿꙝ결꙰ꚹꅁ꧒ꕈꙢ과냪ꙕꑪ뫴꾸ꅁ꙰American OnlineꅂYahoo! FinanceꅂSilicon Investor떥ꞡꚳ뒣꣑ 34 ꣒꙰쑟꣓쏒꣩뚰많꒧쑟꣓룪뻷라뫴< < 35 Supra note 28at . 107
뫴믚뫴룴쏒꣩ꗦ꧶뙂듛꒧곣ꡳ 뫴룴룪끔꺧꒬뒫ꪺꕜ꿠ꅃꛜ꧳뫴룴쏒꣩냓뒣꣑곛쏶ꕜ꿠ꭨ엣녯룻결꡵ꢣꅁ뛈ꚳE*Trade뭐A. B. Watley떥ꓖ볆꣩냓뒣꣑꣣ꚳ라귻룪껦ꪺ뫴룴룪ꑈꝑꗎ꣤끑뷗뚡ꅃ36 궺ꗽꅁ둎쏒꣩냓꧳꧒ꯘ롭ꪺ뫴꾸뒣꣑꒬냊ꚡ끔꺧ꗦ뒫ꕜ꿠껉ꅁ걏ꝟ뚷둎꣤꒺깥굴덤ꅈꚹꑀ냝썄ꥼꕩ끔꺧뒣꣑ꪺꢭꗷꛓ냏꓀결ꑇ뎡ꗷꅆ꙰냑뭐뵵ꑗ끑뷗ꭙ쏒꣩냓꒧띾냈ꑈ귻껉ꅁ쏒ꗦ꧒샧띾닓ꭨ닄ꑋꑑ꒭뇸닄ꕼ뚵덗ꥷꅇꅵ쏒꣩냓…맯꣤띾냈ꑈ귻꣏ꗎ륱ꑬ뙬ꗳꅂ롳닕륱ꑬ뙬ꗳꅂꝇꝩ쓦뫴꾸떥뙩ꛦ뭐샧띾곛쏶꒧ꛦ결ꅁ삳굴뫊럾뫞뉺꒧덤ꅃꅶ껚뻚ꚹꑀ덗ꥷꕩꪾꅁ꙰꧳쏒꣩냓뫴꾸ꑗ뒣꣑끔꺧결쏒꣩꒽ꕱ꧒뚱ꗎ꒧띾냈ꑈ귻ꅁꭨ쏒꣩냓삳맯꣤곛쏶ꛦ결굴뫊럾뫞뉺꒧덤ꅃ 뒫ꢥ꒧ꅁ덝굙쏒꣩냓꒧띾냈ꑈ귻ꝑꗎ꣤꒽ꕱꛛꢭ뫴꾸뒲ꝇ뗪낰룪끔싇ꕈ녱뻞셡믹꒧ꛦ결ꅁꭨ쏒꣩냓맯꧳룓띾냈ꑈ귻ꙝꚹ꧒덹ꚨ꒧띬깠ꅁ꺣뚷굴끟곛럭꒧덤ꗴꅃꛜ꧳꣤덤ꗴꡳ결ꛦ걆뫞뉺꒧덤ꕩ쉘ꑪꛜꗁ덤ꗴꅝ릵ꗎꑈ덳녡덤ꗴꅞꅁꑓ녎걏ꕴꑀ귈녯끑뷗ꪺ냝썄ꅃꛓꚹ쏾냝썄꒣뛈땯ꗍ꧳쏒꣩냓띾냈ꑈ귻ꛓꑷꅁ꒽뙽땯ꛦ꒽ꕱ귻ꑵꝑꗎ뫴룴끑뷗냏뒲ꝇ뭐룓꒽ꕱꚳ쏶ꪺ끔꺧ꑝ걏삳룓ꛒ뱻ꕛꕈ덗뵤ꪺ맯뙈꒧ꑀ37ꅃ ꣤ꚸꅁ꙰룪끔뒣꣑결ꑀ꿫룪ꑈꅁꭨ쏒꣩냓걏ꝟ삳맯꣤꒺깥굴덤ꅈ꙰녎쏒꣩냓뫴꾸꧒뒣꣑ꪺ꒬냊끔꺧ꗦ뒫ꕜ꿠ꅁ뗸결ꑀ돦꿂ꪺ룪끔뛇벽둃꒶ꅁꭨꢭ결뫴꾸롧샧ꪺ쏒꣩냓ꝙ삳때녥맯꧳꣤끑뷗냏꒺ꪺ꒺깥굴덤ꅃ땍ꛓ꙰녎끑뷗냏ꪺꢥ뷗쏾ꓱꚨꅵ뱳ꝩꅶꅁꛓ녎뫴꾸뗸결뱳ꝩ둃엩ꅁꭨꚹ뫘놡ꑕꪺ뱳ꝩ둃엩띾ꅝꝙ롧샧뫴꾸ꪺ쏒꣩냓ꅞꕇ맯꧳끑뷗냏ꪺꢥ뷗ꝙ삳굴ꚳ걙뫘땻ꯗꪺ뫊럾덤ꗴꅃ38 ꚹꑀ뷗쉉ꣃꭄ뉀때껚뻚ꅁꙝSEC꧳ꑀꑅꑅꑅ꙾맯꧳뫴룴쏒꣩ 36 Supra note 28at . 37 See Securities and Exchange Commission Litigation release , Securities and Exchange Commission v. Gary D. Hoke, Jr., Civ. No 99-04262 (LGB)(EX), available at< > 38 ꕈ꒽ꖭꗦ꧶ꩫ닄ꑇꑑꑀ뇸닄ꕼ뚵결꣒ꅇꅵ…뱳ꝩ둃엩띾Ꙣꧺꪾꕩ녯ꛓꪾ꣤꧒뛇벽ꕚ룼꒧뱳ꝩꚳꓞꑈ뿹뭾꒧빬ꅁ꒴꒩ꕈ뛇벽ꕚ룼ꅁꗧ뭐뱳ꝩꕄ굴덳녡뷟쁶덤ꗴꅃꅶ 108
닄ꕼ뎹 룪ꑈꭏ앀 ꗦ꧶꧒Ꝁꪺ곣ꡳ돸ꝩꝙꕘꅁ쏒꣩냓덝ꗟ뵵ꑗ끑뷗냏ꕩ꿠냲꧳ꑕꙃꑔ쉉뉺ꗑꅇ39 ꑀꅂ?결ꑆ륆꣬ꖫ돵ꛦ빐ꪺꗘꪺꅁ쏒꣩냓듁뇦Ꙣ뫴꾸ꑗꯘꗟꫀ롳ꅝcommunityꅞꅆ ꑇꅂ?쏒꣩냓듁뇦싇ꚹꕜ꿠꽤ꛭꯈꓡꅁꙝ결ꑀꯈꓡ꣬ꑆ꣤ꕌ뫴꾸ꅁꕌ귌녎ꙝꚹꖢꕨꗍ띎뻷라ꅆ ꑔꅂ?꒬냊ꚡꪺ끔꺧땯ꫭꅁ라ꕏꯈꓡꓱ룻ꚳꛛꭈꅁꣃꕂ뭻결ꚹ뫴꾸뻖ꚳ룻낪ꭾ뷨ꪺ룪끔ꅃ 뵵ꑗ끑뷗냏ꪺ꒺깥쇶땍꒣걏ꪽ놵Ꝁ결맯쏒꣩냓꒧ꩁ냈꒺깥ꩁ냈ꭾ뷨ꪺ뱳ꝩꅁ걏쏒꣩냓ꗎꕈ륆ꚨꛦ빐ꗘꪺꪺꓢ걱꒧ꑀꅆꛓꕂꅁ꙰ꩇꝑꗎ끑뷗냏땯ꫭ띎ꢣꪺ룪ꑈꭙ결ꑆ뷦ꕘ꣤꧒꯹ꚳ늼ꛓ땯ꫭ룓늼ꪺꝑꙨ껸꺧ꅁꭨ룓ꝑꙨ껸꺧ꛛꕩ덑뭻ꥷ결결ꑆ륆ꚨ늼뙒뷦꧒Ꝁꪺꅵ뱳ꝩꅶꅃ럇ꚹꅁ뫴룴꣩냓삳맯꧳꣤뫴꾸끑뷗냏ꪺꢥ뷗굴끟곛럭ꪺ덤ꗴꅁ삳걏ꕩ룪뭻Ꙑꪺ왛쉉ꅆ냟ꑀ귈녯샋끑ꪺ걏ꅁꕈꅵꝋ덤뇸듚ꅶꅵꝋ덤셮ꧺꅶꅝdisclaimerꅞ뇆낣꣤덤ꗴꪺ껄ꑏ냝썄ꅃꅝ꙰ꑕꓥ놴끑ꅞ 닄ꑇ듚?뙗덳떲룪끔ꪺ덤ꗴ 뙗덳떲ꅝhyperlinkꅞ걏뫴룴ꕄ굮ꪺ꽓ꛢ꒧ꑀꅁꗑ꧳뙗덳떲ꪺꕜ꿠꣏녯뫴룴꣏ꗎ녯ꕈꢳ덴ꙡ롧ꗑ룓뫴궶덳떲ꛜ꧒믝굮ꪺ룪끔뫴궶ꅁ걇ꚹꑀꕜ꿠ꑝ엜ꚨꑪ꣼뫴앷ꫯꪺ룪끔띊뻣ꑵ꣣ꅝinformation-gathering toolꅞ40ꅃ걏Ꙣ뙗덳떲녡꣓ꢳ덴ꭋꝑꪺ룪끔뛇뮼굉ꯡꅁꚹꑀꕜ꿠ꑝꕩ꿠ꙝ결ꚳꓟꑈꪺ생ꗎꅁꚨ결뫴룴뙂듛ꪺꑵ꣣ꅆ꙰ꭥ굺땯ꗍ꧳ꑀꑅꑅꑅ꙾ꪺPairGainꑀ껗ꅁHokeꝙꕈ뙗덳떲ꪺꓨꩫꭟꗎBloombergꪺꙗ롱뒲ꝇ꒣맪끔꺧41ꅁ꒣뛈뻉교룪ꑈꙝ뙂듛ꛓ꣼띬ꖢꅁꑝ덳녡ꙝ결ꭟꗎꙗ롱ꪺ맪ꅁ뻉교Bloombergꪺ 39 Supra note 28at . 40 See Securities Activity on the Internet –A report of the Technical Committee of the International Organization of Securities Commissions. Available at < 41 룓껗꒺깥룔ꢣꖻꓥ닄ꑔ뎹닄ꑔ론닄꒭뚵ꅃ 109
뫴믚뫴룴쏒꣩ꗦ꧶뙂듛꒧곣ꡳ 냓볐앶꣼꣬ꭉ깠ꅃ 낣ꚹꕈꕾꅁ뙗덳떲ꪺ꒣럭ꝑꗎꚨ결ꕄ뫞뻷쏶쏶꓁냝썄ꪺꕴꑀ귓귬ꙝꙢ꧳ꅁ뙗덳떲ꢬꕈ꣏ꅵ꒣Ꙙꩫ룪끔ꑗꙘꩫꕾꛧꅶꪺ떲ꩇ42ꅝgive the appearance of legitimacy to otherwise non-legitimacy informationꅞ셼꣒ꛓꢥꅁꝑꗎ뫴꾸ꭄꩫ뛒뚰ꖼ롧껖귣땯ꛦꚳ믹쏒꣩ꪺꛦ결ꑈꅁꕩꕈꝑꗎ뙗덳떲ꪺꕜ꿠덳떲ꛜꕄ뫞뻷쏶ꪺ뫴꾸ꅁ꣏뫴룴룪ꑈꙝꚹ뭾ꕈ결ꕄ뫞뻷쏶뒿롧맯ꚹꑀ뛒뚰땯ꛦ껗ꗳ꒩ꕈ뱦껖꒹덜ꅝimply that the regulator has reviewed or approved the offering when, in fact, it has notꅞꅃꚹꑀ냝썄꣏녯ꅵ곛꒬덳떲ꪺ뫴꾸뚡맯꧳덳떲룪끔걏ꝟ멣ꚨ쁱ꗜꪺ굉껑ꅝimplied endorsementꅞꅶ43ꅃ 쇶땍덜Ꙩ냪ꕾꪺ뫴꾸Ꙣ뒣꣑뙗덳떲껉ꅁ뎣라Ꙣ뫴궶꒤뒣ꕘ쒵ꝩꅁꕂ셮ꧺ꒣맯꣤ꕌ뫴꾸ꪺ꒺깥굴덤ꅁ걏ꗘꭥꪺ낵ꩫ걏ꝟꝙꑷꢬ냷Ꝁ결ꝋ덤ꪺ뉺ꗑꅈꅃ 과냪쏒꣩냓ꣳ라ꚭꙢꑀꑅꑅ꒻꙾둎끷맯ꚹꑀ냝썄ꭐ뷐꣩냓ꩠ띎ꅁ삳쇗ꝋ덳떲꣬꣤ꧺꪾꝴꚳ뭾뻉뿹뭾끔꺧꒧뫴꾸ꅁꕂNASDꙢꑀꑅꑅꑃ꙾ꑓꙁꯗ뒣뿴라귻ꚳ쏶뙗덳떲꒧냝썄ꣃ뭻결ꅇ귬ꭨꑗNASD꒣라ꙝ결라귻뒣꣑뙗덳떲ꛜ꣤ꕌ뫴꾸ꅁꛓ굮ꡄ꣤라귻삳맯꣤ꕌ뫴꾸꒧꒺깥굴덤ꅁ걏굙라귻ꧺꪾꕩ녯ꛓꪾ룓닄ꑔꑈ뫴꾸맯룓라귻꒧ꩁ냈늣ꭾꚳꓞꑈ뿹뭾뗪낰꒣맪룪끔ꪺꕩ꿠ꅁꛓ꒴땍뒣꣑덳떲ꅁ둎ꚳ삳맯ꚹ굴덤ꪺꖲ굮44ꅃ ꛜ꧳SEC맯ꚹꑀ냝썄ꪺ멁ꯗꅁꭨꕩ꧳ꑇꆳꆳꆳ꙾ꕼꓫ꧒륻ꝇꪺ룑쓀꣧꒤땯뉻ꅁSEC뭻결ꅇ셡꣏땯ꛦꑈ꧳뙗덳떲땥궱ꑗꕈ쒵뭹ꝋ덤셮ꧺꪺꓨꚡ뒣뿴룪ꑈ삳ꛛ굴궷쁉ꅁ쏒꣩땯ꛦꑈꗧ삳꒣녯뻚ꚹꝀ결ꝋ낣덤ꗴꪺ뉺ꗑ45ꅃ쇶땍룓룑쓀꣧ꭙ끷맯땯ꛦꑈ뒣꣑뙗덳떲꧒결ꪺ꣧ꗜꅁꗧꕩꝀ결뫴룴꣩냓냑끵ꪺ뻚ꅃ 42 Supra note 40. 43 Id 44 뷐냑ꢣ뚾빟ꙴꅁꋓ껉ꕎ쏒꣩냓ꩫꯟ궷쁉뭐덗뵤놴끑ꅝꑕꅞꅁ쏒꣩멛듁덦뫞뉺닄ꑑꑋꣷ닄ꑇ듁ꅃ닄ꕼ궶ꅃ 45 See the 2000 Release, available at < 110
닄ꕼ뎹 룪ꑈꭏ앀 닄ꑔ뚵 맯룪ꑈꅘ룪ꑈ뇐뭐뇏샙놹걉 SECꭥꗴꕄ깵Authur Levitt뒿롧꧳Ꙩꚸꪺ꒽뙽면솿꒤뒣꣬ꅇꅵ곬땓꙰ꑍ꒧싹ꑢꅁꖦꕩꕈ돐덹덜Ꙩ띳ꪺ뻷라ꅁꑝꕩ꿠ꓞ땯쏸ꕈ륷듁ꪺ궷쁉ꅶ46ꅃ꽓ꝏ걏Ꙣ뫴룴쏒꣩ꗦ꧶붴꭫땯깩ꪺ뉻Ꙣꅁꝑꗎ띳뾳곬Ꝁ결ꗦ꧶둃꒶ꅁ꒣뛈ꚳ껄ꙡ궰ꝃ샧륂뭐ꗦ꧶ꚨꖻꅁꙐ껉ꑝ돐덹ꑆꟳꓨꭋꪺꗦ꧶샴맒ꅆ둎Ꙣ쏒꣩띾뭐룪ꑈ쑶곛ꑊ뫴룴쏒꣩ꗦ꧶샴맒꒧믚ꅁ쏒꣩ꕄ뫞뻷쏶ꟳ삳뺨ꕩ꿠ꪺꭏ앀룪ꑈꅁꕈꯘꗟ룪ꑪ늳맯쏒꣩ꖫ돵ꪺꭈꓟꅃ47 땍ꛓꅁ룪ꑈꭏ앀ꑵꝀ낣ꑆ싇ꗑꕄ뫞뻷쏶맯꒽뙽땯ꛦ꒽ꕱ뭐쏒꣩띾Ꙙ뉺ꪺ뫞뉺ꕈꕾꅁ돌궫굮ꅂꑝ돌ꚳ껄ꪺꑀ샴ꅁ닶륌꧳덺륌맯룪ꑈꕒ꓀뇐ꅁꯘꗟꖿ뵔ꪺ룪왛꧀ꕈ쇗ꝋ때뿗ꪺ룪궷쁉ꅆꕛꕈꯡꞹ떽ꪺ뇏샙꣮ꯗꅁꕝ걁뒣꣑ꚳ껄ꪺ륷쒵꣮ꯗꅁꯘꗟ맯꧳꽽썡ꖫ돵꾴Ꟈꛦ결ꪺꗓ뙄뫞륄ꕈꢳ덴ꚳ껄ꪺ뇏샙땻Ꟈ떥ꅃꖻꓥꕈꑕ녎끷맯꙰꛳쇗ꝋ룪ꑈ비꣼쏒꣩ꗦ꧶뙂듛꒧ꙍ깠ꅁ뒣ꕘ곛쏶ꯘ쒳ꕈ꣑냑끵ꅃ 닄ꑀ듚?룪ꑈ뇐 닄ꑀꗘ ꯘꗟꖿ뵔ꪺ룪왛꧀뭐ꪾ쏑 뫴믚뫴룴ꪺꢳ덴뭐ꭋꝑ꧊ꅁ꣏녯쏒꣩ꗦ꧶룻뛇닎ꟳ결깥꧶ꅁꕈ과냪ꛓꢥꅁꗑ꧳뛇닎쏒꣩ꗦ꧶ꪺꚨꖻ낪꧹ꅁ꣏녯녍띾룪뻷멣ꕈꕾꪺꑀ꿫ꑈ뇦꒧ꡂꅆꛛ녱ꑀꑅꑅꕼ꙾ꚳꚩ쏒꣩냓뙽ꥬ뇄ꛦ뫴룴쏒꣩ꗦ꧶ꕈꯡꅁ뒲ꓡ룪ꑈꪺꓡ볆ꝙꢳ덴뱗ꕛꅁ걍ꑆ뫴룴ꗦ꧶결쏒꣩ꗦ꧶ꖫ돵녡꣓ꑆ띳ꪺ냓뻷ꅃ꒣륌쇶땍뫴룴ꗦ꧶꺵뗛ꭋꝑꢳ덴ꪺ쁵뛕ꚨꕜꙡ뒲ꓡ룪뇚롳ꅁ꣤꧒볐멝ꪺꭋꝑꗧ뛈궭꧳ꅵꗦ꧶ꅶꛓꢥꅁꣃ꒣띎ꣽ뗛ꅵ룪ꅶꑝ엜녯슲돦ꅃ48곛ꙡꅁ 46 귬ꓥ결“Technology can be a double-edged sword. It can create vast new opportunities—yet it can also pose unforeseeable risks.” See Remarks by Chairman Arthur Levitt jr. . Securities and Exchange Commission "Investor Protection in the Age of Technology" available at < speech/speecharchive/1998/> 47 Id. 48 “The ease and speed of the Internet have made trading—not investing, but trading—easier than ever before.” See Common Sense Investing in the 21st Century Market, Speech by SEC Chairman. available at < news/speeches/> 111
뫴믚뫴룴쏒꣩ꗦ꧶뙂듛꒧곣ꡳ ꢳ덴ꭋꝑꪺꗦ꧶샴맒뭐썺겵ꪺ룪끔꺧ꅁ깥꧶엽룪ꑈ닶끊ꑀ걏ꅁꙢ궱셻뷑Ꙩ룪룪끔껉쏸ꕈ뻜ꅁ때꒤뱗ꕛꑆ룪ꪺ쏸ꯗꅃꛓ꙰꛳궱맯띳ꪺ룪샴맒ꅈ궺굮꒧냈꒴삳룓Ꙟ쉫꣬ꯘꗟꖿ뵔ꪺ룪왛꧀ꅁ뭐뱗뙩냲ꖻ룪ꪾ쏑ꑗꅃ ꚹꕾꅁ룪ꖲ땍꛱쁈뗛궷쁉ꅆꗴ꛳때궷쁉ꭏ쏒(risk free)ꪺꯅ뛇굉ꯡꖲ땍쇴싃뗛꒣결ꑈꪾꪺ꾦녋49ꅁꕟ과쏒꣩뫞뉺ꑈꣳ라NASAAꅝNorth American Securities Administrators Associationꅞ맯꧳뫴룴룪ꪺ왛꧀ꯅ뻉뭐룪ꑈ뇐ꪺꑵꝀꕩ뿗꒣뿲빬ꑏꅁ맯꧳뫴룴룪ꪺꩠ띎뚵ꅁꑝꝑꗎ룓ꣳ라뫴꾸맯룪ꑈ뒣ꕘ쒵ꝩꅇ 1ꅂ ꝏ녈뇦ꢳ덴교둉ꪺ꥟식궰셻Ꙣꛛꑶꢭꑗꅆ 2ꅂ ꑤ롕ꝏ뭻결ꛛꑶꚳꢬ냷ꪺ뒼뱺ꕨ뽺뿯ꅂꝐ쉟뫴룴ꑗ룪끔꺧ꪺ꽵맪꧊ꅆ 3ꅂ ꒣굮뮴꧶룪ꖼꑗꖫꙗ꒣ꢣ롧뛇ꪺꑰꮬꅆ 4ꅂ ꒣굮곛ꭈ냎ꙗ뒲ꝇꪺꅵ꒺뵵껸꺧ꅶꅆ 5ꅂ ꑤ롕ꝏ곛ꭈꝏꑈꭈ뭽ꖹꖹꙡꭏ쏒꣤룪끔꺧뎣롧륌뵔뭻때뭾ꑆꅉ 닄ꑇꗘ 뫴룴ꗦ꧶삳ꚳꪺ뭻쏑 껚뻚SEC꧒꣼뉺ꚳ쏶꧳뫴룴쏒꣩ꗦ꧶꿉ꪺꗓ뙄껗ꗳ닎군엣ꗜꅁꚳ떴ꑪꙨ볆뒣ꕘꗓ뙄ꪺ룪ꑈ걏ꙝ결꿊ꕆꗦ꧶롧엧뭐룪ꪾ쏑ꅁꛓꕂꚳ덜Ꙩ걏륌ꕨ녱ꖼꚳ륌룪롧엧ꝙꪽ놵ꝑꗎ뫴룴뙩ꛦ뙽ꓡ뭐뙒뷦ꚳ믹쏒꣩ꪺꛦ결ꅃ50Ꙣ뛇닎ꪺ쏒꣩ꗦ꧶ꛦ결꒤ꅁꗑ꧳ꚳ샧띾ꑈ귻뒣꣑ꩁ냈ꅁ꧒ꕈ럭ꯈꓡ맯꧳쏒꣩ꗦ꧶늣ꗍ뫃냝껉ꅁꝙꕩ쁈껉Ꙗ샧띾귻뒣ꕘꅁ뷐ꡄ룑떪ꅆ땍ꛓꙢ뫴룴쏒꣩ꗦ꧶ꪺ샴맒ꑕꅁ뫴룴룪ꑈꕵ꿠싇ꗑ뫴꾸ꑗ꧒ꕚ룼ꪺ룪끔둍ꡄ떪껗ꅃ 냲꧳ꚹꑀ뉺ꗑꅁ뫴룴쏒꣩띾삳룓뺨덴Ꙣ꣤ꗦ꧶뫴꾸꒤ꅁ꒣뛈뒣꣑쏒꣩ꗦ꧶ꅝ꽓ꝏ걏뫴룴쏒꣩ꗦ꧶ꅞꚳ쏶ꪺꪾ쏑ꅂꝩꪾ뿄 49 See Cyberspace Fraud and Abuse available at < 50 See Examinations of Broker-Dealers Offering Online Trading: Summary of Files and Recommendations, available at < 112
닄ꕼ뎹 룪ꑈꭏ앀 냓ꭾ꧒꙳Ꙣꪺ궷쁉ꅁꟳ삳룓덤때껇뙕ꙡ룔뫉뮡ꧺ뫴꾸ꖻꢭꪺꗦ꧶걹땻뭐ꗦ꧶ꕜ꿠꽓꧊떥ꅁ쇗ꝋꙝ뭾룑ꛓꗍꪧ쒳51ꅃ 낣ꑆ삳룓ꯘꗟ맯뫴룴ꗦ꧶걹땻ꪺ냲ꖻ뭻ꪾꕈꕾꅁꟳ삳룓ꕛ녪맯뫴룴꽓꧊ꪺ셁룑ꅁꕈꝋ뮴꧶꣼쑆ꅃ꣒꙰냎ꙗ꧊ꕩ꿠ꭋ꣏녯뫴때ꩫ녯ꪾ룪끔뒣꣑ꪺ꽵맪ꢭꗷꅆꗦ뿹꧊ꅝ뙗덳떲ꅞꢬꕈꕏ뫴뉖뉣럭껉꧒덂ꪺ꽵ꖿꛬ롭ꅁꛓ맯꧳뫴룴룪끔ꪺ믹귈ꅂ꽵낰늣ꗍ뭾Ꝑꅃ ꕴꕾꅁꕟ과쏒꣩뫞뉺ꑈꣳ라ꅝNorth American Securities Administrators AssociationꅁNASAAꅞ뒣ꕘꑆꅵ룪ꑈꑑ뭼ꅶ52ꅝ10 Tips for online Investorsꅞ뒣뿴룪ꑈꝑꗎ뫴룴녱쏒꣩ꗦ꧶ꭥ삳ꩠ띎ꑕꙃ뚵ꅇ 51 낣ꑆꗦ꧶걹땻ꪺ꒶닐ꕈꕾꅁꗑ꧳ꙕ꣩냓뫴꾸꧒덝군ꪺꗦ꧶ꕜ꿠ꙕ늧ꅁꙝꚹ뫴룴꣩냓ꟳꚳ덤ꗴꙢ꒣Ꙑꪺꗦ꧶ꕜ꿠ꑗ꒩ꕈ룔뫉ꪺ뮡ꧺꅆ셼꣒ꛓꢥꅁꗘꭥ냪꒺쏒꣩ꗦ꧶맪냈맯꧳ꥥ끕믹껦ꚳ꧒뿗ꪺꅵ궭믹ꅶꥥ끕ꕈꅵꖫ믹ꅶꥥ끕ꅆ궭믹ꥥ끕걏룪ꑈꧺ뵔궭ꥷꥥ끕믹껦ꅁꛓ꧒뿗ꪺꅵꖫ믹ꅶꥥ끕ꅁ꧳뙒뙩껉ꅁꭙꕈꥥ끕럭ꓩ꒧ꅵ몦낱ꅶ믹놾돦뙒뙩ꅁꛓ뷦ꕘꭨ걏ꕈꅵ뙞낱ꅶ믹ꥥ끕ꅁ걇쇶ꙗ결ꅵꖫ믹ꅶꥥ끕ꅁ맪결ꅵ몦낱뙒뙩ꅶꅂꅵ뙞낱뷦ꕘꅶ꒧띎ꅃ 52 ꕟ과쏒꣩뫞뉺ꑈꣳ라ꯘ쒳ꪺ룪ꑈꑑ뭼귬ꓥ꙰ꑕꅇ 1. Receive full disclosure, prior to opening your account, about the alternatives for buying and selling securities and how to obtain account information if you cannot access the firm's Web site. 2. 2. Understand that most likely you are not linked directly to the market, and that the click of your mouse does not instantly execute the trade. 3. Receive information from the firm to substantiate any advertised claims concerning the ease and speed of online trading. 4. Receive information from the firm about significant Web site outages, delays and other interruptions to securities trading and account access. 5. Obtain information before trading about entering and canceling orders (market, limit and stop loss), and the details and risks of margin accounts (borrowing to buy stocks). 6. Determine whether you are receiving delayed or real-time stock quotes and when your account information was last updated. 7. Review the firmꆦs privacy and Web site security policies and whether your name may be used for mailing lists or other promotional activities by the firm or any other party. 8. Receive clear information about sales commissions and fees and conditions that apply to any advertised discount on commissions. 9. Know how to, and if necessary, contact a customer service representative with your concerns and request prompt attention and fair consideration. 10. Contact your state or provincial securities agency to (1) verify the registration/licensing status and disciplinary history of the online brokerage firm, or (2) file a complaint, if appropriate. See Online Investors Get 10 Tips from State Securities Regulators, available at < asp ?rcid=106> 113
뫴믚뫴룴쏒꣩ꗦ꧶뙂듛꒧곣ꡳ ꑀꅂ?꧳뙽ꓡ꒧ꭥꗽ셁룑낣뫴룴뙒뷦늼ꕈꕾꪺ듀ꕎ놹걉ꕈ꙰꛳꣺녯녢ꓡ룪끔ꪺ뫞륄ꅁꕈ쇗ꝋꙝ때ꩫ뙩ꑊ꣩냓뫴꾸꧒뻉교ꪺ꒣ꭋꅃ ꑇꅂ?ꧺꗕꛛꑶ꒣걏ꪽ놵덳떲꣬ꗦ꧶ꖫ돵ꅁꛓꕂ럆릫ꑝ꒣걏덂꧳ꕩꗟꝙ냵ꛦꗦ꧶ꪺꪬ멁ꅃ ꑔꅂ?꣺녯쏒꣩냓ꚳ쏶꧳뫴룴ꗦ꧶ꢳ덴ꅂꭋꝑꪺꯅ뛇룪끔ꅁꣃ엧쏒뱳ꝩ뭐맪믚놡걏ꝟ곛닅ꅃ ꕼꅂ?꣺녯쏒꣩냓쏶꧳꣤덂뉺뫴룴쉟끔ꅂ뿰ꦵ꣤ꕌꗦ꧶꒤쉟ꗳꪺ덂롭놹걉곛쏶룪끔ꅃ ꒭ꅂ?Ꙣ뙩ꛦꥥ끕꣺껸ꑕ돦ꭥ삳꣺녯곛쏶룪끔ꕈꭈꗎꗦ꧶닓론뭐궷쁉ꅃ ꒻ꅂ?뵔뭻녢ꓡ룪껆꒤ꪺꖫ돸믹ꡳ뎺걏뿰ꦵꪺ돸믹ꝙ껉돸믹ꅃ ꑃꅂ?샋뗸룓꣩냓뫴꾸ꪺꙷꗾ뻷꣮뭐쇴ꡰ앶걆떦ꅃ ꑋꅂ?꣺녯ꚳ쏶쏒꣩ꗦ꧶ꅂꓢ쓲뙏ꕈ꙰ꚳ꣤ꕌ엽쁵둦놹걉ꪺ빁ꗎ뇸ꗳꅃ ꑅꅂ?ꥹꧺ셁Ꙣꖲ굮놡ꑕ삳꙰꛳뭐ꯈꓡꩁ냈ꑈ귻셰떸ꅁꣃꕂ굮ꡄ맯ꛛꑶ걍ꪺ뚵낵ꕘꗟꝙꛓ빁럭ꪺ덂뉺ꅃ ꑑꅂ?덺륌럭ꙡꪺꕄ뫞뻷쏶ꅁꅝ1ꅞ뵔뭻꧒뙽ꓡꪺ꣩냓걏ꝟ롧ꕄ뫞뻷쏶껖귣롧샧ꅂꚳ때롧썧ꟙꪺ끏뿽ꅆꅝ2ꅞ꙰ꩇꖲ굮ꪺ룜ꅁ삳룓Ꙗꕄ뫞뻷쏶샋셼ꅃ 닄ꑇ듚 ꯘꗟ샋셼꣮ꯗ 결ꑆꖴ삻뫴룴쏒꣩쏒꣩뙂듛ꛦ결ꅁSEC꧳ꑀꑅꑅꑋ꙾ꑃꓫꚨꗟ뫴룴ꛦ냊덂ꅝThe Office of Internet EnforcementꅁOIEꅞ53ꅁ꣤닕ꚨꗷꑬꕝ걁SECꪺꯟ깶ꅂ라군깶뭐뷕걤귻떥셠군뙗륌ꑇꛊꑈꕈꑗꅁ슾ꕱ뫴룴뫊뗸ꑵꝀꅁꚨꗟꕈ꣓ꅁ셡Ꙁ땯냊ꑆ꒭ꚸꪺꗾ냪꧊뫴룴쏒꣩뙂듛놽 53 See SEC Creates Office of Internet Enforcement to Battle Online Securities Fraud < 114
닄ꕼ뎹 룪ꑈꭏ앀 뾺ꑵꝀꅁꚨꩇꑑ꓀싗뫓ꅁꑝ뵔맪륋ꑆ덜Ꙩꪺ뫴룴뙂듛ꛦ결ꅁꛓOIEꑝ앫땍ꚨ결ꥸꓨꪺ뫴룴뎡뚤ꅝCyberForceꅞ54ꅃꚹꑀꝀꩫ맯꧳냪ꛓꢥꅁ랥꣣ꚳ냑ꛒ믹귈ꅃ ꒣륌ꅁ맯꧳ꛢꛢꪺ뫴룴룪끔ꅂ멁뭐ꕜ꿠ꙕ늧ꪺ뉺끝뫴꾸ꅁ뛈뿠쏒꣩ꕄ뫞뻷쏶뭐ꕱꩫ뻷쏶Ꝁ결셼꒣ꩫꪺ냟ꑀ뫞륄ꅁ엣땍걏ꑀ뫘륌꓀ꪺ듁ꯝꅁꑝ꺣ꚳꢾ꒣돓ꢾꪺ뱾뱻ꅃꙝꚹ결ꢾ뵤꒣ꖿ럭ꪺ뫴룴룪끔뭐ꭄꩫꪺ뫴룴룪겡냊ꅁ낣ꑆ싇ꗑꕄ뫞뻷쏶ꪺꕄ냊ꕘ삻ꅁ쑙뱆놽뾺ꕾꅁ덺륌뫴룴꣏ꗎꪺ샋셼ꭨ걏귈녯뒣귒뭐릪쁹ꪺ낵ꩫꅃ Ꙣ뿹싸ꪺ뫴룴샴맒꒤ꅁꯘꗟꅵ뫴룴쒵맮ꅶꪺ왛꧀ꅁꗑ뫴룴꣏ꗎ뻡ꗴ뒪셼뫴룴꒣ꩫꛦ결ꅁ꒣뛈ꕩꕈ뱗ꕛ맯꒣럭룪끔ꪺ뫊럾뻷꣮ꅁꑝꕩꖲꝋ맯꧳뫴룴룪끔륌ꯗꪺ궭꣮덗ꥷꅁꛓꧏ깠뫴룴ꗦ꧶땯깩ꪺ뫃뱻55ꅃ 쇶땍ꅁꕈꕄ뫞뻷쏶ꕄ냊ꕘ삻ꅁ덺륌뫴룴쒵맮셼땯꣼뉺룪ꑈ샋셼ꅁ뎣ꕵ뫢걏ꅵꩶ샸ꅶꪺꓨꩫꅃ뇽ꚳ껄ꪺ륷ꢾꅁ뫴룴꣏ꗎ삳룓껉껉싔끏Ꙣꓟꅇꅵꗃ뮷꒣ꕩꚳꢬ냷ꪺ뫴룴쒵맮뫻꯹뫴룴ꕀ곉꒣꣼꣬생ꗎ뙂듛ꅶ56ꅁ걇꙰ꚹꪺ샴맒꒧ꑕꅁ꙰꛳ꕊ닓륌쉯룪끔ꅁꕈ쇗ꝋ뢨ꑊ뗪낰꒣맪ꪺ룪뎴ꣀꅁꑝ걏삳룓궫뗸ꪺ냝썄ꅃ 닄ꕼ론 냪ꪺ낵ꩫ 닄ꑀ뚵?맯땯ꛦ꒽ꕱꪺ뫞뉺ꅘ룪끔꒽뙽뒦앓 쏶꧳룪끔꒽뙽꒧롱냈ꅁ뻇ꚳ꣤꒽뙽꒧듁ꓩ걏ꝟꥷꅁꛓ냏ꝏ결ꅵꥷ듁꒽뙽ꅶ뭐ꅵ꒣ꥷ듁꒽뙽ꅶꅁ꣤꒽뙽꒧꒺깥ꛓ냏ꝏ결ꅵ꒽뙽ꚬ 54 ꛛ녱ꑀꑅꑅꑋ꙾ꑑꓫ궺ꚸ놽뾺뫴룴쏒꣩뙂듛ꛦ결ꕈ꣓ꅁSECꑓ꓀ꝏ꧳ꑀꑅꑅꑅ꙾ꑃꓫꅂꑇꆳꆳꆳ꙾ꑔꓫꅂꑇꆳꆳꆳ꙾ꑅꓫꑇꆳꆳꑀ꙾ꑔꓫꅁ셠Ꙁ뙩ꛦꑆ꒭ꚸꑪ덗볒놽뾺ꛦ냊ꅃSee Internet Enforcement Program About the Office of Internet Enforcemen, aivilable at < 55 뷐냑ꢣ뫴룴꣏ꗎꗇ롯냝썄륷ꢾ놹걉꒧곣ꡳꅁ닄ꑅꑑ궶ꅁꛦ걆끼곣ꡳ땯깩ꛒ껖ꥥ귻라뵳Ꙍꅁ꒤뗘ꗁ냪ꑋꑑꑅ꙾ꕼꓫꅃ 56 See Cyberspace Fraud and Abuse, available at < 115
뫴믚뫴룴쏒꣩ꗦ꧶뙂듛꒧곣ꡳ 쇊앶꒧꒽뙽ꅶꅂꅵ꒺뎡ꑈ앶엜냊꒧꒽뙽ꅶꅂꅵ뱸ꡄꥥ끕껑꒧꒽뙽ꅶ떥57ꅁꛓꙨ볆뻇랧녎꣤쉫쏾결ꅵꫬꚸ꒽뙽ꅶ뭐ꅵ쑾쓲꒽뙽ꅶꑇꑪ꒺뉛ꅃ때뷗결꛳ꅁ꣤ꕄ굮ꗘꪺꞡ결싇ꗑ꒽뙽뒦앓ꪺ뻷꣮ꅁꢾꟹ듛뙂ꛦ결ꪺ땯ꗍꅃ ꛜ꧳냪ꅁꗘꭥ맯꧳꒽뙽땯ꛦ꒽ꕱ삳ꗓ돸뚵꒴둠륌ꕨ꒧Ꝁ띾ꅁꕈ껑궱ꓨꚡ결꒧ꅃ58쏶꧳륱ꑬꗓ돸Ꝁ띾ꅁ뛈ꚳ쏒ꗦ꧒ꅂ쉤쉩꒤ꓟꛛꗁ냪ꑋꑑꑇ꙾ꑇꓫ끟꓀ꝏꕈꅵ뭏왗쏒꣩ꗦ꧶꧒ꗷꚳ궭꒽ꕱ맯ꑗꖫ꒽ꕱ궫ꑪ끔꺧꒧걤쏒멛꒽뙽덂뉺땻Ꟈꅶꅵ끝많ꩫꑈ꒤뗘ꗁ냪쏒꣩쉤쉩뙒뷦꒤ꓟ맯ꑗ쉤꒽ꕱ궫ꑪ끔꺧꒧걤쏒멛꒽뙽덂뉺땻Ꟈꅶ덗ꥷꅁꕈꮴ곹덤ꗴ결ꩫꯟ덗뵤뻚ꅁ굮ꡄꑗꖫꅝ쉤ꅞ꒽ꕱ꧳룓덗ꥷ꧒굮ꡄ꒧곛쏶뚵땯ꗍ껉ꅁ삳녎꣤룪끔뿩ꑊꅵꖫ왛듺꾸룪끔꡴닎ꅶ59ꅁꝟꭨ녎맯륈덗ꥷ꒧꒽ꕱ덂ꕈꅵ륈곹ꅶꅃ60꧳ꚹꥨꕂ꒣뷗ꕈꮴ곹덤ꗴ굮ꡄ땯ꛦ꒽ꕱ뷮ꛦ꒽뙽뒦앓덤ꗴ꒧Ꞵ빁뭐ꝟꅁ놩ꚹ늦뎺ꕩ꧓뭻결꒽뙽땯ꛦ꒽ꕱ뚷ꕈ륱ꑬꚡ뱩ꛦ꒽뙽뒦앓롱냈꒧ꑀ뫘ꅃ 닄ꑇ뚵?맯뿄ꩁ냈띾ꅘ빁럭꧊롱냈 닄ꑀ듚 ꗾꓨꛬ뿄ꩁ냈꧒구ꗍꪺ띳뷒썄 쁈뗛뫴믚뫴룴ꪺ땯깩ꅁꙕꕄ굮쏒꣩뿄뚰많꿉꿉덺륌뻣Ꙙꪺꓨꚡꯘ롭뫴꾸ꅁꕈ뒣꣑ꗾꓨꛬꪺ쏒꣩뿄ꩁ냈ꅁꣃꕂ떲Ꙙ뫴룴땯깩ꪺ쇍뛕ꅁ띦끴쏒꣩냓뭐룪압냝꒽ꕱꙀꙐꩁ냈룪ꑈꅃꚹ셼ꑷꖴ꽽ꑆ쏒꣩ 57 뻇뎯걋ꑳ꒧꓀쏾ꅁ꒽뙽귬ꭨ꒧꒺뉛낣ꫬꚸ꒽뙽뭐쑾쓲꒽뙽ꕾꅁꥼꚳꅵ셻껉꒽뙽ꅶꅂꅵ꒽뙽ꚬ쇊앶꒧꒽뙽ꅶꅂꅵ땯ꛦ꒽ꕱ꒺뎡ꑈ앶엜냊꒧꒽뙽ꅶꅂꅵꚬ쇊ꥥ끕껑꒧꒽뙽ꅶ떥ꅃꅝ꯶뉻ꛦ꒧ꅵ꒽뙽땯ꛦ꒽ꕱꕘ깵ꩆ라꣏ꗎꥥ끕껑덗ꭨꅶ닄ꑑ뇸덗ꥷꅁ꒣녯ꕈ떹ꕉ뿺꣤ꕌꝑ꽱결뇸ꗳ꣺녯ꕘ깵ꩆ라꒧ꥥ끕껑ꅁ걇ꚹ삳결ꅵ뱸ꡄꥥ끕껑꒧꒽뙽ꅶꅞꅃ뷐냑빜뎯뗛쏒ꗦꩫꅁ닄29-32궶ꅃ 58 ꗘꭥ뛈ꚳꕄ뫞뻷쏶끝걆뎡쏒꣩멛듁덦뫞뉺ꥥ귻라꧳ꗁ냪ꑋꑑꑅ꙾ꕼꓫ꒻ꓩꕈ(89)ꕸ끝쏒(ꑀ)꙲닄00946뢹꒽ꝩ귗ꖿ땯ꖬꅵ꒽뙽땯ꛦ꒽ꕱ삳꒽ꝩꙖꖻ라ꗓ돸뚵ꑀ쓽ꫭꅶ꒺ꅁ굮ꡄꅇꅵ꒽뙽땯ꛦ꒽ꕱ덗ꥷꙖꖻ라ꗓ돸끝냈돸ꝩ(ꝴ끝냈륷듺)ꅂ꒽뙽뮡ꧺ껑ꅂ꙾돸땯ꛦꚳ믹쏒꣩ꗓ돸(뷐)껑꒺꒧꒽뙽뮡ꧺ껑뵚ꖻ껉ꅁ낣삳Ꙑ껉녎껑ꗳ끥쏒꣩멛듁덦ꖫ돵땯깩냲라ꕾꅁꣃ삳녎룪껆ꑗ뛇ꛜ룓냲라뫴꾸ꅶꅃꝀ결굮ꡄ꒽뙽땯ꛦ꒽ꕱ륱ꑬꗓ돸꒧뻚ꅁ놩ꚹ꣧왛꒧ꅁꕄ뫞뻷쏶꒴ꭙꕈ껑궱꒧ꗓ돸결ꕄꅁ륱ꑬꗓ돸꒴때ꩫ꣺ꕎ껑궱ꗓ돸꒧ꕜ꿠ꅃ 59 ꑗꖫ꒽ꕱꅵꖫ왛듺꾸ꅶꭨ꧳ꑋꑑꑇ꙾ꑇꓫꑇꑑꑇꓩꖿꚡꑗ뵵ꅁꑗꖫ꒽ꕱꕩ녎ꙕ뚵끝냈ꅂ띾냈궫ꑪ룪끔뿩ꑊ룓꡴닎ꅁ꣑룪ꑈ걤룟ꅃ룪ꑈꗧꕩꛛ쏒ꗦ꧒꒽ꕱ뫴믚뫴룴꒧뫴궶ꑗ걤룟ꖫ돵곛쏶룪끔ꅃ<> 60 ꙰ꅵ뭏왗쏒꣩ꗦ꧶꧒ꗷꚳ궭꒽ꕱ맯ꑗꖫ꒽ꕱ궫ꑪ끔꺧꒧걤쏒멛꒽뙽덂뉺땻Ꟈꅶ닄ꑅ뇸ꅂꅵ끝많ꩫꑈ꒤뗘ꗁ냪쏒꣩쉤쉩뙒뷦꒤ꓟ맯ꑗ쉤꒽ꕱ궫ꑪ끔꺧꒧걤쏒멛꒽뙽덂뉺땻Ꟈꅶ닄ꑅ뇸꒧덗ꥷꅃ 116
닄ꕼ뎹 룪ꑈꭏ앀 냓ꅂ룪ꭈ끕띾뭐룪압냝띾ꪺ곉궭ꛓ녎ꑔ뫲녋ꪺ떲Ꙙꅃ꣒꙰냪꒺ꙕꑪ꣩냓결뇀뱳뫴룴ꑕ돦띾냈ꛓ꧳ꗁ냪ꑋꑑꑋ꙾늱랥ꑀ껉ꪺꅵꝋ뙏륱뢣ꅶꭐ빐녍껗ꅁ둎걏ꕈ쏒꣩냓떲Ꙙ룪압냝꒽ꕱ띾냈꧒뇀깩ꪺꭐ빐겡냊ꅃ61ꕴꕾꅁ뻣Ꙙꮬ멁ꪺ쏒꣩뿄뫴꾸ꑄꗑ쏒꣩냓ꅂ룪압냝꒽ꕱ곆ꛜ룪ꭈ끕꒽ꕱ꧒ꙀꙐ닕ꚨꅁꚹꑔꙢ쏒꣩뿄띾꧒면ꪺꢤꛢꖻꚳ꒣Ꙑꅁ걏걇냲꧳ꙕꛛꗟ돵꧒뒣꣑ꪺ뫴꾸꒺깥뛕ꖲꗧ녎ꚳꧺ엣ꪺ깴늧ꅁꛓꑪꮬ쏒꣩뚰많ꗘꭥꪺ낵ꩫꭋ꣏녯뫴룴룪ꑈ쏸ꕈ꓀뿫룪끔뒣꣑ꪺꢤꛢꅁ뱗ꕛꑆꝐ쉟룪끔꺧ꪺꝸ쉚ꅃꑚꚹ뫘뫘ꅁ뎣걏쏒꣩ꗦ꧶뫴룴꓆꒧ꯡ꧒구ꗍꪺ띳뷒썄ꅁꛓꕄ뫞뻷쏶쏒꣩띾삳꙰꛳궱맯럭ꭥ뭐ꖼ꣓ꪺ땯깩ꅁ맪Ꙣ귈녯쏶ꓟꅃ 냪꒺ꙕꑪꮬ꣩냓Ꙩꕈ쏒꣩뿄뚰많ꪺꚡꯘ롭뫴꾸ꅁꝑꗎ곛꒬덳떲ꪺꕜ꿠ꅁ녎쏒꣩냓ꅂ룪압냝꒽ꕱ뭐룪ꭈ끕꒽ꕱꪺ뫴꾸곛꒬뻣ꅝ떲ꅞꙘꅁ뒣꣑뫮Ꙙꪺ뫴룴쏒꣩뿄ꩁ냈ꅆ띾Ꙣ뫴꾸ꑗ뒣꣑ꝙ껉띳뭄ꅂꝙ껉ꛦ놡ꅂ귓룪끔룪꓀꩒ꅂ룪ꯘ쒳떥곛쏶ꪺ뿄룪끔ꅁꕈ뒣꣑룪ꑈꙨ볋꓆뭐ꞹ떽ꪺ뿄ꩁ냈ꕜ꿠ꅆ곆ꛜꟳꚳ뒣꣑꽤ꢥꅂ끑뷗냏떥꒬냊뚡ꅁ뒣꣑뫴룴룪ꑈꗦ뒫뿄끔꺧ꅁ땯ꫭ룪ꓟ녯ꪺ뻷라ꅃꚹꑀ땯깩ꅁ쇶ꕛ덴ꑆ룪끔꺧ꪺ뛇뮼뭐ꗦ뒫ꅁ맯룪ꑈꅵꪾꅶꪺ앶ꝑꚳ닶ꑪꪺꝕ꽱ꅁ땍ꛓꅁ곰땍궱맯ꚹ뫘룪룪끔ꗆ생ꪺ놡ꩰꅁꑝ꣏녯뫴룴룪ꑈ엜녯꒣ꪾ꙰꛳뿯뻜빁럭ꪺ룪끔꺧ꅃ 뫴룴ꑗꪺ룪룪끔ꅁ녯ꕈ뫴믚뫴룴ꪺ꽓꧊ꛓ냏ꝏ결ꅵ돦Ꙗꚡꅶ뭐ꅵ꒬냊ꚡꅶꪺ뛇벽ꮬ멁62ꅁꛓ쏒꣩띾꧳ꝑꗎ뫴믚뫴룴뒣꣑뿄룪끔껉ꅁꑝꕒ꓀륂ꗎ뫴룴ꪺ꽓꧊ꅁꗸ맏싇ꗑꞹ뻣ꪺ뿄ꩁ냈ꅁꝬꓞ룪ꑈ뭐꣤뙩ꛦ뿄ꗦ꧶겡냊ꅃꖻ론ꭥ뒿뷗과냪SECꛛꯟ닕슴ꚳ쏶뇀꒶늼꒧덗뵤ꅆꭥꑀ뎹ꗧ뇔Ꙩ끟ꚳ쏶뒣꣑룪뻷라룪놡돸ꪺ쏒 61 ꧒뿗ꪺꅵꝋ뙏륱뢣ꅶꣃꭄꞹꗾꝋ뙏ꅁꛓ걏쏒꣩냓롧륌뫫ꓟꪺ덝군ꕝ룋ꯡ꧒뇀ꛦꪺꭐ빐ꓨ껗ꅆꚹ뫘ꛦ빐ꓢꩫꭙ굮ꡄ냑뭐ꭐ빐녍껗ꪺ룪ꑈ낣꧳쏒꣩냓뙽ꗟ쏒꣩ ꗦ꧶녢ꓡꕾꅁꥼꖲ뚷꓀ꝏ뭐룪압냝꒽ꕱ쎱굱결듁ꑇꛜꑔ꙾꒣떥ꪺ룪압냝ꮴ곹ꅁꕴꙖ믈ꛦꗓ뿬ꭈꗎ뙕듚ꕈ떹ꕉ룪압냝꒧돸륓ꅁꣃ뚷쎱굱ꭈꗎꕤ꣏ꗎꮴ곹ꅁꕈ꓀듁ꚩ쎺ꭈꗎꕤ녢듚ꪺꓨꚡ뉍쁶ꅃ룪ꑈ쇶땍ꅵ샲쏘ꅶ륱뢣ꕂꚳ쏒꣩ꗦ꧶ꓢ쓲뙏엽ꪺ쁵둦ꅁꖲ뚷떹ꕉ룪압냝돸륓ꅁꗑꚹꕩꢣꅁ룪ꑈꣃꭄꚹꓨ껗꽵ꖿꪺ쒹깡ꅃ 62 ꗑ꧳뫴믚뫴룴ꖻꢭꝙ결ꑪ늳뛇벽둃엩꒧ꑀꅁ럭땍꣣ꚳ뛇닎둃엩ꅵ돦Ꙗꚡꅶ룪끔뛇벽ꪺꕜ꿠ꅁ뫴룴꣏ꗎ덂꧳덑냊ꙡꛬ쉳쓽놵ꚬ룪끔ꅁ꣒꙰ꑀ꿫ꪺ뫴궶꒺깥ꅂ륱ꑬ돸륱ꑬ뙬ꗳ떥ꞡ쓝꧳돦Ꙗꚡꪺ뛇벽ꅃꕴꕾ냲꧳뫴믚뫴룴꣣ꚳꪺ꒬냊꧊꧳ꝙ껉꧊꽓꧊ꅁꑓꕩ뒣꣑뵵ꑗꗦ뷍ꅂ꽤ꢥ떥꒬냊ꚡꪺ룪끔랾덱ꅃ 117
뫴믚뫴룴쏒꣩ꗦ꧶뙂듛꒧곣ꡳ ꣩뙂듛껗ꗳꅁꕩꕈꢣ녯룪끔꺧맯꧳녱룪겡냊ꪺ궫굮꧊ꑷ꒣ꯝꢥꅃ 닄ꑀꗘ 돦Ꙗꚡ뿄룪끔뒣꣑ ꕈ냪꒺끝롧뫴꾸ꛓꢥꅁ돌녠ꢣꪺ돦Ꙗꚡ뿄ꩁ냈ꅁ닶륌꧳늼ꛦ놡ꅂ뵌뛕꓀꩒ꅂ곣뷕룪끔떥ꅃ꣤꒤늼ꛦ놡쓝꧳ꗦ꧶볆뻚룪껆ꪺ뒣꣑ꅁꗑ꧳룪끔꣓랽ꥷꅁꙝꚹ룻꒣꧶땯ꗍ끔꺧뿹뭾ꪺꪬꩰꅃ63ꛜ꧳뵌뛕꓀꩒뭐곣뷕룪끔떥쏶꧳룪꓀꩒ꯘ쒳ꪺ꒺깥ꡳ삳꙰꛳덗뵤ꅁꭨꚨ결ꕄ뫞뻷쏶뫞뉺ꪺꑀꑪ걄뻔ꅃ 궺ꗽ삳싧뉍ꪺ걏ꅁ곣뷕룪끔룪ꯘ쒳삳ꝟꕛꕈ냏ꝏꅁ꙰꛳냏ꝏꅈꑓ룪ꯘ쒳뭐뇀꒶뚡ꚳ때냏ꝏꅁꛓ꣤덗뵤꒺깥결꛳ꅈ ꧒뿗ꪺ곣뷕룪끔룪ꯘ쒳ꅁꗑ꧳꣤ꣃꭄꩫꯟꗎ뭹ꗧ때ꩫ꒩ꕈꧺ뵔ꪺꩫꯟꥷ롱ꅁ걇뛈꿠ꗑ꣤맪뷨꒺깥ꕛꕈꓱ룻ꅃ곣뷕룪끔덱녠걏쏒꣩냓꒺뎡끷맯땯ꛦ꒽ꕱ샧띾끝냈ꪬꩰ꧒Ꝁꪺ곣ꡳ뷕걤꓀꩒ꅁ꒺깥Ꙩꕝ걁꒽ꕱ꫱듁롧샧셚껄ꅂꖼ꣓ꕩ꿠ꪺ샧륂ꫭ뉻떥ꅁꗎꕈꝀ결ꛛꛦ룪ꅝ꙰쏒꣩ꛛ샧냓ꅞ뒣꣑꒩룪ꑈꪺꡍ떦냑ꛒꅁꚹ삳쓝꧳룻ꯈ왛ꪺ룪껆꓀꩒ꅃꛓ룪ꯘ쒳ꭨ삳ꭙ뻚곣뷕룪끔ꪺꯈ왛떲ꩇ꧒Ꝁꪺꕄ왛Ꝑ쉟ꅁ맯꧳ꚳ믹쏒꣩믹귈꧒ꕩ꿠늣ꗍꪺ몦뙞엜꓆꣣ꚳ륷듺꧊뷨ꪺ뗻꛴ꅃꕈꗘꭥ맪냈꧒ꢣꅁ둘ꕇꣃ때ꧺ엣ꪺ냏ꝏꅃ ꚹꕾꅁ룪ꯘ쒳뭐뇀꒶ꚳ때늧Ꙑꅈ룪ꯘ쒳ꭙ끷맯쏒꣩룪뚵꧒Ꝁ꣣ꚳ륷듺꧊뷨ꪺ뗻꛴ꅁꛓ뒣꣑룪ꯘ쒳쓝ꕄ뫞뻷쏶뙽꧱ 63 껚뻚ꕸ왗쏒꣩ꗦ꧶꧒꒧ꅵ샧띾닓ꭨꅶ닄ꑑ뇸덗ꥷꅁ띾꙰뇽꣏ꗎ쏒꣩ꗦ꧶룪끔ꅁꞡ믝뭐ꕸ왗쏒꣩ꗦ꧶꧒쎱굱ꅵ꣑떹꣏ꗎꗦ꧶룪끔ꮴ곹ꅶꅵ꣏ꗎꗦ꧶룪끔ꮴ곹ꅶꅁꣃ뿭ꙵꅵ뭏왗쏒꣩ꗦ꧶꧒ꗷꚳ궭꒽ꕱꗦ꧶룪끔꣏ꗎ뫞뉺뿬ꩫꅶꅃꝙꗘꭥ냪꒺곛쏶ꗦ꧶룪끔꣓랽ꞡ닎ꑀꗑꕸ왗쏒꣩ꗦ꧶꧒굴덤뒣꣑ꅁꗑ꧳룪끔꣓랽ꥷꅁꙝꚹ땯ꗍ뿹뭾ꪺ뻷뉶꒣낪ꅆ땍ꛓ꒣ꕩꖲꝋꙡꅁꚳ껉꒴라땯ꗍꗦ꧶룪끔뭐맪믚ꪬꩰ꒣닅꒧놡ꅁ꙰ꙝꚹ덹ꚨ룪ꑈꗦ꧶띬ꖢꅁ덱녠ꗦ꧶꧒ꝙ꧳ꅵ럇ꅶꕄ뫞뻷쏶꒧ꙡꛬꅁ굮ꡄ쏒꣩냓삳ꕈꭏ믙룪ꑈ결쁵ꗽꅁꗑ꣤굴덤Ꝭꚬꅃ꣒꙰꧳ꗁ냪ꑋꑑꑅ꙾뒿롧땯ꗍ쏒꣩냓꧒땯ꛦ꒧ꑗ궭ꮬ뭻쇊앶쏒ꅁꙝ볐ꪺ쏒꣩쒲ꑗ궭믹껦ꛓ뚷ꛛ냊뱩곹떲뫢ꅁ롧땯ꛦ꣩냓덱ꪾ쏒꣩ꗦ꧶꧒닗ꓮ룓뭻쇊앶쏒ꑗꖫꗦ꧶ꅆ닝ꓩꗦ꧶껉뚡뙩ꛦꗦ꧶껉ꅁ룓앶쏒꒴쑾쓲돸믹놵꣼ꗦ꧶ꅁ뛠롧땯ꛦ꣩냓ꝙ껉덱ꪾ쏒꣩ꗦ꧶꧒ꯡꅁꥬ낱ꓮ룓앶쏒ꗦ꧶ꅃꛜ꧳럭ꓩꚨꗦ꒧ꗦ꧶깴믹ꅁꞡꗑ땯ꛦ꣩냓ꛛꛦꝬꚬꅃ 118
닄ꕼ뎹 룪ꑈꭏ앀 ꒩쏒꣩룪압냝띾ꪺ띾냈롧샧뚵ꗘ꒧ꑀꅃ64뒫ꢥ꒧ꅁꗘꭥꚳ룪껦꧳쏒꣩ꖫ돵꒤뒣꣑룪ꯘ쒳ꅁꕇ뛈ꚳ룪압냝꒽ꕱꛓꑷꅃꛜ꧳꧒뿗ꅵ뇀꒶ꅶꅁ껚뻚ꕸ왗쏒꣩ꗦ꧶꧒쉤쉩뙒뷦꒤ꓟ꒧ꅵ쏒꣩냓뇀꒶ꯈꓡ뷦ꚳ믹쏒꣩Ꝁ띾뿬ꩫꅶꅁꣃꖼ땯뉻ꗴ꛳ꥷ롱꧊덗ꥷꅁ꙰껚뻚꙲롱룑쓀ꅁꕩꕈ뭻결뇀꒶결ꅵ뇀싋꒶닐ꅶ꒧띎ꯤꅁꛓ꣤덗뵤맯뙈ꭨꕈ쏒꣩냓결ꕄꅃ ꙰꿂둎룪ꯘ쒳뭐뇀꒶ꑇ꒧꙲롱ꅁ맪쏸ꕈꧺ엣냏ꝏ꣤늧Ꙑꅁ땍굙둎뉻ꚳ덗ꥷ왛맮ꅁ꒴ꕩ꭪꒩쒤ꙃꑕꙃ깴늧ꅇ 룪ꯘ쒳 뇀꒶ 덗뵤ꅝ빁ꗎꅞꕄ엩 쏒꣩룪압냝띾 쏒꣩냓 ꯈ엩 뭐압꒽ꕱ굱ꚳꥥꗴꮴ곹뭐쏒꣩냓ꥷꚳꛦ곶ꮴ곹꒧꒧ꯈꓡ ꯈꓡ ꚳ때맯믹 ꚳ쁶 때쁶 ꥨꕂ꒣뷗ꭥ굺ꛦ결걏ꝟ맪뷨꒺뉛곛Ꙑꛓ뛈ꭙꗎ뭹ꑗꪺ늧ꅁ룪ꯘ쒳뭐뇀꒶ꑇ꧳ꖻ뷨ꑗꝙꚳ냏ꝏ꒧ꖲ굮ꅃꗑ맪냈ꪺꗟ돵왛맮ꅁꙢꕄ뫞뻷쏶맯ꚹꣃ때ꧺ뵔멁ꯗꕈꭥꅁ쏒꣩띾ꅝ꽓ꝏ걏ꑪꮬꪺ뫴룴쏒꣩냓ꅞ맯꧳ꚹꑇꕇꗧ때띎ꕛꕈ냏ꝏꅃ 띍띎ꕈ결ꅁꙢ뉻꒵뫴룴뉺끝쇍뛕ꪺꓞ믢ꑕꅁ룪ꑈꝑꗎ뫴믚뫴룴Ꝁ결놵ꚬ룪끔꺧꒧뫞륄ꅁꖲ땍쁈뗛뫴룴ꪺ뒶ꛓꚨꖿꓱꪺꚨꅁ뒫ꢥ꒧ꅁ귊뿠뫴룴룪끔꺧ꪺ룪ꑈ뛕ꖲ꯹쓲뱗ꕛꅆꙝꚹꅁꝑꗎ뫴룴뛇벽룪끔꺧ꪺ덗뵤ꛛ땍엣녯꽱ꕛ궫굮ꅃ녱ꛓ쏒꣩띾ꝑꗎ뫴믚뫴룴뒣꣑룪ꯘ쒳ꅁꝑꗎ뫴믚뫴룴뇀꒶늼ꅁ뛕ꖲꚨ결ꖼ꣓ꪺ쇍뛕ꅆꙝꚹ뭐꣤ꪧ냵룪ꯘ쒳뭐뇀꒶늼ꪺ깴늧ꅁ꒣꙰녎꣤떥Ꙑ뗸꒧ꅁꕴꕾ덺륌ꕛ녪맯뇀꒶ꅝ싋ꅞ뒣꣑룪ꯘ쒳ꪺ덗뵤ꅁꝀ결뫻앀쏒꣩ꖫ돵ꗦ꧶꾴Ꟈ뭐ꭏ앀룪ꑈꪺꓨꩫꅃ ꡳ뎺뫴룴쏒꣩띾ꕩꝟꝑꗎ뫴믚뫴룴Ꝁ결뇀꒶늼ꪺ둃꒶ꅈ껚뻚쏒ꗦ꧒꧳ꗁ냪ꑋꑑꑅ꙾ꑋꓫꑑꑀꓩ귗ꖿꯡꪺ샧띾닓ꭨ닄ꑋꑑ 64 ꅵ쏒꣩룪압냝띾뫞뉺덗ꭨꅶ닄꒭뇸닄ꑀ뚵닄ꑀ듚맯꧳쏒꣩룪압냝띾꒧띾냈덗ꥷꚳꅇꅵ놵꣼ꥥꗴꅁ맯쏒꣩룪ꚳ쏶뚵뒣꣑곣ꡳ꓀꩒띎ꢣꯘ쒳ꅃꅶ 119
뫴믚뫴룴쏒꣩ꗦ꧶뙂듛꒧곣ꡳ ꒭뇸닄ꑔ뚵ꅁꕈ쉤쉩뙒뷦꒤ꓟ꧳ꗁ냪ꑋꑑꑅ꙾ꑑꓫꑑꑃꓩ귗ꖿꯡꪺ띾냈덗ꭨ닄ꑇꑑꑋ뇸꒧ꑇ닄ꑀ뚵ꅁ맯꧳쏒꣩냓ꕈ뫴룴뇀꒶ꅝ싋ꅞꚳ믹쏒꣩ꪺꛦ결ꅁ뇄꣺ꥷꪺꗟ돵ꅃ65 뫴룴꣩냓녯ꕈ뫴믚뫴룴맯ꯈꓡ뇀꒶ꚳ믹쏒꣩ꪺꗟ돵뵔ꗟ꒧ꯡꅁꝞꑈ뙩ꑀꡂ샋뗸ꅁ맯꧳뇀꒶ꛦ결ꚳ때꽓ꝏ덗뵤ꅃꗦ꧶꧒ꕈ쉤쉩뙒뷦꒤ꓟꙕꛛ꒧ꅵ쏒꣩냓뇀꒶ꯈꓡ뙒뷦ꚳ믹쏒꣩뫞뉺뿬ꩫꅶꅝꕈꑕ슲뫙뇀꒶뿬ꩫꅞꞡ덗ꥷꅇꅵ쏒꣩냓꒣녯Ꙗ꒣꽓ꥷꙨ볆ꑈ뇀꒶뙒뷦ꚳ믹쏒꣩ꅶꕂꅵ쏒꣩냓맯꽓ꥷꯈꓡ뿬뉺뇀꒶껉ꅁ삳ꕒ꓀ꪾ노ꣃ뗻꛴ꯈꓡ꒧룪ꪾ쏑ꅂ룪롧엧ꅂ끝냈ꪬꩰꅂ꧓꣼룪궷쁉꒧땻ꯗ결빁럭꒧뇀꒶ꅶꅃ66 ꭥ굺덗ꥷ뭐뫴룴쏒꣩띾ꗘꭥꪺꝀꩫꅁ엣땍꙳ꚳ곛럭ꑪꪺ깴늧ꅁ궺ꗽꅁ꙰꛳곉ꥷꅵ꒣꽓ꥷꙨ볆ꑈꅶꭋ걏쑙궫ꪺ냝썄ꅁ셼꣒ꛓꢥꅁꑕꙃ맯뙈ꡳ뎺걏ꝟ쓝꧳뇀꒶뿬ꩫ꧒뭻ꥷ꒧ꅵ꽓ꥷꑈꅶꅈ ꑀꅂ?뭐쏒꣩냓굱ꚳꛦ곶ꮴ곹ꅁꕂꙐ띎꣏ꗎ뫴믚뫴룴륱ꑬꗦ꧶꒧ꯈꓡꅃ ꑇꅂ?뭐쏒꣩냓굱ꚳꛦ곶ꮴ곹꒧ꯈꓡꅃ ꑔꅂ?쇶ꖼ뭐쏒꣩냓쎱굱ꛦ곶ꮴ곹ꅁꕴꕾ꣺녯꣏ꗎ꣤뫴꾸룪끔룪껦ꅝ꙰룕ꗎ라귻ꅞꪺ룪ꑈꅃ ꕈꭥ굺ꑔ결꣒ꅁ꙰뇄룻결뱥썐꒧ꗟ돵뭻ꥷꅁꗑ꧳ꚹꑔ쏾룪ꑈꅝꯈꓡꅞꞡ뭐쏒꣩냓뫴꾸굱ꚳꮴ곹ꅝ꧒뿗꒧뙽ꓡꮴ곹룪끔꣏ꗎꮴ곹ꅞꅁ뭐쏒꣩냓뚡꣣ꚳ꽓ꥷ꒧ꩫꯟ쏶ꭙꅁ걇룓ꑔꞡꕩ뭻결닅Ꙙꅵ꽓ꥷꙨ볆ꑈꅶ꒧ꥷ롱ꅁ삳결녯꣼뇀꒶꒧맯뙈ꅃ 땍굙ꕈꅵ뇀꒶뿬ꩫꅶ닄ꑇ뇸ꯡ걱ꅇꅵ쏒꣩냓맯꽓ꥷꯈꓡ뿬뉺뇀꒶껉ꅁ삳ꕒ꓀ꪾ노ꣃ뗻꛴ꯈꓡ꒧룪ꪾ쏑ꅂ룪롧엧ꅂ끝냈ꪬꩰ 65 뉻ꛦ꒧쏒ꗦ꧒샧띾닓ꭨ닄ꑋꑑ꒭뇸닄ꑔ뚵덗ꥷꅆꅵ쏒꣩롧곶냓ꪽ놵맯ꯈꓡ꧳뫴꾸ꑗ뇀꒶뙒뷦ꚳ믹쏒꣩ꅁ삳ꖻ꒽ꕱ굱꒧ꅹ쏒꣩냓뇀꒶ꯈꓡ뙒뷦ꚳ믹쏒꣩뫞뉺뿬ꩫꅺ꒧덗ꥷ뿬뉺ꅃꅶ쉤쉩뙒뷦꒤ꓟ띾냈덗ꭨ닄ꑇꑑꑋ뇸꒧ꑇ닄ꑀ뚵덗ꥷꅇꅵ쉤쉩뙒뷦쏒꣩냓ꪽ놵맯ꯈꓡ꧳뫴꾸ꑗ뇀꿲ꯈꓡ뙒뷦ꚳ믹쏒꣩삳ꖻ꒤ꓟ쉤쉩뙒뷦쏒꣩냓뇀꒶ꯈꓡ뙒뷦ꚳ믹쏒꣩뫞뉺뿬ꩫ꒧덗ꥷ뿬뉺ꅃꅶ 66 냑ꢣ쏒ꗦ꧒꧳ꗁ냪ꑋꑑ꒭꙾ꑀꓫꑑꑅꓩ꒽ꖬꅵ뭏왗쏒꣩ꗦ꧶꧒ꗷꚳ궭꒽ꕱ쏒꣩냓뇀꒶ꯈꓡ뙒뷦ꚳ믹쏒꣩Ꝁ띾뿬ꩫꅶ닄ꑇ뇸ꅆ쉤쉩뙒뷦꒤ꓟ꧳ꗁ냪ꑋꑑꑃ꙾ꑑꓫꑑꕼꓩ귗ꖿ덱꒧ꅵ끝많ꩫꑈ꒤뗘ꗁ냪쏒꣩쉤쉩뙒뷦꒤ꓟ쉤쉩뙒뷦쏒꣩냓뇀꒶ꯈꓡ뙒뷦ꚳ믹쏒꣩뫞뉺뿬ꩫꅶ닄ꑇ뇸ꅃ 120
닄ꕼ뎹 룪ꑈꭏ앀 ꧓꣼룪궷쁉땻ꯗ걏ꝟ빁Ꙙ곛쏶뇀꒶군릺ꅶ결볐럇ꅁꭨꚹ궭꣮ꧺ엣녎ꅵ꽓ꥷꯈꓡꅶ꒧ꥷ롱궭셙ꛜꅵ롧뗻꛴꣤룪ꪾ쏑ꅂ룪롧엧ꅂ뭐끝냈ꪬꩰ꒧ꯈꓡꅶꅁꭨꭥ굺ꑔꞡꥼ꒣닅Ꙙ꽓ꥷꯈꓡ꒧굮ꡄꅁꗧꝙ쏒꣩냓꒴꒣녯맯ꭥ굺ꑈ귻결ꚳ믹쏒꣩꒧뇀꒶ꅃ 쏶꧳ꚹ냝썄ꅁ냪쏒꣩듁덦띾꒧ꕄ뫞뻷쏶꒧멁ꯗꣃ꒣ꧺ뵔ꅁꛓꙨ볆쏒꣩띾ꭨ냲꧳ꖫ돵ꛒ뙱ꅁ꿉꿉덺륌ꖻꢭ꒧뫴꾸뭐꣤ꕌ뉺끝뫴꾸ꙘꝀꅁ뒣꣑꣣ꚳ뇀꒶꧊뷨ꪺ곣ꡳ돸ꝩꅆꛜꙨ꧳꣤꧒뒣꣑ꪺ룪ꯘ쒳꒤ꕛ뗹쒵뭹67ꕈꅵꝋ덤뇸듚ꅶꅁ뒣뿴뫴룴룪ꖲ뚷ꛛꛦ꧓뻡룪궷쁉ꅃ 때뷗걏쏒ꗦ꧒쉤쉩뙒뷦꒤ꓟ꒧뇀꒶뿬ꩫꞡ곛럭ꧺ엣ꙡ뇄ꗎ과냪NASD Rule 2310ꪺ빁럭꧊덗ꭨ꒧뫫꾫ꅁꛓꚹ빁럭꧊덗ꭨꚨꪺ굉뒺ꭙ꧳ꑇꑑꕀ곶꒤듁ꅁ럭껉쏒꣩냓뭐룪ꑈ뚡ꅁꑄ롧ꗑ샧띾귻Ꝁ결덳쎴ꪺ뫞륄ꅁ녱ꛓꕩꕈ덺륌샧띾귻맯ꯈꓡꪺ셁룑ꅁ낵ꕘ닅Ꙙ빁럭꧊ꪺ뇀꒶ꅃ땍ꛓꙢ뫴믚뫴룴ꪺ샴맒꒤ꅁ쏒꣩냓덺륌뫴꾸뒣꣑룪끔꺧꒩볆ꕈ롕군ꪺ뫴룴룪ꑈꅁ엣땍쏸ꕈ닅Ꙙ빁럭꧊ꪺ굮ꡄꅃ 띍띎ꕈ결ꅁ쁈뗛룪ꚨꖻ궰ꝃꅂ룪왛꧀ꪺ뒶ꅁ둟ꕈ룪끔꺧뛇벽뫞륄ꪺꙨ볋꓆ꅁ룪ꑈꗧ삳룓쁈뗛룪샴맒ꪺ엜꓆ꛓ꣼꣬꒣Ꙑ땻ꯗꪺꭏ앀ꅆꭥ굺빁럭꧊덗ꭨꪺ빁ꗎ뵤돲ꑝ삳룓ꙝ삳꒣Ꙑꪺ샴맒ꕛꕈ뷕뻣ꅁ꽓ꝏ걏ꝑꗎ뫴믚뫴룴뇀꒶늼ꅁ삳ꝟ빁ꗎꅵ빁럭꧊ꅶ덗ꭨ꒧ꪧ쒳ꥼꖼ샲녯Ꙁ쏑ꭥꅁ꒣Ɜꕈ뇀꒶룪ꯘ쒳ꪺ뒣꣑ꡳꭙ덂꧳ꕄꅂ덑냊ꙡꛬꅁ룓룪끔ꪺ뒣꣑ꚳ때맯믹떥ꙝ꿀꓀ꝏꛒ뙱빁럭꧊덗ꭨꪺ빁ꗎ뭐ꝟꅃ 닄ꑇꗘ ꒬냊ꚡ뿄룪끔뒣꣑ 곛룻꧳과냪꣩냓맯꧳뒣꣑꒬냊ꚡ뿄끔꺧ꪺ싔띖멁ꯗꅁ냪꒺ꪺ뫴룴꣩냓ꭨ엣녯ꑑ꓀ꑪ셸ꛓ뽮랥ꅁꛜ꧳꣤ꕌ뉺끝뫴꾸ꭨꟳ걏뉀때 67 ꣒꙰쉤쉩뙒뷦꒤ꓟ꒧뇀꒶뿬ꩫ닄ꑑꑇ뇸ꝙꧺꗕ굮ꡄꅁ쏒꣩냓ꖲ뚷꧳뇀꒶룪껆꒤ꕛ뗹ꅇꅵ뇀꒶룪껆ꭙ뻚ꑷ꒽뙽꒧룪끔곣Ꝑꅁꣃ꒣ꭏ쏒ꖼ꣓꒧샲ꝑꅁ룪ꑈ삳ꧺ셁꣤냑ꛒ꧊ꅁ뱦띖ꛒ뙱ꖻꢭ꒧룪궷쁉ꅶꅃ 121
뫴믚뫴룴쏒꣩ꗦ꧶뙂듛꒧곣ꡳ 압ꙡꪺ뒣꣑곛쏶ꕜ꿠ꅁ곆ꛜꕈ랥결셱냊룘녩ꪺ볐썄롭꧱꧳뫴꾸궺궶ꅁꝬꓞ룪ꑈ쉳쓽ꅃ멉ꛜꗘꭥ결ꓮꅁꕄ뫞뻷쏶맯ꚹ뫘땯깩쇍뛕ꣃ때ꧺ뵔ꪺ멁ꯗꅁꗧ때꣣엩ꪺ놹걉ꕩ뒣꣑뫴룴쏒꣩띾뉺끝뫴꾸뿭둠ꅃꛓ둎Ꙣ꙰ꚹꪺ뫴룴쏒꣩룪샴맒꒧ꑕꅁ꧳ꗁ냪ꑋꑑꑅ꙾꦳둎땯ꗍꝑꗎ뫴룴끑뷗냏뒲ꝇ꒣맪껸꺧ꅁ뻉교꽓ꥷ늼믹껦꯹쓲ꑕ뙞ꪺ껗꣒68ꅁ룓껗ꪺ땯ꗍ엣ꗜ뫴룴뉺끝끔꺧ꪺ덗뵤ꪺ뵔걏꣬ꑆ믝굮뱦띖뗻꛴ꪺ껉귔ꅃ 궺ꗽꅁ둎쏒꣩냓꧳꧒ꯘ롭ꪺ뫴꾸뒣꣑꒬냊ꚡ끔꺧ꗦ뒫ꕜ꿠껉ꅁ걏ꝟ뚷둎꣤꒺깥굴덤ꅈꚹꑀ냝썄ꥼꕩ끔꺧뒣꣑ꪺꢭꗷꛓ냏꓀결ꑇ뎡ꗷꅆ꙰냑뭐뵵ꑗ끑뷗ꭙ쏒꣩냓꒧띾냈ꑈ귻껉ꅁ쏒ꗦ꧒샧띾닓ꭨ닄ꑋꑑ꒭뇸닄ꕼ뚵덗ꥷꅇꅵ쏒꣩냓…맯꣤띾냈ꑈ귻꣏ꗎ륱ꑬ뙬ꗳꅂ롳닕륱ꑬ뙬ꗳꅂꝇꝩ쓦뫴꾸떥뙩ꛦ뭐샧띾곛쏶꒧ꛦ결ꅁ삳굴뫊럾뫞뉺꒧덤ꅃꅶ껚뻚ꚹꑀ덗ꥷꕩꪾꅁ꙰꧳쏒꣩냓뫴꾸ꑗ뒣꣑끔꺧결쏒꣩꒽ꕱ꧒뚱ꗎ꒧띾냈ꑈ귻ꅁꭨ쏒꣩냓삳맯꣤곛쏶ꛦ결굴뫊럾뫞뉺꒧덤ꅃ 닄ꑇ듚 뙗덳떲룪끔ꪺ덤ꗴ 냪둎뙗덳떲곛쏶냝썄ꓨ궱ꅁ쇶Ꙣ쏒ꗦ꧒샧띾닓ꭨ닄ꑋꑑ꒭뇸닄ꕼ뚵ꯡ걱덗ꥷꅇꅵ쏒꣩롧곶냓삳띖뿯뙗덳떲꒧뫴꾸ꅁꣃ맯꣤띾냈ꑈ귻꣏ꗎ륱ꑬ뙬ꗳꅂ롳닕륱ꑬ뙬ꗳꅂꝇꝩ쓦뫴꾸떥뙩ꛦ뭐샧띾곛쏶꒧ꛦ결ꅁ삳굴뫊럾뫞뉺꒧덤ꅶꅁꚹ덗ꥷꖻꢭꣃ때ꗴ꛳쏶꧳륈ꪺ껄ꑏ덗ꥷꅁꛜꙨ뛈결끖ꗜꪺ덗뵤ꛓꑷ69ꅁ맯꧳쏒꣩냓뙗덳떲ꛦ결ꪺ덗뵤걏ꝟ꣣ꚳ맪껄ꅁ꺣꧈귈녯써뫃ꅃꛓ쏶꧳쏒꣩땯ꛦꑈ꧳땯ꛦ껉ꝑꗎ뫴룴뙗덳떲ꪺꕜ꿠ꓨ궱ꅁꭨꥼꖼꢣꕄ뫞뻷쏶ꚳꗴ꛳꣣엩ꪺ걆떦ꯅꗜꅃ 쏶꧳ꚹꑀ뎡ꗷꅁNASD뭐ꭥ굺SEC꧳ꑇꆳꆳꆳ꙾룑쓀꣧꧒뒦ꪺ냲ꖻ멁ꯗꅘ셡꣏땯ꛦꑈ꧳뙗덳떲땥궱ꑗꕈ쒵뭹ꝋ덤셮ꧺꪺꓨꚡ뒣 68 뷐냑빜ꗁ냪ꑅꑑ꙾ꑔꓫꑑꕼꓩ꒤껉뇟돸ꅁ닄ꑑꑔꪩꅃ 69 쏒ꗦ꧒샧띾닓ꭨ닄ꑀꛊꑔꑑ꒭뇸ꕈꑕꅁ꓀ꝏ맯꧳륈닄ꑋꑑ꒭뇸닄ꑀ뚵ꛜ닄ꑔ뚵꒧ꛦ결굱ꚳ곛쏶덂뭀ꪺ덗ꥷꅁꞡ때쏶꧳륈닄ꑋꑑ꒭뇸닄ꕼ뚵껉ꪺ껄ꑏ덗ꥷꅁ엣ꢣ룓뇸뛈꣣ꚳ끖ꗜꪺꝀꗎꛓꑷꅃ 122
닄ꕼ뎹 룪ꑈꭏ앀 뿴룪ꑈ삳ꛛ굴궷쁉ꅁ쏒꣩땯ꛦꑈꗧ꒣녯뻚ꚹ낵결ꝋ낣덤ꗴꪺ뉺ꗑꅃꚹꑀꢣ룑엣땍귈녯ꕄ뫞뻷쏶ꓞ결냑ꛒꅃ 닄ꑔ뚵?맯룪ꑈꅘ룪ꑈ뇐뭐뇏샙놹걉 닄ꑀ듚?룪ꑈ뇐 쏶꧳ꯘꗟ룪ꪾ쏑ꓨ궱ꅁ셁룑쏒꣩ꗦ꧶맪냈꧒뇄ꛦꪺ쑶믹ꗦ꧶ꅂ벼Ꙙꚨꗦꓨꚡꅁ삳룓걏ꑊꪺ닄ꑀꡂꅆꕈ냪꒺ꛓꢥꅁ쇶땍ꗘꭥ쏒ꗦ꧒샧띾닓ꭨ닄ꑃꑑꑅ뇸뭐쉤쉩뙒뷦꒤ꓟ띾냈덗ꭨ닄꒻ꑑꑔ뇸ꞡꧺꥷꅁ쏒꣩냓꣼끕뙒뷦ꚳ믹쏒꣩삳ꕈꅵ궭믹ꓨꚡꅶ결꒧70ꅁ땍ꛓ쏒꣩맪냈꒴ꩵꗎ뛇닎ꪺꓨꚡ꓀ꅵꖫ믹ꅶꥥ끕뭐ꅵ궭믹ꅶꥥ끕ꅃꚹ뚡꧒뿗꒧ꅵꖫ믹ꅶꥥ끕ꣃꭄꥥ끕럭껉ꪺꖫ돵믹껦ꅁꛓꭙꕈ럭ꓩꪺ몦낱믹뙞낱믹ꅁꝀ결꣩냓뙒뙩뷦ꕘꪺꥥ끕믹껦ꅃ ꑓ꙰뚰꒤ꖫ돵꒧뭻쇊앶쏒ꅁ꣤몦뙞둔ꭙꅵ볐ꪺ쏒꣩꒧럭ꓩ몦뙞둔ꪺ떴맯썂ꅶ71결럇ꅁꚹ뭐뉻ꛦꑗꖫꅝ쉤ꅞ늼돦ꓩ몦뙞둔결ꭥꑀꓩꚬ뵌믹꒧ꛊ꓀꒧ꑃ꒧덗ꥷꅁꚳ뗛랥ꑪꪺ깴늧ꅁ굙룪ꑈ때ꚹ뭻쏑ꛓ뉶땍ꥥ끕뙒뷦ꅁ꺣녎늣ꗍꗦ꧶믹껦꒧ꪧ냵ꅃ 낣ꑆꥥ끕믹껦ꪺ냝썄꒧ꕾꅁ쑶믹벼Ꙙꪺꓨꚡꑝ걏믝굮셁룑ꪺꑀ샴ꅁ냪꒺ꑗꖫ꒽ꕱ늼ꗦ꧶귬ꭨꅁꭙ쏒ꗦ꧒샧띾닓ꭨ닄꒭ꑑꑋ뇸꒧ꑔꪺ덗ꥷꅁ꓀결뚰Ꙙ쑶믹뭐덳쓲쑶믹ꑇ뫘ꅆ뚰Ꙙ쑶믹빁ꗎ꧳ꡃꓩ뙽뵌꒧믚ꅁ꣤ꕈ몡ꢬ돌ꑪꚨꗦ뙱결귬ꭨꅁꗧꝙ꣤ꚨꗦꪺ귬ꭨ걏ꅵ낪꧳ꡍꥷ믹껦꒧뙒뙩ꗓ돸뭐ꝃ꧳ꡍꥷ믹껦꒧뷦ꕘꗓ돸뚷ꗾ뎡몡ꢬꅃꅶꛓꅵꡍꥷ믹껦꒧뙒뙩ꗓ돸뭐뷦ꕘꗓ돸ꛜꓖꑀꓨ뚷ꗾ뎡몡ꢬꅶꅃꛜ꧳덳쓲쑶믹ꭨ걏꧳뙒뙩뷦ꕘ뒦ꗜ믹껦꒧돌ꑪ뙱ꚨꗦꅁ꙰꣤뛈ꚳ뙒뙩뷦ꕘꥥ끕껉ꅁꭨ꓀ꝏꕈ꣤ꡍꥷ믹껦꒧ꑗꑇ귓궰돦ꛬꑕꑇ귓궰돦ꛬ뵤돲꒺ 70 쏒ꗦ꧒샧띾닓ꭨ닄ꑃꑑꑅ뇸닄ꑀ뚵덗ꥷ결ꅇꅵ쏒꣩롧곶냓놵꣼ꥥ끕뙒뷦ꅁꕈ궭믹결꒧ꅃꅶꕴ쉤쉩꒤ꓟ띾냈덗ꭨ닄꒻ꑑꑔ뇸닄ꑀ뚵ꭨ덗ꥷꅇꅵ 쏒꣩롧곶냓꣼끕뙒뷦ꅁ삳ꗑꯈꓡ궭ꥷ믹껦ꅁꥥ끕쏒꣩롧곶냓결꣤ꗓ돸ꅃꅶ 71 뭻쇊앶쏒꒧몦뙞둔ꯗ군뫢ꓨꩫꅁ뷐냑ꢣ뭏왗쏒꣩ꗦ꧶꧒ꗷꚳ궭꒽ꕱ뭻쇊 (냢) 앶쏒뙒뷦뿬ꩫ닄ꑃ뇸꒧덗ꥷꅇꅵ몦낱믹껦ꇗꭥꑀꓩꚬ뵌믹껦ꇏ (볐ꪺ쏒꣩럭ꓩ몦낱믹껦ꇐ볐ꪺ쏒꣩럭ꓩ뙽뵌쑶믹냲럇) ꇑꛦ꣏ꓱ꣒ꅃ뙞낱믹껦ꇗꭥꑀꓩꚬ뵌믹껦ꇐ (볐ꪺ쏒꣩럭ꓩ뙽뵌쑶믹냲럇ꇐ볐ꪺ쏒꣩럭ꓩ뙞낱믹껦) ꇑꛦ꣏ꓱ꣒ꅶꅃ 123
뫴믚뫴룴쏒꣩ꗦ꧶뙂듛꒧곣ꡳ ꕈ돌ꑪ뙱ꚨꗦ72ꅃꑗ쉤꒽ꕱ늼ꗦ꧶귬ꭨꭨꕈꅵ떥믹ꛛ냊ꚨꗦ꡴닎ꅶ꒧ꚨꗦꓨꚡ결귬ꭨ73ꅁꚨꗦꓨꚡ룻놵꫱꧳ꑗꖫ늼ꪺꅵ뚰Ꙙ쑶믹ꅶꓨꚡꅁꗑ꧳꣤때ꑗꅂꑕꑇ귓궰돦ꛬꚨꗦꪺ궭꣮ꅁꕂꑗ쉤늼ꗦ꧶뙱덱녠룻ꓖꅁꙝꚹ깥꧶덹ꚨꭥꯡꑇ떧ꚨꗦ믹껦ꚳꖨꑪ깴늧ꪺ뉻뙈ꅁꚹ결ꑗ쉤늼ꗦ꧶ꪺ꽓ꛢ꒧ꑀꅃ ꕴꕾꅁ껚뻚쉤쉩꒤ꓟꖿꙢ덗릺ꪺꖼꑗꖫꑗ쉤늼ꗦ꧶ꖫ돵ꅁ녎뇄ꗎꟳ결뱥썐ꪺꗦ꧶덗ꥷꅁ꽓ꝏ걏귓믹돦ꓩ몦뙞둔샀꒣뇄ꗴ꛳궭꣮74ꅁ맯꧳꒣셁룑ꗦ꧶뻷꣮ꪺ룪ꑈꛓꢥꅁꑄ꣣ꚳꟳ낪ꪺ궷쁉ꅃ 굙룪ꑈ꿊ꕆꭥ굺냲ꖻ왛꧀ꛓꝙ냑뭐쏒꣩ꗦ꧶ꪺ룪ꛦ결ꅁꦹꦹ깥꧶ꙝꚹꛓ뭐쏒꣩냓땯ꗍ꒣ꖲ굮꿉ꅃ결룑ꡍꚹꑀꝸ쉚ꪺꚳ껄ꓨꩫꅁ둎걏빩ꚨꕈ궭믹ꥥ끕ꗦ꧶ꪺ닟멄ꅁꝟꭨꓩꯡꑀꖹ꣺껸돦ꓩ몦뙞둔ꪺ궭꣮ꅁꭨꕈꖫ믹ꥥ끕뙒뙩ꅁꚨꗦ꧳ꑑ궿깴뙚믹껦ꪺ껗꣒ꣃꭄ꒣ꕩ꿠땯ꗍꅃ 닄ꑇ듚?꿉뷕덂뭐뇏샙 쏶꧳덤ꗴ뙄끬뭐앶ꝑ뇏샙ꪺ뚵ꅁ덱녠ꕩ뇄ꛦ뷕덂뭐뙄덞ꑇ뫘ꓨꚡꕛꕈ덂뉺ꅃ맯꧳룻뮴띌ꪺ껗ꗳꅁꝑꗎ뷕덂꣮ꯗꅁ꣏꣼띬깠ꪺ룪ꑈ녯ꕈꢳ덴샲녯룉쁶ꅆꛜ꧳궫ꑪꪺ꒣ꩫꛦ결ꅁꭨꕈ롧륌쑙싔ꪺ뇏샙땻Ꟈꅁ맯꧳ꛦ결ꑈ뇄꣺ꗁꅂꙄ덤ꗴꪺ끬뙄ꅁꕈ륆꣬썧뭼꒣ꩫꪺꗘꪺ75ꅃ Ꝟꑈ왛맮쏒꣩ꗦ꧶꿉껗ꗳꅁ덱녠꣣ꚳꑕꙃ꽓ꛢ76ꅇ ꑀꅂ?Ꙣ맯ꗟ럭ꑈꪺ볆ꗘꑗꅁ덑ꝩ쇶뛈결ꑀꑈꓖ볆꒧귓ꑈꅁ땍귬ꝩ결랥뫝꒧Ꙩ볆ꅃ ꑇꅂ?ꕈ뙄덞볐ꪺ꒧썂ꛓꢥꅁ귬ꝩꙕ귓ꑈ꧒뷐ꡄ꒧띬깠썂ꚳ궭ꅁꗾ뎡Ꙙ군ꭨ결썥ꑪ꒧썂ꅃ 72 뷐냑ꢣ쏒ꗦ꧒샧띾닓ꭨ닄꒭ꑑꑋ뇸꒧ꑔꅃ 73 뷐냑ꢣ쉤쉩꒤ꓟ띾냈덗ꭨ닄ꑔꑑ꒭뇸ꅃ 74 뷐냑ꢣꑵ냓껉돸ꅁꗁ냪ꑅꑑ꙾꒻ꓫꑑꑅꓩꅁ닄ꑇꑑꑇꪩꅃ 75 뷐냑ꢣ뎯걋ꑳꅁꯘꗟ룪ꑈꭏ앀ꩫ꣮ꅁ쏒꣩쉤쉩싸뭸닄ꑔꑑꑋ듁ꅁ닄꒻궶ꅁꗁ냪ꑋꑑꑋ꙾ꑋꓫꅃ 76 뷐냑ꢣ륰롕꣓ꅁ쏒꣩룪ꑈ꒧ꭏ앀뭐뚰많뙄덞뻉ꑊ꒧ꕩ꿠꧊ꅁꩫ냓뻇돸ꅁꗁ냪ꑋꑑꑔ꙾꒻ꓫꅁ닄꒻ꑑꑅ궶ꅃ 124
닄ꕼ뎹 룪ꑈꭏ앀 ꑔꅂ?룓Ꙩ볆덑깠ꑈ뚡꒧귬ꙝ맪꣣ꚳꙐꑀ꧊ꅃ ꕼꅂ?ꙕ귓귬ꝩ꒧뷐ꡄ뷟쁶썂ꅁ뛉Ꙗ꧳ꥷꮬ꓆ꅃ ꚳ얲꧳ꚹꅁꭨꯘꗟ닎ꑀꪺꗓ뙄뷕덂돦ꛬꅁ삳룓걏꣣ꚳ껄뉶ꪺꝀꩫꅃ냪꒺ꗘꭥ맯꧳룪ꑈꙝ쏒꣩룪꧒ꗍ꿉ꪺꕄ굮굴덤돦ꛬ결ꅵ끝많ꩫꑈ꒤뗘ꗁ냪쏒꣩멛듁덦ꖫ돵땯깩냲라ꅶꅁ룓라결뒣꣑룪꿉뷕덂ꅁ꧳ꗁ냪ꑋꑑꑃ꙾ꚨꗟꅵ룪ꑈꩁ냈뭐ꭏ앀꒤ꓟꅶꅁ뽮랥ꣳꝕ룪ꑈ뙩ꛦꡄ쁶ꛦ냊ꅃ궺ꗳꅵꖿ롱궹ꭾꅶ껗ꑷ롧꧳ꗁ냪ꑋꑑꑃ꙾ꑑꓫꖿꚡꙖꩫ끼뒣끟ꗁ뙄덞ꅁꛓ꣤ꕌ꧳ꗁ냪ꑋꑑꑃ꙾꦳꧒썺땯ꪺꙨ끟ꙡ륰껗ꗳꅁꑝꗑ쏒냲라ꕎ룪ꑈꙖꩫ끼뒣끟뙄덞77ꅃ 닄ꑀꗘ 꿉뷕덂 냪꒺ꚳ쏶쏒꣩ꗦ꧶꿉ꪺ뷕덂뫞륄ꅁꗘꭥꚳꅝꑀꅞ꒤뗘ꗁ냪쏒꣩냓띾Ꙑ띾꒽라ꅝꕈꑕ슲뫙꣩냓꒽라ꅞꅆꅝꑇꅞꕸ왗쏒꣩ꗦ꧶꧒ꅆꅝꑔꅞ쏒냲라룪ꑈꩁ냈뭐ꭏ앀꒤ꓟꅝꕈꑕ슲뫙룪ꑈꩁꭏ꒤ꓟꅞꅃꛓꭥ굺ꑔ꒤ꅁ꣩냓꒽라ꭙ냓띾많엩ꪺ꧊뷨ꅁ꙰꿉ꭙ땯ꗍ꧳쏒꣩냓뭐룪ꑈ뚡ꅁ룪ꑈꝙꦹꦹꙝ결꣤많엩꧊뷨ꅁꛓ때ꩫꞹꗾꭈ뿠룓닕슴ꪺ꒤ꗟ꧊ꅁ걇껄ꩇ꒣맼78ꅃꛓꗦ꧶꧒ꭨꕄ굮결뒣꣑쏒꣩ꗦ꧶ꖫ돵ꗦ꧶ꪺ뻷꣮ꅁ걇꣤ꩁ냈ꪺꕜ꿠ꑝ꣼꣬궭꣮79ꅃꛜ꧳쏒냲라ꭏ꒤ꓟꭨꗑ꧳꣤덝ꗟꪺꥶꚮ꒧ꑀ둎걏Ꙣꭏ앀룪ꑈꅁꣳꝕ꿉ꪧ뷕덂ꅁꙢ룪ꑈꭏ앀ꩫꥼꖼꞹꚨꗟꩫ땻Ꟈ꒧ꭥꅁꕩꕈ뮡걏ꗘꭥ돌꣼룪ꑈꭈ뿠ꪺ뷕덂뻷멣ꅃ80 쏶꧳룪ꑈꭏ앀ꩫ꿳껗꒤ꧺꥷ룪ꑈꭏ앀뻷멣꣣ꚳꅵ뷕덂쏒꣩룪ꑈ듁덦ꗦ꧶ꑈ뭐땯ꛦꑈꅂ쏒꣩냓ꅂ쏒꣩ꩁ냈띾ꅂ듁덦띾ꅂꗦ꧶꧒ꅂ쉤쉩뙒뷦꒤ꓟꅂ떲뫢뻷멣꣤ꕌꝑ깠쏶ꭙꑈ뚡ꅁꙝꚳ믹쏒꣩꒧뛒뚰ꅂ땯ꛦꅂ뙒뷦듁덦ꗦ꧶꣤ꕌ곛쏶ꥹ꧒ꗍ꒧ꗁꪧ쒳ꅶ꒧덤ꗴ81ꅁ놩ꗑ꧳룪ꑈꭏ앀ꩫꥼꖼ덱륌ꅁꕂ룓꿳껗뭻 77 뷐냑ꢣ쏒냲라룪ꑈꩁ냈뭐ꭏ앀꒤ꓟ뫴꾸꣼끕뿬뉺꒧곛쏶껗ꗳꑀ쓽ꫭꅃ< 78 Ꙑꭥ뗹75ꅃ 79 Ꙑꭥ뗹ꅃ 80 Ꙑꭥ뗹ꅁ닄7궶ꅃ 81 뷐냑ꢣ쏒꣩룪ꑈ멛듁덦ꗦ꧶ꑈꭏ앀ꩫ꿳껗닄ꑇꑑꑇ뇸닄ꑀ뚵ꅃ 125
뫴믚뫴룴쏒꣩ꗦ꧶뙂듛꒧곣ꡳ 결ꅇꅵꚳ쏶뷕덂ꥥ귻라닕슴뷕덂땻Ꟈ셣Ꙩ뾾싸ꅁꚳꕴꥷ뿬ꩫ꒧ꖲ굮ꅶ82ꛓ뇂앶ꕄ뫞뻷쏶ꕴꛦ굱ꥷꅁ걇끷맯룪ꑈꪧ쒳뷕덂뚵ꪺ뗻꛴ꅁ꒴ꚳꯝ룪ꑈꭏ앀ꩫ덱륌ꯡꅁꥬ녯뙩ꑀꡂ곣ꡳꅃ 닄ꑇꗘ 뇏샙꣮ꯗ—룪ꑈꭏ앀ꩫ꣮ꪺꯘꗟ ꑀꅂꓞ뙩뚰엩뙄덞?ꗑ꧳쏒꣩뙂듛껗ꗳ꣣ꚳ꣼깠ꑈ볆늳Ꙩꅂ뙄덞썂썥ꑪꅂ뷐ꡄ꒧귬ꙝ맪꣣ꚳꙐꑀ꧊ꅂꡄ쁶썂ꥷꮬ꓆떥꽓꧊ꅁꙝꚹꯘꗟ뚰엩뙄덞꣮ꯗꅝclass actionꅞꑄ걏쏒꣩ꩫꯟ뻇Ꙗ꣓ꑪꑏ릪Ꝫꪺ뇏샙꣮ꯗ83ꅁ쇶땍ꗘꭥ쏶꧳쏒꣩껗ꗳꪺ뚰엩뙄덞꣮ꯗꥼꖼꯘꗟꅁ꧳ꗘꭥꑷ끥ꗟꩫ끼뱦걤ꪺ룪ꑈꭏ앀ꩫ꿳껗닄ꑇꑑꑋ뇸닄ꑀ뚵ꝙꑷ뇄ꗎꚹ꣮ꯗꅁ덗ꥷꅇꅵꭏ앀뻷멣결뫻앀꒽꽱ꅁ꧳꣤뎹땻꧒ꥷꗘꪺ뵤돲꒺ꅁ맯꧳덹ꚨꙨ볆쏒꣩룪ꑈ듁덦ꗦ꧶ꑈ꣼띬깠꒧Ꙑꑀ쏒꣩ꅂ듁덦ꗳꅁ녯ꗑꑇꑑꑈꕈꑗ쏒꣩룪ꑈ듁덦ꗦ꧶ꑈ뇂뭐뙄덞ꗲ뗴맪걉앶ꯡꅁꕈꛛꑶ꒧ꙗ롱ꅁ끟뙄뒣ꕉꗲ뗴ꅃꅶ 놩뻇뱂덳럔뇐뇂뒿맯꧳ꚹꑀ덗ꥷꚳ꧒ꯘ쒳ꅁ뭻결뚷롧ꑇꑑꑈꕈꑗ뇂뭐뙄덞맪걉앶ꥬ녯ꕈꛛꑶꅝꭏ앀뻷멣ꅞꙗ롱뒣끟뙄덞꒧ꑈ볆궭꣮삳꒩Ꝓ낣ꅁꕈꝋ꧳ꖼ꣓빁ꗎꑗꅁꙝꑈ볆ꪺ냝썄ꛓ뻉교뙄덞굮ꗳ꒣돆ꪺꝸ쉚84ꅃ ꕴꕾꅁ맯꧳뙄덞뙏ꗎ굴뻡ꅂꭏꗾ땻Ꟈꪺ뙩ꛦ떥ꅁ룪ꑈꭏ앀ꩫ꿳껗꒤ꅁ맯ꚹꞡꚳ늧꧳ꗁ뙄덞ꩫ껸뙏ꭏ앀ꩫ쏶꧳뚰엩뙄덞꒧덗ꥷꅁ꿷멋굮쒤ꙃ꙰ꑕꅇ 뇸뢹 ꒺깥 뮡ꧺ 닄28뇸 맯꧳덹ꚨꙨ볆쏒꣩룪ꑈ듁덦ꗦ껸뙏ꭏ앀ꩫ닄꒭ꑑ뇸ꭙ덗ꥷꅵ꣼엽ꑇꑑ꧶ꑈ꣼띬깠꒧Ꙑꑀ쏒꣩ꅂ듁덦ꗳꅁꑈꕈꑗ띬깠뷟쁶뷐ꡄ앶ꅶꯡꅁ끟뙄뒣ꕉ녯ꗑꑇꑑꑈꕈꑗ쏒꣩룪ꑈ듁덦ꗲ뗴ꅃ 82 뷐냑ꢣ쏒꣩룪ꑈ멛듁덦ꗦ꧶ꑈꭏ앀ꩫ꿳껗닄ꑇꑑꑇ뇸꒧뮡ꧺꑔꅃ 83 Ꙑꭥ뗹75ꅁ닄9궶ꅃ 84 ꚹꑀꢣ룑돌ꫬꭙꗑ륰롕꣓뇐뇂꧒뒣ꕘꅁ뷐냑ꢣ쏒꣩멛듁덦ꪧ쒳껗ꗳ뙄덞뙩ꛦ꒧곣ꡳꅁ닄90궶ꅁ뗹8ꅁ끝많ꩫꑈ꒤뗘ꗁ냪쏒꣩멛듁덦ꖫ돵땯깩냲라ꥥ끕곣ꡳꅁꗁ냪ꑋꑑꑃ꙾ꑑꑇꓫꅃ 126
닄ꕼ뎹 룪ꑈꭏ앀 ꗦ꧶ꑈꅵ뇂뭐뙄덞ꗲ뗴맪걉앶ꅶꯡꅁꕈꛛꑶ꒧ꙗ롱ꅁ끟뙄뒣ꕉꗲ뗴ꅃ 닄34뇸 ꭏ앀뻷멣닄ꑇꑑꑋ뇸덗ꥷ뒣끟뙄ꭏ앀뻷멣뒣끟많엩뙄덞꒧ꕜ꿠ꅁꙢ꣏룪덞ꅁ셮뷐낲ꚩꧣꅂ낲덂꓀껉ꅁ삳쓀ꧺꑈꗦ꧶ꑈ꒧띬깠꿠샲녯룉쁶ꅁ뙩ꛓ륆꣬뷐ꡄ낲ꚩꧣꅂ낲덂꓀꒧귬ꙝꅃ ꣮뗴꒣ꩫꅁꣃ쎭ꥷ롧샙ꅂ뿄꾴Ꟈ꒧ꕜꅵꩫ끼녯둎ꭏ앀뻷멣ꭥ뚵셮ꧺꅁ결ꝋ꿠ꅂ꣣곛럭꒧꒽꽱꧊ꅁꕂ얳꧳많엩뙄덞꧒꣑뻡ꭏ꒧뗴ꥷꅃꅶ녯ꡄ쁶꒧썂곛럭륤ꑪꅁ굙맪냈ꑗꭏꗾ 땻Ꟈ뚷쎺꿇뙄덞볐ꪺꑔ꓀꒧ꑀ꒧뻡ꭏꅁ꺣꒴결곛럭ꑪ꒧볆썂ꅁ녎꣓셮뷐믢Ꙟ뻡ꭏꅁꥼ뚷곛럭껉ꓩꅁ꺣덹ꚨꭏ앀냲륂Ꝁꑗ꒧ꝸ쏸ꅃ 닄35뇸 ꭏ앀뻷멣닄ꑇꑑꑋ뇸ꥷ뒣끟뙄덞껸뙏ꭏ앀ꩫ닄꒭ꑑꑇ뇸ꝋ쎺뗴Ꝑ뙏꒧ꑗ뙄ꅁ꣤ꅵ뙄덞볐ꪺ썂믹썂륏썂결띳ꕸ맴꒻ꑑ롕꒸ꅃ 띳뭏맴ꑀ믵꒸뎡꓀ꅁꝋ쎺뗴Ꝑ뙏ꅃꅶ ꑇꅂ덝롭룪ꑈꭏ앀냲 룪ꑈꭏ앀ꩫ닄ꑑꑋ뇸덗ꥷꅆꅵꭏ앀뻷멣결뚶ꝑ띾냈꒧뇀냊ꅁ삳덝롭ꭏ앀냲ꅶꅁ냲꣓랽낣꺽ꝕ끝늣ꕾꅁꕝ걁ꅇꅝꑀꅞꙕ쏒꣩냓ꅂ듁덦냓삳꧳ꡃꓫꑑꓩꭥ꯶꣤ꭥꓫꗷꓢ쓲뙏ꚬꑊ꒧ꑤ꓀꒧ꑇ뒣벷꒧듚뚵ꅃꅝꑇꅞ쏒꣩ꗦ꧶꧒ꅂ듁덦ꗦ꧶꧒쉤쉩뙒뷦꒤ꓟ삳꧳ꡃꓫꑑꓩꭥ꯶꣤ꓫꗷ롧ꓢ뙏ꚬꑊꛊ꓀꒧꒭뒣벷꒧듚뚵ꅃꅝꑔꅞꭏ앀냲꒧둆꺧륂ꗎꚬ꽱ꅃꅝꕼꅞ냪꒺ꕾ꒽ꡰ뻷쏶ꅝ멣ꅞꅂ많엩귓ꑈ꺽쏘꒧끝늣ꅃ럭냲덗볒륏띳ꕸ맴꒭ꑑ믵꒸껉ꅁꕄ뫞뻷쏶녯ꥒꕏ볈껉낱ꓮ뒣벷ꅃ ꛜ꧳ꖻ냲꒧ꗎ덾ꭨꕈꅝꑀꅞ닄ꑇꑑꑀ뇸덗ꥷꅁ쁶ꕉ쏒꣩룪ꑈ듁덦ꗦ꧶ꑈ꒧ꗎꅆꅝꑇꅞꭏ앀뻷멣ꖻꩫ냵ꛦ띾냈꒧ꓤꕘ꣤ꕌꖲ굮뙏ꗎꅆꅝꑔꅞꖻꩫ덗ꥷ뒣끟꒧뙄덞뒣ꕉꗲ뗴꧒믝꒧뙏ꗎꅆꅝꕼꅞ꣤ꕌ롧ꕄ뫞뻷쏶껖귣꒧ꗎ덾결궭85ꅃ ꣤꒤쏶꧳닄ꑀ듚덗ꥷꅁꝀ결ꅵ럭쏒꣩룪ꑈꅝ듁덦ꗦ꧶ꑈꅞ꧳꧒ꥥ끕꒧쏒꣩냓ꅝ듁덦냓ꅞꙝ끝냈ꝸ쏸ꖢ뉍쁶꿠ꑏꛓ륈곹껉쁶ꕉ꒧ꗎꅶ86ꅁ녎꣼쁶맯뙈궭ꥷ꧳ꙝ쏒꣩냓ꅝ듁덦냓ꅞ끝냈ꝸ쏸ꛓ륈곹꒧룪ꑈꅁ뛻꽕륩ꅆ뭜ꚹ덗ꥷ맯꧳ꙝ땯ꛦ꒽ꕱ뛒뚰ꅂ땯ꛦ 85 뷐냑ꢣ룪ꑈꭏ앀ꩫ꿳껗닄ꑇꑑ뇸ꅃ 86 뷐냑ꢣ룪ꑈꭏ앀ꩫ꿳껗닄ꑇꑑ뇸ꅂ닄ꑇꑑꑀ뇸ꅃ 127
뫴믚뫴룴쏒꣩ꗦ꧶뙂듛꒧곣ꡳ ꚳ믹쏒꣩꒧뙂듛ꅝ꙰ꖿ롱궹ꭾ껗ꅞꅁ뇇꒽ꕱ룪늣ꅝ꙰ꩆ뚩꒭껗ꅞꛓ꣼띬깠꒧ꑈꅁ롕ꑀ땯ꗍꡄ쁶때꒧땾맒꒴때ꩫ꣼꣬ꭏ믙ꅁ꣏룪ꑈꭏ앀꒧껄ꩇꑪꖴꚩꅃ 룛땍ꅁꭏ앀냲꒧ꗎ덾뭐룓냲꣓랽ꚳ곛럭꒧쏶덳ꅁ룪ꑈꭏ앀ꩫ덝군꒧ꫬꅁꣃꖼ녎땯ꛦ꒽ꕱꙃ결냲뒣벷꣓랽꒧ꑀꅁ꧒ꕈꖼ녎룪ꑈ뭐땯ꛦ꒽ꕱ땯ꗍꪧ쒳ꛓ때ꩫ샲쁶ꪺ룪ꑈ꿇ꑊ쁶ꕉ맯뙈ꅃ땍ꛓ굙쏒꣩ꖫ돵냑뭐꒧ꑀꪺ땯ꛦ꒽ꕱꅁꕈ뗪낰ꅂ뙂듛꒧ꓨꩫ뛒뚰땯ꛦꚳ믹쏒꣩ꅁ교룪ꑈ꣼ꚳ띬깠ꛓ때ꩫꡄ쁶껉ꅁ때ꩫꚨ결룪ꑈꭏ앀ꩫ꧒ꭏ앀꒧맯뙈ꅁꭨꚹꑀ룪ꑈꭏ앀뻷꣮ꖼꝋ륌꧳꽕륩ꅃ ꕈꗘꭥ쏒냲라룪ꑈꩁꭏ꒤ꓟ꧒꣼뉺꒧껗ꗳ쏾ꮬꛓꢥꅁꭙꕈ땯ꛦ꒽ꕱ꒧륈ꩫ롧샧ꅂ꒽ꕱ굴덤ꑈ뇇꒽ꕱ룪늣ꅂ땯ꛦ뙂듛떥껗ꗳ결ꕄ87ꅁꥼꖼꢣꙝ쏒꣩냓ꅝ듁덦냓ꅞꖢ뉍쁶꿠ꑏꛓ륈곹꒧ꡄ쁶껗ꗳ88ꅃ꙰ꭏ앀냲ꕩ뻚뉻맪ꪬꩰꅁ꧳땯ꛦ꒽ꕱ땯ꛦꚳ믹쏒꣩껉ꚬ꣺ꑀꥷꓱ꣒꒧듚뚵Ꝁ결냲ꅁꛓ녎쁶ꕉ뵤돲쉘ꑪꛜꅵ땯ꛦꑈꕈ뗪낰ꅂ뙂듛꣤ꕌꢬ교ꕌꑈ뭾ꭈ꒧ꛦ결뛒뚰뭐땯ꛦꚳ믹쏒꣩ꅁ교쏒꣩룪ꑈ꣼ꚳ띬깠ꅶꅆ곛ꭈ꒣뛈녎ꟳꚳ껄ꪺ땯뒧ꭏ앀냲꒧ꕜ꿠ꅁꗧ룻Ꙙꕇꗾ궱ꭏ믙룪ꑈ꒧ꗘꪺꅃ늦뎺룪ꑈ꧒ꕈ쑀띎맯롧ꕄ뫞뻷쏶뱦껖ꯡꪺ뛒뚰뭐땯ꛦ껗ꗳ뙩ꛦ룪ꅁ꣤귬ꙝ꒧ꑀ삳ꕝ걁ꅵ맯걆ꦲꪺꭈ뿠ꅶꅆ꙰녎ꭏ앀냲쁶ꕉ맯뙈쉘ꑪꛜꚹꅁꗧꥼ꒣꺯싷ꭏ앀룪ꑈ꒧ꖻꚮꅃ 룪ꑈꭏ앀ꩫ꒧덝군ꅁꕇ뛈녎룪ꑈ뭐쏒꣩냓ꅝ듁덦냓ꅞ뚡꒧앶ꝑ롱냈ꙃ결ꭏ앀ꪺ볐ꪺꅁ맯꧳ꅵ룪ꑈꅶ꧒삳꣼ꭏ앀ꪺ꒺뉛—ꅵꭏ믙룪ꅶ꒧뫫꾫때ꩫꕒ꓀맼엣ꅃꕈ냪녠ꢣꪺꅵ쏒꣩듁덦ꪧ쒳껗ꗳꅶ결꣒ꅁꥼꖼꢣꙝ쏒꣩냓ꅝ듁덦냓ꅞ맯룪ꑈ륈곹ꛓꗍ89ꅁ룪ꑈꭏ앀ꩫ녎꒣녠ꢣꪺꪧ쒳껗ꗳꝀ결ꭏ앀ꪺꕄ굮맯 87 뷐냑ꢣ쏒냲라룪ꑈꩁ냈뭐ꭏ앀꒤ꓟ뫴꾸꣼끕뿬뉺꒧곛쏶껗ꗳꑀ쓽ꫭꅃ< 88 ꗁ냪ꑅꑑ꙾ꑃꓫꑔꓩ꧒썺땯ꪺ뛗싗쏒꣩때륷쒵낱ꓮ샧띾ꑁ껗꺣ꚨ결꫱꙾꣓꧒ꪾꪺ쏒꣩냓ꙝ끝냈ꝸ쏸ꛓꚳꖢ뉍쁶꿠ꑏ꒧뢷ꪺ껗ꗳꅃ땍ꛓꗑ꧳쏒꣩냓꧳꒽ꕱ덝ꗟ꒧ꯡꅁꞡ믝쏒ꗦꩫ닄꒭ꑑ꒭뇸꒧덗ꥷꅁ뒣꙳샧띾ꭏ쏒ꕈꝀ결뛅냈뉍쁶꒧ꗎꅁꚹꕾꥼ뚷쎺ꗦꗦ돎떲뫢냲꒩쏒꣩ꗦ꧶꧒ꅁꝀ결ꗦ돎꒧ꗎꅁ걇Ꙣꚹ놡꒧ꑕꅁ쏒꣩냓땯ꗍꖢ뉍쁶꿠ꑏ맯ꯈꓡ륈곹놡ꪺ뻷뉶ꅁꕩ뿗띌ꕇ꣤띌ꅃ냑ꢣꗁ냪ꑅꑑ꙾ꑃꓫꑔꓩꅁ꒤냪껉돸닄ꑇꪩꅃ 89 뻚뻇둎쏒꣩멛듁덦ꪧ쒳껗ꗳ꧒결꒧꓀쏾ꅁ랧ꕈ뙂듛ꅂ꒺뵵ꗦ꧶ꅂ뻞셡ꖫ돵ꑔ결ꕄ굮쏾ꮬꅁꗧꝙ룪ꑈ뭐쏒꣩냓ꅝ듁덦냓ꅞꙝ륈곹ꗑꛓꗍ꒧ꪧ쒳ꣃꭄ궫굮쏾ꮬꅃ쏶꧳쏒꣩멛듁덦ꪧ쒳껗ꗳ꒧룔닓꓀쏾ꅁꕩ냑ꢣ쏒꣩멛듁덦ꪧ쒳껗ꗳ뙄덞뙩ꛦ꒧곣ꡳꅁ닄7ꇣ43궶ꅁ끝많ꩫꑈ꒤뗘 128
닄ꕼ뎹 룪ꑈꭏ앀 뙈ꅁ꺣ꚳꅵꯈ엩뿹뭾ꅶ꒧뿲뻑ꅉ ꗁ냪쏒꣩멛듁덦ꖫ돵땯깩냲라ꥥ끕곣ꡳꅃ 129
뫴믚뫴룴쏒꣩ꗦ꧶뙂듛꒧곣ꡳ 130
닄꒻뎹 떲뷗뭐ꯘ쒳 닄꒭뎹 ꩫꯟ덗뵤뭐꣤ꕌ끴깍뻷꣮ꪺꯘꗟ 닄ꑀ론 ꭥꢥ ꗑ꧳뫴믚뫴룴ꪺ뷑Ꙩ꽓꧊ꅁ꣏녯ꑈ귌맯꧳ꝑꗎ뫴믚뫴룴녱ꚳ믹쏒꣩ꗦ꧶ꪺꛦ결늣ꗍ덜Ꙩ꒣Ꙑꪺ뷨뫃ꅁꛓꑀ꿫ꑈꑝ뗸뫴믚뫴룴꧳쏒꣩ꖫ돵꒧삳ꗎ뭐뛇닎쏒꣩ꗦ꧶겡냊꒧뚡꙳ꚳ랥ꑪꪺ깴늧ꅁꙝꚹ때뷗Ꙣ뻇곉맪냈곉ꅁ맯꧳뫴믚뫴룴뗪샀뚡ꪺ뫞뉺ꅁ늣ꗍꑆꢣ룑ꑗꪺ늧ꅆꕈ뫴룴ꗇ롯ꪺ쒳썄결꣒ꅁꚳꕄ녩ꗾ궱ꗟꩫꕛꕈ뫞꣮ꅁ꙰뱷냪ꅂ꒤냪ꑪ뎰뭐띳ꕛ1ꅆꚳꕄ녩궫쉉덗뵤ꅁ꙰과냪ꅂ굞냪떥2ꅃ땍ꛓ때뷗뇄ꛦ꛳뫘뫞꣮ꓨꩫꅁ쏒꣩ꖫ돵ꪺ냑뭐ꝑꗎ뫴믚뫴룴Ꝁ결ꗦ꧶뛇뿩룪끔ꪺ둃꒶ꅁꑷ롧ꚨ결ꑀ때ꕩꪺ쇍뛕뭐볩걹ꅁꙝꚹ때뷗꙰꛳ꪺ뫞꣮뭐덗뵤ꅁ쏒꣩ꖫ돵냑뭐꧒쏶ꓟꪺ걏ꅁ뫴믚뫴룴쏒꣩ꗦ꧶ꪺ륃삸덗ꭨꡳ뎺결꛳ꅈ 뿄ꩁ냈띾맯꧳띳곬덹ꚨ엜궲ꪺ뇓띐땻ꯗ꒧낪ꅁ맪결ꚹ뫘늣띾ꚳꪺꖻ뷨ꅁ꽓ꝏ걏맯꧳룪끔걹ꅝinformation flowꅞꪺ궫뗸ꅁꟳ걏뙗ꕇ꣤ꕌ늣띾ꪺ궫뗸땻ꯗꅃꕈ쏒꣩띾ꪺ꽓꧊ꛓꢥꅁ꣤룪끔뛇뮼ꪺ궫굮꧊ꕩ덺륌ꑕ굺쏒꣩ꗦ꧶륌땻꒤꧒ꪺ뮡ꧺꛓ맼엣3ꅇ 룪끔꺧 ꗦ 쏒ꗦ돎룪ꥥ끕ꑕ돦꣩꧶떲 벼Ꙙꚨꗦ 냵ꛦꗦ돎Ꝁ띾 ꑈ냓ꖫ뫢돵꡴Ꙟ돸ꅂ뵔뭻 ꚨꗦꙞ돸 닎 1ꅂ 쏒꣩냓ꛜ룪ꑈ뚡ꅇ룪룪끔ꪺ뛇뮼뭐ꥥ끕ꑕ돦ꗜꅆ 2ꅂ 쏒꣩냓ꛜꗦ꧶ꖫ돵뚡ꅇ냵ꛦꑕ돦ꕏꅁ벼Ꙙꚨꗦꅆ 3ꅂ ꗦ꧶ꖫ돵ꗦ돎떲뫢꡴닎ꅇꗦ돎Ꝁ띾꒧냵ꛦꅆ 4ꅂ ꣩냓ꛜ룪ꑈ뚡ꅇꗦ꧶뵔뭻ꅃ 뫴믚뫴룴꒧꧒ꕈ꿠Ꙣ쏒꣩ꗦ꧶ꪺꗴ꛳ꑀ귓샴론ꞡꚳ곛럭ꪺꙡꛬꅁꑄ 1 뷐냑ꢣ뫴룴꣏ꗎꗇ롯냝썄륷ꢾ놹걉꒧곣ꡳꅁ닄85ꇣ87궶ꅁꛦ걆끼곣ꡳ땯깩ꛒ껖ꥥ귻라ꅃ 2 Ꙑꭥ뗹ꅃ 3 See Speech by SEC Acting Chairman: Raising Capital on the Internet, available at < 131
뫴믚뫴룴쏒꣩ꗦ꧶뙂듛꒧곣ꡳ ꗑ꧳뫴믚뫴룴면뗛뿄ꩁ냈띾궫굮꒸꿀—룪끔뛇뮼ꪺꢤꛢꅆꖿ꙰SECꭥꕄ깵Ꟶ뫻꽓ꅝLevittꅞ꧒뮡ꅇꅵ곬땓꙰ꑍ꒧싹ꑢꅁꖦꕩꕈ돐덹덜Ꙩ띳ꪺ뻷라ꅁꑝꕩ꿠ꓞ땯쏸ꕈ륷듁ꪺ궷쁉ꅃ4ꅶꙝꚹꕄ뫞뻷쏶ꙢꭅꯤꞴ빁덗뵤ꪺꙐ껉ꅁ꙰꛳떽ꕛꝑꗎ곬돐띳꧒녡떹쏒꣩ꗦ꧶꣮ꯗꪺꭋꝑꅁꓰ맧걏럭ꭥꙕ냪쏒꣩뫞뉺뻷쏶꧒궱셻돌궫굮ꪺ뷒썄꒧ꑀꅃ셡꣏륱ꑬ냓냈ꅝE-commerceꅞꙝ결덑ꑈ귌륌ꯗ듁ꯝꛓꕛ덴ꪺ궱셻꩷ꩪ꓆ꪺ땾맒ꅁ룪ꖻꖫ돵덺륌뫴믚뫴룴뛒뚰룪ꪺ쇍뛕ꅁꖲ땍라ꙝ결ꚹꑀ곬꧒꣣ꚳꢳ덴ꅂꚨꖻꝃ띇떥꽓꧊ꛓ꒣꣼뫴룴띾꩷ꩪ꓆ꪺ뱶암꯹쓲땯깩5ꅃ 쏒꣩뫞뉺뭐쏒꣩ꖫ돵ꪺ냑뭐곒셁룑뫴믚뫴룴맯꧳쏒꣩ꖫ돵땯깩꧒녡꣓ꪺꙮ덂ꅁꛓ쏒꣩뫞뉺뻷멣낣ꑆ끴Ꙙꕈꩫ덗ꪺ귗ꖿꝀ결삳엜ꓨꩫꕈꕾꅁꑝ삳떽ꕛꝑꗎ뫴믚뫴룴ꪺꕜ꿠꣓뒣낪ꩫꕏ덗뵤ꪺ껄꿠ꅃ결ꚹꅁ냪믚쏒꣩닕슴ꙕ냪쏒꣩뫞뉺뻷멣ꅂꛛꯟ닕슴떥ꅁꝙ뎰쓲맯뫴믚뫴룴쏒꣩ꗦ꧶땯깩삳ꚳꪺ끴깍뾳궲놹걉ꅁꕝ걁룪끔꒽뙽ꪺ굮ꡄꅂ룪ꑈꭏ앀ꅂꢾꓮ쏒꣩뙂듛떥ꓨ껗뒣ꕘ덜Ꙩꯘ쒳ꅁ낵결ꙕ냪꣮굱곛쏶덗뵤껉ꪺ냑ꛒꅃ 닄ꑇ론?ꩫꯟ덗뵤—ꕄ뫞뻷쏶ꪺ귗ꩫ멁ꯗ 닄ꑀ뚵 과냪ꪺ귗ꩫꓨꙖ 닄ꑀ듚?ꢾꓮ쏒꣩뙂듛ꛦ결 SEC얲꧳띌ꖫ귈늼뙂듛ꪺ껗꣒뙖꣓뙖Ꙩꅁ뙂쑆썂뭐꣼깠ꪺ룪ꑈꗧ곛맯ꪺ꯹쓲뱗ꕛꅁꙝꚹSECꙢꑀꑅꑅꑋ꙾꒭ꓫꝙ뒣쒳뇄꣺귗ꖿ곛쏶ꩫꕏꪺ맪믚ꛦ냊꣓듮ꓖ띌ꖫ귈늼뙂듛껗ꗳꪺ땯ꗍꅃSECꭥꕄ깵ꫭꗜ과냪쏒뫞라ꑷ롧뇄꣺덜Ꙩ꣤ꕌ궫굮놹걉ꅁ뒣뿴띌ꖫ귈뙂듛껗ꗳꪺꗆ생ꅁꛓ꒵군땥뇄꣺귗ꩫꪺ떦늤ꅁꟳꟆ뇦Ꙣꖴ삻띌ꖫ귈뙂듛껗ꗳꪺ믝굮뭐ꓨꭋꑰꮬ꒽ꕱ쑷룪ꑇ뚡꣺녯ꖭ뿅ꅃꅝThis measure strikes a balance between the need to combat microcap fraud and the needs of small business to raise seed capital in an 4 See Remarks by Chairman Arthur Levitt jr. . Securities and Exchange Commission "Investor Protection in the Age of Technology" available at < 1998/> 5 Supra note 3 132
닄꒻뎹 떲뷗뭐ꯘ쒳 efficient mannerꅞ6 ꛛ녱ꑀꑅꑅꑋ꙾ꑇꓫꕈ꣓ꅁSECꝙ꯹쓲뽮랥ꙡ깩뙽ꑀ덳ꛪ맯띌ꖫ귈뙂듛ꪺꛦ냊ꅁꕝ걁ꕈꑕꕼ뚵궫ꑪ놹걉ꅇ 녪꣮ꛦ냊ꅝenforcementꅞꅂ뷕걤ꅝinspectionsꅞꅂ룪ꑈ뇐ꅝinvestor educationꅞꕈ덺륌ꩫ덗귗굱ꪺ떦늤꣓ꢾꓮ띌ꖫ귈뙂ꅆ꣤꒤쏶꧳SEC군땥ꕈ귗ꩫꪺꓨꚡꅁꙝ삳띌ꖫ귈뙂듛껗ꗳꗆ생ꪺ놡ꅁꕝ걁귗ꖿRule504ꅂForm8ꅂRule15c2-11ꅂRule701떥뭐ꑰꮬꗸ띾늼ꗦ꧶곛쏶ꪺ덗ꥷꅃ꿷꓀굺꙰ꑕꅇ 닄ꑀꗘ Rule 504 of Regulation D Rule 504걏ꚳ궭꣮ꪺꝋ낣땯ꛦꑈRegulation DꙖꕄ뫞뻷쏶ꗓ돸ꪺ롱냈ꅁ덯ꑀ꣮ꯗꪺ덝ꗟꕄ굮걏결ꑆ듀ꑰꗸ띾뒣낪ꅵ뫘ꑬ룪ꖻꅶ(Seed capital)ꅃꕈꗘꭥꪺRule 504덗ꥷꛓꢥꅁRule 504결ꑰꗸ띾뒣꣑ꑆ꧳땯ꛦ띳껉ꝋ꧳쏒ꗦꩫ땮끏ꪺ꣒ꕾꅝ꣒꙰ꕒ꓀녎꒽ꕱ끝냈돸ꝩ뒦앓ꪺ롱냈ꅞꅁꕵ굮꣤꒽ꕱ꙾ꯗ꒺꧒뛒뚰ꪺ썂Ꙙ군ꛬꖼ뙗륌ꑀꛊ롕과꒸껉ꅁ둎ꕩRule 504ꪺ덗ꥷꝋꙖSEC땮끏ꅃꚹꕾꅁRule 504쇙꒹덜룪ꑈ꒣꣼Rule144ꪺ궭꣮ꛓ녯ꕈꛛꗑ신뷦꣤꧒꯹ꚳꪺ늼7ꅃ 닄ꑇꗘ Form S-8 Form S-8걏쏒꣩ꩫ꒤ꑀ뫘결ꑆꙖ꣼뚱ꑈ땯ꛦꕘ뷦늼ꛓ꣏ꗎꪺ슲돦ꪺ땵ꚡꗓ돸ꫭ껦ꅝshort-form Securities Act registration statementꅞꅁForm S-8뭐쏒꣩ꩫ꒤ꪺ꣤ꕌ땮끏ꫭ껦꒣Ꙑ꒧덂Ꙣ꧳Form S-8ꣃꖼꕝ걁ꅵ꒽뙽뮡ꧺ껑ꅶꅝprospectusꅞ덯볋썂ꕾꪺ꒽뙽뒦앓ꓥꗳꅁ곛ꪺForm S-8ꛓ걏덺륌땯ꛦ꒽ꕱ꧒뒣꣑ꪺꓥꗳꅁ꣓몡ꢬ쏒꣩ꩫ굮ꡄ땯ꛦꚳ믹쏒꣩껉삳꒩꒽뙽뒦앓ꪺ롱냈ꅃ8 6 See SEC proposes Rule Change to Combat Microcap Fraud, available at < news/press/pressarchive/1998/> 7 껚뻚Rule 144ꪺ덗ꥷꅁ꣼궭꣮ꪺꚳ믹쏒꣩(restricted securities)ꕵ녯Ꙣ닅Ꙙꑀꥷ뇸ꗳ녯놡Ꙗ꒽뙽ꖫ돵ꛛꗑꗦ꧶ꅁ덱녠꧒뿗ꪺꅵꑀꥷ뇸ꗳꅶꪺ걏ꛜꓖ꯹ꚳꑀ꙾ꕈꑗꪺ듁뚡ꅃ 8 See Adoption of Amendments to Form S-8 Information Sheet 2/19/99, available at < extra/> 133
뫴믚뫴룴쏒꣩ꗦ꧶뙂듛꒧곣ꡳ 귗Form S-8ꪺꗘꪺꕄ굮Ꙣꢾꓮ륌ꕨ늼땯ꛦꑈ꧒엣뉻ꕘ돌깥꧶생ꗎꪺꑀ궱ꅁꥍ꣤ꕌ귗ꖿ껗ꑀ볋꣏깡뇚꒺뎡 (intra-family) 늼늾신ꟳ결깥꧶ꅃ맪ꑗꅁꙢꑀꑅꑅꆳ꙾SEC뒿녎ꅵ꣼뚱ꑈꅶꪺ랧꧀쉘녩ꅁꗧꝙꝙ꣏뛈맯꧳땯ꛦ꒽ꕱ뒣꣑압냝뿔룟ꩁ냈ꪺꑈ (consultants or advisors)ꅁꑝ덑뭻결ꕩꕈ뉛뭜Ꙣꅵ꣼뚱ꑈꅶꪺ랧꧀ꑕꅃꖿꙝ결꣼뚱ꑈꪺ랧꧀덑꙰ꚹ쉘ꑪ빁ꗎꅁꑝ꣏녯ꝑꗎ뙂듛ꓢ걱뇀싋띌ꖫ귈늼ꪺꗳ뱨ꕘ꒣뵡ꅁꙝ결ꚹ셼꣏녯쏒꣩ꩫ굮ꡄ땯ꛦ꒽ꕱ삳꧳땯ꛦ늼꒧믚뙩ꛦ땮끏ꪺ롱냈ꙝꚹꛓ녯ꕈ쇗ꝋꅁꑝ뚡놵귩맜ꑆ룪ꑪ늳ꪺ앶꽱ꅃ SECꛒ뱻뇄꣺귗FormS-8ꕈ꣤ꕌ곛쏶덗ꥷꕈꢾꓮForm S-8비꣬생ꗎꅁꕝ걁뇄꣺ꅇꅝ1ꅞ귗Form S-8뭐곛쏶덗ꥷꅁ꣏녯ꪽ놵뚡놵녱룓꒽ꕱ늼뇀싋뻞셡ꖫ돵ꪺ압냝뿔룟ꩁ냈뒣꣑ꅁ때ꩫꝑꗎForm S-8ꅆꅝ2ꅞ귗ꖿ쏒꣩ꩫ덗ꅁ꣏녯릳Form S-8덯볋ꑀ롧ꗓ뷐ꛛ냊ꗍ껄ꪺꚡꅁ녎꒣ꙁ덑뭻ꥷ결걏ꑀ뫘ꖿ뵔ꪺ낵ꩫꅃ9 ꚹꕾꅁSECꑝꛒ뱻ꯘ쒳귗Form S-8ꕈꢾ뵤비ꗴ띎생ꗎꅇꅝ1ꅞ굮ꡄꡃꑀ깡꒽ꕱ삳껉Ꙣ뇄ꗎForm S-8ꗓ돸ꪺꭥꑀ귓ꓫꅁ녎룓꒽ꕱ귬ꖻ삳쏒ꗦꩫ삳뒣ꕘꪺꑑꑇ귓뻤ꓩꓫꪺ돸ꝩ뒣ꕘꅃꕴꕾ ꅝ2ꅞ굮ꡄ땯ꛦ꒽ꕱ덑ꭄ꒽뙽꒽ꕱꙘ꣖(merger)ꭥꅁ삳꧳롧뱦껖륌ꯡꪺ꙾돸Ꙗꕄ뫞뻷쏶ꗓ돸Ꙙ꣖맪꒧ꯡꅁꑾꕩꕈForm S-8ꗓ돸땯ꛦ띳ꅃ10 닄ꑔꗘ Rule 15c2-11 ꖫ돵돸믹ꑝꕩꕈꚨ결띌ꖫ귈뙂듛ꪺꕄ굮ꓢ걱꒧ꑀꅁ륳냢쏒꣩냓ꅝretail brokerꅞꕩꕈ덺륌ꖫ돵돐덹ꅝmarket makerꅞ맯꽓ꥷ볐ꪺ늼ꪺ돸믹ꅁ덺륌룓늼ꪺꖫ돵믹껦떹룪ꑈꅃꙝ결띌ꖫ귈늼덱녠뎣걏ꗦ꧶뙱랥ꝃꪺ늼ꅁ덜Ꙩ꒴ꕵ걏Ꙣꦱ쁙ꖫ돵ꪺꖼꑗꖫꖫ돵ꗦ꧶ꅁꙝꚹ덯믹룪끔ꑪꙨ쉁결ꑈꪾꅃꑀꑅꑅꑋ꙾ꑇꓫꅁSEC뒣껗귗ꖿ15c2-11덗ꭨꅁ굮ꡄ꧒ꚳꪺꖫ돵돐덹ꕛꑊꖼ 9 Id. 10 Id. 134
닄꒻뎹 떲뷗뭐ꯘ쒳 놾땐늼ꪺ돸믹둃엩ꅁꕈ샋뗸쏶꧳땯ꛦꑈꪺ룪끔ꅁꕈꑀꟳ띳ꯡꪺꖫ돵믹껦ꅃ11 ꗘꭥꪺ15c2-11덗ꭨꅁ굮ꡄꖫ돵돐덹Ꙣ녎돸믹꒽ꝇ꒧ꭥꅁꖲ뚷ꗽ샋뗸ꅝreviewꅞ땯ꛦ룓늼ꪺ꒽ꕱꪺ곛쏶냲ꖻ룪껆ꅁ걏냝썄Ꙣ꧳ꅁ럭닄ꑀ귓ꖫ돵돐덹덗ꥷ땻Ꟈ샋뗸땯ꛦ꒽ꕱ냲ꖻ룪껆ꕈꯡꅁꛜꓖꚳꑔꑑꓑꪺ껉뚡ꅁꯡ꣓ꪺꖫ돵돐덹둎ꕩꕈꅵ띦ꭋꢮꅶꅝpiggybackꅞꛓ꒣믝굮Ꙣ샋뗸ꗴ꛳곛쏶룪끔ꅃ꧳걏ꯡ꣓ꪺꖫ돵돐덹둎ꕩꕈ끧끧뵫뵫ꪺꝑꗎꭥꑀ귓ꖫ돵돐덹ꪺ룪끔ꅁ돌ꯡ엜ꚨꑪ깡뎣꒣믝굮ꙁꕨ샋뗸땯ꛦ꒽ꕱꪺ룪껆ꅃ12 SEC뉻Ꙣꭨꯘ쒳녎덯귓덗ꭨꚨꅁꅝ1ꅞ굮ꡄꡃꑀ귓ꖫ돵돐덹뎣삳룓Ꙣꖼ놾땐꒽ꕱꫬꚸ뒣꣑돸믹껉ꅁ굴ꚳ샋뗸룓땯ꛦ꒽ꕱ룪껆ꪺ롱냈ꅁꕈ껸낣ꗘꭥꅵ띦ꭋꢮꅶꪺ낵ꩫꅃꅝ2ꅞꖫ돵돐덹굙ꚳ뒣꣑돸믹ꅁ삳룓굮ꡃ꙾샋뗸ꟳ띳륌ꪺ룪껆ꅆꅝ3ꅞꚹꕾꅁꖫ돵돐덹삳룓굮녎꣤뭐땯ꛦ꒽ꕱ꣤ꕌ쏶ꭙꑈꚳ쏶ꪺꅵ궫ꑪ쏶ꭙꅶꅝSignificant relationshipꅞ뭳Ꝁꚨꓥꗳ끏뿽ꅝ꣒꙰ꙝ결듀땯ꛦ꒽ꕱ돐덹ꖫ돵ꛓꛛ룓꒽ꕱ샲녯돸륓ꅞꅃ ꒣륌ꅁꭥ굺ꪺ굮ꡄꑝꚳ꣒ꕾꅁ럭ꖫ돵돐덹끷맯꣣ꚳꑕꙃ뇸ꗳꪺ늼돸믹껉ꅁꝙꓰ믝빁ꗎꖻ덗ꭨꅆ 1ꅂ 륌ꕨꪺ꒻귓ꓫ꒺ꅁ룓늼ꡃꓩꖭꞡꗦ꧶뙱ꞡ륆꣬ꑑ롕과꒸ꕈꑗꅆ 2ꅂ 늼ꪺ쒳믹믹껦ꛜꓖꡃꙢ50꒸ꕈꑗꅆ 3ꅂ 땯ꛦ꒽ꕱꪺꚳ룪늣ꅁꙢ롧륌라군뱦껖볐럇ꯡ륆꣬ꑀꑤ롕과꒸ꕈꑗꅆ 4ꅂ ꭄꕩ신뒫꒧꒽ꕱ뛅ꅂ때ꫭꡍ앶ꪺ꽓ꝏꕈ룪떥꿅ꪺ룪늣쏒꣩떥ꅁꗧ꒣Ꙣ빁ꗎ꒧ꙃꅃ 11 See Reproposal of Amendments to Rule 15c2-11 Fact Sheet2/19/99, available at < 12 Id. 135
뫴믚뫴룴쏒꣩ꗦ꧶뙂듛꒧곣ꡳ 닄ꕼꗘ Rule 701 SEC꧳ꑀꑅꑋꑋ꙾껚뻚33쏒꣩ꩫ꣮굱ꑆ701덗ꭨ(Rule 701)ꅁ귣덜ꖼ꒽뙽땯ꛦ꒧꒽ꕱ(Private Company)녎늼ꕘ냢떹귻ꑵ껉ꅁ꒣ꖲꙖ꒽뙽땯ꛦ꒽ꕱꑀ볋Ꙗꕄ뫞뻷쏶땮끏ꅆꑝ둎걏뮡Rule 701녎귬ꖻ뻚쏒ꗦꩫ삳룓땮끏ꪺ굮ꡄ꒩ꕈ꧱뱥ꅁ결ꕵ굮꒽ꕱ샀ꚳ샲꽱꓀끴군릺ꅝcompensatory benefit plansꅞꅁ굱ꚳ껑궱ꪺ돸륓ꣳ쒳ꝙꕩꝋ낣땮끏13ꅃꅁ쇶땍꒽ꕱꕩꕈ녎늼ꕈ쇅ꝋ땮끏ꪺꓨꚡ엽뭐귻ꑵꅁ꒣륌ꕄ뫞뻷쏶뻚33꙾쏒꣩ꩫ닄3(b)뇸듚꧒뷡꒩꒧돌ꑪ쇅ꝋ썂ꯗ꒧ꑗ궭결ꡃ꙾꒣뙗륌꒭ꛊ롕과꒸ꅃ ꛜ꧳뉻ꙢRule701덗ꥷꝋ꧳땮끏땯ꛦ띳ꪺ볐럇결ꅇꑚ걏뻚Rule 701ꪺ궫굮땯ꛦ (outstanding offers) ꕈꙢ륌ꕨꑑꑇ귓ꓫ꒧꒤ꅁ땯ꛦ셠썂ꣃꖼ뙗륌꒭ꑑ롕과꒸ꅁ꣣ꑕꙃ뇸ꗳ꒧ꑀꅇ 1ꅂ ꫱꒧라군꙾ꯗ떲ꟴ껉땯ꛦꑈ셠룪늣꒧ꛊ꓀꒧꒭ꑑꅆ 2ꅂ ꒣뙗륌룓뫘쏾ꚳ믹쏒꣩ꑷ땯ꛦ셠썂ꪺꛊ꓀꒧ꑋꑑ꒭ꅃꅝ꒣뷗뿯뻜ꭥ굺꛳뫘군뫢ꓨꚡꅁRule 701궭꣮꣤륌ꕨꑑꑇ귓ꓫ꒺ꪺ땯ꛦ셠썂꒣녯뙗륌꒭ꛊ롕꒸ꅞ14ꅆ땍ꛓ덯ꚸSECꛒ뱻귗ꖿ결ꅇ ꅝ1ꅞ?뷕뻣셠군꒭ꛊ롕꒸꒧돌낪궭썂궭꣮ꅁꯘꗟꑀ꙾꒺ꚳ믹쏒꣩꒧돌ꑪ뷦ꕘ셠썂결ꅇ A. ꑀꛊ롕꒸ꅝ낪꧳ꗘꭥꪺ꒭ꑑ롕ꅞꅆ B. 땯ꛦꑈ셠룪늣ꪺꛊ꓀꒧ꑑ꒭ꅆ C. Ꙑ셠쏾ꚳ믹쏒꣩땯ꛦ뙱ꪺꛊ꓀꒧ꑑ꒭ꅆ D. ꙰땯ꛦꑈ결ꕾ냪ꭄ꒽뙽땯ꛦꑈ(foreign private issuer)껉ꅁ썂결ꑀꑤ꒸ꅃ ꅝ2ꅞ?굮ꡄ땯ꛦꑈ삳꧳ꗴ꛳ꚳ믹쏒꣩ꕘ냢뙗륌꒭ꛊ롕꒸껉ꅁ삳맯ꡃꑀ뙒꣼ꑈ낵꽓ꝏꪺ뒦앓(specific disclosure)ꅆ 13 Rule 701꧒뫙꒧employeeꕝ걁꣼뚱ꑈꅂꙘ맙ꑈꅂ꣼끕ꑈꅂ압냝떥ꅃSee Adoption of Amendments to Rule 701 Fact Sheet 2/19/99,available at < 14 Id 136
닄꒻뎹 떲뷗뭐ꯘ쒳 ꅝ3ꅞ?꓅결ꑆ군뫢ꕩ쇅ꝋ땮끏빬썂ꛓ군뫢돸믹ꅆ(do not count offers for purposes of calculating the available exempted amounts) ꅝ4ꅞ?뷕뻣뻚Form S-8녯ꝑꗎ쇅ꝋ덗ꥷꪺ압냝뿔룟ꩁ냈(consultantsor advisors)ꪺꥷ롱ꣃ궭셙빁ꗎ뵤돲ꅆ ꅝ5ꅞ?귗굱Rule 701ꕈ녎뉻ꛦꟳ꣣뱵꧊ꪺ룑쓀ꩫ꣥꓆(codify)ꝑꗎꟳ결ꖭ꧶ꪺ굞ꓥ슲꓆꣏ꗎ덗ꭨꅃ 닄ꑇ듚?꣤ꕌꚳ믹쏒꣩뛒뚰ꅂ땯ꛦ뭐뙒뷦 ꛛꑀꑅꑅ꒻꙾Spring Street Brewery Corp.ꚨꕜꙡꝑꗎ뫴룴ꪽ놵Ꙗ룪ꑈ뛒뚰룪ꕈꯡꅁ롧ꗑ뫴룴뚰룪앫땍ꚨ결꒽뙽땯ꛦ꒽ꕱ뛒뚰룪ꪺ띳뾳뫞륄ꅁ멉ꛜꑇꆳꆳꑀ꙾ꑔꓫ결ꓮꅁꗾ과ꑷꚳ녎꫱ꑇꛊꗳꪽ놵덺륌뫴룴뛒뚰ꚳ믹쏒꣩ꪺ껗꣒15ꅃ륌ꕨ꧓빐냓면ꅵꙵ귻ꅶꅝgatekeeperꅞꪺꢤꛢꅁ맯꧳꧓빐껗ꗳ꣣ꚳ쏶쇤ꪺ뱶암뭐꒣ꕩ뮴ꦿꪺ궫굮ꅃꛓ꒵ꅁꪽ놵롧ꗑ뫴룴뛒뚰룪ꪺ궷껰몥늱꒧믚ꅁ꧓빐냓맯ꚹ쏾껗ꗳꪺ궫굮꧊ꑷ롧ꑪ둔궰ꝃꅃ곛맯ꛓ꣓ꪺ걏꙰꛳녪꓆땯ꛦꑈ꧳ꚳ믹쏒꣩땯ꛦ뭐뛒뚰껉ꪺꩫꯟ덤ꗴꅁꕈꭏ믙룪ꑈꙷꗾꅃ Ꙣ쏒꣩ꗦ꧶뫴룴꓆꯹쓲땯깩ꪺꙐ껉ꅁ굙쏒꣩ꕄ뫞뻷쏶때ꩫ뭐껉귑뙩ꙡ끴Ꙙ귗ꖿ곛쏶ꩫ덗Ꝁ띾덗ꥷꅁꕈ뇆낣뉻ꚳ덗뵤ꪺ궭꣮ꅁꭨ땯ꛦꑈ뇽ꕒ꓀꣼뵵ꑗ뚰룪ꪺ쁵쉉꒣돗결ꑀ뫘꒣꓁맪믚ꪺ냸ꡄꅃ16꛳ꕈꚳ꙰ꚹꪺ뮡ꩫꥏꅈꗑ꧳덜Ꙩ뉻ꚳꪺ덗ꥷ뎣걏결ꑆ꿈녩샴맒ꅝPaper Worldꅞꛓ덝군ꅁꛓ룓덗ꥷꙢ덝군꒧ꫬꣃ때ꩫ녎곬꧒녡꣓룪끔걹ꅝinformation flowꅞꪺ껄꽱ꅘ뱳꩸ꛓꢳ덴ꪺ뛇벽ꅂꝃ띇ꪺꚨꖻ—ꛒ뙱꧳꣤꒤ꅁꙝꚹ덜Ꙩꗘꭥꪺ덗ꥷ맯꧳쏒꣩ꗦ꧶뫴룴삳ꗎꪺ땯깩ꛓꢥꅁꛓꚨ결Ɜ쎪꣤땯깩ꪺ퇨헀ꅃ 셼꣒ꛓꢥꅁ결ꑆ뷕ꥍ뫴믚뫴뭐쏒꣩ꖫ돵맪냈ꪺ깴늧ꅁ과냪뎡꓀쏒꣩띾뻇ꯘ쒳녎뉻ꚳꚳ믹쏒꣩뛒뚰땯ꛦ땻Ꟈꪺ걛멣ꕛꕈ엜ꅁ꣤꒤꓀ꝏ맯꧳ꑕꙃꑇ뎡ꗷ낵ꕘꯘ쒳ꅃꅇ 1ꅂ 녎꧳ꗓ돸ꗍ껄ꭥꪺꑦ쁙껑궱덱끔궭꣮ꪺꩫ덗썐롪 15 Supra note 3. 16 Supra note 3. 137
뫴믚뫴룴쏒꣩ꗦ꧶뙂듛꒧곣ꡳ ꅝderegulating oral and written communications in the pre-effective periodꅞ17ꅆ뭐 2ꅂ ꩫꑈ뮡ꧺ라ꪺ뫞뉺ꅝmanagement roadshowꅞ18떥 쏶꧳닄ꑀ쉉ꅵꗓ돸ꗍ껄ꭥꪺꑦ쁙껑궱덱끔궭꣮ꅶꅁ뉻ꛦ쏒꣩뫞뉺ꩫ덗꒧꧒ꕈ맯꧳꒽ꕱ땯ꛦꚳ믹쏒꣩껉맯ꑪ늳꒽뙽뮡ꧺ꒧덗뵤뇄꣺쑙껦ꪺ궭꣮덗ꥷꅁꕄ굮걏결ꑆ꣏ꅵ꒽뙽뮡ꧺ껑ꅶꚨ결땯ꛦ꒽ꕱ뭐룪ꑈ뚡ꕄ굮ꪺ룪끔둃꒶ꅝto ensure that the prospectus is the primary vehicle for communicating informationꅞꅁꕈꢾꓮ땯ꛦ꒽ꕱ꧳땯ꛦꚳ믹쏒꣩껉ꝑꗎ꣤ꕌ룪끔뱶암ꖫ돵ꛦ놡ꅝcondition the marketꅞꅁ곆ꛜ덹ꚨꅵ믯멪ꭥ낽뙝ꅶꅝgun jumpingꅞꪺ껄삳19ꅃ땍ꛓꕈ뉻Ꙣ쏒꣩ꖫ돵꒤룪끔꒽뙽ꪺꪬꩰꛓꢥꅁ꙰ꚹꪺ궭꣮ꑷ꒣꣣궫ꑪ띎롱ꅝmay not make a lot of senseꅞꅁ뭜ꗘꭥꖫ돵ꑗ녱늣띾곣ꡳꅂ꓀꩒ꪺ꓀꩒깶ꞡꗧꡂꗧ쇍ꙡ쁈뗛땯ꛦ꒽ꕱꅝ꽓ꝏ걏ꭥ꒭ꛊꑪꑗꖫ꒽ꕱꅞꪺ땯깩냊멁뙩ꛦ끏뿽ꅂ꓀꩒륷듺ꅁꛓꕂ덺륌뫴꾸녎꣤곣ꡳ룪껆뒣꣑꒩뫴룴꣏ꗎꅁ룓룪껆꒣뛈Ꙩꕈ때쁶ꓨꚡ뒣꣑ꅁ꣤룔닓땻ꯗ곆ꛜ뮷낪꧳꒽뙽뮡ꧺ껑뒦앓ꪺ꒺깥ꅃ 땍ꛓꅁꗑ꧳룓뚵덗ꥷꪺ궭꣮ꅁ꣏녯덜Ꙩ꒽ꕱ결쇗ꝋ꣤꧒뒦앓ꪺ룪끔덑뭻결쓝꧳꒽뙽뮡ꧺ껑ꕈꕾꪺ룪끔꺧ꅁ뙩ꛓ교룓쏒꣩땯ꛦ비뭻ꥷ결꒣럭꒧땯ꛦꅁꙝꚹꡃꡃ꧳꒽ꕱ녎ꚳ쏒꣩땯ꛦ꒧믚ꅁꭋ쑙껦ꙡ궭꣮뭐룪ꑈ뚡ꪺ덱끔ꅆꚹ뫘뉻뙈맯꧳덝ꚳ뫴꾸ꪺ꒽ꕱꛓꢥꅁꟳꚨ곛럭ꪺꝸ쉚ꅃ결ꑆ떽ꕛꝑꗎ뫴믚뫴룴덱끔ꪺ쁵쉉ꅁꙝꚹꚳ뎡꓀뗻뷗ꯘ쒳SEC삳꧱뱥껑궱덱끔ꅝwritten communicationsꅞꪺ궭꣮ꅁ꣒꙰ꕩ녎Rule 134ꪺ덗ꥷ쉘녩ꅁ뭻결ꭄ뙒뷦룪끔ꅝnon-sales informationꅞꪺꙐ뫘쏾믹믹껦깴늧ꓱ룻룪껆ꅂꩫꑈ뮡ꧺ라ꛦ땻ꅂ쏒꣩냓뗻꛴돸ꝩ떥꒧룪껆ꞡ꒣삳덑뗸결꒽뙽뮡ꧺ껑꒧ꑀ뫘20ꅃ꙰ꚹ 17 pre-effective period삳waiting periodpost-effective periodꑇ귓뚥걱ꅃSee Alan R. Palmiter, Securities Regulation Examples and Explanations ꆱꅝ1st ed. 1998ꅞ 18 끷맯Roadshowꑀ뗼ꪺ룑쓀결ꆩA series of meetings with potential investors and brokers, conducted by a company and its underwriter, prior to a securities offering, especially an IPO.ꆪꚹꕩ냑ꢣinvestor word꒧룑쓀ꅁ뫴Ᵹ결< >ꅁꗧꕩꪽ쒶결ꅵ룴ꡱꅶꅁꚳ슽쒶결ꅵ띾셚땯ꫭ라ꅶꅁ뷐냑ꢣ뚾빟ꙴꅁ뷗ꚳ믹쏒꣩뵵ꑗꗦ꧶ꪺ땯깩꣤구ꗍꪺꩫꯟ냝썄ꅁꓫꖹꩫ뻇싸뭸닄꒭ꑑꑋ듁ꅁ닄123궶ꅃ 19 Supra note 17. 20 Rule 134ꭙꕈ궱덗ꥷ꒧ꓨꚡ녎꒽뙽뮡ꧺ껑ꕈꕾ꒧룪끔꒩ꕈ꣒ꗜ덗ꥷꅁꛓ맪냈곉ꯘ쒳쉘ꑪRule 134꒧덗ꥷꅁ곛맯ꙡꝙ셙듮ꑆ껑궱덱끔덑뭻ꥷ꣣ꚳ꒽뙽뮡ꧺ껑꧊뷨ꪺ뚡ꅃ뒫ꢥ꒧쏒꣩ 138
닄꒻뎹 떲뷗뭐ꯘ쒳 ꑀ꣓ꅁ때뷗땯ꛦ꒽ꕱ쏒꣩띾ꅁꞡꕩꕈꟳꕛꕒ꓀ꙡ륂ꗎ뫴믚뫴룴꧒녡꣓ꪺꭋꝑꅃ ꣤ꚸꅁ쏶꧳닄ꑇ쉉ꩫꑈ뮡ꧺ라꒧뫞뉺냝썄ꅁꗑ꧳뛇닎ꪺꩫꑈ뮡ꧺ라뎣걏ꗑ땯ꛦ꒽ꕱ맯쏒꣩냓ꅂ압띾뻷멣룪ꑈ꧒Ꝁꪺ띾셚땯ꫭꅁꙝꚹ덱녠ꕈꑦ쁙돸ꝩꪺꓨꚡ뒣ꕘ뮡ꧺꅁ셡꣏ꚳ껑궱룪껆ꑝ라Ꙣ뮡ꧺ라떲ꟴꭥꙞꚬꅁꙝꚹ룻때륈닄5(b)뇸덗ꥷ꒧뫃뱻ꅃꛜ꧳띕꣓띕Ꙩ땯ꛦ꒽ꕱꕈ뫴믚뫴룴뙩ꛦ륱ꑬꩫꑈ뮡ꧺ라ꅝelectronic roadshowꅞ녎뛇닎뮡ꧺ라ꪺ얥늳롳쉘ꑪꅁ꣏ꑀ꿫룪ꑈ곒ꚳ뻷라냑뭐ꅁꚹ셼ꝙ덹ꚨꑆꕴꕾꑀ귓뫃뱻ꅁꝙ륱ꑬꩫꑈ뮡ꧺ라ꪺ색껗룪껆꙰덑뗸결ꅵ껑궱ꅶ덱끔ꅁꭨ꙰Ꙑꭥ굺꒽뙽뮡ꧺ껑ꪺ냝썄ꑓ녎늣ꗍꅃ 닄ꑇ뚵?냪ꪺ귗ꩫꓨꙖ 쏶꧳ꢾꓮ쏒꣩뙂듛ꪺꛦ결ꓨ궱ꅁꕈꕌ냪ꪺ롧엧왛맮ꅁꕩꗑꕌꯟ뭐ꛛꯟꑇꓨ궱뗛ꓢꅇꕌꯟꪺ뎡꓀ꅁꕩ덺륌ꩫꕏ덗뵤ꪺ귗굱ꅁ꣒꙰ꕛ녪땯ꛦ꒽ꕱ뭐쏒꣩ꩁ냈띾ꪺ뫞뉺ꅂ룪끔꒽뙽ꪺ굮ꡄ떥ꅁꯘꗟꟳꚳ껄뉶ꅂ꒽ꖭꪺꖫ돵ꅁ듮ꓖ쏒꣩뙂듛놡ꪺ땯ꗍꅁ곆ꛜ끴Ꙙꩫ덗귗ꖿꅁ녎뫴룴쏒꣩뙂듛ꛦ결꿇ꑊ쏒ꗦꩫꪺ덂뭀덗ꥷ꒤ꅁꕈ뱗ꕛ륋ꪺ껄ꩇꅃꚹꕾꅁꙢꛛꯟꪺ뎡꓀ꕩ덺륌룪ꑈ뇐ꪺꓨꩫꅁꕛ녪룪ꑈꪺ궷쁉띎쏑ꅁ녱껚ꖻꢾꩶ뫴룴쏒꣩뙂듛ꛦ결ꅃ 닄ꑀ듚?ꕛ녪땯ꛦ꒽ꕱ쏒꣩ꩁ냈띾뫞뉺 냪맯꧳ꚳ믹쏒꣩뫴룴꓆삳ꗎꪺ냝썄ꅁ돌ꚭ삳ꕩ끬랹꣬ꕸ왗쏒꣩ꗦ꧶꧒꧳ꗁ냪ꑋꑑꑇ꙾ꑇꓫꑇꑑꑇꓩꖿꚡꑗ뵵뇒ꗎꪺꅵꖫ왛듺꾸ꅶꝀ띾꡴닎ꅃꑗꖫ꒽ꕱꕩ덺륌ꖫ왛듺꾸녎ꙕ뚵끝냈ꅂ띾냈궫ꑪ룪끔뿩ꑊ룓꡴닎ꅁ꣑룪ꑈ걤룟21ꅆꚹꑀꝀ띾꡴닎ꪺ뇄ꗎꕩ뿗결냪쏒꣩ꗦ꧶뫴룴꓆삳ꗎ꒧생싒ꅃ껉ꛜ꒵ꓩꅁꑗꖫꑗ쉤꒽ꕱ곛쏶꒧끝냈ꅂ띾냈꒧궫ꑪ끔꺧떥뚵ꗓ돸뭐꒽뙽ꞡꑷ굮ꡄꗾ궱덺륌뫴믚뫴룴Ꝁ띾ꓨꚡ뿩 땯ꛦꑈ꧓빐냓떥녯ꝑꗎ뫴룴뛇뮼쏒꣩땯ꛦ끔꺧ꪺ뚡ꝙ쁈꒧뱗ꕛꅃ 21 ꅵꖫ왛듺꾸ꅶꭙ꧳ꗁ냪ꑋꑑꑇ꙾ꑇꓫꑇꑑꑇꓩꖿꚡꑗ뵵ꅁꑗꖫ꒽ꕱꕩ녎ꙕ뚵끝냈ꅂ띾냈궫ꑪ룪끔뿩ꑊ룓꡴닎ꅁ꣑룪ꑈ걤룟ꅃꛓ쏶꧳ꚹ뚵Ꝁ띾꒧덗ꥷꭨ꧳ꗁ냪ꑋꑑꑔ꙾ꑋꓫꑇꓩꅁꗑꅵꕸ왗쏒꣩ꗦ꧶꧒ꗷꚳ궭꒽ꕱꖫ왛듺꾸룪끔꡴닎Ꝁ띾뿬ꩫꅶ꒧덗뵤ꅁ굮ꡄꑗꖫ꒽ꕱ녎끝냈ꅂ띾냈룪껆ꅁꥷ듁ꗓ돸ꛜ쏒꣩ꗦ꧶꧒ꅁꕈ꣑꒽뙽걤빜ꅃ 139
뫴믚뫴룴쏒꣩ꗦ꧶뙂듛꒧곣ꡳ ꑊꖫ왛듺꾸22ꅃ ꛜ꧳냪ꪺ쏒꣩ꕄ뫞뻷쏶쏒듁라ꓨ궱ꅁꭨꗾ궱굮ꡄ꒽뙽땯ꛦ꒽ꕱꅂ쏒꣩냓ꅂ듁덦냓떥쏒꣩ꩁ냈띾ꛛꗁ냪ꑋꑑꑋ꙾ꑀꓫꑀꓩ끟ꅁꑚ뻚쏒ꗦꩫ닄ꑔꑑ꒻뇸덗ꥷ삳ꗓ돸꒧꒽뙽룪끔ꅁ낣뚷ꕈ껑궱ꓨꚡꙖ쏒듁라ꗓ돸ꕾꅁꟳ삳녎룪껆ꑗ뛇ꛜ쏒냲라뫴꾸꣑룪ꑪ늳걤룟23ꅃ룪ꑈꕩ롧ꗑ룓라뫴꾸꣏ꗎꕉ뙏꒧귬ꭨꅁꕈꅵꚩ쉉군뙏ꅶꓨꚡ뙩ꛦ꒽뙽땯ꛦ꒽ꕱ꒧끝냈돸ꝩꅝꝴ끝냈륷듺ꅞꅂ꙾돸꒽뙽뮡ꧺ껑꒧걤룟ꅃ ꕴꕾꅁ맯꧳뫴룴쏒꣩냓끝롧뫴꾸ꕩꝟꝑꗎ뫴믚뫴룴뙩ꛦ늼뇀꒶ꪺꛦ결ꅁꭥꓥꅝ닄ꕼ뎹ꅞ띾ꑷꚳ곛쏶꒧끑뷗ꅆ놩쏶꧳ꚹ쉉ꅁ쏒듁라꧳꒵꙾ꅝꑅꑑ꙾ꅞꕼꓫꑇꑑ꒭ꓩ뒿땯꣧꒩꒤뗘ꗁ냪쏒꣩냓띾Ꙑ띾꒽라ꅁ꣧ꗜ굮ꡄ꧒쓝쏒꣩냓꧳뫴꾸뒣꣑룪끔껉ꅇꅵ삳ꩠ띎꒣녯ꚳ엜곛결꽓ꥷ늼땯ꛦ꒽ꕱ뱳ꝩ뇀꒶늼맯꒣꽓ꥷꑈ륷듺ꛦ놡꽁쏒꣩룪압냝띾냈뚵꒧ꛦ결...ꅃꅶ24 땍ꛓꅁꚹꑀ꣧쓀맯꧳ꅵ뇀꒶늼ꅶꅵ룪ꯘ쒳ꅶꑇ꒴때ꧺ뵔ꪺ곉ꥷꅁꕂꭥꓥ꧒뒣ꅵ빁럭꧊귬ꭨꅶ걏ꝟ빁ꗎ꧳뫴룴쏒꣩ꗦ꧶꒧뫃냝꒴ꚳꯝꕄ뫞뻷쏶ꕈꟳꞻ왛ꪺꢤꯗꅁꟳ결뙽쇯ꪺ뗸뎥ꅁꕊ닓ꯤꛒ뫴룴쏒꣩ꗦ꧶뭐뛇닎쏒꣩ꗦ꧶ꛦ결꒧깴ꝏꅃ뙩ꛓ맯뫴믚뫴룴삳ꗎ꧳쏒꣩ꖫ돵꧒구ꗍꪺ냝썄ꅁ뿑ꡄ빁럭ꪺ룑ꡍ꒧륄ꅃ 닄ꑇ듚 ꣤ꕌꚳ믹쏒꣩꒧뛒뚰ꅂ땯ꛦ뭐뙒뷦ꪺ냝썄 쏶꧳ꚳ믹쏒꣩덺륌뫴믚뫴룴ꗦ꧶ꪺ뷒썄ꅁ냪쇶뿰ꛜꗁ냪ꑋꑑ꒻꙾ꑑꑀꓫ꒻ꓩꥬꗑ쏒ꗦ꧒귗ꖿ꣤샧띾닓ꭨ닄ꑃꑑ꒭뇸꒧덗ꥷꅁ녎ꅵICꕤꅂ뫴믚뫴룴떥륱ꑬꚡꗦ꧶ꮬ멁ꥥ끕ꅶ꿇ꑊꥥ끕ꓨꚡ꒧ꑀꅁꖿꚡ뙽뇒뫴룴ꑕ돦껉ꕎꅆ땍ꛓ쁈뗛ꗾ뉹뫴룴꓆ꪺ쇍뛕ꅁ냪ꪺ뫴룴쏒꣩ꗦ꧶땯 22 ꕸ왗쏒꣩ꗦ꧶꧒뭐끝많ꩫꑈ꒤뗘ꗁ냪쏒꣩뙑쉩뙒뷦꒤ꓟꅁꛛꗁ냪ꑋꑑꑋ꙾끟녎ꖫ왛듺꾸ꪺ뿩ꑊꓨꚡꅁꗾ궱뇄결ꕈ뫴믚뫴룴뵵ꑗ뿩ꑊꅃ 23 쏒듁라귬꧳ꗁ냪ꑋꑑꑃ꙾ꑃꓫꑇꑑꑔꓩꕈꅝꑋꑃꅞꕸ끝쏒ꅝꑀꅞ꙲닄ꆳꑀꑋꑅꑀ뢹꣧ꅁ굮ꡄ꒽뙽땯ꛦ꒽ꕱꅂ쏒꣩냓ꅂ듁덦냓꣤ꕌ쏒꣩ꩁ냈띾떥ꅁꙖ쏒듁라ꗓ돸꒽뙽룪끔껉ꅁ낣ꕈ껑궱룪껆ꗓ돸ꕾꅁꕴꕩ뿯뻜ꕈꅵ뫏ꓹꅶꅵ뫴룴ꑗ룼ꅶꓨꚡ뛇뿩ꅃ놩뛠ꯡꑓ꧳Ꙑ꙾ꑑꑇꓫꑇꑑꕼꓩꅁꕴꕈꅝꑋꑃꅞꕸ끝쏒ꅝꑀꅞ닄ꑅꑅꕼꑀꑀ—ꑀ뢹꣧ꅁ굮ꡄ꒽뙽땯ꛦ꒽ꕱꙕ쏒꣩뿄ꩁ냈띾떥삳꧳ꑋꑑꑋ꙾ꑀꓫꑀꓩ끟ꅁ낣ꕈ껑궱ꓨꚡꗓ돸ꕾꅁꅵꣃ삳녎룪껆ꑗ뛇ꛜ룓냲라뫴꾸ꅶꅃ 24 뷐냑빜쏒듁라ꅝꑅꊯꅞꕸ끝쏒(ꑇ)닄ꆳꆳꑀꆳꕼꕼ뢹꣧ꅃ 140
닄꒻뎹 떲뷗뭐ꯘ쒳 깩ꑝꝥ뉻엥ꑈꪺꚨꅃꗑ꧳ꚹꑀ귬ꙝꅁꟳꭐ꣏쏒듁라쏒ꗦ꧒ꅂ쉤쉩꒤ꓟ떥ꅁ끴Ꙙ쏒꣩ꗦ꧶맪냈ꪺ땯깩ꛓ뎰쓲뱗귗곛쏶끴깍놹걉ꅁ꿷녎궫굮덗ꥷ띊뻣꙰ꑕꅇꅝꗑ꧳쉤쉩꒤ꓟ꒧ꗦ꧶덗ꥷꙨꭙ냑럓ꗦ꧶꧒꒧덗ꥷꛓ꣓ꅁ걇꧳ꚹ샀꒣녎쉤쉩꒤ꓟ꒧덗ꥷꙃꕘꅞ ꩫ덗 뇸뢹 ꒺깥굮ꚮ 뱗귗껉뚡 쏒꣩롧곶ꆱ15 뫴믚뫴룴ꥥ끕삳ꓱ럓ICꕤꥥ끕ꓨꩫ뿬뉺 냓꣼끕뙒뷦ꚳ믹쏒꣩뿬ꩫ ꆱ27 ICꕤꅂ뫴믚뫴룴떥륱ꑬꚡꗦ꧶ꮬ멁ꙃꙌ꒧ 뙒뷦ꥥ끕곶뿽륱뢣색껗ꥥ끕곶뿽ꅁ뙒뷦때ꪧ쒳삳ꛜꓖꭏ꙳ꑇ귓ꓫꅁ뙒뷦ꚳꪧ쒳삳ꭏ꽤ꛜꪧ쒳껸낣결ꓮꅃ ꗦ꧶꧒샧띾ꆱ2-1 ꖻ꒽ꕱ맯쏒꣩냓ꅂꑗꖫ꒽ꕱ뭐ꖻ꒽ꕱ쎱ꚳ 닓ꭨ ꮴ곹꒧룪끔꒽ꕱ꣤ꕌ뻷멣ꅁ꧒결ꑀ꿫덱ꪾꅂ꒽ꝩ꣤ꕌꓥꗳ뭐룪껆ꅁ녯ꕈ뫴믚뫴룴ꅂ볆뻚녍뵵ꅂ륱ꑬꭈ뵣떥륱ꑬ둃엩뛇뿩ꓨꚡ결끥륆ꅃ ꆱ26 II 쏒꣩냓삳ꕈ뫴룴뛇뿩ꓨꚡꙖꗦ꧶꧒ꗓ돸쏒 ꣩냓신룪띾냲ꖻ룪껆멛쏒꣩냓ꖻꢭ신룪띾꯹ꚳꑗꖫ (쉤) ꚳ믹쏒꣩듁ꖽ꯹볆ꅂ꯹ꚨꖻꅂꕈ냪ꑗꖫ (쉤) ꚳ믹쏒꣩결볐ꪺ녱구ꗍ꧊뿄냓ꭾꗦ꧶꒧룪껆꣺녯뭐덂꓀궫ꑪ룪늣ꗦ꧶룪끔ꅆꕂ쏒꣩냓신룪띾ꚳ뱗듮늧냊껉ꅁꗧ삳ꕈ뫴룴뛇뿩ꓨꚡꙖꖻ꒽ꕱꗓ돸ꅃ ꆱ75 ꋗ ꑋ ꥥ끕ꑈꕈ IC ꕤꅂ뫴믚뫴룴떥륱ꑬꚡꗦ꧶ꮬ 멁ꥥ끕ꅁ쏒꣩롧곶냓녯ꝋ뭳Ꝁꅂꕎ뛱ꥥ끕껑ꅁ삳껉Ꟈꝏꝙ껉ꙃꙌ뙒뷦ꥥ끕곶뿽ꅁꣃ꧳ꚬꖫꯡꗑ롧뿬ꑈ귻뎡ꕄ뫞쎱뎹ꅁꥥ끕곶뿽삳ꝴꥥ끕ꑈꥭꙗ녢뢹ꅂꥥ끕껉뚡ꅂ쏒꣩뫘쏾ꅂ볆궱썂ꅂ궭믹ꅂꚳ껄듁뚡ꅂ 141
뫴믚뫴룴쏒꣩ꗦ꧶뙂듛꒧곣ꡳ ꣼끕뙒뷦띾냈ꑈ귻ꥭꙗꕎ뵘ꅂꥥ끕ꓨꚡ떥ꅃ ꥥ끕ꑈꕈ뫴믚뫴룴ꥥ끕ꅁ꣤ꥥ끕곶뿽꒧꒺깥ꅁ삳끏뿽꣤뫴룴ꛬꝽꅝIPꅞ륱ꑬ쎱뎹ꅆꕈ뭹궵ꥥ끕ꅁ삳끴Ꙙ륱ꭈ뻷멣뙽꧱엣ꗜ땯룜뫝뢹뵘꒧ꕜ꿠ꅁ끏뿽꣤꣓륱뢹뵘ꅁꝙ껉ꙃꙌꥥ끕곶뿽껉ꅁ녯ꝋꙃꙌꑗ굺뚵ꗘꅃ ꆱ75 I ꑅ 쏒꣩롧곶냓뭐뇄ꛦ IC ꕤꅂ뫴믚뫴룴떥륱ꑬ ꚡꗦ꧶ꮬ멁꒧ꥥ끕ꑈ뚡ꅁ꣤ꚳ믹쏒꣩뙒뷦꒧ꥥ끕ꅂꥥ끕Ꙟ돸ꚨꗦꙞ돸떥륱ꑬꓥꗳ꒧뛇뿩ꅁ삳꣏ꗎ뻌쏒뻷멣꧒쎱땯꒧륱ꑬ쎱뎹쎱롰ꅁ뻌ꕈ뿫쏑뵔뭻ꅃ ꆱ75 I ꑑ 닄ꑋ듚ꥥ끕껑삳ꥥ끕ꗽꯡ뚶Ꟈ뵳뢹ꅁ꣤껦 ꚡ삳ꛦ끏룼뚵ꅁꕄ뫞뻷쏶꒧덗ꥷꅃꑷꚨꗦ꒧ꥥ끕껑ꅁ꣖Ꙑ꣤ꕌ띾냈뻌쏒ꭏ꙳ꅁꖼꚨꗦ꒧ꥥ끕껑ꅁꕛ뭜ꖼꚨꗦ쉗끏ꅁ때ꪧ쒳ꭏ꙳ꑀ뙧ꯡꛛꛦ빐랴ꅃꕈICꕤꅂ뫴믚뫴룴떥륱ꑬꚡꗦ꧶ꮬ멁ꙃꙌ꒧뙒뷦ꥥ끕곶뿽륱뢣색껗ꥥ끕곶뿽ꅁ뙒뷦때ꪧ쒳삳ꛜꓖꭏ꙳꒭꙾ꅁ뙒뷦ꚳꪧ쒳삳ꭏ꽤ꛜꪧ쒳껸낣결ꓮ ꆱ75-1ꋗꑀꡃꓩ뙒뷦돌낪썂ꯗꖼ뙗륌ꑀ꣕롕꒸ꅁꕂ꒣뙽 ꅝꑔꅞ ꗟꭈꗎꗦ꧶녢ꓡꅁ녯놵꣼ꥥ끕ꑈ롧ꗑ뫴믚뫴룴ꅂ껑ꭈ꣤ꕌꓨꚡꗓ뷐뙽ꓡ ꆱ79 II 쏒꣩롧곶냓놵꣼륱ꑬꚡꗦ꧶ꮬ멁ꥥ끕ꅁ삳 곹ꥷ룓ꥥ끕꒧ꚳ껄ꓩ듁ꅁ꣤꒤뫴믚뫴룴ꥥ끕ꅁ삳꧳뫴궶꒧ꥥ끕뿩ꑊ땥궱엣ꗜ룓ꚳ껄ꓩ듁ꅃ ꆱ85 III 쏒꣩롧곶냓ꪽ놵맯ꯈꓡ꧳뫴꾸ꑗ뇀꒶뙒 뷦ꚳ믹쏒꣩ꅁ삳ꖻ꒽ꕱ굱꒧ꅵ쏒꣩냓뇀꒶ꯈꓡ뙒뷦ꚳ믹쏒꣩뫞뉺뿬ꩫꅶ꒧덗ꥷ뿬뉺ꅃ ꆱ85 IV 쏒꣩롧곶냓삳띖뿯뙗덳떲꒧뫴꾸ꅁꣃ맯꣤띾 142
닄꒻뎹 떲뷗뭐ꯘ쒳 냈ꑈ귻꣏ꗎ륱ꑬ뙬ꗳꅂ롳닕륱ꑬ뙬ꗳꅂꝇꝩ쓦뫴꾸떥뙩ꛦ뭐샧띾곛쏶꒧ꛦ결ꅁ삳굴뫊럾뫞뉺꒧덤ꅃ 뭏왗쏒꣩ꗦꆱ3 IIꑀ(ꑔ) ꥥ끕ꑈ곹ꥷꡃꓩ뙒뷦돌낪썂ꯗꖼ뙗륌ꑀ꣕ ꧶꧒ꗷꚳ롕꒸ꅁꕂ꒣뙽ꗟꭈꗎꗦ꧶녢ꓡꅁ쏒꣩롧곶궭꒽ꕱ쏒꣩냓녯놵꣼ꥥ끕ꑈ롧ꗑ뫴믚뫴룴ꅂ껑ꭈ꣤ꕌ롧곶냓꣼끕ꓨꚡꗓ뷐뙽ꓡꅁꭓꥥ끕ꑈꙢ꣼끕ꮴ곹쎱뎹ꅁꮴ곹럇ꭨ ꣃ롧쏒꣩롧곶냓뵔뭻ꯡꥬꗍ껄ꑏꅃ쏒꣩냓맯꧳ꚹ뫘ꓨꚡ뙽ꓡ꒧뱸ꭈꕩꛛꛦꡍꥷꅁꓩꯡ뷕뻣럭ꓩ뙒뷦돌낪썂ꯗ껉ꅁ꒴삳곛쏶덗ꥷ궫띳뿬뉺뱸ꭈꅃ ꆱ4 I ꥥ끕ꑈꕈ IC ꕤꅂ뫴믚뫴룴떥륱ꑬꚡꗦ꧶ꮬ 멁ꥥ끕ꅁ쏒꣩롧곶냓녯ꝋ뭳Ꝁꅂꕎ뛱ꥥ끕껑ꅁ삳껉Ꟈꝏꝙ껉ꙃꙌ뙒뷦ꥥ끕곶뿽 ꆱ4 II 쏒꣩롧곶냓뭐뇄ꛦ IC ꕤꅂ뫴믚뫴룴떥륱ꑬ ꚡꗦ꧶ꮬ멁꒧ꥥ끕ꑈ뚡ꅁ꣤ꚳ믹쏒꣩뙒뷦꒧ꥥ끕ꅂꥥ끕Ꙟ돸ꚨꗦꙞ돸떥륱ꑬꓥꗳ꒧뛇(녎볆ꛬ쎱뎹뿩ꅁ삳꣏ꗎ뻌쏒뻷멣꧒쎱땯꒧륱ꑬ쎱뎹쎱결륱ꑬ쎱롰ꅁ뻌ꕈ뿫쏑뵔뭻ꅃ뎹) ꆱ7 쏒꣩롧곶냓놵꣼뫴믚뫴룴떥륱ꑬꚡꗦ꧶ꮬ 멁ꥥ끕ꅁ삳곹ꥷ룓ꥥ끕꒧ꚳ껄ꓩ듁ꅁ꣤꒤뫴믚뫴룴ꥥ끕ꅁ삳꧳뫴궶꒧ꥥ끕뿩ꑊ땥궱엣ꗜ룓ꚳ껄ꓩ듁ꅃ ꗑ꧳쏒듁라Ꙩ녎쏶꧳쏒꣩ꗦ꧶꒧맪냈Ꝁ띾덗뵤ꅁꗦꗑꗦ꧶꧒쉤쉩꒤ꓟꕈ꣤ꅵ샧띾닓ꭨꅶꅵ띾냈덗ꭨꅶꓨꚡ덗뵤ꅆꛓ쏒ꗦ꧒뭐쉤쉩꒤ꓟꦼꚹ쓝꧳꒣Ꙑ꧊뷨꒧뽗ꗟꩫꑈꕄ엩ꅁꑇ맯곛Ꙑ꧊뷨꒧띾냈덗뵤녠ꚳ꒣ꑀ교꒧놡땯ꗍꛓ뻉교쏒꣩냓빁ꗎ꒧ꝸ쉚ꅁ꣒꙰쏶꧳뫴믚뫴룴ꥥ끕꒧덗ꥷꅁꗦ꧶꧒ꭙ꧳ꗁ냪ꑋꑑ꒻꙾ꑑꑀꓫ꒻ꓩꝙ귗ꖿ뙽꧱ꕈ뫴믚뫴룴결ꥥ끕ꓨꚡ꒧ꑀꅁꛓ쉤쉩꒤ꓟꭨ뿰ꛛꗁ냪ꑋꑑꑃ꙾ꑑꓫꑑꕼꓩꥬ귗ꖿ뙽꧱뫴믚뫴룴결ꥥ끕ꓨꩫ꒧ꑀꅃꚹ뫘덗뵤때ꩫꙐꡂ귗ꖿꪺ놡ꅁꧺ엣덹ꚨ쏒꣩ꩁ냈띾ꪺꝸ쉚ꅃ ꚹ뫘놡ꩰ꒣뛈땯ꗍ꧳꒣Ꙑꩫꑈ꒧뚡ꅁ셡꣏Ꙑꗑꗦ꧶꧒꧒결꒧덗뵤 143
뫴믚뫴룴쏒꣩ꗦ꧶뙂듛꒧곣ꡳ ꑝꚳ곛꒬ꗙ곞꒧뉻뙈ꅃ꣒꙰ꭥ굺ꅵ쏒꣩롧곶냓꣼끕뙒뷦ꚳ믹쏒꣩뿬ꩫꅶ닄ꑇꑑꑃ뇸덗ꥷ때ꪧ쒳꒧뫴믚뫴룴떥륱ꑬꚡꗦ꧶ꮬ멁뙒뷦ꥥ끕곶뿽륱뢣색껗ꥥ끕곶뿽삳ꛜꓖꭏ꙳ꑇ귓ꓫꅆꛓꗦ꧶꧒ꅵ샧띾닓ꭨꅶ닄ꑃꑑ꒭뇸닄ꑀ뚵닄ꑑ듚ꭨ덗ꥷꅇꅵꕈICꕤꅂ뫴믚뫴룴떥륱ꑬꚡꗦ꧶ꮬ멁ꙃꙌ꒧뙒뷦ꥥ끕곶뿽륱뢣색껗ꥥ끕곶뿽ꅁ뙒뷦때ꪧ쒳삳ꛜꓖꭏ꙳꒭꙾…ꅶꅃꚹ뫘ꭥꯡ꒣ꑀ교꒧덗ꥷꅁꗧꙐ엽꣩냓녱뫴믚뫴룴꣼끕뙒뷦ꚳ믹쏒꣩띾냈껉ꚳ닶끊ꑀ걏꒧놡ꅃ ꚹꑀꙨ쁙남ꢮꅁꙕꛦ꣤걏ꪺ뉻뙈ꅁ맯꧳쏒꣩ꩁ냈띾ꛓꢥꅁ뵔맪덹ꚨ뷑Ꙩ꒣ꭋꅆ맪ꑗꅁꚹꑀ냝썄삳ꕩꗑꕄ뫞뻷쏶쏒듁라둎뫴룴ꗦ꧶꒧뚵ꅁ돦뽗꣮굱ꑀ깍뿬ꩫꅁ굮ꡄ쏒꣩ꗦ꧶꧒ꅂ쉤쉩꒤ꓟ뭐쏒꣩냓떥ꙀꙐ뿭ꛦꅁ꣒꙰돌꫱ꑑ꙾ꥬ궫띳뙽꧱쏒꣩ꗦ꧶ꪺ꒤냪ꑪ뎰ꅁꝙ끷맯뫴룴ꥥ끕꧳ꑇꆳꆳꆳ꙾ꑔꓫꑔꑑꓩꅁꗑ꒤냪쏒뫊라꣮굱ꑆꑀ깍ꅵ뫴ꑗ쏒꣩ꥥꚫ볈ꛦ뫞뉺뿬ꩫꅶ25ꅁ녎쏒꣩냓녱뫴룴쏒꣩ꗦ꧶삳꣣돆ꪺ띾냈ꅂ덎덗뵤ꅁ꣣엩덗ꥷ꧳룓뿬ꩫ꒤ꅃꚹ뫘낵ꩫꅁꗧ귈녯Ꝁ결ꕄ뫞뻷쏶맯꧳뫴룴쏒꣩ꗦ꧶덗뵤꒧냑ꛒꅃ 닄ꑔ론?ꯘꗟꙷꗾꪺ뫴룴ꗦ꧶샴맒 ꯘꗟꙷꗾꪺ뫴룴ꗦ꧶샴맒ꅁꕈ뵔ꭏ뫴룴룪끔뛇뿩ꪺ륌땻꒤ꅁ꒣ꛜ꧳비꣬슫ꅂ낰덹엑꣺ꪺ놡ꩰꅁ낣ꑆꚳꝕ꧳뵔ꭏꯈꓡꪺꗦ꧶ꙷꗾ꒧ꕾꅁ꣤ꕴꑀ뱨궱ꗧꚳꝕ꧳뵔ꭏ꣩냓Ꙣ놵꣼ꯈꓡꝑꗎ뫴룴ꥥ끕뙒뷦껉ꅁꢬꕈ얲ꝏꯈꓡꢭꗷꅁꢾꓮꯈꓡꯡꝟ뭻ꗦ꧶ꪺ맪ꅃ ꙷꗾꪺꗦ꧶샴맒ꭙ륱ꑬ냓냈걏ꝟ녯ꕈꗾ궱뒶땯깩ꪺ쏶쇤ꙝ꿀꒧ꑀꅁꙢ뫴룴쏒꣩ꗦ꧶ꓨ궱ꅁꙷꗾ뻷꣮ꛜꓖꖲ뚷꣣돆ꕈꑕꪺ굮ꡄꅇ ꑀꅂ?ꢬꕈ얲ꝏꗦ꧶맯뙈꒧ꢭ꓀ꅇ뛇닎ꪺ쏒꣩ꗦ꧶ꥥ끕ꅁꭙꕈꑕ돦ꯈꓡꪺ쎱ꙗ귬꽤Ꙍ얲ꅁ낵결뵔뭻ꢭ꓀ꪺꓨꩫꅆ땍ꛓꙢ뫴룴ꅝ륱ꑬꅞꗦ꧶껉ꅁ꣼끕꣩냓ꅝ샧띾귻ꅞ껚ꖻ때녱ꝑꗎ뛇닎ꓨꩫ쏑ꝏꯈꓡꢭ꓀ꅁꙝꚹꝑꗎꕛ녋덎뒣꣑ꢭ꓀뭻쏒ꪺ뻷꣮ꅁꭋꚨ결ꕄ굮ꕩꛦꪺꓨꩫ26ꅃ 25 룓뿬ꩫꕩꗑ꒤냪쏒뫊라뫴꾸ꑕ룼< > 26 뷐냑ꢣꅁ꛳ꗾ뱷ꅁ륱ꑬ냓냈ꙷꗾ뻷꣮꒧ꯘꗟꅁ쏒꣩꒽라싹ꓫꕚ닄ꑇꑑ듁ꅁ닄7궶ꅁꗁ냪ꑋꑑꑋ꙾꒭ꓫꅃ 144
닄꒻뎹 떲뷗뭐ꯘ쒳 ꑇꅂ?뵔ꭏꑕ돦룪껆꒧ꖿ뵔꧊ꞹ뻣꧊ꅇꗦ꧶꡴닎ꖲ뚷ꢬꕈ뵔ꭏꥥ끕룪껆Ꙣ뛇뿩쁸꙳ꪺ륌땻꒤ꅁ곛쏶룪껆ꡓꚳ비꣬낰덹슫ꅆꕈ륱ꑬ쎱뎹Ꝁ결ꕛ녋ꪺꑵ꣣ꅁ꒣뛈ꕩꕈ뵔뭻ꗦ꧶ꪺꢭꗷꅁꑝꕩꕈꗎꕈ뿫ꝏꥥ끕룪껆걏ꝟꞹ뻣ꅁꖼ비슫27ꅃ ꑔꅂ?ꗦ꧶ꛦ결ꪺ꒣ꕩꝟ뭻꧊28ꅇꩫꯟꛦ결맯럭ꑈ걏ꝟꚳ껄ꅁ궺궫ꅵ띎ꯤꫭꗜꚳ때럥늫ꅶꅁꙢ뉻ꛦ쏒꣩ꗦ꧶꒧ꥥ끕ꓨꩫ꒤ꅁꞡ굮ꡄ쏒꣩냓ꖲ뚷뻚ꖻꑈ쎱ꙗꅂꙌ얲륱룜뿽궵ꪺꓨꚡꅁ꽤꙳ꥥ끕끏뿽ꅁ꣤ꗘꪺꝙꙢ싧뉍띎ꯤꫭꗜ꒺깥결꛳ꅁꕈꡄ뵔뭻ꩫꯟꛦ결꒧껄ꑏꅆꚹꕾꅁ띎ꯤꫭꗜꪺꗍ껄껉쉉ꅁꑝ걏ꑀ귓궫굮ꪺ냝썄ꅁ꽓ꝏ걏Ꙣ샾꺧롕엜ꪺ쏒꣩ꖫ돵꒤ꅁ꓀곭꒧깴ꝙꕩ꿠덹ꚨ샲ꝑ띬ꖢꪺ꒣Ꙑ뱶암ꅃꙝꚹꙢꯘꗟꗦ꧶ꛦ결꒧꒣ꕩꝟ뭻꧊껉ꅁꖲ뚷ꩠ띎ꯘꗟꅇ ꅝꑀꅞꥥ끕뙒뷦ꪺ띎ꯤ꒧꒣ꕩꝟ뭻꧊ꅆ ꅝꑇꅞꥥ끕ꗍ껄껉쉉꒧꒣ꕩꝟ뭻꧊ꅃ ꕼꅂ?꒽쏒뭐꙳쏒ꅇꗑ꧳ꝑꗎ뫴믚뫴룴ꥥ끕뙒뷦꒧띎ꯤꫭꗜꅁꭙꅵꭄ맯룜꒧띎ꯤꫭꗜꅶꅁ뚷ꕈ띎ꯤꫭꗜ꒧덱ꪾ륆꣬곛맯ꑈ껉ꥬ땯ꗍ껄ꑏꅁꚹ결ꩫꯟ껄ꑏꚳ때뭐끟ꥬꪺ냝썄ꅆꙢ맪냈ꑗ삳꙰꛳쏒ꧺ띎ꯤꫭꗜꪺ꒺깥뭐꣬륆껉쉉ꅁꭨ걏쏒뻚껄ꑏꪺ냝썄ꅃꙢ뛇닎ꪺꥥ끕ꗦ꧶멁ꑕꅁ껑궱ꚡꪺꥥ끕ꅁꞡꚳ맪엩ꪺꓥꗳꕩ꽤꙳Ꝁ결쏒ꧺꅁ맯룜ꓨꚡꪺꥥ끕ꅝ꙰륱룜ꥥ끕ꅞꭨꕈ륱룜뿽궵Ꝁ결쏒뻚ꅁ땍ꛓꙢ뫴룴ꥥ끕껉ꅁ꙰꛳ꭏ꙳ꥥ끕끏뿽ꅁꕈꝑ땯ꗍꪧ쒳껉ꪺ쏒ꧺ꒧ꗎꅁꭨꚳꯝꟳꞴ빁ꪺ덗뵤ꅃ ꒭ꅂ?ꗦ꧶곛쏶룪껆ꪺꭏ녋ꅇ귓ꑈ쇴ꡰ29ꪺꭏ앀ꅁꑄ걏륱ꑬ냓냈땯깩ꪺ궫굮냲슦ꅁ껚뻚ꅵ륱뢣덂뉺귓ꑈ룪껆ꭏ앀ꩫꅶꅝꕈꑕ슲뫙귓룪ꩫꅞ꒧덗ꥷꅁ셼ꑚꢬꕈ쏑ꝏ룓귓ꑈ꒧ꥭꙗ…끝냈놡ꩰ떥귓ꑈ룪껆ꅁꕈ룓귓ꑈ룪껆ꪺ뚰Ꙙꅁꞡ삳꣼꣬ꭏ앀30ꅃ맪ꑗꅁ쏒꣩냓맯꧳ꯈꓡ귓ꑈ룪껆ꪺꭏ앀롱냈ꅁꣃꭄꙝ귓룪ꩫ걉ꛦꯡꥬ땯ꗍꅁ쇴ꡰ앶꒧ꭏ앀ꅁꙢ냪ꗁꩫ닄ꑀꛊꑅꑑ꒭뇸ꝙꚳꧺꓥꅁꕴ 27 Ꙑꭥ뗹ꅃ 28 Ꙑꭥ뗹ꅁ닄8궶ꅃ 29 ꧒뿗ꅵ귓ꑈ쇴ꡰꅶꭙ귓ꑈ꾵녋꒣뇽결ꕌꑈ꧒ꪾ꒧룪껆ꅁ꣤꒺깥뱳꩸ꅁ쏸ꕈ꣣엩ꧺ뵔ꪺꥷ롱ꅆꙕ냪곛쏶꒧ꗟꩫ꣒Ꙩ뇄랧걁ꪺꓨꚡꕛꕈ덗ꥷꅃ뷐냑ꢣ덜ꓥ롱ꅁ귓ꑈ룪껆ꭏ앀ꩫ뷗ꅁꑔꗁ껑ꞽꅁꑅꑑ꙾ꑀꓫꪩꅁ닄11궶ꕈꑕꅃ 30 뷐냑ꢣꅵ륱뢣덂뉺귓ꑈ룪껆ꭏ앀ꩫꅶ닄ꑔ뇸닄ꑀ듚ꅂ닄ꑇ듚꒧덗ꥷꅃ 145
뫴믚뫴룴쏒꣩ꗦ꧶뙂듛꒧곣ꡳ ꕾ꧳Ꙅꩫꅂ뙬걆ꩫꅂ륱ꭈꩫ떥ꚭꚳ곛쏶꒧ꭏ앀덗ꥷꅃꗑ꧳럭ꭥ쏒꣩ꗦ꧶ꥥ끕ꓨꩫꪺ엜ꕈ룪끔뛇뿩뫴룴꓆ꪺ땯깩ꅁ꣏녯룪ꑈ맯꣤귓ꑈ룪껆꽱ꕛ궫뗸ꅁꙝꚹꗦ꧶룪껆ꅝꕝ걁ꯈꓡ꒧녢ꓡ룪껆ꅂ뇂앶녋뵘ꅂꗦ꧶ꦹ꣓룪껆떥ꅞ꒧ꭏ녋ꅁꚨ결룪ꑈ랥결쏶ꩠꪺ뚵ꗘ꒧ꑀꅃ ꒵꙾ꅝꗁ냪ꑅꑑ꙾ꅞꑃꓫꑇꓩꅁꙄꞽ낻ꑅ뚤ꯅꝇ낻꽽냪꒺궺ꥶ쁢ꯈꑊꭉ꣩냓뫴룴ꑕ돦꡴닎ꅁ엑꣺ꯈꓡ녢뢹ꅂ녋뵘색껗ꯡꅁ싇뻷ꪣꝀ꽓ꥷ늼ꛈꝑꪺ궫ꑪ쏒꣩뙂듛껗ꗳ31ꅃ껚뻚돸룼꒧룪껆ꕘꅁ쇶땍꣼깠꣩냓ꅝ꒤ꖡꭈ끕ꞽ뭐ꣳꥍ쏒꣩ꅞꪺ뫴룴ꑕ돦꡴닎ꑷ뇄SETꙷꗾ뻷꣮ꅁꯈꓡ뫝ꖲ뚷뻌륱ꑬ뻌쏒ꑾ꿠ꗦ꧶ꅁ땍ꛓꛦ결ꑈꭟꗎꯈꓡꙗ롱Ꙗ뭻쏒뻷멣ꗓ뷐륱ꑬ뻌쏒ꯡꅁꑝ뚶ꝑꙡꞹꚨ뻌쏒ꗓ뷐ꅁ뙩ꛓꞹꚨꥥ끕뙒뷦ꗦ꧶ꅁ쁈ꯡꛦ결ꑈꙁꝑꗎ꧒엑녯ꪺ녢뢹ꅂ녋뵘뭐뻌쏒뙩ꛦ뙒뙩ꥥ끕ꅁꕴꑀꓨ궱녎꣤ꛛꑶ녢ꓡ꒺ꪺ늼Ꙑ껉Ꙗ뷦ꕘꅁꛈ꣺믹깴ꝑ꽱32ꅆ꣤ꗇ롯ꛦ결ꓨꚡ뭐닄ꑔ뎹꧒굺ꅁꕈꑈ쁙ꓡ륈곹ꗦ돎Ꙗ꣩냓뙂듛꒧껗꣒꙰ꕘꑀ싡ꅃ ꚹꑀ껗ꗳꪺ땯ꗍꅁ엣ꗜꯘꗟꙷꗾꪺ륱ꑬꗦ꧶샴맒ꅁꑷ롧ꚨ결꣨꒣깥뵷ꪺꑵꝀꅃ쇶땍Ꙣ냪쏒꣩ꗦ꧶맪냈덗뵤꒤ꑷ굮ꡄꅵ쏒꣩롧곶냓뭐뇄ꛦICꕤꅂ뫴믚뫴룴떥륱ꑬꚡꗦ꧶ꮬ멁꒧ꥥ끕ꑈ뚡ꅁ꣤ꚳ믹쏒꣩뙒뷦꒧ꥥ끕ꅂꥥ끕Ꙟ돸ꚨꗦꙞ돸떥륱ꑬꓥꗳ꒧뛇뿩ꅁ삳꣏ꗎ뻌쏒뻷멣꧒땯꒧륱ꑬ쎱뎹쎱롰ꅁ뻌ꕈ뿫쏑뵔뭻33ꅃꅶ놩ꚹ뚵덗ꥷ꒧껄ꑏ꙰꛳ꅁꕈ꣤걏ꝟꞴ빁ꅁꞡ귈녯뙩ꑀꡂ띲끵ꅃ 궺ꗽꅁ냪꒺끷맯꣩냓뫴룴ꑕ돦띾냈ꪺ뫞뉺ꅁ뛈ꗑ쏒ꗦ꧒ꕈ룓꒽ꕱ샧띾닓ꭨ꒩ꕈ덗뵤ꅁ꣤껄ꑏꡳ뎺꙰꛳ꅈ꯶쏒꣩냓뭐쏒꣩ꗦ꧶꧒꒧뚡ꅁꭙꕈ쎱굱ꅵ꣑떹꣏ꗎꚳ믹쏒꣩뚰꒤ꗦ꧶ꖫ돵꒧ꮴ곹ꅶꯡꅁꮴ곹쏶ꭙꛦ꣏싹ꓨ꒧앶ꝑꅁ굴뻡롱냈ꅆꝙ룓꒽ꕱ샧띾닓ꭨ꒧꒺깥ꅁ삳결ꮴ곹꒧ꑀ뎡ꗷ34ꅃ뒫ꢥ꒧ꅁ쏒꣩냓녱뫴믚뫴룴ꚳ믹쏒꣩꣼끕뙒뷦꒧뫞뉺ꅁ뛈ꚳ뿠꧳ꗦ꧶꧒뭐쏒꣩냓뚡꒧ꅵꮴ곹ꅶ덗뵤ꅆ낣ꚹ꒧ꕾꅁꝏ때꣤ꕌ꣣ꚳ룻녪꒧곹ꟴꑏꪺ덗뵤ꓨꩫꅃ땍ꛓꅁꕈ뫴룴ꗦ꧶ꅝ륱ꑬꚡꗦ꧶ꅞ꒧꽓껭꧊ꛓꢥꅁ뛈ꗦ꧶꧒뭐꣩냓뚡꒧ꮴ곹ꅁ굮ꡄ쏒꣩냓Ꙣ녱뫴룴꣼끕뙒뷦ꚳ믹쏒꣩껉ꅁꖲ뚷꣏ꗎ륱ꑬ쎱뎹쎱롰륱ꑬꓥꗳꪺ낵ꩫ걏ꝟꝙꑷꢬ냷ꅁ꒣때뫃냝ꅃ 31 뷐냑ꢣ꒤껉륱ꑬ돸ꅁꗁ냪ꑅꑑ꙾ꑃꓫꑇꓩ< moment/moment/0,1100,90070200D,> 32 뷐냑ꢣꑵ냓껉돸ꅁꗁ냪ꑅꑑ꙾ꑃꓫꑔꓩꅁ닄ꑔꪩꅃ 33 뷐냑ꢣ쏒ꗦ꧒샧띾닓ꭨ닄ꑃꑑ꒭뇸닄ꑀ뚵닄ꑅ듚꒧덗ꥷꅃ 34 뷐냑ꢣ뭏왗쏒꣩ꗦ꧶꧒ꗷꚳ궭꒽ꕱ꣑떹꣏ꗎꚳ믹쏒꣩뚰꒤ꗦ꧶ꖫ돵ꮴ곹닄ꑀ뇸꒧곹ꥷꅃ 146
닄꒻뎹 떲뷗뭐ꯘ쒳 쇶땍쏒ꗦ꧒꧳꣤샧띾닓ꭨ닄ꑃꑑ꒭뇸꒤덗ꥷꅇꅵ…쏒꣩냓뭐ꥥ끕ꑈ뚡뭐ꗦ꧶곛쏶꒧륱ꑬꓥꗳ꒧뛇뿩ꅁ삳꣏ꗎ뻌쏒뻷멣꧒땯꒧륱ꑬ쎱뎹쎱롰ꅁ뻌ꕈ뿫쏑뵔뭻ꅶꅁ꒣륌Ꙣ륱ꑬ쎱뎹ꩫ꣤ꕌ곛쏶끴깍ꩫꕏ덱륌ꭥꅁ꧒뿗꒧ꅵ뻌쏒뻷멣ꅶꅂꅵ륱ꑬ쎱뎹ꅶ꒧ꩫꯟꥷꛬ결꛳ꅈꗦ꧶꧒샧띾닓ꭨ꒤ꣃ때덗ꥷ뭐뮡ꧺꅁꕂ룓뚵륱ꑬ쎱뎹굮ꚡ꒧꒣돆ꅁ꧒결ꪺꩫꯟꛦ결껄ꑏ꙰꛳ꅁ꙰꒣ꕛꕈ싧뉍ꅁꛓ깻뱗쏒꣩냓녱뫴룴ꗦ꧶띾냈껉ꪺꝸ쉚ꅃ ꣒꙰ꅁ꧒뿗룪ꑈꕈ뫴믚뫴룴ꥥ끕껉ꅵ삳ꕈ뻌쏒뻷멣꧒땯꒧륱ꑬ쎱뎹쎱롰ꅁ뻌ꕈ뿫쏑뵔뭻ꅶꅃ삳쓝꧳ꩫꯟꛦ결굮ꚡ꒧곹ꥷꅆꛓꖼꕈ륱ꑬ쎱뎹꒧ꓨꩫ꧒결ꪺ뫴룴ꥥ끕ꅁꓭ꿊꧒곹ꥷ꒧ꑀꥷꓨꚡ꧒결ꪺꩫꯟꛦ결ꅁ걏ꝟ결ꚳ껄ꪺꥥ끕ꅁꙢꚹ놡ꑕꝙꚳ끑뷗꒧빬ꙡꅃ꯶ꗁꩫ닄ꑀꛊ꒻ꑑ꒻뇸덗ꥷꚳꅇꅵꮴ곹럭ꑈ곹ꥷ꣤ꮴ곹뚷ꗎꑀꥷꓨꚡꅁꙢ룓ꓨꚡꖼꞹꚨꭥꅁ뇀ꥷ꣤ꮴ곹꒣ꚨꗟꅃꅶ걏ꕈꅁ굙쏒ꗦ꧒샧띾닓ꭨ닄ꑃꑑ꒭뇸닄ꑀ뚵닄ꑅ듚쏶꧳륱ꑬ쎱뎹꒧덗ꥷꅁ쓝꧳ꩫꯟꛦ결ꚨꗟ꒧뇸ꗳꅁꭨꖼ롧륱ꑬ쎱뎹쎱롰꒧ꥥ끕ꅁ삳결때껄꒧ꥥ끕ꅃ꒣륌ꅁ굙룓륱ꑬ쎱뎹굮ꚡ꒧곹ꥷ뛈쓝꧳ꅵꕈꭏꗾꮴ곹꒧쏒뻚결ꗘꪺꅶꅁꭨ삳ꕩꕈ셼쏒ꕛꕈ뇀슽ꅁ꣏룓ꖼ롧륱ꑬ쎱뎹꒧ꥥ끕ꅁꚨ결ꚳ껄35ꅃꙢꚹ뫃냝ꥼꖼ샲녯싧뉍ꭥꅁ녱뫴룴ꗦ꧶꒧꣩냓ꕇ뛈꿠ꆧLet’s see what developsꆨꅝꢫꑀꡂꅁ뫢ꑀꡂꅞꑆꅃ ꚹꑀ냝썄굙ꕩꛒ뱻뒣낪덗뵤꒧ꛬ뚥ꅁꕈꩫ덗ꥒꕏꪺꚡ덗뵤ꅁ녎녱뫴룴ꗦ꧶껉ꕈ륱ꑬ쎱뎹쎱롰ꪺ굮ꡄꙃ결ꩫꥷ굮ꗳ꒧ꑀꅁꝟꭨ쏒꣩냓삳떴놵꣼ꥥ끕ꗦ꧶ꅃ꣒꙰꒤냪ꑪ뎰ꝙ꧳ꑇꆳꆳꆳ꙾ꑔꓫꑔꑑꓩꕈꅵ쩉ꑗ뗽꣩ꥥꚫ볈ꛦ뫞뉺뿬ꩫꅶ닄ꑑꑋ뇸ꛜ닄ꑇꑑ뇸ꝙꚳ덗뵤쏒꣩냓녱뫴룴꣼끕뙒뷦껉ꅁ삳뇄ꗎꕩ빡ꪺ덎뫞뉺놹걉ꅁꕈꢾꓮꯡꝟ뭻ꪺ덎놹걉36ꅃ ꒣륌ꅁ꙰ꚹꑀ꣓걏ꝟꑓ녎뭐륱ꑬ쎱뎹ꩫ꿳껗쏶꧳륱ꑬ쎱뎹꒧뫫꾫ꚳ꧒ꧨ쒲ꅈꙝ룓꿳껗뭻결ꅇꅵ맯꧳ꗁ뚡꒧륱ꑬꗦ꧶ꛦ결ꅁꥹꙢꮴ곹ꛛꗑ꒧귬ꭨꑕꅁꗑꗦ꧶싹ꓨ럭ꑈꛛꛦ곹ꥷ뇄ꛦ꛳뫘빁럭꒧ꙷꗾ덎ꅂ땻Ꟈꓨꩫ낵ꚨ꒧륱ꑬ쎱뎹륱ꑬꓥꗳꅁꝀ결싹ꓨꙀꙐꭈ뿠뿭ꙵ꒧뻚ꅁꣃꝀ결ꯡ곛쏶ꩫꯟ덤ꗴ꒧냲슦ꅆ걏ꕈꅁ꒣ꥹꕈ걆ꦲ꒽앶ꑏ꒶ꑊꗦ꧶싹ꓨ꒧ꮴ곹ꅶ37ꅁ굙꯶ꚹ귬ꭨꅁ꺣띎ꣽ룪ꑈ꧳녱뫴룴ꗦ꧶껉ꅁꚳ뿯뻜ꕈ륱ꑬ쎱뎹쎱롰ꓥꗳ뭐ꝟ꒧앶ꅃ꙰ꚹꑀ꣓ꅁ때뷗뉻ꛦꗦ꧶꧒샧띾닓ꭨ닄ꑃꑑ꒭뇸꒧덗ꥷꅁ 35 뷐냑ꢣ돌낪ꩫ끼ꑇꑑꑋ꙾몭ꑗ꙲닄ꑀꑀꆳ뢹Ꝑ꣒ꅃ 36 뷐냑ꢣꓥꯡ꧒꒤냪ꑪ뎰ꅵ뫴ꑗ쏒꣩ꥥ끕볈ꛦ뫞뉺뿬ꩫꅶꅁ덷ꛛ꒤냪쏒뫊라뫴꾸ꑕ룼ꅁ뫴Ᵹ결< 37 뷐냑ꢣꑋꑑꑋ꙾ꑑꑇꓫꑇꑑꑔꓩꛦ걆끼닄ꑇO꒻ꑀꚸ끼라뱦쒳덱륌꒧륱ꑬ쎱뎹ꩫ꿳껗셠뮡ꧺ< 147
뫴믚뫴룴쏒꣩ꗦ꧶뙂듛꒧곣ꡳ ꕈ꣤ꕌꩫ덗ꥒꕏ굮ꡄꅁ뎣녎늣ꗍ껄ꑏꑗꪺ냝썄ꅃꙝꚹꅁ냟ꚳ륱ꑬ쎱뎹ꩫ뺨덴덱륌ꅁꯘꗟ륱ꑬ쎱뎹ꩫ꣮ꅁ꣏녱륱ꑬꗦ꧶ꛦ결ꚳ꧒뿭둠ꅁꑾ걏룑ꡍꭥ굺냝썄ꪺ쑰떲꧒Ꙣꅁꝟꭨꅵꯘꗟꙷꗾꪺ륱ꑬꗦ꧶샴맒ꅶ꒧ꥉ왾녎ꗃ뮷ꕵ걏뷍ꅉ 닄ꕼ론?꣤ꕌ끴깍뻷꣮ꪺꯘꗟ 결ꑆꢾꓮ뫴믚뫴룴쏒꣩ꗦ꧶ꪺ땯깩비꣬ꚳꓟꑈꪺꝑꗎꅁꛓꚨ결쏒꣩ꗦ꧶뙂듛ꪺ럅Ꟊꅁꙝꚹꅁ낣ꑆ싇ꗑ맯땯ꛦ꒽ꕱ뭐쏒꣩ꩁ냈띾ꪺ뫞뉺ꕈꕾꅁ꣤ꕌ끴깍놹걉ꪺꯘꗟꅁꑝ걏곛럭궫굮ꪺ뷒썄꒧ꑀꅃꚹ뚡ꑓꕈ룪ꑈ뇐ꅂꯘꗟ뫊럾샋셼꣮ꯗꅂꕈ꿉ꪺ뷕덂뭐뇏샙결ꕄ굮꒧궫쉉ꓨꙖꅃꭥꑀ뎹쏶꧳룪ꑈꭏ앀ꪺ뷗굺ꅁꑷ곹늤ꙡ꒶닐ꑆ과냪SEC뭐꣤ꕌꛛꯟ닕슴꧒낵ꪺꝖꑏꅁꖻ론ꭨ샀뙩ꑀꡂ샋끑냪ꕩ링룕ꪺ낵ꩫꅁꕈ삳뺨덴뙩ꪺꓨꙖꅃ 닄ꑀ뚵?과냪ꪺ낵ꩫ ꚳ얳꧳IOSCO꧳ꑀꑅꑅꑋ꙾꙾라꒤꧒뒣ꕘꪺ뫴믚뫴룴쏒꣩ꗦ꧶겡냊돸ꝩ꒤뒦ꪺ궫굮ꯘ쒳ꓨ껗뒣ꅇꅵꭏ앀룪ꑈꝋ꧳꣼꣬쏒꣩뙂듛ꛦ결ꙍ깠ꪺ돌꣎ꓢ걱ꅁ닶륌꧳ꕛ녪룪ꑈ뇐ꅶ38ꅆꙝꚹꕀ곉ꙕ냪ꖿ덶ꡂꙡꯘꗟ룪ꑈ뇐뫞륄ꅁ꽓ꝏ걏ꝑꗎ뫴믚뫴룴ꪺꭋꝑ꧊ꅁꕛ녪뇀냊룪ꑈ뇐ꑵꝀꅃ 닄ꑀ듚?ꚨꗟ녍슾돦ꛬ 과냪쏒꣩ꕄ뫞뻷쏶SEC맯꧳ꚹꑀ뎡ꗷꑵꝀ꒧뇀깩ꗧꪺ뵔ꢬ꣑냪쏒꣩ꕄ뫞뻷쏶냑ꛒꅃSEC낣ꑆ결ꖴ삻뫴룴쏒꣩뙂듛ꛦ결ꛓꚨꗟꪺ뫴룴ꛦ냊덂ꅝOIEꅞꕈꕾꅝ쏶꧳OIE꒧꒶닐ꅁ뷐냑ꢣ닄ꕼ뎹닄ꑔ론닄ꑇ뚵ꅞꅆꙢ룪ꑈ뇐ꓨ궱SEC꒺뎡ꚳꑀ슾ꕱ룪ꑈ뇐ꩁ냈ꪺ돦ꛬꇐ룪ꑈ뇐ꩁ냈덂ꅝOffice of Investor Education and AssistanceꅁOIEAꅞ녍덂뉺ꚳ쏶룪ꪧ쒳껗ꗳꅂ뒣꣑룪뫃냝룑떪ꅁ곆ꛜ맯룪ꑈꗓ뙄껗ꗳ꒧뻣뉺ꅂ꓀꩒ꅁ뒣꣑ꭄꖿꚡ룑ꡍꓨ껗 38 See Securities Activity on the Internet –A report of the Technical Committee of the International Organization of Securities Commissions , Available at < > 148
닄꒻뎹 떲뷗뭐ꯘ쒳 ꅝinformal resolutionsꅞ39ꅃ OIEA뵳꣮ꚳꑔꑑꙗ녍뒣꣑룪ꑈꩁ냈ꪺ녍귻ꅁ뻚SECꛛꛦ닎군ꪺ떲ꩇ엣ꗜꅁꙢꛨ꒸ꑇꆳꆳꆳ꙾ꑀ꙾뚡ꅁ룓덂놵샲룪ꑈꕈ껑ꭈꅂ륱룜ꅂ륱ꑬ뙬ꗳ떥ꓨꚡ샋셼ꪺ껗ꗳꅁ셠군ꚳꑋ롕ꗳ꒧Ꙩꅆꛓ룓덂껚뻚룪ꑈ샋셼ꛓ뙩ꛦꕱꩫ뷕걤ꪺꓱ꣒ꑝ낪륆ꛊ꓀꒧ꑇꑑ40ꅃ ꚹꕾOIEAꟳ덺륌ꑕꙃ놹걉ꅁ뇀냊룪ꑈꭏ앀뭐ꢾꓮ쏒꣩뙂듛꒧ꑵꝀꅇ ꑀꅂ?뭐녪꣮냵ꛦ덂ꙀꙐꙘꝀ돐ꗟ룪ꑈꗓ뙄꒤ꓟꅝcomplaint centerꅞꅁ꣼뉺뒲ꓡ룪ꑈ샋셼ꖫ돵꒧꒣ꩫꛦ결ꅁꣃ끷맯룓떥샋셼껗ꗳ뙩ꛦ뷕걤ꅃ ꑇꅂ?ꢵ끪ꗾ과ꙕꑪꮰꖫꅁ셼뿬룪ꑈꮰꖫ뷗뻂ꅝInvestors' Town Meetingsꅞꅁꣳꝕ룪ꑈ뻇닟꙰꛳ꙷꗾꅂ뉺꧊뭐뒼뱺ꙡ룪ꅃ ꑔꅂ?녎ꖫ돵녠ꢣ뭐룪곛쏶꒧쒳썄ꅁꙌ뭳ꚨꯅ뻉ꓢꕕ떥뇐꿀ꟷꅁꝋ뙏뒣꣑꒩룪ꑈꅃ 닄ꑇ듚?ꝑꗎ뫴룴꽓꧊ꕛ녪룪뇐 ꗑ꧳뫴믚뫴룴꣣ꚳ꓀뒲ꅂ뒶ꪺ꽓꧊ꅁꕄ뫞뻷쏶뭐ꛛꯟ닕슴ꖿꕩ떽ꕛꝑꗎꚹ뫘꽓꧊ꅁ롧ꗑ뫴믚뫴룴녱룪ꑈ뇐ꅁ뺨ꕩ꿠ꙡ녎쏒꣩ꖫ돵꒤꧒뒿롧땯ꗍ륌ꪺ뙂듛ꛦ결껗꣒꒩ꕈ뒦앓ꅁꙐ껉끷맯룓떥껗꣒뒣ꕘꢾꩶ뇏샙꒧륄ꅃ맪ꑗꅁꚹꕄ녩ꝙISOCO꧳ꑀꑅꑅꑋ꙾꧒뒣ꕘ꒧ꯘ쒳ꓨ껗꒧ꑀ41ꅃ SEC꧳룓라뫴꾸덝롭룪ꑈ룪끔녍냏ꅝInvestor Informationꅞ42ꅁ뒣꣑꒧꒺깥곛럭뱳꩸ꅁꕄ굮ꕩ꓀결ꅇꅝ1ꅞ룪녠ꢣ냝썄룑떪 39 See The Investor's Advocate:How the SEC Protects Investors and Maintains Market Integrity,available at < 40 See The SECꆦs Office of Investor Education and Assistance < 41 Supra note 38. 42 룓녍냏뫴Ᵹ결 < 149
뫴믚뫴룴쏒꣩ꗦ꧶뙂듛꒧곣ꡳ ꅝFAQꅞꅆꅝ2ꅞSEC꒧뵵ꑗꕘꪩꪫꅝOnline Publicationsꅞ띊뻣ꅂ뒣꣑ꅆꅝ3ꅞ룪ꑈ뇐룪쒵ꗜꅝInvestor Alertsꅞꅆꅝ4ꅞ룪ꗓ뙄뭐룪ꪧ쒳껗ꗳ닎군ꅃꗑꚹꑀ녍냏꧒뒣꣑ꪺ룪끔꒺깥ꕈ꣤ꕌ곛삳ꪺ끴Ꙙ놹걉ꅝ꣒꙰놽뾺쏒꣩뙂듛ꛦ냊ꅞꅁꕩꕈ뽳ꢣSEC맯꧳맯쏒꣩뙂듛ꛦ결ꅁꭙ뇄꣺ꅵ륷ꢾꅶ뭐ꅵ뇏샙ꅶꣃ궫ꪺ멁ꯗꅃ ꣤ꚸꅁꗑ꧳쏒꣩늣띾꽓껭꧊ꅁ곛쏶ꪺ쏒꣩뫞뉺ꩫ덗ꅂꛛꯟ덗ꭨ떥뫘쏾셣Ꙩꕂ볆뙱엥ꑈꅁꙝꚹIOSCOꗧꯘ쒳ꙕ냪쏒꣩뫞뉺뻷멣ꅂꛛꯟ닕슴떥ꅁ삳Ꞵ떽ꝑꗎ뫴룴ꪺ띪둍ꕜ꿠ꅁ뒣꣑ꩫ덗걤룟꡴닎ꅁꭋ꧳룪ꑈ쁈껉꣺녯꧒믝ꩫ덗ꅁ샋뗸뫴룴룪ꛦ결꒧빁ꩫ꧊43ꅃ 닄ꑇ뚵 냪ꪺ낵ꩫ ꗘꭥ결ꓮꅁ냪쏶꧳쏒꣩ꗦ꧶뫴믚뫴룴꒧삳ꗎꅁꕄ굮ꪺ땊쉉꒴Ꙣ꧳땯ꛦ꒽ꕱ꒽뙽룪끔뒦앓ꓨ궱ꪺ굮ꡄꅃ맯꧳룪ꑈ뇐뭐ꖴ삻쏒꣩뙂듛ꛦ결ꅁ꒴걏덺륌쏒냲라뭐샋ꅂ쒵ꅂ뷕걤꡴닎ꕈ뛇닎ꪺꓨꩫ뙩ꛦꅃ맯꧳뫴룴쏒꣩뙂듛ꗳꅁ낣ꑆ싇ꗑꙄꞽ륱뢣ꗇ롯ꑰ닕뙩ꛦ낻걤ꕈꕾ44ꅁꕇꖼꢣ꣤ꕌꟳꚳ껄ꪺ륷ꢾ놹걉ꅃ쏒듁라ꅂꗦ꧶꧒ꅂ쉤쉩뙒뷦꒤ꓟꑄꛜ꧳꒤뗘ꗁ냪쏒꣩냓띾Ꙑ띾꒽라떥ꅁ쇶ꗧ덝ꚳ룪ꑈꩁ냈뚵ꗘꅁ놩ꗑ룓떥닕슴꒧뫴꾸꒺깥ꕩꕈ땯뉻ꅁ룪ꑈꩁ냈뭐룪뇐꒧ꕜ꿠ꣃꖼ꿠뽮랥땯뒧ꅃ IOSCO꧳ꑀꑅꑅꑋ꙾낲셼ꛦꪺ꙾라꧒뒣ꕘ뫴룴쏒꣩ꗦ꧶겡냊꒧돸ꝩ떲뷗꒤ꅁꯘ쒳ꙕ냪ꕄ뫞뻷쏶삳덺륌뫴룴ꪺꕜ꿠ꅁ녱룪ꑈ뇐뭐ꩁ냈ꑵꝀꅃ땍ꛓꅁ뫴룴쏒꣩ꗦ꧶ꛛꗁ냪ꑋꑑ꒻꙾뇄ꛦꢴ꒵ꅁ때뷗ꕄ뫞뻷쏶ꛛꯟ닕슴ꅝ꣩냓꒽라ꅞ맯꧳ꚹꑀ뎡ꗷꪺꑵꝀ뇀냊ꅁꕇꣃ꒣뽮랥ꅃ꣒꙰ꅁꙢ쏒듁라뫴꾸ꪺ룪ꑈꩁ냈뛩ꙡ녍냏꒤ꅝ뫴Ᵹ결 43 Supra note 38. at p. 37 44 ꗘꭥ결ꓮ냪꒺꧒땯ꗍ꒧뫴룴쏒꣩뙂듛껗ꗳꅁ둘ꕇꞡꗑꙄ쒵맮ꞽ낻ꑅ뚤륱뢣ꗇ롯ꑰ닕뙩ꛦꗇ롯낻걤ꛦ냊ꅃ 150
닄꒻뎹 떲뷗뭐ꯘ쒳 걽꒧꒺깥ꅁ떷뉀때ꩫ뒣꣑ꗴ꛳산ꝕꅃ곛룻꧳과냪SECꅂ뽄걷ASICꅂ굞냪FSAꅁ곆ꛜ꒤냪ꑪ뎰쏒뫊라뫴꾸꧒뒣꣑ꪺ룪ꑈ뇐ꕜ꿠ꅁꞡ룻쏒듁라ꗘꭥ꧒결ꪺ룪ꑈ뇐ꑵꝀꟳ결ꕒ꓀45ꅃ ꛜ꧳뇏샙놹걉ꓨ궱ꅁ쏒냲라꧳ꗁ냪ꑋꑑꑃ꙾꧒ꚨꗟ꒧ꅵ룪ꑈꭏ앀뭐ꩁ냈꒤ꓟꅶꅝꕈꑕ슲뫙ꩁ꒤ꓟꅞꅁꕄ굮ꗘꪺ꒧ꑀꝙ걏끷맯룪ꑈ믝ꡄꅁ덝ꗟ뷕덂꣮ꯗꕈ룑ꡍ룪ꪧ쒳ꗳꅁ놵꣼룪ꑈꥥ끕ꅁꕎ뉺뙩ꛦꗁ뙄덞ꛦ냊ꅃ땍ꛓꅁꗑ꧳ꩁ꒤ꓟꚨꗟ껉뚡ꥼ땵ꅁꕜ꿠땯뒧꒴쓝ꚳ궭ꅆꛛꩁ꒤ꓟꚨꗟꢴꑅꑑ꙾꒭ꓫꑔꑑꑀꓩꓮꅁ쏒냲라ꕎ룪ꑈ꧒뒣끟꒧뚰엩뙄덞ꅁ낣샴뚩륱껰껗ꕈ뙄덞ꑗꥍ룑꒧ꓨꚡ룑ꡍꕾꅁ꣤빬꒴덂꧳뙄덞뚥걱ꅁꥼ때꣣엩떲뷗46ꅃꛜ꧳꧒뒿땯ꗍ꒧뫴룴쏒꣩뙂듛껗ꗳꅁꭨꥼꖼ땯뉻룪ꑈ싇ꗑꩁ꒤ꓟꙖꛦ결ꑈꡄ쁶꒧껗꣒ꅃ 곛룻꧳과냪SECꛛꯟ닕슴맯꧳룪ꑈꭏ앀뭐룪ꑈ뇐꧒ꝀꪺꝖꑏꅁ엣ꢣ냪Ꙣꚹꑀꓨ궱꒴ꚳ랥ꑪꪺ뙩ꡂ뚡ꅃ꽓ꝏ걏쏶꧳뫴룴쏒꣩뙂듛껗ꗳꭥꪺ륷ꢾꑵꝀꅁꕈꯡꪺ낻걤ꅂ뷕덂뭐뇏샙ꑵꝀꅁꖲ뚷쁈뗛뫴믚뫴룴삳ꗎꪺ뒶땻ꯗꛓꚨꖿꓱꙡ뱗ꕛ덂뉺곛쏶껗ꗳꪺ꿠ꑏ뭐꿀뷨ꅁ걏ꝟꢾ럓과냪ꪺ낵ꩫꅁꚨꗟ녍덤돦ꛬ굴덤ꚹꑀ걊뷆싸ꕂ녍띾ꪺꗳꅁ맪귈냑끵ꅃ 45 ꙕ냪쏒꣩ꕄ뫞뻷쏶곛쏶뫴꾸ꅁꕩ꓀ꝏ롧ꗑꑕꙃ뫴Ᵹ뙩ꑊꅇ 과냪ꅁSEC<> 뽄걷ꅁASIC<> 굞냪ꅁFSA< > ꓩꖻꅁ뗽꣩꣺ꓞ뫊뗸ꥥ귻라< ꒤냪ꑪ뎰ꅁ꒤냪쏒꣩뫊럾뫞뉺ꥥ귻라< 46 ꑋꑑꑃ꙾ꗾ뉹꧊뿄궷볉ꅁ뻉교ꑗꖫꅂꑗ쉤꒽ꕱ꧒뿗ꙡ륰ꗳ꿉꿉ꓞ썺ꅁ믹륤둔ꑕ뙞ꅁ룪ꑈ비꣼궫ꑪ띬ꖢꅁ쏒냲라꯹쓲산ꝕ룪ꑈ뒣끟뚰엩뙄덞ꅁꙖ덑ꝩꡄ쁶ꅃ뻚닎군쏒냲라ꗘꭥꑷ롧꣼뉺꒧껗ꗳ군ꚳꩆ뚩꒭ꅂ뵮엖뫻ꅂ냪늣ꡔꢮꅂ뚶ꑪ룎ꅂ냪뒭ꅂ롕ꚳꅂꑪ꒤뫵앋ꅂꖿ롱ꅂ과ꚡꅂꕸ믱ꅂ띳ꖨ롳ꅂ샴뚩륱껰ꅂꕸꗺꅂ깰ꙷꅂ뱳ꑪ뾳띾ꅂ뫫굞륱뢣떥껗ꗳꅁ꣤꒤낣샴뚩륱껰껗덑ꝩ꒧꣤꒤ꑀꑈꅁ꧳ꗁ냪ꑅꑑ꙾꒭ꓫꑇꑑꑇꓩꑷ뭐귬ꝩ륆ꚨꥍ룑ꕾꅁ꣤빬껗ꗳ꒴Ꙣ뙄덞뙩ꛦ꒤ꅃ뷐냑빜쏒냲라뫴꾸ꅁ뫴Ᵹ결< 151
뫴믚뫴룴쏒꣩ꗦ꧶뙂듛꒧곣ꡳ 152
닄꒻뎹 떲뷗뭐ꯘ쒳 닄꒻뎹?떲뷗뭐ꯘ쒳 닄ꑀ론?떲뷗 뫴믚뫴룴ꗾ궱ꙡ뻉ꑊ냓띾삳ꗎꢴ꒵ꅁꑷ롧뻺륌붴꭫땯깩ꪺ낪깰듁ꅁꑝ궱셻륌ꭥ꧒ꖼꚳꪺ꩷ꩪ꓆뷄삻ꅆ륱ꑬ냓냈ꪺ땯깩ꅁꙢ늳ꑈꪺ쓩땀뭐껯껯ꗸ곟ꑕ엣녯ꗍ띎꽳땍ꅁꕒ몡Ᶎ뇦ꅆꑝꙢ롧샙꒣뒺껰ꪺ둠샴ꑕꅁ궢꣏Ꙩ볆ꪺ뫴꾸롧샧꿉꿉녱뗪샀ꪺ맚맒꒤땤뿴ꅁꙞ쉫뉻맪ꪺꗍ겡ꅃ ꪺ뵔ꅁ뫴룴ꪺꙮ덂Ꙩ녯뮡꒣ꞹꅁꛓ뫴룴ꪺ꿊쉉ꑝꙐ볋륄꒣뫉ꅁꖿ꙰SECꭥꕄ깵Levitt꧒뮡ꅇꅵ곬땓꙰ꑍ꒧싹ꑢꅁꕩꕈ돐덹덜Ꙩ띳ꪺ뻷라ꅁꑝꕩ꿠ꓞ땯쏸ꕈ륷듁ꪺ궷쁉ꅃꅶꚹ뚡ꪺ냏ꝏꅁ둎Ꙣ꧳꣏ꗎ꙰꛳ꝑꗎꚹꑀꭥ꧒ꖼꢣꪺ덱끔ꑵ꣣뭐뛇벽둃엩ꅃ 쏒꣩ꗦ꧶ꪺ뫴믚뫴룴삳ꗎꅁ맯꧳쏒꣩ꖫ돵ꛓꢥꅁꑷ땍ꚨ결ꑀ귓궫굮ꪺ땯깩쇍뛕ꅁ꣤ꚳ꽱ꪺ뎡꓀ꅁ꙰뫴룴ꑕ돦꒧삳ꗎꅂ땯ꛦ꒽ꕱ꒽뙽룪끔꒧뒦앓뭐ꗓ돸떥ꅁ꒣뛈뱗ꕛ룪끔뛇뮼ꪺ덴ꯗꅁꙐ껉곙ꑪ뙱ꪺꚨꖻꅃ냪ꛛꗁ냪ꑋꑑ꒻꙾ꅁ룲쁈ꕀ곉쏒꣩ꗦ꧶뫴룴삳ꗎꪺ롽ꡂꅁꗑꑪꭈ쏒꣩뙽뿬뫴룴ꑕ돦ꕈ꣓ꅁꕄ뫞뻷쏶뎰쓲ꙡ뙽꧱ꑆ뫴룴ꑕ돦ꅂꙀꙐ냲꣼꽱뻌쏒ꪺ뵵ꑗꗦ꧶ꅁꙐ껉녎쏒꣩ꗦ꧶ꩫ꧒굮ꡄꪺ룪끔뒦앓롱냈ꅁꗑ뛇닎ꪺ껑궱ꗓ돸ꅁ덶ꡂꙡ뇄뫴룴ꗓ돸ꅃꚹꑀ엜궲꒣뛈ꚳꝑ꧳룪ꖻꖫ돵뛒뚰룪ꪺꭋꝑꅁꙐ껉ꙝ결녪꓆ꑆ룪끔꒽뙽뭐룪끔덺ꧺꪺ땻ꯗꅁ녎맯꧳쏒꣩ꖫ돵ꗦ꧶꾴Ꟈꪺ쎭ꥷꚳ꧒ꝕ꽱ꅃ쇶땍쏒꣩ꗦ꧶ꖫ돵뫴믚뫴룴삳ꗎꪺ땻ꯗꥼ꒣과냪꣓녯땯륆ꅁ땍ꛓꙢ귌덶ꡂꙖꭥ뇀깩ꪺꙐ껉ꅁ덜Ꙩ쏸녯ꪺ롧엧뭐ꗽ뙩ꪺ낵ꩫꅁꭨ걏귈녯귌Ꝁ결귉쏨ꪺ궫굮ꓨꙖꅃ ꛓ뫴룴쏒꣩뙂듛ꅁꖿ걏쏒꣩ꗦ꧶뫴믚뫴룴삳ꗎ꒧ꯡ꧒구ꗍꪺ궫굮굴궱냝썄꒧ꑀꅃꖿꗑ꧳뫴룴ꪺ때뮷ꖱꦡꅂ쇴냎뭐꧶꧳놵쒲ꪺ꽓꧊ꅁ꣏녯ꝑꗎ뫴믚뫴룴녱쏒꣩뙂듛ꛦ결꧒덹ꚨꪺꙍ깠ꅁꑝ룻뛇닎쏒꣩뙂듛꣣ꚳꟳ쑙궫ꪺ뱶암ꅃ 뙂듛ꛦ결꒧꧒ꕈ꿠냷륅ꛦꅁꕄ굮둎걏ꙝ결ꑈ쏾꽓ꚳꪺ덧냽ꖻ꧊꧒교ꅆ셡꣏꙰ꢽ뒵Ꙩ뱷떥뷃륄ꑈꑨ녎뻷뗸결뛋궷뇑뱷ꪺꛦ결ꅆ롴뛸ꕪ뒵ꑂꑝ녎덧끝ꙃ결ꑔꑪ롯꒧궺ꅁꛓꕘ뻷ꯈ녎때ꩫ뙩ꑊꓑ냳ꅆ땍ꛓ녱ꕪꛜ꒵ꅁ쉁ꓖꚳꑈ꿠냷뻔돓ꑈ쏾ꅵ덧ꅶꪺꖻ꧊ꅁꟳ륎뷗덂꧳ꅵ룪ꅶ뭐ꅵ뻷ꅶ 153
뫴믚뫴룴쏒꣩ꗦ꧶뙂듛꒧곣ꡳ 쏸ꕈ냏ꝏꪺ뉻ꕎꫀ라꒤ꪺ귌ꅉ 걊땍Ꙣꅵ덧ꅶꪺꖻ꧊ꕾꅁꑷ롧곯ꑗꅵ룪ꅶꪺꕾꛧꅆ샲꣺ꝑ꽱ꑝ덑ꕝ룋꧳ꅵ땯깩롧샙ꅶꪺ궱꾽꒧ꑕꅆ뉻ꕎꑈ궱맯ꚹꑀ샴맒꧒믝궫뗸ꪺꅁꭨ걏꙰꛳ꙷꗾꙡ녱ꅵ뿺륃삸ꅶꅁꛓ꣮ꥷ륃삸덗ꭨꪺ걆ꦲꭨꚳ롱냈뫻꯹룪ꪺꙷꗾ뭐꒽ꖭꅃ 뫴룴쏒꣩뙂듛ꛦ결ꪺ뱶암ꅁ꒣뛈쁈뗛ꙕ냪쏒꣩ꖫ돵ꪺ땯깩땻ꯗꛓꚳ깴늧ꅁ꣤뫴룴삳ꗎꪺ뒶륍꧊ꅁꑝ걏쏶쇤ꪺꙝ꿀꒧ꑀꅆꖻꓥꕈ뫴룴쏒꣩ꑪ냪—과냪결꣒ꅁ셼ꕘ볆ꗳ꒣Ꙑ쏾ꮬꪺ껗꣒ꅁ뮡ꧺ뫴룴쏒꣩뙂듛ꪺ꽓꧊뭐쑙궫꧊ꅆꙐ껉맯꧳룓냪결ꢾ뵤뫴룴쏒꣩뙂듛껗ꗳ꧒덝군ꪺ끴깍놹걉ꗧ낵ꑆ곛럭ꪺ꒶닐ꅁꕴꕾ맯꧳과냪뭐냪쏒꣩ꖫ돵뫴룴삳ꗎ뉻ꩰꅂꖼ꣓땯깩쇍뛕떥ꗧꚳ꧒뷗굺ꅃ꣤ꗘꪺ꒣ꕾꕇꟆ뇦싇ꗑꕌꑈꪺ롧엧뭐뇐끖ꅁꝀ결ꛛꑶꪺ귉쏨ꅆ끷맯ꭥꓥꙕ뎹론ꪺ뷗굺ꅁꖻꓥꕈ결ꕩ쉫꿇ꚨꕈꑕ떲뷗ꅇ ꑀꅂ?쏒꣩뙂듛ꛦ결ꪺ덗뵤ꣃ꒣ꙝ꧒꣏ꗎꪺ둃꒶꒣Ꙑꛓꚳ꧒깴늧ꅇ 뫴룴쏒꣩뙂듛ꗧ쓝꧳쏒꣩뙂듛ꛦ결꒧ꑀꅁ꣤뭐ꑀ꿫쏒꣩뙂듛꒣Ꙑ꒧덂Ꙣ꧳꧒ꝑꗎꪺ둃꒶꣣ꚳ녪ꑪꪺ뛇벽꿠ꑏꅁ꙰ꕈ뫴믚뫴룴낵결쏒꣩뙂듛ꪺ뫞륄ꅁꭨ꣤뱶암ꪺ뵤돲뭐뱨궱ꭨ꒣꿠ꕈ뒶덱놡뗸꒧ꅃ ꒣륌ꅁ쇶땍뫴룴쏒꣩뙂듛꧒덹ꚨꪺ뱶암꺣룻뛇닎쏒꣩뙂듛ꛦ결땓ꚳ륌꒧ꅁ땍ꛓ꣤륈ꩫꛦ결꒧ꖻ뷨ꣃ때깴늧ꅁꙝꚹꗘꭥ맯꧳뫴룴쏒꣩뙂듛ꛦ결때ꕴ결덗뵤꒧ꖲ굮ꅆꚹ쉉ꕩꗑ과냪SEC뭐ꩫ끼맯뫴룴쏒꣩뙂듛껗ꗳ꒧ꢣ룑샲녯Ꙍ쏒ꅃ ꑇꅂ?쏒꣩뙂듛ꪺ륷ꢾ뭐ꩶ샸ꑵꝀꙐ볋궫굮ꅇ 결뫻꯹룪ꖻꖫ돵꾴Ꟈꭏ믙룪ꑈ앶꽱ꅁꕀ곉ꙕ냪닶꒣ꕈ꣮굱ꞹ떽ꪺ룪ꖻꖫ돵뫞뉺ꩫ덗ꅁꯘ멣ꙮꪺ룪ꑈꭏ앀뻷꣮ꅁꕈꝀ결ꝑꗎ룪ꖻꖫ돵땯깩냪깡롧샙ꪺ궫굮ꓢ걱ꅃꛓ뒣꣑ꑀ귓ꙷꗾ때뢷ꪺ룪샴맒ꅁ꒣뛈걏뫻꯹룪ꖻꖫ돵꾴Ꟈꅁꟳ걏ꭏ믙룪ꑈ앶꽱ꪺ궫굮엩뉻ꅃ 덺륌룪끔꒽뙽뒦앓ꪺ굮ꡄꅁ뒣꣑ꕒ꓀덺ꧺꪺ룪룪끔꒩ꑪ늳ꅁꑄ걏ꭏ믙룪ꑈ앶꽱ꪺ닄ꑀꡂꅃꝑꗎ뫴룴꧒녡꣓룪끔뛇뿩ꪺꭋꝑ꧊ꅂꝙ껉꧊뭐때뮷ꖱꦡꪺ꽓꧊ꅁꕩ녎땯ꛦ꒽ꕱꪺ궫굮끔꺧ꢳ덴ꙡ꒽ 154
닄꒻뎹 떲뷗뭐ꯘ쒳 뙽ꅁ꣏룪끔믝ꡄ뭐룪끔꒽뙽뚡룪끔꒣ꞡ뿅ꪺ뉻뙈ꚳ껄떽1ꅁ뚡놵궰ꝃ룪ꑈ덑뙂듛ꪺ궷쁉ꅃ ꣤ꚸꅁꕛ녪룪ꑈ뇐ꅁꯘꗟꖿ뵔ꪺ룪왛꧀ꅁꭨ걏녱껚ꖻ낵끟ꪺ륷ꢾ놹걉ꅆ걊땍궷쁉ꖲ땍꛱쁈룪ꛓꗍꅁꭨ뇐룪ꑈ뭻뉍궷쁉ꅂ쇗ꝋ궷쁉ꅁꭋ걏궰ꝃ궷쁉ꪺ돌꣎ꓨꩫꅃ 덝굙ꭥ굺ꪺꝀ결꒴때ꩫ쇗ꝋ쏒꣩뙂듛ꪺ땯ꗍꅁꭨꞹ떽ꪺꯡ뇏샙놹걉ꭋ녎ꚨ결쇗ꝋ룪ꑈ돠ꖢ맯룪ꖻꖫ돵ꭈꓟꪺ돌ꯡꓢ걱ꅁꝟꭨ꣓녯ꓓ뿰ꪺꖿ롱ꅁ맯꧳꣼띬깠ꪺ룪ꑈꛓꢥꅁ꒣륌걏닡돓꧳때ꪺꙷ벢ꅃ ꑔꅂ?쏒꣩뫞뉺덗뵤삳뭐껉귑뙩ꅇ 쏒꣩뫞뉺ꩫ덗꒧셣싸ꑄ셼ꕀ곒땍ꅁ낣ꑆꙝ결쏒꣩띾ꖻꢭ결꽓덜ꛦ띾꒧걇ꕾꅁꟳꗑ꧳쏒꣩ꗦ꧶맪냈ꪺ셣뷆ꛓ꒣녯꒣싇ꗑꙕ뫘ꛦ걆덗뎹ꗦ꧶덗ꭨꅁꕈ멣ꚨ쑙싔ꪺꗦ꧶덗뵤ꅃ맯꧳쏒꣩ꖫ돵꒧냑뭐ꛓꢥꅁ빁꓁ꪺ뫞뉺덗뵤ꢬꕈꚳ껄ꙡ뫻꯹ꗦ꧶꾴Ꟈꅁꭏ믙룪앶꽱ꅁ땍ꛓ륌껉꒣럭ꪺ뫞뉺덗뵤ꭨꕩ꿠ꚨ결뫣꣮쏒꣩띾땯깩ꪺ닌롽ꗛꅃ ꕈ냪꒺뫴룴ꑕ돦결꣒ꅁ뫴믚뫴룴ꥥ끕귬ꭄꕸ왗쏒꣩ꗦ꧶꧒샧띾닓ꭨ꧒꒹덜꒧ꥥ끕ꓨꩫ꒧ꑀꅁ룓꒽ꕱ꧳ꗁ냪ꑋꑑ꒻꙾ꑑꑀꓫ꒻ꓩ귗ꖿ꣤샧띾닓ꭨ닄ꑃꑑ꒭뇸녎뫴믚뫴룴ꥥ끕꿇ꑊꥥ끕ꓨꩫ꒧ꭥꅁꑷꚳꑪꭈ쏒꣩ꅂꓓꖭ걶쏒꣩ꑇ깡쏒꣩꒽ꕱ띭ꗽ뙽꧱뫴룴ꑕ돦띾냈2ꅆꙢꚹ꒧ꭥꅁ때뷗ꕄ뫞뻷쏶쏒꣩ꗦ꧶꧒ꖼ꿠맯꧳ꚹꕩ꿠ꪺ땯깩ꭥꙝ삳ꅁ덹ꚨꅵ맪냈룻덗뵤ꗽꛦꅶꪺ떲ꩇꅁ맯꧳껯맪뿭ꙵ쏒꣩ꗦ꧶꧒ꗦ꧶덗뵤ꪺ쏒꣩냓ꛓꢥꅁ꒣돗결ꑀ뫘뿲뻑ꅃ 낣ꑆ뫞뉺ꩫꕏ삳쁈껉뷕뻣ꅁ닅Ꙙ맪냈뉻ꪬꕈꕾꅁꙕ곛쏶덗뵤뚡ꪺ뻣Ꙙ뭐ꑀ교꧊ꅁꭨ걏ꕴꑀ꒣ꕩ뮴ꦿꪺ냝썄ꅃ꣒꙰쏶꧳뫴룴ꥥ끕끏뿽꒧ꭏ꙳ꅁ꧳ꅵ쏒꣩롧곶냓꣼끕뙒뷦ꚳ믹쏒꣩뿬ꩫꅶ닄ꑇꑑꑃ뇸ꅁ뭐ꗦ꧶꧒ꅵ샧띾닓ꭨꅶ닄ꑃꑑ꒭뇸꒧덗ꥷꅁ꓀ꝏ결ꅵꑇ귓ꓫꅶ뭐ꅵ꒭ 1 뷐냑빜ꓽꓥꙴꅁ뿄ꩫꅁ닄249궶ꅁ꒸럓ꕘꪩ꒽ꕱꅁꑅꑑ꙾꒭ꓫꫬꪩꅃ 2 뷐냑빜쏒ꗦ꧒뫴룴ꑕ돦쏒꣩냓닎군룪껆ꅁ< 155
뫴믚뫴룴쏒꣩ꗦ꧶뙂듛꒧곣ꡳ ꙾ꅶꅁꚹ뫘곛꒬꒣ꑀꪺ덗ꥷꅁ맯꧳쏒꣩냓ꛓꢥ꺣덹ꚨ닶끊ꑀ걏ꪺꝸ쉚ꅃꙝꚹꕄ뫞뻷쏶ꗦ꧶꧒Ꙣ뱗귗곛쏶덗ꥷ껉ꅁ삳ꩠ띎ꙕ덗뵤뚡걏ꝟ꙳ꚳ늧ꅁꕈꝋ덹ꚨ빁ꗎꑗꪺꝸ쉚ꅃ ꕼꅂ?뫴룴ꗦ꧶ꙷꗾ삳껦ꕾ궫뗸 ꅵꭏ믙룪ꅶ꒧띎롱ꅁ꒣뛈Ꙣ꧳ꭏ믙룪ꖫ돵꒧꒽ꖭꅂ꒽ꖿꅁꟳ삳ꭏ믙ꗦ꧶ꙷꗾꅁꚹꑀ귬ꭨ꒣뛈빁ꗎ꧳뛇닎꒧쏒꣩ꗦ꧶멁ꅁꝙ꣏Ꙣ륱ꑬ꓆ꗦ꧶붴꭫땯깩ꪺe껉ꕎꗧ땍ꅃꗑ꫱ꑇ꙾꣓냪꧒땯ꗍꪺ쁢ꯈꑊꭉ껗ꗳ꒤ꅁꕩꕈ땯뉻녱륱ꑬ냓냈꒧띾ꅁꣃ꒣ꑑ꓀궫뗸뫴룴ꗦ꧶ꙷꗾ냝썄ꅆ곆ꛜꗑꗦ꧶꧒꒧닎군룪껆엣ꗜꅁ멉ꛜ꒵꙾ꅝꗁ냪ꑅꑑ꙾ꅞ꒻ꓫ결ꓮꅁꙢ뙽뿬뫴룴ꑕ돦띾냈ꪺꑃꑑꑅ깡꣩냓꒤ꅁꥼꚳꑇꑑꑔ깡ꖼꞹꚨ뭻쏒뻷꣮ꪺꯘ롭3ꅃꕩꕈꢣ녯ꅁꗘꭥ뫴룴쏒꣩ꗦ꧶샴맒꒤ꅁ맪꙳ꚳ낪ꯗꪺ궷쁉ꅃ ꙝꚹꅁ냟ꚳ뺨덴ꯘꗟ뫴룴ꗦ꧶ꪺꙷꗾ뻷꣮ꅁꑾ걏ꭏ믙뵵ꑗ룪겡냊ꪺ궺굮ꑵꝀꅆꕝ걁륱ꑬ쎱뎹ꩫꪺꗟꩫ땻Ꟈꅁꕈ륱ꑬ뭻쏒ꩁ냈ꪺ곛쏶볐럇떥ꅁꞡ삳꣨꒣깥뵷ꙡ뇀냊ꅂ맪ꛦꅃ 닄ꑇ론?ꯘ쒳 쏒꣩ꖫ돵ꪺ뾳끉맯꧳ꑀ냪롧샙ꪺ멡걜ꚳ뗛ꡍꥷ꧊ꪺ뱶암ꅁꛓ걊땍ꭏ믙룪걏쏒꣩ꗦ꧶ꩫ꧒ꧺꗕ뒦ꪺꗟꩫꗘꪺ꒧ꑀꅁꭨ궱맯뫴룴껉ꕎ꧒ꕩ꿠구ꗍ띳멁ꪺ쏒꣩뙂듛ꗳꅁ삳뇄꣺꙰꛳ꪺꝀ결ꕛꕈꢾꓮꅁꭋ걏ꕄ뫞뻷쏶ꅂ쏒꣩ꛛꯟ닕슴ꑄꛜ꧳쏒꣩ꩁ냈띾덤때껇뙕ꪺ덤ꗴꅃ껚뻚ꖻꓥꪺ곣ꡳꅁ땯뉻냪맯꧳뫴룴쏒꣩ꗦ꧶샴맒ꑕꪺ룪ꑈꭏ앀ꑵꝀꅁꥼꚳꑕꙃ낵ꩫꕩꝀ결냑ꛒꅇ ꑀꅂ?ꭋꝑ룪ꑪ늳꣺녯땯ꛦ꒽ꕱ꒽뙽룪끔ꅇ 룪끔꒽뙽ꪺꕜ꿠ꚳꑔ4ꅇꙢ냵ꛦ껄꿠ꅝenforcement effectꅞꓨ궱ꅁ룪끔꒽뙽ꚳꝕ꧳ꩫꯟ냵ꛦꅁ꽓ꝏ걏맯꒺뵵ꗦ꧶ꪺꕜ꿠ꓨ궱ꅁ꣣ꚳ곛럭ꪺ쁾껄ꩇꅆꙢ꒽늳삳ꅝpublic reaction effectꅞꓨ궱ꅁꕩꕈ륆꣬럾ꭐ롧샧뚥뱨ꩠ띎뱩ꛦ꣤삳뫉롱냈ꪺꝀꗎꅁ쇗ꝋ륈ꩫ롧샧 3 뷐냑빜ꑵ냓껉돸ꅁꗁ냪ꑅꑑ꙾ꑃꓫꑔꓩꅁ닄ꑔꪩꅃ 4 뷐냑빜뒿뗛ꅵ쏒꣩ꗦ꧶ꩫ귬뉺ꅶꅁ닄30ꇣ31궶ꅃ 156
닄꒻뎹 떲뷗뭐ꯘ쒳 ꪺꗳ땯ꗍꅆꙢꝩꪾꕜ꿠ꅝinformative functionꅞꓨ궱ꅁ꒽ꕱ샧륂ꪬꩰꪺꅁ롧ꗑꥷ듁뭐꒣ꥷ듁뒦앓ꪺ룪끔ꝩꪾ룪ꑪ늳ꅁ꣏룪ꑈꚳꕒ꓀룪끔ꡍꥷ걏ꝟ쑾쓲룪룓꒽ꕱꅁꖿ걏룪끔꒽뙽돌궫굮ꪺꗘꪺ꒧ꑀꅃ 룪끔꒽뙽맯꧳땯ꛦ꒽ꕱꛓꢥꅁ걏꒽ꕱꩫ뭐쏒꣩ꗦ꧶ꩫ꧒굮ꡄ뱩ꛦꪺ롱냈ꅆ맯꧳룪ꑈꛓꢥꅁꭨ걏ꪾꪺ앶ꝑꪺ엩뉻ꅃ꯴뫴룴곬꒧뷧ꅁ룪끔뛇뿩ꪺꭋꝑ꧊ꑷ꒣ꕩꙐꓩꛓ뭹ꅁꙢ꒣ꕛ궫땯ꛦ꒽ꕱ꒽뙽뒦앓롱냈ꪺ뇸ꗳꑕꅁ뒣낪룪ꑈ꣺녯꒽뙽룪끔ꪺꭋꝑ꧊ꅁ삳걏귈녯ꛒ뱻ꪺ낵ꩫꅃ ꗘꭥ쏒듁라쇶ꑷ굮ꡄꙕ꒽뙽땯ꛦ꒽ꕱ삳녎끝냈돸ꝩꅂ꙾돸ꅂ꒽뙽뮡ꧺ껑떥꒽뙽룪끔ꑗ뛇ꛜ쏒냲라뫴꾸ꅁ꣑룪ꑈ걤빜ꅁ땍ꛓꗑ꧳쏒냲라맯꧳뎡꓀룪껆뇄ꅵ꣏ꗎꕉ뙏ꅶ꒧귬ꭨꅁ굮ꡄ룪ꑈ꧳걤빜룪껆껉ꖲ뚷ꓤꕉ뙏ꗎꅁꚹ셼걏ꝟ라뱶암룪ꑈ걤빜ꪺ띎쑀ꅁꛓ듮ꝃꑆ룪끔꒽뙽뭐ꑪ늳꒧떽과띎ꅁ맪결귈녯띲끵ꪺ냝썄ꅃ SEC맯꧳쏒꣩냓땯ꛦ꒽ꕱꝑꗎ륱ꑬꓨꚡꗦꕉ꒽뙽뮡ꧺ껑떥ꓥꗳꪺ낵ꩫꅁ뇄꣺ꥷꪺ멁ꯗꅆꛓ냪맯ꚹꑀ냝썄꒣뛈ꥼ때꣣엩ꪺ덂뉺볐럇ꅁ왛ꭥ굺꒽뙽룪끔꣺녯ꪺꓨꩫꑓ굮ꡄ룪ꑈ뚷ꓤꕉ뙏ꗎꅁꕩꕈ륷듁ꅵꕉ뙏ꅶ뭐ꅵ꣺녯꒽뙽룪끔ꅶ뚡꛳결궫ꅁ맯꧳뫫ꧺꪺ룪ꑈꛓꢥꅁ녎걏믡뙏ꯤ뙱ꪺ냝썄ꅃ ꕴꕾꅁ꧒뿗ꪺꅵꖫ왛듺꾸ꅶꅁꗘꭥ뛈빁ꗎ꧳ꑗꖫꅂꑗ쉤꒽ꕱꪺ궫ꑪ끔꺧뒦앓ꅁ맯꧳ꓩ꽱붴꭫ꪺꅵꖼꑗꖫꅶ늼ꖫ돵ꭨ때ꗴ꛳굮ꡄꅁꕄ뫞뻷쏶걏ꝟ삳ꚭꯤꛒꅁ샀ꥷ맯꧳ꖼꑗꖫ늼ꗦ꧶ꪺ곛쏶덗뵤ꅁ닶꣏ꖼꑗꖫ늼꒧룪ꑈꚨ결ꅵꚸ떥ꗁꅶꅃ ꑇꅂ?ꚨꗟ녍덤돦ꛬꅁꕛ녪뫴룴쏒꣩뙂듛ꛦ결ꪺꢾꟹꑵꝀꅇ 뫴룴ꗇ롯ꪺ낻걤ꖲ뚷꣣돆낪ꯗꪺ곬ꪾ쏑ꅁꛓ뫴룴쏒꣩뙂듛ꛦ결ꑓꕩ뿗엜ꓛ닶듺ꅁꙝꚹ뫴룴쏒꣩뙂듛껗ꗳꪺ낻걤맯꧳ꑀ꿫ꕱꩫꑈ귻곆ꛜ샋맮ꥸꛓꢥꅁ뎣걏ꑀ뚵쑙껦ꪺꛒ엧ꅃ ꗘꭥ냪꒺ꥼ때굴덤ꖴ삻뫴룴쏒꣩뙂듛ꛦ결ꪺ녍덤돦ꛬꅁ꙰ꚳ뫴룴쏒꣩뙂듛껗ꗳꞡꭙꗦꗑꙄ쒵맮ꞽꅵ륱뢣ꗇ롯ꑰ닕ꅶꝀ결ꑀ꿫뫴 157
뫴믚뫴룴쏒꣩ꗦ꧶뙂듛꒧곣ꡳ 룴ꗇ롯껗ꗳ뿬뉺ꅃꗘꭥ낵ꩫ걏ꝟꑷꢬꕈꚳ껄룑ꡍ뫴룴쏒꣩뙂듛ꪺ낻걤ꛦ냊ꅁꥼ때꣣엩룪껆ꕩ꣑Ꝑ쉟ꅆ땍ꚳ얳꧳뫴룴쏒꣩뙂듛껗ꗳꪺ꽓껭꧊ꅁ걏ꝟꕩ냑끵과냪ꪺ낵ꩫꅁꚨꗟ녍슾ꕱꖴ삻뫴룴쏒꣩뙂듛ꪺ뫴룴냵ꛦ덂ꅝThe Office of Internet Enforcementꅞ녱뫴룴쏒꣩뙂듛껗ꗳꪺ뷕걤ꑵꝀꅁꑝ귈녯냪ꓞ결냑ꛒꅃ ꑔꅂ?샋셼꣮ꯗ뭐뫴룴놽뾺겡냊ꪺ녪꓆ꅇ 뛈뿠쏒꣩ꕄ뫞뻷쏶뭐ꕱꩫ뻷쏶Ꝁ결셼뫴룴꒣ꩫꛦ결ꪺ냟ꑀ뫞륄ꅁ엣땍걏ꑀ뫘륌꓀ꪺ듁ꯝꅁꑝ꺣ꚳꢾ꒣돓ꢾꪺ뱾뱻ꅃꙝꚹ결ꢾ뵤꒣ꖿ럭ꪺ뫴룴룪끔뭐ꭄꩫꪺ뫴룴룪겡냊ꅁ낣ꑆ싇ꗑꕄ뫞뻷쏶ꪺꕄ냊ꕘ삻ꅁ쑙뱆놽뾺ꕾꅁ덺륌뫴룴꣏ꗎꪺ샋셼ꭨ걏귈녯뒣귒뭐릪쁹ꪺ낵ꩫꅃ ꕴꕾ덝ꗟ룪ꑈ샋셼뭐ꗓ뙄뫞륄ꅁ꣏뫴룴룪ꑈꚨ결때떹슾ꪺꅵ뫴룴쒵맮ꅶꅁ덺륌룪ꑈꪺ샋셼뙩ꛦꕱꩫ뷕걤ꅁ삳ꕩ샲교ꕢꕜ궿ꪺ껄ꩇꅃ꙰SECꪺ룪ꑈ뇐ꩁ냈덂ꅝOffice of Investor Education and AssistanceꅁOIEAꅞꝙ걏덺륌ꚹꑀꓨꩫꅁ땯뒧ꑆ놽뾺뫴룴쏒꣩뙂듛ꪺꕜ꿠ꅃ ꕼꅂ?Ꞵ떽ꝑꗎ뫴믚뫴룴ꅁꕛ녪룪ꑈ뇐ꅇ SEC꧳꣤뫴꾸꒤뒣꣑ꑆ곛럭볆뙱ꪺ룪ꑈ뇐룪껆ꅁ뷑꙰ꅝ1ꅞ룪녠ꢣ냝썄룑떪ꅝFAQꅞꅆꅝ2ꅞSEC꒧뵵ꑗꕘꪩꪫꅝOnline Publicationsꅞ띊뻣뭐뒣꣑ꅆꅝ3ꅞ룪ꑈ뇐룪쒵ꗜꅝInvestor Alertsꅞꅆꅝ4ꅞ룪ꗓ뙄뭐룪ꪧ쒳껗ꗳ닎군떥ꅃ뒣꣑룻결ꞹ뻣ꪺ룪ꑈ뇐룪끔ꅁ뒣낪룪ꑈ룪ꪾ쏑뭐궷쁉띎쏑ꅁ궰ꝃ교쏒꣩뙂듛ꪺ뻷라ꅃ 귓ꑈꕈ결ꅁSECꚹꑀ낵ꩫ곛럭귈녯냪쏒꣩ꕄ뫞뻷쏶냑ꛒ뇄ꛦꅆꕈꖻꓥ곣ꡳ룪껆띪뚰ꪺ륌땻결꣒ꅁ냪꒺맯꧳뫴룴쏒꣩ꗦ꧶룪끔ꪺ띊뻣ꅁ낣ꑆ쏒꣩ꩫꕏ걤룟ꕜ꿠룻결ꞹ떽ꕈꕾꅁ꣤ꕌ곛쏶쏒꣩뙂듛껗꣒룪껆ꪺ꣺녯ꞡ곛럭ꝸ쏸ꅁ맯꧳ꚳꓟ곣ꡳꑷ멣ꚨ믙쎪ꅁ럭땍때ꩫ듁ꯝꯘꗟ꣑룪ꑪ늳냑ꛒꪺ귉쏨ꅃꗘꭥꖿꙢ뇀냊ꪺ륱ꑬ꓆걆ꦲꅁꙢ뗻뿯걆ꦲ뻷쏶뫴꾸ꪺ덝군걏ꝟ뫫과꒧빬ꅁ뫴꾸꒺깥걏ꝟꕒ맪ꑾ걏귈녯궫뗸ꪺ쏶쇤꧒Ꙣꅃ 158
닄꒻뎹 떲뷗뭐ꯘ쒳 ꒭ꅂ?ꯘꗟꞴ빁ꛓꚳ껄ꪺ뇏샙꣮ꯗꅇ ꅵ쏒꣩룪ꑈ듁덦ꗦ꧶ꑈꭏ앀ꩫꅶꑷ뙩ꑊꗟꩫ끼뱦쒳뚥걱ꅁ룓꿳껗쏶꧳룪ꑈꭏ앀냲ꪺ덝롭뭐ꗎ덾덗ꥷꅁꖼ꿠녎ꖫ돵ꑗ꽵ꖿ궢꓁믝굮룑ꡍꪺꪧ쒳쏾ꮬ꿇ꑊꅝ꙰땯ꛦ꒽ꕱ뭐룪ꑈ뚡ꪺꪧ쒳ꝙ꒣Ꙣ룪ꑈꭏ앀냲쁶ꕉꪺ뵤돲ꅁ냑ꢣ룓꿳껗닄ꑇꑑ뇸ꅂ닄ꑇꑑꑀ뇸ꅞꅁ꣏녯룪ꑈꭏ앀냲꧒꿠땯뒧ꪺꕜ꿠ꚳ궭ꅆ룓뎡꓀꒺깥꙰ꕈ꿳껗덝군샲녯덱륌ꅁ꺣꧈뫻꯹룓냲라륂Ꝁ꒧ꓤꕘ뭐Ꝁ결ꖫꅵꙷꥷ냲ꅶ녎라ꚨ결ꕄ굮ꗎ덾ꅃ ꛓ쏶꧳닄ꑇꑑꑋ뇸ꚳ쏶뚰엩뙄덞꣮ꯗꪺ덗ꥷꅁꕩ뮡걏쏒꣩ꩫꯟ뻇껯껯ꗸ곟ꪺ덝군ꅁ놩ꚳ쏶뒣끟뚰엩뙄덞꒧ꑈ볆궭꣮ꅁ꙰ꕩ꒩ꕈ꧱뱥ꅁ삳ꕩꝋ낣ꙝꑈ볆냝썄ꛓꗍ뙄덞굮ꗳ꒣돆ꪺꝸ쉚ꅃ 돌ꕏꑈꗸ곟ꪺ걏ꅁ룓ꩫ녯ꕈꟳ뱳꩸ꙡ냑끵뻇곉뭐맪냈곉꒧띎ꢣ뺨덴뚶ꝑ덱륌ꅁꭨ맯꧳냪쏒꣩ꖫ돵꣮ꯗꪺ낷ꗾꅁ곛ꭈ삳ꚳ곛럭ꑪꪺꝕ꽱ꅁ룪ꑈ앶꽱ꪺꭏ믙ꑝ녎ꟳ결ꥐ꣬ꅃ 159
뫴믚뫴룴쏒꣩ꗦ꧶뙂듛꒧곣ꡳ 160
뿽ꑀ 과냪쏒꣩ꗦ꧶ꩫ덗멋뿽 뿽ꑀ 과냪쏒꣩ꗦ꧶ꩫ덗뙂듛곛쏶덗ꥷ멋뿽 Securities Act of 1933 Section 5 -- Prohibitions Relating to Interstate Commerce and the Mails a. Sale or delivery after sale of unregistered securities. Unless a registration statement is in effect as to a security, it shall be unlawful for any person, directly or indirectly-- 1. to make use of any means or instruments of transportation or communication in interstate commerce or of the mails to sell such security through the use or medium of any prospectus or otherwise; or 2. to carry or cause to be carried through the mails or in interstate commerce, by any means or instruments of transportation, any such security for the purpose of sale or for delivery after sale. b. Necessity of prospectus meeting requirements of section 10. It shall be unlawful for any person, directly or indirectly-- 1. to make use of any means or instruments of transportation or communication in interstate commerce or of the mails to carry or transmit any prospectus relating to any security with respect to which a registration statement has been filed under this title, unless such prospectus meets the requirements of section 10; or 2. to carry or cause to be carried through the mails or in interstate commerce any such security for the purpose of sale or for delivery after sale, unless accompanied or preceded by a prospectus that meets the requirements of subsection (a) of section 10. c. Necessity of filing registration statement. It shall be unlawful for any person, directly or indirectly, to make use of any means or instruments of transportation or communication in interstate commerce or of the mails to offer to sell or offer to buy through the use or medium of any prospectus or otherwise any security, unless a registration statement has been filed as to such security, or while the registration statement is the subject of a refusal order or stop order or (prior to the effective date of the registration statement) any public proceeding or examination under section 8. Section 17 -- Fraudulent Interstate Transactions a. Use of interstate commerce for purpose of fraud or deceit. It shall be unlawful for any person in the offer or sale of any securities by the use of any means or instruments of transportation or communication in interstate commerce or by the use of the mails, directly or indirectly-- 1. to employ any device, scheme, or artifice to defraud, or 2. to obtain money or property by means of any untrue statement of a material fact or any omission to state a material fact necessary in order to make the statements made, in the light of the circumstances under which they were made, not misleading, or 161
뫴믚뫴룴쏒꣩ꗦ꧶뙂듛꒧곣ꡳ 3. to engage in any transaction, practice, or course of business which operates or would operate as a fraud or deceit upon the purchaser. b. Use of interstate commerce for purpose of offering for sale. It shall be unlawful for any person, by the use of any means or instruments of transportation or communication in interstate commerce or by the use of the mails, to publish, give publicity to, or circulate any notice, circular, advertisement, newspaper, article, letter, investment service, or communication which, though not purporting to offer a security for sale, describes such security for a consideration received or to be received, directly or indirectly, from an issuer, underwriter, or dealer, without fully disclosing the receipt, whether past or prospective, of such consideration and the amount thereof. c. Exemptions, of section 3 not applicable to this section. The exemptions provided in section 3 shall not apply to the provisions of this section. 162
뿽ꑀ 과냪쏒꣩ꗦ꧶ꩫ덗멋뿽 Securities Exchange Act of 1934 Section 9 -- Prohibition Against Manipulation of Security Prices a. It shall be unlawful for any person, directly or indirectly, by the use of the mails or any means or instrumentality of interstate commerce, or of any facility of any national securities exchange, or for any member of a national securities exchange-- 1. For the purpose of creating a false or misleading appearance of active trading in any security registered on a national securities exchange, or a false or misleading appearance with respect to the market for any such security, A. to effect any transaction in such security which involves no change in the beneficial ownership thereof, or B. to enter an order or orders for the purchase of such security with the knowledge that an order or orders of substantially the same size, at substantially the same time, and at substantially the same price, for the sale of any such security, has been or will be entered by or for the same or different parties, or C. to enter any order or orders for the sale of any such security with the knowledge that an order or orders of substantially the same size, at substantially the same time, and at substantially the same price, for the purchase of such security, has been or will be entered by or for the same or different parties. 2. To effect, alone or with one or more other persons, a series of transactions in any security registered on a national securities exchange creating actual or apparent active trading in such security, or raising or depressing the price of such security, for the purpose of inducing the purchase or sale of such security by others. 3. If a dealer or broker, or other person selling or offering for sale or purchasing or offering to purchase the security, to induce the purchase or sale of any security registered on a national securities exchange by the circulation or dissemination in the ordinary course of business of information to the effect that the price of any such security will or is likely to rise or fall because of market operations of any one or more persons conducted for the purpose of raising or depressing the price of such security. 4. If a dealer or broker, or other person selling or offering for sale or purchasing or offering to purchase the security, to make, regarding any security registered on a national securities exchange, for the purpose of inducing the purchase or sale of such security, any statement which was at the time and in the light of the circumstances under which it was made, false or misleading with respect to any material fact, and which he knew or had reasonable ground to believe was so false or misleading. 5. For a consideration, received directly or indirectly from a dealer or broker, or other person selling or offering for sale or purchasing or offering to purchase the security, to induce the purchase of 163
뫴믚뫴룴쏒꣩ꗦ꧶뙂듛꒧곣ꡳ any security registered on a national securities exchange by the circulation or dissemination of information to the effect that the price of any such security will or is likely to rise or fall because of the market operations of any one or more persons conducted for the purpose of raising or depressing the price of such security. 6. To effect either alone or with one or more other persons any series of transactions for the purchase and/or sale of any security registered on a national securities exchange for the purpose of pegging, fixing, or stabilizing the price of such security in contravention of such rules and regulations as the Commission may prescribe as necessary or appropriate in the public interest or for the protection of investors. b. It shall be unlawful for any person to effect, by use of any facility of a national securities exchange, in contravention of such rules and regulations as the Commission may prescribe as necessary or appropriate in the public interest or for the protection of investors-- 1. any transaction in connection with any security whereby any party to such transaction acquires any put, call, straddle, or other option or privilege of buying the security from or selling the security to another without being bound to do so; or 2. any transaction in connection with any security with relation to which he has, directly or indirectly, any interest in any such put, call, straddle, option, or privilege; or 3. any transaction in any security for the account of any person who he has reason to believe has, and who actually has, directly or indirectly, any interest in any such put, call, straddle, option, or privilege with relation to such security. c. It shall be unlawful for any member of a national securities exchange directly or indirectly to endorse or guarantee the performance of any put, call, straddle, option, or privilege in relation to any security registered on a national securities exchange, in contravention of such rules and regulations as the Commission may prescribe as necessary or appropriate in the public interest or for the protection of investors. d. The terms "put," "call," "straddle," "option," or "privilege" as used in this section shall not include any registered warrant, right, or convertible security. e. Any person who willfully participates in any act or transaction in violation of subsections (a), (b), or (c) of this section, shall be liable to any person who shall purchase or sell any security at a price which was affected by such act or transaction, and the person so injured may sue in law or in equity in any court of competent jurisdiction to recover the damages sustained as a result of any such act or transaction. In any such suit the court may, in its discretion, require an undertaking for the payment of the costs of such suit, and assess reasonable costs, including reasonable attorneys' fees, against either party litigant. Every person who becomes liable to make any payment under this subsection may recover contribution as in cases of contract from any person who, if joined in the original suit, would have been liable to make the same payment. No action shall be maintained to enforce any liability created under this section, unless brought within one year after the discovery of the facts constituting the violation and within three years after such violation. 164
뿽ꑀ 과냪쏒꣩ꗦ꧶ꩫ덗멋뿽 f. The provisions of subsection (a) shall not apply to an exempted security. g. Notwithstanding any other provision of law, the Commission shall have the authority to regulate the trading of any put, call, straddle, option, or privilege on any security, certificate of deposit, or group or index of securities (including any interest therein or based on the value thereof), or any put, call, straddle, option, or privilege entered into on a national securities exchange relating to foreign currency (but not, with respect to any of the foregoing, an option on a contract for future delivery). h. Limitations on Practices That Affect Market Volatility.--It shall be unlawful for any person, by the use of the mails or any means or instrumentality of interstate commerce or of any facility of any national securities exchange, to use or employ any act or practice in connection with the purchase or sale of any equity security in contravention of such rules or regulations as the Commission may adopt, consistent with the public interest, the protection of investors, and the maintenance of fair and orderly markets-- 1. to prescribe means reasonably designed to prevent manipulation of price levels of the equity securities market or a substantial segment thereof; and 2. to prohibit or constrain, during periods of extraordinary market volatility, any trading practice in connection with the purchase or sale of equity securities that the Commission determines A. has previously contributed significantly to extraordinary levels of volatility that have threatened the maintenance of fair and orderly markets; and B. is reasonably certain to engender such levels of volatility if not prohibited or constrained. 3. In adopting rules under paragraph (2), the Commission shall, consistent with the purposes of this subsection, minimize the impact on the normal operations of the market and a natural person's freedom to buy or sell any equity security. Section 10 -- Regulation of the Use of Manipulative and Deceptive Devices It shall be unlawful for any person, directly or indirectly, by the use of any means or instrumentality of interstate commerce or of the mails, or of any facility of any national securities exchange-- a. To effect a short sale, or to use or employ any stop-loss order in connection with the purchase or sale, of any security registered on a national securities exchange, in contravention of such rules and regulations as the Commission may prescribe as necessary or appropriate in the public interest or for the protection of investors. b. To use or employ, in connection with the purchase or sale of any security registered on a national securities exchange or any security not so registered, any manipulative or deceptive device or contrivance in contravention of such rules and regulations as the Commission may prescribe as necessary or appropriate in the public interest or for the protection of investors. 165
뫴믚뫴룴쏒꣩ꗦ꧶뙂듛꒧곣ꡳ Section 21 -- Investigations, Injunctions and Prosecution of Offenses a. 1. The Commission may, in its discretion, make such investigations as it deems necessary to determine whether any person has violated, is violating, or is about to violate any provision of this title, the rules or regulations thereunder, the rules of a national securities exchange or registered securities association of which such person is a member or a person associated with a member, the rules of a registered clearing agency in which such person is a participant, or the rules of the Municipal Securities Rulemaking Board, and may require or permit any person to file with it a statement in writing, under oath or otherwise as the Commission shall determine, as to all the facts and circumstances concerning the matter to be investigated. The Commission is authorized, in its discretion, to publish information concerning any such violations, and to investigate any facts, conditions, practices, or matters which it may deem necessary or proper to aid in the enforcement of such provisions, in the prescribing of rules and regulations under this title, or in securing information to serve as a basis for recommending further legislation concerning the matters to which this title relates. 2. On request from a foreign securities authority, the Commission may provide assistance in accordance with this paragraph if the requesting authority states that the requesting authority is conducting an investigation which it deems necessary to determine whether any person has violated, is violating, or is about to violate any laws or rules relating to securities matters that the requesting authority administers or enforces. The Commission may, in its discretion, conduct such investigation as the Commission deems necessary to collect information and evidence pertinent to the request for assistance. Such assistance may be provided without regard to whether the facts stated in the request would also constitute a violation of the laws of the United States. In deciding whether to provide such assistance, the Commission shall consider whether A. the requesting authority has agreed to provide reciprocal assistance in securities matters to the Commission; and B. compliance with the request would prejudice the public interest of the United States. b. For the purpose of any such investigation, or any other proceeding under this title, any member of the Commission or any officer designated by it is empowered to administer oaths and affirmations, subpena witnesses, compel their attendance, take evidence, and require the production of any books, papers, correspondence, memoranda, or other records which the Commission deems relevant or material to the inquiry. Such attendance of witnesses and the production of any such records may be required from any place in the United States or any State at any designated place of hearing. c. In case of contumacy by, or refusal to obey a subpena issued to, any person, the Commission may invoke the aid of any court of the United States within the jurisdiction of which such investigation or proceeding is carried on, or where such person resides or carries on business, in requiring the attendance and testimony of witnesses and the production of books, papers, correspondence, 166
뿽ꑀ 과냪쏒꣩ꗦ꧶ꩫ덗멋뿽 memoranda, and other records. And such court may issue an order requiring such person to appear before the Commission or member or officer designated by the Commission, there to produce records, if so ordered, or to give testimony touching the matter under investigation or in question; and any failure to obey such order of the court may be punished by such court as a contempt thereof. All process in any such case may be served in the judicial district whereof such person is an inhabitant or wherever he may be found. Any person who shall, without just cause, fail or refuse to attend and testify or to answer any lawful inquiry or to produce books, papers, correspondence, memoranda, and other records, if in his power so to do, in obedience to the subpena of the Commission, shall be guilty of a misdemeanor and, upon conviction, shall be subject to a fine of not more than $1,000 or to imprisonment for a term of not more than one year, or both. d. 1. Whenever it shall appear to the Commission that any person is engaged or is about to engage in any acts or practices constituting a violation of any provision of this title, the rules or regulations thereunder, the rules of a national securities exchange or registered securities association of which such person is a member or a person associated with a member, the rules of a registered clearing agency in which such person is a participant, or the rules of the Municipal Securities Rulemaking Board, it may in its discretion bring an action in the proper district court of the United States, the United States District Court for the District of Columbia, or the United States courts of any territory or other place subject to the jurisdiction of the United States, to enjoin such acts or practices, and upon a proper showing a permanent or temporary injunction or restraining order shall be granted without bond. The Commission may transmit such evidence as may be available concerning such acts or practices as may constitute a violation of any provision of this title or the rules or regulations thereunder to the Attorney General, who may, in his discretion, institute the necessary criminal proceedings under this title. 2. Authority Of A Court To Prohibit Persons From Serving As Officers And Directors.--In any proceeding under paragraph (1) of this subsection, the court may prohibit, conditionally or unconditionally, and permanently or for such period of time as it shall determine, any person who violated Section 10(b) of this title or the rules or regulations thereunder from acting as an officer or director of any issuer that has a class of securities registered pursuant to Section 12 of this title or that is required to file reports pursuant to Section 15(d) of this title if the person's conduct demonstrates substantial unfitness to serve as an officer or director of any such issuer. 3. Money Penalties In Civil Actions.--- A. Authority of Commission.---Whenever it shall appear to the Commission that any person has violated any provision of this title, the rules or regulations thereunder, or a cease-and-desist order entered by the Commission pursuant to Section 21C of this title, 167
뫴믚뫴룴쏒꣩ꗦ꧶뙂듛꒧곣ꡳ other than by committing a violation subject to a penalty pursuant to Section 21A, the Commission may bring an action in the United States district court to seek, and the court shall have jurisdiction to impose, upon a proper showing, a civil penalty to be paid by the person who committed such violation. B. Amount Of Penalty.--- i First Tier.---The amount of the penalty shall be determined by the court in light of the facts and circumstances. For each violation, the amount of the penalty shall not exceed the greater of I $5,000 for a natural person or $50,000 for any other person, or the II gross amount of pecuniary gain to such defendant as a result of the violation. ii Second Tier.---Notwithstanding clause (i), the amount of penalty for each such violation shall not exceed the greater of I $50,000 for a natural person or $250,000 for any other person, or II the gross amount of pecuniary gain to such defendant as a result of the violation, if the violation described in subparagraph (A) involved fraud, deceit, manipulation, or deliberate or reckless disregard of a regulatory requirement. iii Third Tier.---Notwithstanding clauses (i) and (ii), the amount of penalty for each such violation shall not exceed the greater of I $100,000 for a natural person or $500,000 for any other person, or II the gross amount of pecuniary gain to such defendant as a result of a violation, if--- 1. the violation described in subparagraph (A) involved fraud, deceit, manipulation, or deliberate or reckless disregard of a regulatory requirement; and 2. such violation directly or indirectly resulted in substantial losses or created a significant risk of substantial losses to other persons. C. Procedures For Collection.--- i Payment Of Penalty To Treasury.---A penalty imposed under this section shall be payable into the Treasury of the United States. ii Collection Of Penalties.---If a person upon whom such a penalty is imposed shall fail to pay such penalty within the time prescribed in the court's order, the Commission may refer the matter to the Attorney General who shall recover such penalty by action in the appropriate United States district court. iii Remedy Not Exclusive.---The actions authorized by this paragraph may be brought in addition to any other action that the Commission or the Attorney General is entitled to bring. iv Jurisdiction And Venue.---For purposes of Section 27 of this title, actions under this paragraph shall be actions to enforce a liability or a duty created by this title. 168
뿽ꑀ 과냪쏒꣩ꗦ꧶ꩫ덗멋뿽 D. Special Provisions Relating To A Violation Of A Cease-And-Desist Order.---In an action to enforce a cease-and-desist order entered by the Commission pursuant to Section 21C, each separate violation of such order shall be a separate offense, except that in the case of a violation through a continuing failure to comply with the order, each day of the failure to comply shall be deemed a separate offense. 4. Prohibition Of Attorneys' Fees Paid From Commission Disgorgement Funds.--- Except as otherwise ordered by the court upon motion by the Commission, or, in the case of an administrative action, as otherwise ordered by the Commission, funds disgorged as the result of an action brought by the Commission in Federal court, or as a result of any Commission administrative action, shall not be distributed as payment for attorneys' fees or expenses incurred by private parties seeking distribution of the disgorged funds. e. Upon application of the Commission the district courts of the United States and the United States courts of any territory or other place subject to the jurisdiction of the United States shall also have jurisdiction to issue writs of mandamus, injunctions, and orders commanding 1. any person to comply with the provisions of this title, the rules, regulations, and orders thereunder, the rules of a national securities exchange or registered securities association of which such person is a member or person associated with a member, the rules of a registered clearing agency in which such person is a participant, and the rules of the Municipal Securities Rulemaking Board, or any undertaking contained in a registration statement as provided in subsection (d) of Section 15 of this title, 2. any national securities exchange or registered securities association to enforce compliance by its members and persons associated with its members with the provisions of this title, the rules, regulations, and orders thereunder, and the rules of such exchange or association, or 3. any registered clearing agency to enforce compliance by its participants with the provisions of the rules of such clearing agency. f. Notwithstanding any other provision of this title, the Commission shall not bring any action pursuant to subsection (d) or (e) of this section against any person for violation of, or to command compliance with, the rules of a self-regulatory organization unless it appears to the Commission that 1. such self-regulatory organization is unable or unwilling to take appropriate action against such person in the public interest and for the protection of investors, or 2. such action is otherwise necessary or appropriate in the public interest or for the protection of investors. g. Notwithstanding the provisions of Section 1407(a) of Title 28, United States Code, or any other provision of law, no action for equitable relief instituted by the Commission pursuant to the securities laws shall be consolidated or coordinated with other actions not brought by the Commission, even though such other actions may involve common questions of fact, unless such consolidation is consented to by the Commission. 169
뫴믚뫴룴쏒꣩ꗦ꧶뙂듛꒧곣ꡳ h. 1. The Right to Financial Privacy Act of 1978 shall apply with respect to the Commission, except as otherwise provided in this subsection. 2. Notwithstanding Section 1105 or 1107 of the Right to Financial Privacy Act of 1978, the Commission may have access to and obtain copies of, or the information contained in financial records of a customer from a financial institution without prior notice to the customer upon an ex parte showing to an appropriate United States district court that the Commission seeks such financial records pursuant to a subpoena issued in conformity with the requirements of Section 19(b) of the Securities Act of 1933, Section 21(b) of the Securities Exchange Act of 1934, Section 18(c) of the Public Utility Holding Company Act of 1935, Section 42(b) of the Investment Company Act of 1940, or Section 209(b) of the Investment Advisers Act of 1940, and that the Commission has reason to believe that--- A. delay in obtaining access to such financial records, or the required notice, will result in--- i flight from prosecution; ii destruction of or tampering with evidence; iii transfer of assets or records outside the territorial limits of the United States; iv Improper conversion of investor assets; or v impeding the ability of the Commission to identify or trace the source or disposition of funds involved in any securities transaction; B. such financial records are necessary to identify or trace the record or beneficial ownership interest in any security; C. the acts, practices or course of conduct under investigation involve-- i the dissemination of materially false or misleading information concerning any security, issuer, or market, or the failure to make disclosures required under the securities laws, which remain uncorrected; or ii a financial loss to investors or other persons protected under the securities laws which remains substantially uncompensated; or D. the acts, practices or course of conduct under investigation--- i involve significant financial speculation in securities; or ii endanger the stability of any financial or investment intermediary. 3. Any application under paragraph (2) for a delay in notice shall be made with reasonable specificity. 4. A. Upon a showing described in paragraph (2), the presiding judge or magistrate shall enter an ex parte order granting the requested delay for a period not to exceed ninety days and an order prohibiting the financial institution involved from disclosing that records have been obtained or that a request for records has been made. B. Extensions of the period of delay of notice provided in subparagraph (A) of up to ninety 170
뿽ꑀ 과냪쏒꣩ꗦ꧶ꩫ덗멋뿽 days each may be granted by the court upon application, but only in accordance with this subsection or Section 1109(a), (b)(1), or (b)(2) of the Right to Financial Privacy Act of 1978. C. Upon expiration of the period of delay of notification ordered under subparagraph (A) or (B), the customer shall be served with or mailed a copy of the subpoena insofar as it applies to the customer together with the following notice which shall describe with reasonable specificity the nature of the investigation for which the Commission sought the financial records: "Records or information concerning your transactions which are held by the financial institutions named in the attached subpoena were supplied to the Securities and Exchange Commission on (date), Notification was withheld pursuant to a determination by the (title of court so ordering) under Section 21(h) of the Securities Exchange Act of 1934 that (state reason). The purpose of the investigation or official proceeding was (state purpose)". 5. Upon application by the Commission, all proceedings pursuant to paragraphs (2) and (4) shall be held in camera and the records thereof sealed until expiration of the period of delay or such other date as the presiding judge or magistrate may permit. 6. The Commission shall compile an annual tabulation of the occasions on which the Commission used each separate subparagraph or clause of paragraph (2) of this subsection or the provisions of the Right to Financial Privacy Act of 1978 to obtain access to financial records of a customer and include it in its annual report to the Congress. Section 1121(b) of the Right to Financial Privacy Act of 1978 shall not apply with respect to the Commission. 7. A. Following the expiration of the period of delay of notification ordered by the court pursuant to paragraph (4) of this subsection, the customer may, upon motion, reopen the proceeding in the district court which issued the order. If the presiding judge or magistrate finds that the movant is the customer to whom the records obtained by the Commission pertain, and that the Commission has obtained financial records or information contained therein in violation of this subsection, other than paragraph (1), it may order that the customer be granted civil penalties against the Commission in an amount equal to the sum of- i $100 without regard to the volume of records involved; ii any out-of-pocket damages sustained by the customer as a direct result of the disclosure; and iii if the violation is found to have been willful, intentional, and without good faith, such punitive damages as the court may allow, together with the costs of the action and reasonable attorneys' fees as determined by the court. B. Upon a finding that the Commission has obtained financial records or information contained therein in violation of this subsection, other than paragraph (1), the court, in its 171
뫴믚뫴룴쏒꣩ꗦ꧶뙂듛꒧곣ꡳ discretion, may also or in the alternative issue injunctive relief to require the Commission to comply with this subsection with respect to any subpoena which the Commission issues in the future for financial records of such customer for purposes of the same investigation. C. Whenever the court determines that the Commission has failed to comply with this subsection, other than paragraph (1), and the court finds that the circumstances raise questions of whether an officer or employee of the Commission acted in a willful and intentional manner and without good faith with respect to the violation, the Office of Personnel Management shall promptly initiate a proceeding to determine whether disciplinary action is warranted against the agent or employee who was primarily responsible for the violation. After investigating and considering the evidence submitted, the Office of Personnel Management shall submit its findings and recommendations to the Commission and shall send copies of the findings and recommendations to the officer or employee or his representative. The Commission shall take the corrective action that the Office of Personnel Management recommends. 8. The relief described in paragraphs (7) and (10) shall be the only remedies or sanctions available to a customer for a violation of this subsection, other than paragraph (1), and nothing herein or in the Right to Financial Privacy Act of 1978 shall be deemed to prohibit the use in any investigation or proceeding of financial records, or the information contained therein, obtained by a subpoena issued by the Commission. In the case of an unsuccessful action under paragraph (7), the court shall award the costs of the action and attorneys' fees to the Commission if the presiding judge or magistrate finds that the customer's claims were made in bad faith. 9. A. The Commission may transfer financial records or the information contained therein to any government authority if the Commission proceeds as a transferring agency in accordance with Section 1112 of the Right to Financial Privacy Act of 1978, except that the customer notice required under Section 1112(b) or (c) of such Act may be delayed upon a showing by the Commission, in accordance with the procedure set forth in paragraphs (4) and (5), that one or more of subparagraphs (A) through (B) of paragraph (2) apply. B. The Commission may, without notice to the customer pursuant to Section 1112 of the Right to Financial Privacy Act of 1978, transfer financial records or the information contained therein to a State securities agency or to the Department of Justice. Financial records or information transferred by the Commission to the Department of Justice or to a State securities agency pursuant to the provisions of this subparagraph may be disclosed or used only in an administrative, civil, or criminal action or investigation by the Department of Justice or the State securities agency which arises out of or relates to the acts, practices, 172
뿽ꑀ 과냪쏒꣩ꗦ꧶ꩫ덗멋뿽 or courses of conduct investigated by the Commission, except that if the Department of Justice or the State securities agency determines that the information should be disclosed or used for any other purpose, it may do so if it notifies the customer, except as otherwise provided in the Right to Financial Privacy Act of 1978, within 30 days of its determination, or complies with the requirements of Section 1109 of such Act regarding delay of notice. 10. Any government authority violating paragraph (9) shall be subject to the procedures and penalties applicable to the Commission under paragraph (7)(A) with respect to a violation by the Commission in obtaining financial records. 11. Notwithstanding the provisions of this subsection, the Commission may obtain financial records from a financial institution or transfer such records in accordance with provisions of the Right to Financial Privacy Act of 1978. 12. Nothing in this subsection shall enlarge or restrict any rights of a financial institution to challenge requests for records made by the Commission under existing law. Nothing in this subsection shall entitle a customer to assert any rights of a financial institution. 13. Unless the context otherwise requires, all terms defined in the Right to Financial Privacy Act of 1978 which are common to this subsection shall have the same meaning as in such Act. Section 32 -- Penalties a. Any person who willfully violates any provision of this title (other than section 30A), or any rule or regulation thereunder the violation of which is made unlawful or the observance of which is required under the terms of this title, or any person who willfully and knowingly makes, or causes to be made, any statement in any application, report, or document required to be filed under this title or any rule or regulation thereunder or any undertaking contained in a registration statement as provided in subsection (d) of section 15 of this title or by any self-regulatory organization in connection with an application for membership or participation therein or to become associated with a member thereof, which statement was false or misleading with respect to any material fact, shall upon conviction be fined not more than $1,000,000 or imprisoned not more than 10 years, or both, except that when such person is a person other than a natural person, a fine not exceeding $2,500,000 may be imposed; but no person shall be subject to imprisonment under this section for the violation of any rule or regulation if he proves that he had no knowledge of such rule or regulation. b. Any issuer which fails to file information, documents, or reports required to be filed under subsection (d) of section 15 of this title or any rule or regulation thereunder shall forfeit to the United States the sum of $100 for each and every day such failure to file shall continue. Such forfeiture, which shall be in lieu of any criminal penalty for such failure to file which might be deemed to arise under subsection (a) of this section, shall be payable into the Treasury of the United States and shall be recoverable in a civil suit in the name of the United States. c. 173
뫴믚뫴룴쏒꣩ꗦ꧶뙂듛꒧곣ꡳ 1. A. Any issuer that violates section 30A(a) shall be fined not more than $2,000,000. B. Any issuer that violates section 30A(a) shall be subject to a civil penalty of not more than $10,000 imposed in an action brought by the Commission. 2. A. Any officer or director of an issuer, or stockholder acting on behalf of such issuer, who willfully violates section 30A(a) shall be fined not more than $100,000, or imprisoned not more than 5 years, or both. B. Any employee or agent of an issuer who is a United States citizen, national, or resident or is otherwise subject to the jurisdiction of the United States (other than an officer, director, or stockholder acting on behalf of such issuer), and who willfully violates section 30A(a), shall be fined not more than $100,000, or imprisoned not more than 5 years, or both. C. Any officer, director, employee, or agent of an issuer, or stockholder acting on behalf of such issuer, who violates section 30A(a) shall be subject to a civil penalty of not more than $10,000 imposed in an action brought by the Commission. 3. Whenever a fine is imposed under paragraph (2) upon any officer, director, employee, agent, or stockholder of an issuer, such fine may not be paid, directly or indirectly, by such issuer. 174
뿽ꑀ 과냪쏒꣩ꗦ꧶ꩫ덗멋뿽 General Rules and Regulations promulgated under the Securities Exchange Act of 1934 Rule 10b-1 -- Prohibition of Use of Manipulative or Deceptive Devices or Contrivances with Respect to Certain Securities Exempted from Registration The term manipulative or deceptive device or contrivance, as used in section 10(b), is hereby defined to include any act or omission to act with respect to any security exempted from the operation of section 12(a) pursuant to any section in this part which specifically provides that this section shall be applicable to such security if such act or omission to act would have been unlawful under section 9(a), or any rule or regulation heretofore or hereafter prescribed thereunder, if done or omitted to be done with respect to a security registered on a national securities exchange, and the use of any means or instrumentality of interstate commerce or of the mails or of any facility of any national securities exchange to use or employ any such device or contrivance in connection with the purchase or sale of any such security is hereby prohibited. Rule 10b-3 -- Employment of Manipulative and Deceptive Devices by Brokers or Dealers a. It shall be unlawful for any broker or dealer, directly or indirectly, by the use of any means or instrumentality of interstate commerce, or of the mails, or of any facility of any national securities exchange, to use or employ, in connection with the purchase or sale of any security otherwise than on a national securities exchange, any act, practice, or course of business defined by the Commission to be included within the term "manipulative, deceptive, or other fraudulent device or contrivance", as such term is used in section 15(c) of the act. b. It shall be unlawful for any municipal securities dealer directly or indirectly, by the use of any means or instrumentality of interstate commerce, or of the mails, or of any facility of any national securities exchange, to use or employ, in connection with the purchase or sale of any municipal security, any act, practice, or course of business defined by the Commission to be included within the term "manipulative, deceptive, or other fraudulent device or contrivance," as such term is used in section 15(c)(1) of the act. Rule 10b-5 -- Employment of Manipulative and Deceptive Devices It shall be unlawful for any person, directly or indirectly, by the use of any means or instrumentality of interstate commerce, or of the mails or of any facility of any national securities exchange, a. To employ any device, scheme, or artifice to defraud, b. To make any untrue statement of a material fact or to omit to state a material fact necessary in order 175
뫴믚뫴룴쏒꣩ꗦ꧶뙂듛꒧곣ꡳ to make the statements made, in the light of the circumstances under which they were made, not misleading, or c. To engage in any act, practice, or course of business which operates or would operate as a fraud or deceit upon any person, in connection with the purchase or sale of any security. Rule 14e-3 -- Transactions in Securities on the Basis of Material, Nonpublic Information in the Context of Tender Offers a. If any person has taken a substantial step or steps to commence, or has commenced, a tender offer (the "offering person"), it shall constitute a fraudulent, deceptive or manipulative act or practice within the meaning of section 14(e) of the Act for any other person who is in possession of material information relating to such tender offer which information he knows or has reason to know is nonpublic and which he knows or has reason to know has been acquired directly or indirectly from: 1. The offering person, 2. The issuer of the securities sought or to be sought by such tender offer, or 3. Any officer, director, partner or employee or any other person acting on behalf of the offering person or such issuer, to purchase or sell or cause to be purchased or sold any of such securities or any securities convertible into or exchangeable for any such securities or any option or right to obtain or to dispose of any of the foregoing securities, unless within a reasonable time prior to any purchase or sale such information and its source are publicly disclosed by press release or otherwise. b. A person other than a natural person shall not violate paragraph (a) of this section if such person shows that: 1. The individual(s) making the investment decision on behalf of such person to purchase or sell any security described in paragraph (a) of this section or to cause any such security to be purchased or sold by or on behalf of others did not know the material, nonpublic information; and 2. Such person had implemented one or a combination of policies and procedures, reasonable under the circumstances, taking into consideration the nature of the person's business, to ensure that individual(s) making investment decision(s) would not violate paragraph (a) of this section, which policies and procedures may include, but are not limited to, i those which restrict any purchase, sale and causing any purchase and sale of any such security or ii those which prevent such individual(s) from knowing such information. c. Notwithstanding anything in paragraph (a) of this section to contrary, the following transactions shall not be violations of paragraph (a) of this section: 1. Purchase(s) of any security described in paragraph (a) of this section by a broker or by 176
뿽ꑀ 과냪쏒꣩ꗦ꧶ꩫ덗멋뿽 another agent on behalf of an offering person; or 2. Sale(s) by any person of any security described in paragraph (a) of this section to the offering person. d. 1. As a means reasonably designed to prevent fraudulent, deceptive or manipulative acts or practices within the meaning of section 14(e) of the Act, it shall be unlawful for any person described in paragraph (d)(2) of this section to communicate material, nonpublic information relating to a tender offer to any other person under circumstances in which it is reasonably foreseeable that such communication is likely to result in a violation of this section except that this paragraph shall not apply to a communication made in good faith, i To the officers, directors, partners or employees of the offering person, to its advisors or to other persons, involved in the planning, financing, preparation or execution of such tender offer; ii To the issuer whose securities are sought or to be sought by such tender offer, to its officers, directors, partners, employees or advisors or to other persons, involved in the planning, financing, preparation or execution of the activities of the issuer with respect to such tender offer; or iii To any person pursuant to a requirement of any statute or rule or regulation promulgated thereunder. 2. The persons referred to in paragraph (d)(1) of this section are: i The offering person or its officers, directors, partners, employees or advisors; ii The issuer of the securities sought or to be sought by such tender offer or its officers, directors, partners, employees or advisors; iii Anyone acting on behalf of the persons in paragraph (d)(2)(i) of this section or the issuer or persons in paragraph (d)(2)(ii) of this section; and iv Any person in possession of material information relating to a tender offer which information he knows or has reason to know is nonpublic and which he knows or has reason to know has been acquired directly or indirectly from any of the above. 177
뫴믚뫴룴쏒꣩ꗦ꧶뙂듛꒧곣ꡳ Regulation FD Rule 100 -- General Rule Regarding Selective Disclosure a. Whenever an issuer, or any person acting on its behalf, discloses any material nonpublic information regarding that issuer or its securities to any person described in paragraph (b)(1) of this section, the issuer shall make public disclosure of that information as provided in Rule 101(e): 1. Simultaneously, in the case of an intentional disclosure; and 2. Promptly, in the case of a non-intentional disclosure. b. 1. Except as provided in paragraph (b)(2) of this section, paragraph (a) of this section shall apply to a disclosure made to any person outside the issuer: i Who is a broker or dealer, or a person associated with a broker or dealer, as those terms are defined in Section 3(a) of the Securities Exchange Act of 1934; ii Who is an investment adviser, as that term is defined in Section 202(a)(11) of the Investment Advisers Act of 1940 (15 . 80b-2(a)(11)); an institutional investment manager, as that term is defined in Section 13(f)(5) of the Securities Exchange Act of 1934, that filed a report on Form 13F with the Commission for the most recent quarter ended prior to the date of the disclosure; or a person associated with either of the foregoing. For purposes of this paragraph, a "person associated with an investment adviser or institutional investment manager" has the meaning set forth in Section 202(a)(17) of the Investment Advisers Act of 1940 (15 . 80b-2(a)(17)), assuming for these purposes that an institutional investment manager is an investment adviser; iii Who is an investment company, as defined in Section 3 of the Investment Company Act of 1940, or who would be an investment company but for Section 3(c)(1) or Section 3(c)(7) thereof, or an affiliated person of either of the foregoing. For purposes of this paragraph, "affiliated person" means only those persons described in Section 2(a)(3)(C), (D), (E), and (F) of the Investment Company Act of 1940, assuming for these purposes that a person who would be an investment company but for Section 3(c)(1) or Section 3(c)(7) of the Investment Company Act of 1940 is an investment company; or iv Who is a holder of the issuer's securities, under circumstances in which it is reasonably foreseeable that the person will purchase or sell the issuer's securities on the basis of the information. 2. Paragraph (a) of this section shall not apply to a disclosure made: i To a person who owes a duty of trust or confidence to the issuer (such as an attorney, investment banker, or accountant); ii To a person who expressly agrees to maintain the disclosed information in confidence; iii To an entity whose primary business is the issuance of credit ratings, provided the 178
뿽ꑀ 과냪쏒꣩ꗦ꧶ꩫ덗멋뿽 information is disclosed solely for the purpose of developing a credit rating and the entity's ratings are publicly available; or iv In connection with a securities offering registered under the Securities Act, other than an offering of the type described in any of Rule 415(a)(1)(i)-(vi). Rule 101 -- Definitions This section defines certain terms as used in Regulation FD (Rule 100 through Rule 103). a. Intentional. A selective disclosure of material nonpublic information is "intentional" when the person making the disclosure either knows, or is reckless in not knowing, that the information he or she is communicating is both material and nonpublic. b. Issuer. An "issuer" subject to this regulation is one that has a class of securities registered under Section 12 of the Securities Exchange Act of 1934, or is required to file reports under Section 15(d) of the Securities Exchange Act of 1934, including any closed-end investment company (as defined in Section 5(a)(2) of the Investment Company Act of 1940), but not including any other investment company or any foreign government or foreign private issuer, as those terms are defined in Rule 405 under the Securities Act. c. Person acting on behalf of an issuer. "Person acting on behalf of an issuer" means any senior official of the issuer (or, in the case of a closed-end investment company, a senior official of the issuer's investment adviser), or any other officer, employee, or agent of an issuer who regularly communicates with any person described in Rule 100(b)(1)(i), (ii), or (iii), or with holders of the issuer's securities. An officer, director, employee, or agent of an issuer who discloses material nonpublic information in breach of a duty of trust or confidence to the issuer shall not be considered to be acting on behalf of the issuer. d. Promptly. "Promptly" means as soon as reasonably practicable (but in no event after the later of 24 hours or the commencement of the next day's trading on the New York Stock Exchange) after a senior official of the issuer (or, in the case of a closed-end investment company, a senior official of the issuer's investment adviser) learns that there has been a non-intentional disclosure by the issuer or person acting on behalf of the issuer of information that the senior official knows, or is reckless in not knowing, is both material and nonpublic. e. Public disclosure. 1. Except as provided in paragraph (e)(2) of this section, an issuer shall make the "public disclosure" of information required by Rule 100(a) by furnishing to or filing with the Commission a Form 8-K disclosing that information. 2. An issuer shall be exempt from the requirement to furnish or file a Form 8-K if it instead disseminates the information through another method (or combination of methods) of disclosure that is reasonably designed to provide broad, non-exclusionary distribution of the information to the public. 179
뫴믚뫴룴쏒꣩ꗦ꧶뙂듛꒧곣ꡳ f. Senior official. "Senior official" means any director, executive officer (as defined in Rule 3b-7 of this chapter), investor relations or public relations officer, or other person with similar functions. g. Securities offering. For purposes of Rule 100(b)(2)(iv): 1. Underwritten offerings. A securities offering that is underwritten commences when the issuer reaches an understanding with the broker-dealer that is to act as managing underwriter and continues until the later of the end of the period during which a dealer must deliver a prospectus or the sale of the securities (unless the offering is sooner terminated); 2. Non-underwritten offerings. A securities offering that is not underwritten: i If covered by Rule 415(a)(1)(x), commences when the issuer makes its first bona fide offer in a takedown of securities and continues until the later of the end of the period during which each dealer must deliver a prospectus or the sale of the securities in that takedown (unless the takedown is sooner terminated); ii If a business combination as defined in Rule 165(f)(1), commences when the first public announcement of the transaction is made and continues until the completion of the vote or the expiration of the tender offer, as applicable (unless the transaction is sooner terminated); iii If an offering other than those specified in paragraphs (a) and (b) of this section, commences when the issuer files a registration statement and continues until the later of the end of the period during which each dealer must deliver a prospectus or the sale of the securities (unless the offering is sooner terminated). Rule 102 -- No Effect on Antifraud Liability No failure to make a public disclosure required solely by Rule 100 shall be deemed to be a violation of Rule 10b-5 under the Securities Exchange Act. Rule 103 -- No Effect on Exchange Act Reporting Status A failure to make a public disclosure required solely by Rule 100 shall not affect whether: a. For purposes of Forms S-2, S-3 and S-8 under the Securities Act, an issuer is deemed to have filed all the material required to be filed pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 or, where applicable, has made those filings in a timely manner; or b. There is adequate current public information about the issuer for purposes of Rule 144(c). 180
뿽ꑇ 쏒꣩룪ꑈ듁덦ꗦ꧶ꑈꭏ앀ꩫ꿳껗 뿽ꑇ 쏒꣩룪ꑈ듁덦ꗦ꧶ꑈꭏ앀ꩫ꿳껗 ꗟꩫ끼쒳껗쏶ꭙꓥ껑 ꒤뗘ꗁ냪ꑋꑑꑅ꙾ꑀꓫ꒭ꓩꙌ땯 끼셠꙲닄ꑃꑇꑃ뢹 걆ꦲ뒣껗닄꒻ꑅ꒭ꕼ뢹 뇸†뢹?뇸†ꓥ?뮡†ꧺ?닄ꑀ뇸?결ꭏ믙쏒꣩룪ꑈ듁덦ꗦ꧶ꑈ꒧앶꽱ꅁꣃꭐ쏒꣩룪ꑈ듁덦ꗦ꧶ꑈ꒧ꭏ앀뭐쏒꣩ꖫ돵뙩쏒꣩듁덦ꖫ돵낷ꗾ땯깩ꅁ꽓꣮굱ꖻꩫꅃ?듁덦ꖫ돵꒧낷ꗾ땯깩꣣ꚳ녋꓁쏶ꭙꅁ걇ꧺꥷꖻꩫ꒧ꗟꩫꗘꪺ결ꭏ믙쏒꣩룪ꑈ듁덦ꗦ꧶ꑈ꒧앶꽱ꅁꕈ뒣꣑꒽ꖭꙷꗾ꒧ꗦ꧶샴맒ꅁꭐ뙩쏒꣩듁덦ꖫ돵낷ꗾ땯깩ꅃ?닄ꑇ뇸?쏒꣩룪ꑈ듁덦ꗦ꧶ꑈ앶꽱꒧ꭏ앀ꅁꖻꩫꧺꥷꩫꯟ빁ꗎ뚶Ꟈꅃ???꒧덗ꥷꅆꖻꩫꖼ덗ꥷꅁ빁ꗎ쏒꣩ꗦ꧶ꩫꅂ듁덦ꗦ꧶ꩫ꣤ꕌꚳ쏶ꩫꯟ꒧덗ꥷꅃ?닄ꑔ뇸?ꖻꩫ꧒뫙ꕄ뫞뻷쏶ꅁ끝걆뎡쏒꣩멛듁덦뫞뉺ꗑ꧳쏒꣩ꗦ꧶ꩫꅂ듁덦ꗦ꧶ꩫ꒧ꕄ뫞뻷쏶ꞡ결??ꥥ귻라ꅃ?끝걆뎡쏒꣩듁덦뫞뉺ꥥ귻라ꅁ걇ꧺꥷ꣤결ꖻꩫ꒧뫞뻷쏶ꅃ?닄ꕼ뇸??ꖻꩫ꧒뫙쏒꣩룪ꑈꅁ쏒꣩ꗦ꧶ꩫ뭻ꥷ꒧ꅃ?ꧺꥷꖻꩫ꧒ꭏ앀꒧쏒꣩룪ꑈ듁덦ꗦ꧶ꑈ꒧?ꖻꩫ꧒뫙듁덦ꗦ꧶ꑈꅁ듁덦ꗦ꧶ꩫ뭻ꥷ꒧ꅃ?뵤돲ꅃ?닄꒭뇸?ꖻꩫ꧒뫙ꭏ앀뻷멣ꅁꖻꩫ덝ꗟ꒧끝많ꩫ덗ꥷꭏ앀뻷멣ꭙꖻꩫ덝ꗟ꒧끝많ꩫꑈꅃ???ꑈꅃ?닄꒻뇸?ꖻꩫ꧒뫙ꭏ앀냲ꅁꖻꩫ꺽ꝕꅂ꺽쏘뒣ꭏ앀냲ꭙꖻꩫ덗ꥷ꧒꺽ꝕꅂ꺽쏘뒣??벷ꅁꛓꗑꭏ앀뻷멣ꭏ뫞륂ꗎ꒧룪늣꣤ꚬ꽱ꅃ?벷ꅁꛓꗑꭏ앀뻷멣꧒ꭏ뫞륂ꗎ꒧룪늣꣤ꚬ꽱ꅃ?닄ꑃ뇸?ꕄ뫞뻷쏶삳ꥷꑕꙃ쏒꣩듁덦ꖫ돵곛쏶뻷ꑀꅂ?결ꚳ껄륆ꚨꖻꗟꩫꗘꪺꅁ겸ꧺꥷꕄ뫞뻷쏶??멣ꅁ덝ꗟꭏ앀뻷멣ꅇ?삳ꥷ쏒꣩듁덦ꗦ꧶ꖫ돵곛쏶뻷멣ꅁ덝ꑀꅂ?쏒꣩ꗦ꧶꧒ꅃ?ꗟꭏ앀뻷멣ꅁ닎쑷냵ꛦ쏒꣩룪ꑈ듁덦ꑇꅂ?듁덦ꗦ꧶꧒ꅃ?ꗦ꧶ꑈꭏ앀ꥹꅃ?ꑔꅂ?끝많ꩫꑈ꒤뗘ꗁ냪쏒꣩쉤쉩뙒뷦꒤ꓟꅃ?ꑇꅂ?ꚳ쏶뷒꽓ꥷꑈ꺽ꝕ끝늣꒧롱냈ꅁ꽁ꑈꗁꕼꅂ?쏒꣩뚰꒤ꭏ뫞띾ꅃ?앶꽱ꅁ꣤맯뙈뵤돲삳ꡄꧺ뵔ꅁ걇꧳닄ꑀ뚵꒭ꅂ?쏒꣩냓띾Ꙑ띾꒽라ꅃ?곉ꥷ쏒꣩듁덦ꖫ돵곛쏶뻷멣꒧뵤돲ꅃ?꒻ꅂ?쏒꣩룪ꭈ끕멛압냝냓띾Ꙑ띾꒽라ꅃ?ꑔꅂ?닄ꑇ뚵ꧺꥷꙕ쏒꣩듁덦ꖫ돵곛쏶뻷쇊꺽ꑃꅂ?듁덦냓띾Ꙑ띾ꅃ?ꝕ꒧썂ꅁꗑꕄ뫞뻷쏶ꣳ뷕꒧?ꑋꅂ?ꙕ쏒꣩뿄띾ꅃ?ꑅꅂ?꣤ꕌ롧ꕄ뫞뻷쏶ꥷ꒧쏒꣩듁덦ꖫ돵곛쏶뻷멣띾ꅃ?ꭥ뚵쏒꣩듁덦ꖫ돵곛쏶뻷멣삳꺽ꝕꑀꥷ끝늣ꅆ꣤꺽ꝕ썂ꅁꗑꕄ뫞뻷쏶ꣳ뷕꒧ꅃ?닄ꑋ뇸?ꭏ앀뻷멣꒧닕슴ꅂ덝ꗟꅂ뫞뉺뫊럾뚵ꅁꖻꑀꅂ?ꖻꩫ꧒덗ꥷ꒧ꭏ앀뻷멣결끝많ꩫꑈꅁꗁ??ꩫ꒧덗ꥷꅆꖻꩫꖼ덗ꥷꅁ빁ꗎꗁꩫ꣤ꕌꚳꩫ덗ꥷ끝많ꩫꑈꕈꩫ끼결ꕄ뫞뻷쏶ꅁ꣤닕쏶ꩫꯟ꒧덗ꥷꅃ?슴ꅂ덝ꗟ뭐뫞뉺뫊럾ꅁꗧꕈꗁꩫ덗ꥷ결뻚ꅃꭏ앀뻷멣띾냈꒧뻉ꅂ뫊럾ꅂ끝냈꒧뱦껖ꅂ뿬놩ꭏ앀뻷멣ꭙꖻꩫ덝ꗟꅁ쏶꧳꣤닕슴ꅂ뉺엜ꟳ땮끏곛쏶뚵ꅁ뭐꣤뢳ꅂ뫊맮ꑈꅂ롧덝ꗟ뭐뫞뉺뫊럾ꅁ삳쁵ꗽ빁ꗎꖻꩫꅃ겸굱뉺ꑈ꣼뚱ꑈ꒧룪껦뇸ꗳ꣤ꕌ삳뿭ꛦ뚵ꥷ닄ꑀ뚵ꅁꯅꗜꖻꩫ곛맯꧳ꗁꩫ꣤ꕌꚳ꒧뫞뉺덗ꭨꅁꗑꕄ뫞뻷쏶ꥷ꒧ꅃ?쏶ꩫꯟꅁ둎ꭏ앀뻷멣닕슴ꅂ덝ꗟ뭐뫞뉺뫊럾꒧꽓ꝏꩫꙡꛬꅃ?ꑇꅂ?닄ꑇ뚵ꗩ쏒꣩ꗦ꧶ꩫ닄ꑀꛊ륳ꑇ뇸듁덦ꗦ꧶ꩫ닄ꑋ뇸꒧ꗟꩫ꣒ꅁ뇂앶ꕄ뫞뻷쏶굱ꥷꭏ앀뻷멣꒧뫞뉺뚵ꅃ??닄ꑅ뇸?ꭏ앀뻷멣꒧꺽ꝕ뎹땻ꅁ삳끏룼ꑕꙃ뚵ꅇ?꯶끝많ꩫꑈꭙꕈ꺽ꝕ뎹땻결꣤닕슴ꅂ륂Ꝁ꒧냲??ꑀꅂ?ꭏ앀뻷멣꒧ꙗ뫙ꅂ꺽ꝕꗘꪺ냈꧒꧒ꖻ덗뵤ꅃ꣤꒺깥꒧빁꓁뭐ꝟꅁ뭐끝많ꩫꑈꚨꗟ?Ꙣꙡꅃ?ꯡ꿠ꝟ륆ꚨ꣤덝ꗟꗘꪺꅁ쏶ꭙ곆륤ꅁ겸ꧺꥷꭏ 181
뫴믚뫴룴쏒꣩ꗦ꧶뙂듛꒧곣ꡳ ꑇꅂ?꺽ꝕ끝늣꒧뫘쏾ꅂ볆썂ꭏ뫞륂ꗎꓨ앀뻷멣꺽ꝕ뎹땻꒧삳끏룼뚵ꅃ?ꩫꅃ?ꑔꅂ?띾냈뚵ꗘꅃ?ꕼꅂ?뢳라꒧닕슴슾앶ꅃ?꒭ꅂ?뢳ꅂ뫊맮ꑈ꒧늣ꗍꓨꩫꅂ룪껦ꅂꑈ볆ꗴ듁ꅃ?꒻ꅂ?냈돦ꛬ꒧닕슴ꅃ?ꑃꅂ?룑뒲멍빐덜ꕩꯡ쇋꧳끝늣꒧쉫쓝ꅃ?ꑋꅂ?쏶꧳ꕄ뫞뻷쏶덗ꥷ꒧꣤ꕌ뚵ꅃ?닄ꑑ뇸??ꭏ앀뻷멣삳꧳띾냈덗ꭨ꒤ꅁ덗ꥷꑕꙃ뚵ꅇ?ꑀꅂ?닄ꑀ뚵냑럓쏒꣩ꗦ꧶ꩫ닄ꑀꛊꑔꑑꑋꑀꅂ?쏒꣩룪ꑈ듁덦ꗦ꧶ꑈ뭐땯ꛦꑈꅂ쏒뇸ꅂ듁덦ꗦ꧶ꩫ닄ꑑ꒭뇸덗ꥷꅁꧺꥷꭏ앀꣩냓ꅂ쏒꣩ꩁ냈띾ꅂ듁덦띾ꅂꗦ꧶꧒ꅂ뻷멣띾냈덗ꭨ삳덗ꥷ뚵ꅁ꣏쏒꣩룪쉤쉩뙒뷦꒤ꓟꅂ떲뫢뻷멣꣤ꕌꝑ깠쏶ꑈꅂ듁덦ꗦ꧶ꑈꅂ쏒꣩듁덦곛쏶뻷멣ꚳꭙꑈ뚡ꅁꙝꚳ믹쏒꣩꒧뛒뚰ꅂ땯ꛦꅂ뙒꧒뿭둠ꅃ?뷦듁덦ꗦ꧶꣤ꕌ곛쏶ꥹ꧒ꗍꗁꑇꅂ?닄ꑀ뚵닄ꑀ듚꧒뫙꒧쏒꣩ꩁ냈띾ꅁ결쏒꣩ꪧ쒳꒧덂뉺땻Ꟈꅃ?ꗦ꧶ꩫ닄ꑑꑋ뇸꧒ꥷ띾ꅃ듁덦띾ꅁꭙꑇꅂꭏ앀냲꒧ꭏ뫞ꅂ륂ꗎꅃ?듁덦ꗦ꧶ꩫ닄ꕼ뎹덗ꥷꅁꕝꝴ듁덦냓ꅂ멢ꑔꅂ?맯땯ꛦꑈꅂ쏒꣩냓ꅂ쏒꣩ꩁ냈띾듁뇬ꗦ꧶냓ꅂ듁덦ꩁ냈띾떥ꅃꗦ꧶꧒ꭨꕝ덦띾꒧끝냈띾냈걤룟ꅃ?ꝴ쏒꣩ꗦ꧶꧒듁덦ꗦ꧶꧒ꅃꕴ떲뫢뻷멣ꕼꅂ?쏒꣩듁덦ꗦ꧶곛쏶ꩫꕏ꒧ꭴ룟ꩁ냈ꅃ?ꭨꕝꝴ쏒꣩떲뫢뻷멣듁덦떲뫢뻷멣ꅃ?꒭ꅂ?ꕄ뫞뻷쏶ꥥ끕뿬뉺뚵ꅃ?ꑔꅂ?ꕴꭏ앀뻷멣띾냈덗ꭨ굱ꥷ꒧ꅁ낣쏶ꭙ꒻ꅂ?꣤ꕌꚳꝕ꧳륆ꚨꖻꩫꗘꪺ꒧띾냈ꅃ?꣤ꖻꢭ꒧샧륂ꅁꗧ뱶암쏒꣩룪ꑈ듁덦ꭥ뚵띾냈덗ꭨ꒧굱ꥷꅁ삳돸롧ꕄ뫞뻷쏶껖ꥷꅆꗦ꧶ꑈ꒧앶꽱ꅁ걇꧳닄ꑇ뚵덗ꥷ꣤띾냈덗귗껉ꅁꗧꙐꅃ?ꭨ꒧굱ꥷ귗ꅁ뚷ꗽ롧ꕄ뫞뻷쏶꒧껖ꥷꅁꥬꗍ껄ꑏꅃ?닄ꑑꑀ뇸?ꭏ앀뻷멣삳덝뢳라ꅁ롭뢳ꑔꑈꕈꑗꅃ뢳ꑀꅂ?ꭏ앀뻷멣뢳라꒧닕슴ꅁꕝ걁뢳ꑈ볆ꅂꑕꙃꓨꚡ뿮뿯ꅝ겣ꅞ꒧ꅇ?뢳늣ꗍꓨꚡꗴ듁ꅃ?ꑀꅂ?ꕄ뫞뻷쏶ꛛ꺽ꝕꑈ뇀겣꒧ꕎꫭ꒤뿮뿯ꅃ?ꑇꅂ?결뵔ꭏꭏ앀뻷멣꒧꒽꽱꧊뭐륂Ꝁ꒧꒽ꑇꅂ?ꕄ뫞뻷쏶겣ꭄ꺽ꝕꑈꕎꫭ꒧뻇ꅂ녍ꖿꅁ꧳닄ꑇ뚵닄ꑇ듚ꧺꥷꭏ앀뻷멣꒧뢳깡ꅂ꒽쏒ꑈꑨꅁ꣤ꑈ볆꒣녯ꓖ꧳뢳셠ꅁ삳ꗑꕄ뫞뻷멣겣꒧ꭄ꺽ꝕꑈꕎꫭ꒧썂ꑔ꓀꒧ꑇꅃ?뻇ꅂ녍깡ꅂ꒽ꖿꑈꑨ뻡ꗴꅁꕂ꣤ꑈ볆꒣뢳꒧ꗴ듁ꑔ꙾ꅁ덳뿯ꅝ겣ꅞ덳ꗴꅃ?녯ꓖ꧳ꗾ엩뢳꒧ꑔ꓀꒧ꑇꅃ?ꑔꅂ?닄ꑔ뚵ꧺꥷ뢳꒧ꗴ듁녯덳뿯덳ꗴꅃ?닄ꑑꑇ뇸?뢳라삳ꗑꗾ엩뢳ꑔ꓀꒧ꑇꕈꑗ꒧ꕘ깵ꅁ결뫻꯹ꭏ앀뻷멣뙗땍뽗ꗟ꒧ꗟ돵ꅁ쇗ꝋ룓뻷멣ꕘ깵뢳륌ꕢ볆꒧Ꙑ띎ꅁ뿯ꕘꭄ꺽ꝕꑈꕎꫭ꒧륂Ꝁ꣼꺽ꝕꑈꕎꫭ뱶암ꅁ겸ꧺꥷꭏ앀뻷멣뢳뢳ꑀꑈ결뢳ꅁ롧ꕄ뫞뻷쏶껖ꕩꯡꗍ껄ꅃ?꒧늣ꗍꓨꚡꅁꗑꗾ엩뢳ꛛꭄ꺽ꝕꑈꕎꫭ꒧뢳꒤뿯ꕘꅃ?닄ꑑꑔ뇸?뢳라ꗑ뢳ꕬ뚰꒧ꅃꡃꦡ닄ꑀꚸ뢳ꑀꅂ?닄ꑀ뚵ꧺꥷ뢳라꒧ꕬ뚰ꑈ결뢳ꅁ라ꅁꗑꕄ뫞뻷쏶둎룓ꦡ뢳꒤ꥷꑀꑈꕬ뚰ꡃꦡ닄ꑀꚸ뢳라ꅁꗑꕄ뫞뻷쏶ꥷ꒧뢳꒧ꅃ?ꕬ뚰꒧ꅃ?뢳라ꡃꓫꕬ뚰ꑀꚸꅃꖲ굮껉ꅁꣃ녯ꕬ뚰셻껉ꑇꅂ?닄ꑇ뚵ꧺꥷꥷ듁뢳라셻껉뢳라ꕬ뢳라ꅃ?뚰꒧껉듁ꅃ?닄ꑑꕼ뇸?ꑕꙃ뚵삳롧뢳라ꡍ쒳ꅇ?ꑀꅂ?닄ꑀ뚵둎뱶암ꭏ앀뻷멣끝냈ꅂ띾냈꒧궫ꑪꑀꅂ?꺽ꝕ뎹땻꒧귗ꅃ?뚵ꅁꧺꥷ삳롧뢳라ꡍ쒳ꅃ?ꑇꅂ?띾냈덗ꭨ꒧굱ꥷ귗ꅃ?ꑇꅂ?닄ꑇ뚵ꧺꥷ뢳라꒧ꡍ쒳ꓨꩫꅁꡍ쒳ꑔꅂ?ꭏ앀냲꒧냊ꗎꅃ?뚵꒧뮴궫ꅁ꓀결ꅝꑀꅞꅂ뒶덱ꡍ쒳ꅁ삳ꗑꕼꅂ?ꭏ앀냲ꭏ뫞륂ꗎꓨꚡ꒧엜ꟳꅃ?ꑇ꓀꒧ꑀꕈꑗ뢳ꕘ깵ꕘ깵뢳륌ꕢ꒭ꅂ?귉듚ꅃ?볆꒧Ꙑ띎ꛦ꒧ꅃꅝꑇꅞꅂ꽓ꝏꡍ쒳ꅁ삳ꗑꑔ꒻ꅂ?꺽ꝕ뎹땻꧒ꥷ삳롧뢳라ꡍ쒳꒧뚵ꅃ?꓀꒧ꑇꕈꑗ뢳꒧ꕘ깵ꕘ깵뢳륌ꕢꑃꅂ?꣤ꕌ롧ꕄ뫞뻷쏶덗ꥷ삳롧뢳라ꡍ쒳볆Ꙑ띎ꅁꑚꭄ쓝껑꧒ꙃ뚵ꅁꞡ녯ꕈ뒶뚵ꅃ?덱ꡍ쒳ꛦ꒧ꅃ?뢳라꒧ꡍ쒳ꅁ삳ꚳꗾ엩뢳륌ꕢ볆꒧ꕘ깵ꅁꕘ깵뢳륌ꕢ볆꒧Ꙑ띎ꅃꭥ뚵닄ꑀ듚ꛜ닄꒭듚뚵꒧ꡍ쒳ꅁ삳ꚳꗾ엩뢳ꑔ꓀꒧ꑇꕈꑗ꒧ 182
뿽ꑇ 쏒꣩룪ꑈ듁덦ꗦ꧶ꑈꭏ앀ꩫ꿳껗 ꕘ깵ꅁꕘ깵뢳륌ꕢ볆꒧Ꙑ띎ꅃ?닄ꑑ꒭뇸?ꭏ앀뻷멣롭뫊맮ꑈꑀꑈꛜꑔꑈꅃ?ꑀꅂ?닄ꑀ뚵ꛜ닄ꑔ뚵덗ꥷꭏ앀뻷멣뫊맮ꑈ꒧뫊맮ꑈ녯쁈껉뷕걤ꭏ앀뻷멣꒧띾냈끝냈ꪬ덝롭꣤슾앶ꅃ?ꩰꅁ걤껖쎯ꕕꓥꗳꅁꣃ녯뷐ꡄ뢳라뒣ꕘ돸ꑇꅂ?닄ꕼ뚵덗ꥷ뫊맮ꑈ늣ꗍ꒧ꓨꚡꗴ듁ꝩꅃ뫊맮ꑈꙕ녯돦뽗ꛦ꣏슾앶ꅁ땯뉻뢳라냵떥ꅁ럇ꗎ뢳꒧곛쏶덗ꥷꅃ?ꛦ슾냈ꚳ륈ꩫꕏꅂ꺽ꝕ뎹땻띾냈덗ꭨ꒧ꛦ결껉ꅁ삳ꝙ덱ꪾ뢳라낱ꓮ꣤ꛦ결ꅃ?닄ꑑꑀ뇸닄ꑇ뚵닄ꑔ뚵꒧덗ꥷꅁ꧳뫊맮ꑈ럇ꗎ꒧ꅃ?닄ꑑ꒻뇸?ꕄ뫞뻷쏶결ꭏ앀쏒꣩룪ꑈ듁덦ꗦ꧶ꑈꅁꖲ냑ꛒ쏒꣩ꗦ꧶ꩫ닄꒻ꑑꕼ뇸ꅂ닄ꑅꑑꑀ뇸듁굮껉녯ꥒꭏ앀뻷멣엜ꟳ꣤뎹땻ꅂ띾냈덗ꭨꅂꡍ덦ꗦ꧶ꩫ닄ꑀꛊ륳ꑇ뇸덗ꥷꅁ뷡꒩ꕄ뫞뻷쏶맯쒳ꅁ뒣ꕘ끝냈띾냈꒧돸ꝩ룪껆ꅁ샋걤꣤꧳ꭏ앀뻷멣꒧뫊럾앶ꅃ?띾냈ꅂ끝늣ꅂ녢쎯ꅂ껑쏾꣤ꕌꚳ쏶ꪫꗳꅃ?닄ꑑꑃ뇸?ꭏ앀뻷멣결덂뉺ꑕꙃ놡ꅁ녯뷐ꡄ땯ꛦꑈꅂ쏒ꑀꅂ?결꣏ꭏ앀뻷멣ꕒ꓀땯뒧ꖻꩫ꧒뷡꒩꒧ꗴ꣩냓ꅂ쏒꣩ꩁ냈띾ꅂ듁덦띾쏒꣩듁덦ꖫ냈ꅁ뛕뚷꣺녯ꕒ꓀꒧룪끔ꅁ걏ꕈ낣ꑆ뷕덂돵곛쏶뻷멣ꣳꝕ뒣ꕘꓥꗳꅂ곛쏶룪껆ꅇ?꒧럭ꑈꕾꅁ꣤ꕌ곛쏶돦ꛬ꒧ꣳꝕꅁꦹꦹꑀꅂ?ꖻꩫ덗ꥷ뒣ꕘ꒧뷕덂껗ꗳꅃ?걏ꭏ앀뻷멣꿠Ꞵ빁덂뉺뷕덂껗ꗳ꣤ꕌꑇꅂ?닄ꑇꑑꑀ뇸닄ꑀ뚵덗ꥷꅁ맯쏒꣩룪띾냈꒧궫굮쏶쇤ꅆꚹꕾꅁꭏ앀뻷멣Ꙣ뒣끟ꑈ듁덦ꗦ꧶ꑈꖼ꣼쁶뛅앶꒧쁶ꕉꅃ?많엩뙄덞뭐많엩ꗲ뗴ꭥꅁ굙꿠뭠뚰곛쏶ꑔꅂ?결뒣끟닄ꑇꑑꑋ뇸뙄덞ꗲ뗴ꅃ?쏒룪껆ꅁ녎ꚳꝕ꧳럭ꑈ곣Ꝑ꿉ꪧ꒧맪믚ꕼꅂ?ꕄ뫞뻷쏶ꥥ끕뿬뉺꒧뚵ꅃ?ꪬꩰꅁ뙩ꛓꚨꗟ뷕룑ꥍ룑ꅁꕈ껸ꯚ뙄꒭ꅂ?꣤ꕌ결ꝑ꧳ꭏ앀뻷멣냵ꛦꭏ앀띾냈꒧덞ꅁꣃꚳꝕ꧳ꩫ끼뱦뉺ꖻ껗뙄덞껉땯뉻꽵뚵ꅃ?맪ꝙꞴ빁뙩ꛦ뙄덞ꅃ겸꧳닄ꑀ뚵ꧺꥷꭏ앀ꭏ앀뻷멣ꭥ뚵꧒녯ꓥꗳ곛쏶룪껆ꅁ땯뉻ꚳ뻷멣녯맯곛맯돦ꛬ꒧끝냈뭐띾냈결ꖲ굮륈ꩫꕏ놡ꅁ결ꭏ앀꒽꽱꒧ꖲ굮껉ꅁ삳돸꒧걤룟ꅁꣃ꧳닄ꑇ뚵ꧺꥷ곛맯돦ꛬ꒣꒩ꕈ뷐ꕄ뫞뻷뫞덂뉺ꅃ꣼뷐ꡄꑈ결ꭥ뚵덗ꥷꣳꝕ끴Ꙙ껉ꅁ녯뷐ꕄ뫞뻷쏶ꣳꝕꅃ?뒣ꕘꓥꗳꅂ곛쏶룪껆ꅁꗧꙐꅃ??ꑇꅂ?ꕄ뫞뻷쏶맯ꭏ앀뻷멣꒧뷐ꡄ뭻결ꚳꖲ굮껉ꅁ녯쏒꣩듁덦곛쏶ꩫ덗ꅁ꙰쏒꣩ꗦ꧶ꩫ닄꒻ꑑꕼ뇸ꅂ닄ꑅꑑꑀ뇸ꅂ듁덦ꗦ꧶ꩫ닄ꑅꑑꑋ뇸떥덗ꥷꅁꥒꕏ곛쏶돦ꛬ뒣ꕘꅁ곛쏶돦ꛬ꒣끴Ꙙ껉ꅁꣃ녯ꩫ덂ꕈ뭀쇬ꅃ?닄ꑑꑋ뇸?ꭏ앀뻷멣결ꝑ띾냈꒧뇀냊ꅁ삳덝롭ꭏ앀냲ꅆꑀꅂ?결꣏ꭏ앀냲꒣뢷림ꕆꅁꕈ뢨맪맯룪ꑈꭏ앀냲낣닄ꑃ뇸닄ꑇ뚵꒧꺽ꝕ끝늣ꕾꅁ꣤꣓ꗦ꧶ꑈ앶꽱꒧ꭏ믙ꅁ냲ꚬꑊ꣓랽낣덝랽꙰ꑕꅇ?ꗟ껉꺽ꝕ끝늣ꕾꅁ삳ꚳꯡ쓲꒧톺ꩠꅁ겸꧳ꑀꅂ?ꙕ쏒꣩냓ꅂ듁덦냓삳꧳ꡃꓫꑑꓩꭥ꯶꣤닄ꑀ뚵ꧺꥷꭏ앀냲꒧꣓랽ꅃ?ꭥꓫꗷꓢ쓲뙏ꚬꑊ꒧ꑤ꓀꒧ꑇ뒣벷꒧듚ꑇꅂ?꯶ꭏ앀냲꒧ꕄ굮ꗎ덾ꭙ럭쏒꣩냓듁뚵ꅃ?덦ꗦ꧶냓ꖢ뉍쁶꿠ꑏꛓ륈곹껉ꅁꗎꕈ쁶ꑇꅂ?쏒꣩ꗦ꧶꧒ꅂ듁덦ꗦ꧶꧒쉤쉩뙒뷦꒤ꕉ쏒꣩룪ꑈ듁덦ꗦ꧶ꑈ꒧ꗎꅁ걇녎쏒ꓟ삳꧳ꡃꓫꑑꓩꭥ꯶꣤ꓫꗷ롧ꓢ뙏ꚬꑊ꣩냓듁덦냓ꙃ결ꕄ굮뒣벷돦ꛬꅃꚹꕾꅁꛊ꓀꒧꒭뒣벷꒧듚뚵ꅃ?쏒꣩ꗦ꧶꧒쉤쉩뙒뷦꒤ꓟꗧ삳ꙀꙐ꓀ꑔꅂ?ꭏ앀냲꒧둆꺧륂ꗎꚬ꽱ꅃ?뻡ꖫ돵ꗦ꧶궷쁉ꅁ걇ꗧ녎꣤ꙃ결뒣벷돦ꕼꅂ?냪꒺ꕾ꒽ꡰ뻷쏶ꅝ멣ꅞꅂ많엩귓ꑈ꺽쏘ꛬꅃ?꒧끝늣ꅃ?ꑔꅂ?ꚳ쏶ꙕ돦ꛬ뒣벷ꓱ꣒군뫢ꓨꚡꅁꭙꕈ꒭ꑑꭏ앀냲뉢썂뙗륌띳ꕸ맴꒭ꑑ믵꒸껉ꅁꕄ뫞뻷믵결ꑗ궭ꅁꚩ낣덝ꗟ껉꺽ꝕ꒧ꑑ믵ꅁ꓀ꑑ쏶녯ꥒꕏ볈껉낱ꓮ뒣벷ꭥ뚵닄ꑀ듚닄ꑇ듚꙾뒣벷ꅁꑀ꙾삳뒣벷ꕼ믵꒸ꅁꛓꕈ뚰꒤ꖫ꒧듚뚵ꅃ?돵ꓩꚨꗦ뙱ꑀꑤ믵꒸ꅁꦱ쁙ꖫ돵꒻ꑑ믵꒸ꭏ앀냲꒣ꢬꕈꓤ삳닄ꑇꑑ뇸닄ꑀ뚵덗ꥷ꒧듁덦ꖫ돵꙾ꚨꗦꑦ볆ꑀꛊꑇꑑ꒭롕ꑦꗎ덾껉ꅁꭏ앀뻷멣녯롧ꕄ뫞뻷쏶껖귣ꯡꅁꙖ덶꙾ꓱ꣒뱗ꕛ결냲럇ꅁ군뫢ꕘ쏒꣩ꗦ꧶뿄뻷멣귉듚ꅃ?꧒ꅂ쉤쉩뙒뷦꒤ꓟ듁덦ꗦ꧶꧒삳녱꣤롧ꖼ닄ꑀ뚵닄ꑀ듚닄ꑇ듚덗ꥷ쎺꿇뒣벷ꓢ뙏ꚬꑊ뒣벷ꛊ꓀꒧꒭ꅁ쏒꣩냓듁덦냓ꅁꭏ앀뻷멣녯돸뷐ꕄ뫞뻷쏶ꥒ꣤궭듁쎺꿇ꅆꭨꗑ꣤ꓢ쓲뙏꒤뒣벷ꑤ꓀꒧ꑇꅃ?ꦡ듁꒴ꖼ쎺꿇ꅁꕄ뫞뻷쏶ꣃ녯ꩫ늾끥녪꣮ꕼꅂ?ꑓ쏒꣩냓ꓢ쓲뙏ꭙꕈꚨꗦ썂ꑤ꓀꒧ꑀ냵ꛦꅃ?ꛜꑤ꓀꒧ꑀ쉉ꕼꑇ꒭군ꚬꅁꖻ뇸덗ꥷ삳 183
뫴믚뫴룴쏒꣩ꗦ꧶뙂듛꒧곣ꡳ ꛛꓢ쓲뙏꒤뒣벷ꑤ꓀꒧ꑇꅁꙝꚹ쏒꣩냓꧒뒣벷꒧듚뚵결ꚨꗦ썂꒧ꛊ롕꓀꒧ꑇ쉉ꑋ꒭ꅃꛓ쏒ꗦ꧒쉤쉩뙒뷦꒤ꓟ롧ꓢ뙏ꚬꑊ곹결ꚨꗦ썂꒧롕꓀꒧륳쉉꒻꒭ꅁꖻ뇸덗ꥷ삳ꛛ롧ꓢ뙏꒤뒣벷ꛊ꓀꒧꒭ꅁꭨ쏒ꗦ꧒쉤쉩뙒뷦꒤ꓟ꧒뒣벷꒧듚뚵곹ꚨꗦ썂꒧ꛊ롕꓀꒧ꑔ쉉ꑇ꒭ꅃꙝꚹ쏒꣩냓뭐쏒ꗦ꧒ꅂ쉤쉩뙒뷦꒤ꓟ뒣벷ꓱ꣒곛럭ꅃꕴ듁덦냓ꗘꭥꡃꑦ꧒ꚬꓤꓢ쓲뙏곹결ꑀꑤ꒸ꅁꖻ뇸덗ꥷ삳ꛛꓢ쓲뙏꒤뒣벷ꑤ꓀꒧ꑇꅁꙝꚹ듁덦냓꧒뒣벷꒧듚뚵ꅁꡃꑦ곹결ꑇ꒸ꅃ듁덦ꗦ꧶꧒ꡃꑦ꧒ꚬ꒧ꗦ꧶뙏떲뫢뙏곹결ꕼꑑꑇ쉉꒭꒸ꅁꖻ뇸덗ꥷ삳ꛛ롧ꓢ뙏꒤뒣벷ꛊ꓀꒧꒭ꅁꭨ듁ꗦ꧒ꡃꑦ뒣벷꒧썂곹결ꑇ쉉ꑀ꒸ꅃꙝꚹ듁덦냓뭐듁ꗦ꧒꣢뒣벷꒧ꓱ꣒곛럭ꅃ?꒭ꅂ?닄ꑇ뚵덗ꥷꭏ앀냲뉢썂뙗륌띳ꕸ맴꒭ꑑ믵꒸껉ꅁꕄ뫞뻷쏶녯뗸놡ꩰ낱ꓮ쏒꣩냓ꅂ듁덦냓ꅂ쏒ꗦ꧒ꅂ듁ꗦ꧒쉤쉩뷦뷦꒤ꓟ꒧뒣벷ꅃ?꒻ꅂ?결쇗ꝋꭏ앀냲썂꒣ꢬꕈꓤ삳닄ꑇꑑ뇸닄ꑀ뚵ꙕ듚꒧ꗎ덾ꅁꛓ때ꩫ륆ꚨꖻꩫ꒧ꗘꪺꅁ겸꧳닄ꑔ뚵덗ꥷꅁꭏ앀뻷멣녯Ꙗ뿄뻷멣ꗓ뷐뿄룪ꅃ?ꑃꅂ?닄ꕼ뚵ꧺꥷꖼ덗ꥷ쎺꿇뒣벷듚ꅁ롧ꕄ뫞뻷쏶ꕈ껑궱덱ꪾꥒ꣤궭듁쎺꿇ꅁꦡ듁꒴꒣쎺꿇ꅁ녯ꩫ늾끥녪꣮냵ꛦꅃ?닄ꑑꑅ뇸?ꭏ앀냲삳ꕈ쇊ꑊ걆ꦲ뛅꣩꙳ꑊ뿄뻷멣ꑀꅂ?ꭏ앀냲꒧ꭏ뫞륂ꗎꅁ삳ꩠ띎꣤ꙷꗾ꧊뭐꒧ꓨꚡꭏ뫞ꅃ롧ꕄ뫞뻷쏶껖귣ꅁ녯꧳Ꙙ군꒣뙗쎭ꥷ꧊ꅃ겸꧳닄ꑀ뚵ꧺꥷꭏ앀냲귬ꭨꑗ륌ꭏ앀냲뉢귈ꛊ꓀꒧꒭ꑑ꒧뵤돲꒺ꅁ결ꑕꙃ삳ꕈ쇊뙒걆ꦲ뛅꣩꙳ꑊ뿄꒧ꓨꚡꭏꓨꚡ꒧륂ꗎꅇ?뫞ꅃ결쇗ꝋꙝ덱덦뾱뗈떥ꙝ꿀덹ꚨ냲ꑀꅂ쇊롭ꛛꗎ꒣냊늣ꅃ?맪뷨믹귈ꝃ뢨ꅁ꣒ꕾ녯꧳Ꙙ군꒣뙗륌냲ꑇꅂ룪ꑗꖫꑗ쉤ꚳ믹쏒꣩ꅃ?뉢썂ꛊ꓀꒧꒭ꑑ뵤돲꒺ꅁ롧ꕄ뫞뻷쏶껖ꑔꅂ꣤ꕌꚳꝑ냲ꭏ귈꒧룪ꅃ?귣ꅁ결ꚳꝑ꧳냲ꚬꑊ꒧ꭏ귈꧊륂ꗎꅃ?ꭏ앀냲ꗎ꧳ꭥ뚵닄ꑀ듚꒧셠썂ꅁ꒣녯뙗륌덝ꑇꅂ?ꕴ결쇗ꝋꭏ앀냲ꗎ꧳쇊롭ꛛꗎ꒣냊늣ꗟ껉꺽ꝕ끝늣셠썂꒧ꛊ꓀꒧ꑇꑑ꒭ꅃ?꒧ꓤꕘꓱ꣒륌낪ꅁꛓꚳ륈ꭏ앀냲꒧덝롭ꗘꪺꅁꙐ껉뱶암냲꒧걹냊꧊ꅁ겸꧳닄ꑇ뚵ꧺꥷꭏ앀냲ꗎ꧳쇊롭꒣냊늣꒧셠썂꒣녯뙗륌덝ꗟ껉꺽ꝕ끝늣셠썂꒧ꛊ꓀꒧ꑇꑑ꒭ꅝ꯶꺽ꝕ끝늣곹결ꑑ믵ꅁ쇊롭ꛛꗎ꒣냊늣ꑗ궭썂곹결ꑇ쉉꒭믵꒸ꅞꅃ?닄ꑇꑑ뇸?ꭏ앀냲꒧냊ꗎꅁꕈꑕꙃꙕ듚결궭ꅇ?ꑀꅂ?ꧺꥷꭏ앀냲꒧ꗎ덾ꅃ?ꑀꅂ?닄ꑇꑑꑀ뇸덗ꥷꅁ쁶ꕉ쏒꣩룪ꑈꑇꅂ?닄ꑀ뚵닄ꑀ듚덗ꥷꭏ앀냲ꗎ꧳쁶ꕉ쏒듁덦ꗦ꧶ꑈ꒧ꗎꅃ?꣩룪ꑈ듁덦ꗦ꧶ꑈꙝ닄ꑇꑑꑀ뇸덗ꑇꅂ?ꭏ앀뻷멣ꖻꩫ냵ꛦ띾냈꒧ꓤꕘ꣤ꕌꥷ꧳쏒꣩냓듁덦냓땯ꗍ끝냈ꝸ쏸륈ꖲ굮뙏ꗎꅃ?곹ꅁꛓ때ꩫ꣺녯듁삳녯꒧ꚳ믹쏒꣩ꅂ믹ꑔꅂ?꣤ꕌ롧ꕄ뫞뻷쏶껖귣꒧ꗎ덾ꅃ?듚ꭏ쏒ꅂ앶ꝑ떲뫢녯ꝑ껉ꅁ녯ꭥ뚵닄ꑇ듚꒧롧뙏ꅁꕈ럭꙾ꯗꭏ앀냲꒧둆꺧ꕈꭏ앀냲쁶ꕉ꒧ꅃ닄ꑇ듚덗ꥷꭏ앀냲결ꑗ궭ꅁ뵳ꙃ륷뫢뿬뉺ꅃꕄ뫞뻷쏶녯뗸꣤끝ꗎ꧳ꓤꕉꭏ앀뻷멣꒧띾냈ꓤꕘ꣤ꕌ냈ꅂ띾냈놡ꩰ빁럭뷕뻣꒧ꅃ?ꖲ굮뙏ꗎꅃ닄ꑔ듚덗ꥷꭏ앀냲ꗎꕈ쎺꿇ꭏ앀뻷멣ꖻꩫ뒣끟뙄덞ꗲ뗴꧒믝꒧뙏ꗎꅃꕴ결꣏ꭏ앀냲꒧륂ꗎ녯ꙝ삳맪믚믝굮ꅁ겸꧳닄ꕼ듚덗ꥷꭏ앀냲녯ꗎ꧳꣤ꕌ롧ꕄ뫞뻷쏶껖귣꒧ꗎ덾ꅁꕈꭏ꽤뱵꧊ꅃ? 184
뿽ꑇ 쏒꣩룪ꑈ듁덦ꗦ꧶ꑈꭏ앀ꩫ꿳껗 ꑔꅂ?결쇗ꝋꭏ앀뻷멣꒧띾냈꣤ꕌꖲ굮뙏ꗎ꒧ꓤꕘꕥꭏ앀냲륂ꗎ꒧ꓱ꣒륌낪ꅁ겸꧳닄ꑇ뚵ꧺꥷꕈ럭꙾ꯗꭏ앀냲꒧둆꺧결ꑗ궭ꅁ뵳ꙃ륷뫢뿬뉺ꅃꕴ결ꭏ꽤뱵꧊ꅁꣃ뇂앶ꕄ뫞뻷쏶녯뗸꣤끝냈ꅂ띾냈놡ꩰꅁ꒩ꕈ빁럭뷕뻣ꅝ꣒꙰ꅇꭏ앀뻷멣닄ꑀ꙾롧뙏꛴뫢ꅁꭙꕈ덝ꗟ껉꒧꺽ꝕ끝늣곹ꑑ믵꒸ꕛ군ꙕꓫꗷ쏒꣩냓ꅂ듁덦냓ꅂ쏒ꗦ꧒ꅂ듁ꗦ꧒쉤쉩뙒꒤ꓟ뒣벷꒧듚뚵ꅁꙁ궼ꕈ믈ꛦꥷꝑ뉶곹ꛊ꓀꒧꒭ꅁ꛴뫢듁롧뙏ꑗ궭ꅃꛓ럭ꭏ앀냲ꗎ꧳ꓤꕉ닄ꑇꑑꑀ뇸닄ꑀ뚵꒧ꗎ덾ꅁꛓ교ꭏ앀냲둆꺧꒣ꢬꕈꓤ삳ꭏ앀뻷멣롧뙏굴뻡럭ꭏ앀냲꒧둆꺧뮷뙗륌ꭏ앀뻷멣꒧ꓤꕘ껉ꅁꕄ뫞뻷쏶녯닄ꑇ뚵껑덗ꥷꅁ꒩ꕈ빁럭뷕뻣ꅞꅃ?닄ꑇꑑꑀ뇸쏒꣩룪ꑈ듁덦ꗦ꧶ꑈꚳꑕꙃ놡껉ꅁꭏ앀ꑀꅂ?닄ꑀ뚵ꧺꥷꭏ앀뻷멣녯냊ꗎꭏ앀냲쁶??뻷멣녯냊ꗎꭏ앀냲쁶ꕉ꒧ꅇ?ꕉ쏒꣩룪ꑈ듁덦ꗦ꧶ꑈ꒧놡ꅃ?ꑀꅂ?쏒꣩룪ꑈ꧳꧒ꥥ끕꒧쏒꣩냓ꙝ끝냈ꝸꑇꅂ?닄ꑀ뚵닄ꑀ듚닄ꑇ듚덗ꥷ럭쏒꣩룪쏸ꖢ뉍쁶꿠ꑏꛓ륈곹껉ꅁ꣤꧳쏒꣩ꗦꑈ듁덦ꗦ꧶ꑈꙝ꧒ꥥ끕쏒꣩냓듁덦꧶ꖫ돵뙒뷦ꚳ믹쏒꣩ꣃꕈꞹꚨꗦ돎롱냓땯ꗍ끝냈ꝸ쏸륈곹ꅁꛓ때ꩫ꣺녯꣤삳냈ꅁꥥ끕룓쏒꣩냓Ꙗ뭻쇊ꅝ냢ꅞ앶쏒녯꒧ꚳ믹쏒꣩ꅂ믹듚ꭏ쏒ꅂ앶ꝑ꒧땯ꛦꑈ뷐ꡄ뱩곹ꣃꕈ떹ꕉ삳쎺꒧믹떲뫢ꝑ녯껉ꅁ녯ꕈꭏ앀냲쁶ꕉ꒧ꅁ듚ꚳ믹쏒꣩ꅁꛓꖼ꣺녯꣤삳녯꒧ꚳ믹ꕈꭏ믙ꑷꞹꚨ떲뫢ꗦ돎롱냈꒧앶꽱ꅁ쏒꣩믹듚ꅃ?Ꙑ껉뫻앀ꖫ돵꒧ꗦ꧶꾴Ꟈꅃ?ꑇꅂ?듁덦ꗦ꧶ꑈ꧳꧒ꥥ끕꒧듁덦냓ꙝ끝냈ꝸꑔꅂ?닄ꑀ뚵닄ꑇ듚쁶ꕉ꒧뵤돲ꅁꭙ듁덦ꗦ쏸ꖢ뉍쁶꿠ꑏꛓ륈곹껉ꅁ꣤꧳듁덦ꗦ꧶ꑈꖼꛛ룓듁덦냓듁덦ꗦ꧶ꩫ닄ꑃꑑ꧶ꖫ돵녱듁덦ꗦ꧶?ꛓꖼ꣺녯꣤삳녯뇸꧒뙽덝ꯈꓡꭏ쏒녍ꓡ꣺녯꣤삳녯꒧꒧ꭏ쏒ꅂ앶ꝑꅁ롧듁덦떲뫢뻷멣ꑕꙃ듚뚵ꅇ?ꞹꚨ떲뫢땻Ꟈꯡ꒧ꝑ녯ꅃ?ꅝꑀꅞ?듁덦ꗦ꧶ꑈ결녱듁덦ꗦ꧶ꅁꭏ앀냲ꭥ뚵덗ꥷꅁ쁶ꕉꡃꑀ쏒꣩룪ꑈ듁덦ꗦ꧶ꩫ닄꒻ꑑꑃ덗ꥷ삳ꗽꛦ듁덦ꗦ꧶ꑈ꒧썂ꑗ궭ꅂ맯ꡃꑀ쏒꣩냓듁덦쎺꙳ꛜ듁덦냓ꯈꓡꭏ쏒녍ꓡ꒧냓꒧ꗾ엩쏒꣩룪ꑈ듁덦ꗦ꧶ꑈ꒧쁶ꕉ셠ꭏ쏒ꅂ앶ꝑꅝꖼꗦ꧶ꅂꖼꞹ썂ꑗ궭ꅂ쁶ꕉ땻Ꟈ쁶ꕉ뿬ꩫꅁꗑꕄ뫞뻷쏶ꥷꚨꗦ꧶ꝙꞹꚨ떲뫢땻Ꟈꯡ꒧듚꒧ꅃ?뚵ꅞꅃ?ꭏ앀뻷멣ꑀ닄ꑀ뚵덗ꥷ쁶ꕉꯡꅁ녯꧳꣤쁶ꕉ궭ꅝꑇꅞ?듁덦떲뫢뻷멣ꞹꚨ떲뫢땻Ꟈꯡꅁꯗ꒺ꅁꕎꛬꛦ꣏쏒꣩룪ꑈ듁덦ꗦ꧶ꑈ맯꧳듁덦ꗦ꧶ꑈꙝ꯹ꚳꖼꡒ빐뎡ꛬ륈곹쏒꣩냓듁덦냓꒧뷐ꡄ앶ꅃ?ꑆ떲뎡ꛬ삳녯꒧ꝑ녯ꅃ??ꕼꅂ?듁덦떲뫢라귻꙰ꚳ꒣뱩ꛦ떲뫢ꗦ돎롱냈껉ꅁ삳ꗽ듁덦ꗦ꧶ꩫ닄ꕼꑑꑅ뇸덗ꥷꓤ삳ꣃꞹꚨ떲뫢땻Ꟈꅁ꧳ꓤ삳ꯡ꒴ꚳ꒣ꢬ껉ꅁ꣤꒣ꢬ듚뚵ꗑꭏ앀냲꒩ꕈ쁶ꕉꅃ?꒭ꅂ?닄ꑇ뚵냑ꛒ꙳듚ꭏ쁉뇸꣒닄ꑅ뇸덗ꥷꅁ뇂앶ꕄ뫞뻷쏶굱ꥷꭏ앀냲쁶ꕉ쏒꣩룪ꑈꅂ듁덦ꗦ꧶ꑈ꒧썂ꑗ궭ꅂ쁶ꕉ땻Ꟈ쁶ꕉ뿬ꩫꅃ?꒻ꅂ?결쇗ꝋ쏒꣩룪ꑈ듁덦ꗦ꧶ꑈꙝ쏒꣩냓듁덦냓꒧륈곹ꛓ샲녯뙗륌꣤맪믚띬ꖢ꒧뷟쁶듮뮴ꭏ앀뻷멣꒧굴뻡ꅁ겸냑럓ꗁꩫ닄ꑔꛊꑑꑇ뇸ꭏ쁉ꩫ닄꒭ꑑꑔ뇸ꚳ쏶ꕎꛬ앶덗ꥷꅁ꧳닄ꑔ뚵ꧺꥷꭏ앀뻷멣쁶ꕉ룪ꑈꗦ꧶ꑈꯡꅁ꧳쁶ꕉ썂뵤돲꒺ꅁ녯ꕎꛬꛦ꣏꣤맯쏒꣩냓듁덦냓꒧띬깠뷟쁶뷐ꡄ앶ꅃ?ꑃꅂ?ꚳ쏶쏒꣩룪ꑈ듁덦ꗦ꧶ꑈꖼ샲ꭏ앀 185
뫴믚뫴룴쏒꣩ꗦ꧶뙂듛꒧곣ꡳ 냲쁶ꕉ꒧뛅앶ꅁ녯닄ꑇꑑꑇ뇸덗ꥷ뷕덂닄ꑇꑑꑋ뇸덗ꥷ꒧많엩뙄덞ꅂꗲ뗴땻Ꟈ뿬뉺ꅃ?닄ꑇꑑꑇ뇸쏒꣩룪ꑈ듁덦ꗦ꧶ꑈ뭐땯ꛦꑈꅂ쏒꣩냓ꅂꑀꅂ?쏒꣩룪ꑈ듁덦ꗦ꧶ꑈꙝꚳ믹쏒꣩꒧뛒??쏒꣩ꩁ냈띾ꅂ듁덦띾ꅂꗦ꧶꧒ꅂ쉤쉩뙒뷦꒤뚰ꅂ땯ꛦꅂ뙒뷦듁덦ꗦ꧶교꣤앶꽱꣼띬ꅁꓟꅂ떲뫢뻷쇊꣤ꕌꝑ깠쏶ꭙꑈ뚡ꅁꙝꚳ믹쏒ꛓ뇽ꕄ녩앶ꝑ껉ꅁꝙ뚷뒣끟뙄덞ꕈꡄ뇏꣩꒧뛒뚰ꅂ땯ꛦꅂ뙒뷦듁덦ꗦ꧶꣤ꕌ곛쏶샙ꅁ놩꣼궭꧳뙄덞땻Ꟈ꒧셣몾꒣ꭋꅁ교꣏ꥹ꧒ꗍ꒧ꗁꪧ쒳ꅁ녯Ꙗꭏ앀뻷멣ꗓ뷐뷕ꑪꙨ볆앶꽱꣼띬꒧룪ꑈꗦ꧶ꑈꞡ뭱ꢬ덂ꅃ?꒣ꭥꅃ?ꭏ앀뻷멣결덂뉺뷕덂뚵ꅁ삳덝뷕덂ꥥ귻라ꅁꑇꅂ?맯꧳쏒꣩듁덦ꗦ꧶ꪧ쒳ꗳꅁ낣덷ꛦꙖ롭ꥥ귻ꑃꑈꛜꑑ꒭ꑈꅆ꣤닕슴뷕덂뿬ꩫꅁꗑꩫ끼뒣끟뙄덞ꕾꅁꥼꕩ덺륌뙭십ꖫ뷕룑ꥥꕄ뫞뻷쏶ꥷ꒧ꅃ?귻라뷕룑ꓨꚡ룑ꡍꅃ뉻ꚳ꒧뙭십뷕룑ꥥ귻라ꛦ꒧Ꙩ꙾ꅁ맯꧳뷕룑꿉ꪧꚳ꣤ꕜ껄ꅁ맯꧳쏒꣩듁덦ꗦ꧶꿉ꪧꡳꭄ꣤ꚨ귻꒧녍ꅁ결뢨맪ꪧ쒳꒧ꚳ껄덂뉺ꅁꣃ퍖룑덞랽ꅁ겸ꓱ럓ꗁ뙄덞ꩫ닄ꑇ뵳닄ꑇ뎹ꅂ껸뙏ꭏ앀ꩫ닄꒭뎹ꅂ뙭십뷕룑뇸꣒꒽깠꿉덂뉺ꩫ닄ꑔ뎹닄ꑀ론ꚳ쏶뷕룑뷕덂덗ꥷ꒧ꗟꩫ꣒ꅁ겸꧳닄ꑀ뚵뷡꒩ꭏ앀뻷멣꣼뉺뷕덂꒧ꗓ뷐ꣃ삳덝뷕덂ꥥ귻라뿬뉺뷕덂ꅃ?ꑔꅂ?ꚳ쏶뇸덂ꥥ귻라닕슴뷕덂땻Ꟈ셣Ꙩ뾾싸ꅁꚳꕴꥷ뿬ꩫ꒧ꖲ굮ꅁ겸꧳닄ꑇ뚵뇂앶ꕄ뫞뻷쏶굱ꥷ꒧ꅃ?닄ꑇꑑꑔ뇸ꗓ뷐뷕덂ꚳꑕꙃ놡꒧ꑀꅁ꒣꒩꣼뉺ꅇ?ꑀꅂ?결쇗ꝋꑀꙁ뉺ꅁꣃ껶뙏뙄덞룪랽ꅁ뙩??ꑀꅂ?ꭄ쓝ꭥ뇸닄ꑀ뚵ꗁꪧ쒳ꅃ?ꛦ때꽱꒧뷕덂ꅁ겸냑ꛒ껸뙏ꪧ쒳뷕룑뿬ꑇꅂ?ꭄ쏒꣩룪ꑈꅂ듁덦ꗦ꧶ꑈ뒣끟ꅃ?ꩫ닄ꑔ뇸꒧ꗟꩫ꣒ꅁ꧳닄ꑀ뚵ꧺꥷꗓ뷐ꑔꅂ?때꣣엩곛맯ꑈꅃ?뷕덂꒣꣼뉺꒧놡ꅃ?ꕼꅂ?ꑷꙢ닄ꑀ뱦ꩫ끼ꢥ뗼앇뷗닗떲ꅃ?ꑇꅂ?닄ꑀ뚵닄ꑀ듚ꧺꥷ뷕덂ꗳ궭꧳쏒꣩꒭ꅂ?뷕덂꒺깥결뵔ꥷꝐꡍ꒧껄ꑏ꧒ꅃ?듁덦ꪧ쒳ꗳꅃ닄ꑇ듚ꧺꥷꗓ뷐뷕덂꒧꒻ꅂ?Ꙑꑀꗳꑷꖻꩫ덗ꥷꗓ뷐뷕덂ꅃ?럭ꑈ궭꧳쏒꣩룪ꑈ듁덦ꗦ꧶ꑈꅁ뷕덂ꥥ귻라낣ꭥ뚵놡삳룉ꖿ뚵ꕾꅁ삳꧳ꕈ닅Ꙙꖻꩫ꒧ꗟꩫꗘꪺꅆ쏒꣩듁덦곛꣼뉺ꗓ뷐ꯡꑑ꒭ꓩ꒺뙩ꛦ뷕덂ꅃ?쏶뻷멣꒣녯ꖻꩫꗓ뷐뷕덂ꅁꕩꕴ둠뙭십ꖫ뷕룑ꥥ귻라뷕룑ꓨꚡ뿬뉺ꅃ닄ꑔ듚ꧺꥷ쏒꣩룪ꑈ듁덦ꗦ꧶ꑈꗓ뷐뷕덂껉삳ꚳ꣣엩곛맯ꑈꅁꙝ맯덹꒣ꧺ뵔ꅁ꺣라땯ꗍ때ꩫ덱ꪾ꣬돵놡ꅁ녎꣏뷕덂때ꩫ뙩ꛦꅃ닄ꕼ듚ꧺꥷꗓ뷐뷕덂ꗳ꙰ꑷꙢ닄ꑀ뱦ꩫ끼ꢥ뗼앇뷗닗떲ꅁꗑ꧳뙄덞ꑷ륆ꩫ끼ꕩꕈ뗴Ꝑ꒧땻ꯗꅁ삳ꗑꩫ끼뗴Ꝑ룑ꡍꅁ뷕덂ꥥ귻라꒣ꥹ꣼뉺뷕덂꒧ꗓ뷐ꅃꕴ뷕덂ꗳ꙰뵔결뵔ꥷ뗴Ꝑ꒧껄ꑏ꧒ꅁ럭ꑈꖻꝙ꒣녯둎룓ꩫꯟ쏶ꭙꟳꛦ끟뙄ꅁꙝꚹ룓떥껗ꗳꅁꛛ때ꙁ뙩ꛦ뷕덂꒧ꖲ굮ꅁ겸꧳닄꒭듚ꧺꥷ꒧ꅃꕴ럭ꑈꑷꖻꩫꗓ뷐뷕덂ꅁ결쇗ꝋ럭ꑈ싐ꗓ뷐뷕덂ꅁ껶뙏룪랽ꕂ뙩ꛦ때꽱꒧뷕덂ꅁ겸꧳닄꒻듚ꧺꥷ꒣꣼뉺꒧ꅃ?ꑔꅂ?결ꢳ덴룑ꡍ꿉ꪧꅁ겸꧳닄ꑇ뚵ꧺꥷ낣ꚳ꒣꣼뉺삳룉ꖿꗑꕾꅁ뷕덂ꥥ귻라삳꧳꣼뉺뷕덂ꗓ뷐ꯡꑑ꒭ꓩ꒺뙩ꛦ뷕덂ꅃ?닄ꑇꑑꕼ뇸ꗓ뷐뷕덂ꑈ꣤ꗓ뷐꒺깥꧒녯ꕄ녩꒧뷐ꡄ꯶껉껄꒤쉟ꅁꭙꕈꭥ롧륌꒧듁궭ꅁ랧ꛦ껸??앶ꅁ꣤껉껄ꙝꗓ뷐뷕덂ꛓ꒤쉟ꅁ뷕덂꒧ꗓ뷐럀ꅁꕈꯡ꒴믝ꟳꥬ뙩ꛦ꒧뿗ꅃꗁꩫ닄ꑀꛊꑇꑑ롧멍Ꙟꅂ꒣꣼뉺뷕덂꒣ꚨꗟ껉ꅁ뗸결꒣꒤ꑅ뇸덗ꥷꅁ껉껄ꙝ셮뷐뷕룑떥ꛓ꒤쉟ꅁ꣤ꗘꪺ쉟ꅃ?결ꭏ앀뷕룑셮뷐ꑈ꒧ꝑ꽱ꅃ?ꖻꩫ꧒덗ꥷ꒧뷕덂ꅁꙝ꣤꧊뷨뭐뷕룑꒧덗ꥷ곛 186
뿽ꑇ 쏒꣩룪ꑈ듁덦ꗦ꧶ꑈꭏ앀ꩫ꿳껗 Ꙑꅁ겸ꧺꥷ꣤맪껄ꗧꙝ뷕덂ꗳ꒧ꗓ뷐ꛓ꒤쉟ꅃꕴꣃ냑럓ꗁꩫ닄ꑀꛊꑔꑑꑔ뇸ꚳ쏶뷕룑꒧셮뷐멍Ꙟꅂ덑믩Ꙟꅂ뷕룑꒣ꚨꗟ껉ꅁ뗸결꒣꒤쉟덗ꥷ꒧ꗟꩫ꣒ꅁꧺꥷ뷕덂꒧ꗓ뷐롧멍Ꙟꅂ꒣꣼뉺뷕덂꒣ꚨꗟ껉ꅁ뗸결꒣꒤쉟ꅃ??닄ꑇꑑ꒭뇸?뷕덂ꗳ롧싹ꓨ럭ꑈ륆ꚨꣳ쒳ꅁ뷕덂ꚨꑀꅂ?ꖻ뇸냑ꛒ꒽깠꿉덂뉺ꩫ닄ꑇꑑ꒻뇸ꗟꅃ?닄ꑇꑑꑃ뇸꒧ꗟꩫ꣒굱ꥷꅃ?뷕덂ꗳꅁ륆ꚨꣳ쒳ꚳꝸ쏸ꅃ뷕덂ꥥ귻라녯ꑇꅂ?닄ꑀ뚵ꧺꥷ뷕덂롧싹ꓨ럭ꑈ륆ꚨꙘ띎띲끵ꑀ꓁놡ꅁꡄ싹ꓨ럭ꑈꝑ꽱꒧ꖭ뿅ꅁ롧ꅁ뷕덂ꚨꗟꅃ?ꗾ엩ꥥ귻륌ꕢ볆꒧Ꙑ띎Ꝁꚨ뷕덂ꓨ껗ꅁꣃꥷꕼꑔꅂ?닄ꑇ뚵닄ꑔ뚵ꧺꥷ뷕덂ꥥ귻라둎뷕덂ꑑ꒭ꓩꕈꑕ듁뚡쑕뻉싹ꓨ럭ꑈꙐ띎ꅆꖲ굮ꗳ륆ꚨꣳ쒳ꚳꝸ쏸ꅁ녯꧳ꛒ뙱싹ꓨ껉ꅁ녯ꙁꦵꕼꑑ꒭ꓩꅃ?럭ꑈꝑ꽱꒧ꖭ뿅ꯡꅁ롧ꗾ엩ꥥ귻륌ꕢ럭ꑈꖼ꧳ꭥ뚵꧒ꥷ듁뚡꒺결꒣Ꙑ띎꒧ꫭꗜ볆꒧Ꙑ띎뒣ꕘꖭ꒹ꓨ껗ꅁꣃꧺꥷꑀꥷ듁ꅁ뗸결싹ꓨ럭ꑈ뷕덂ꓨ껗뷕덂ꚨꗟꅃ?뚡롧륌ꅁ럭ꑈꖼ결꒣Ꙑ띎꒧ꫭꗜꅁꙨ볆꣣ꚳꙀꙐꝑ꽱꒧ꑀ덹럭ꑈꅁ꣤꒤ꑀꑈ뗸결뷕덂ꚨꗟꅁꕈꝑ뷕덂륆ꚨꅃ?볆ꑈ꧳닄ꑇ뚵꧒ꥷ듁뚡꒺결꒣Ꙑ띎꒧ꫭꗜꕼꅂ?닄ꕼ뚵ꧺꥷꙨ볆꣣ꚳꙀꙐꝑ꽱꒧럭ꑈꅁ룓뷕덂ꓨ껗맯꒧ꖢ꣤껄ꑏꅁ맯꣤ꕌ럭ꑈꙀꙐꗓ뷐뷕덂껉ꅝ녯ꙀꙐꗓ뷐뷕덂뿯뗸결뷕덂ꚨꗟꅃ결꒣Ꙑ띎꒧ꑈ볆뙗륌룓덹ꗾꥷ럭ꑈ떥덗ꥷꅁ꧳뷕덂뿬ꩫ꒤굱ꥷꅞꅁ엩럭ꑈꑈ볆꒧ꕢ볆껉ꅁ뗸결뷕덂꒣ꚨꗟꅃ?꣤꒤ꑀꑈ볆ꑈ둎뷕덂ꥥ귻라꧒뒣ꕘ꒧뷕덂ꥥ귻라닄ꑇ뚵덗ꥷ결쑕뻉ꅁ뗸빁럭놡뷕덂ꓨ껗ꫭꗜ꒣Ꙑ띎ꅁ뷕덂맯꒧꒣ꗍ꒽뙽룓뷕덂ꓨ껗ꅃ?껄ꑏꅃ럭ꚳ륌ꕢ볆럭ꑈ맯뷕덂ꓨ껗ꫭꗜ꒣Ꙑ띎ꅁ뗸결ꗾ뎡뷕덂꒣ꚨꗟꅃ?꒭ꅂ?닄꒭뚵ꧺꥷ뷕덂ꥥ귻라녯뗸놡꒽ꝩ룓뷕덂ꓨ껗ꅁꑷ꣏럭ꑈ녯ꪾ뻥ꓨ껗꒧꒺깥ꅃ?닄ꑇꑑ꒻뇸뷕덂ꚨꗟ삳Ꝁꚨ뷕덂껑ꅃ뷕덂껑꒧Ꝁꚨꅂ뱦ꑀꅂ?닄ꑀ뚵냑럓껸뙏ꭏ앀ꩫ닄ꕼꑑ꒻뇸덗??껖끥륆ꅁ럇ꗎ뙭십ꖫ뷕룑뇸꣒닄ꑇꑑꑇ뇸ꥷꅁꧺꥷ뷕덂껑꒧Ꝁꚨꅂ뱦껖끥륆ꅁ닄ꑇꑑꑔ뇸덗ꥷꅃ?럇ꗎ뙭십ꖫ뷕룑뇸꣒닄ꑇꑑꑇ뇸닄ꑇ롧ꩫ끼껖ꥷ꒧뷕덂ꅁ뭐ꗁ뵔ꥷꝐꡍꚳꙐꑀ꒧ꑑꑔ뇸ꚳ쏶뷕룑껑삳끏룼뚵뷕룑껑껄ꑏꅃ?삳끥뫞쇒ꩫ끼뱦껖꒧덗ꥷꅃ?롧ꩫ끼껖ꥷ꒧뷕덂ꚳ때껄녯멍빐뷕덂꒧귬ꑇꅂ?꯶ꖻꩫ꧒덗ꥷ꒧뷕덂땻Ꟈꅃ뭐뙭십ꖫ뷕ꙝꅁ럭ꑈ녯Ꙗ겸껖ꥷꩫ끼뒣끟ꯅꝩ뷕덂때룑뇸꣒꒧뷕룑꒽깠꿉덂뉺ꩫ꒧뷕덂껄멍빐꒧뙄ꅁꣃ녯뇏뒩뷕덂ꗳꙘ꣖끟뙄꧊뷨곛Ꙑꅁ겸냑럓뙭십ꖫ뷕룑뇸꣒닄ꑇ뒣끟뙄ꅁ뷐ꡄꩫ끼꧳ꯅꝩ때껄멍빐뷕덂ꑑꕼ뇸닄ꑇ뚵꒽깠꿉덂뉺ꩫ닄ꑔꑑ껉ꅁꙘ꣖뗴Ꝑ꒧ꅁꣃ뗸결ꛛꗓ뷐뷕덂껉ꑷ롧끟뇸꒧덗ꥷꅁ꧳닄ꑇ뚵ꧺꥷ뷕덂롧ꩫ끼껖뙄ꅃ?ꥷꯡꅁ뷡꒩ꗁ뵔ꥷꝐꡍꙐꑀ껄ꑏꅁꕈꭥ뚵뙄덞ꅁ럭ꑈ삳꧳ꩫ끼껖ꥷ꒧뷕덂껑끥륆ꭏ앀ꡰ앶ꅁꣃ듮ꓖ덞랽ꅃ?ꯡꑔꑑꓩ꒺뒣끟꒧ꅃꚳꗁꩫꑗ꒧때껄꒧귬ꙝꑔꅂ?ꖻꩫ걊뷡꒩뷕덂뭐ꗁ뵔ꥷꝐꡍ꣣ꚳꙐꅁ꒣Ꙣꚹ궭ꅃ?떥껄ꑏꅁ겸냑ꛒ뙭십ꖫ뷕룑뇸꣒닄ꑇꑑ뷕덂때껄멍빐뷕덂꒧뙄꒧Ꝑꡍꅁ꧳닄ꑔꑈꙢ꒻뇸ꅂ꒽깠꿉덂뉺ꩫ닄ꑔꑑꑀ뇸ꗁ끟뙄ꭥꕈ떽띎꣺녯꒧앶ꝑ때뱶암ꅃ?뙄덞ꩫ닄ꕼꛊꑑ꒻뇸닄ꑔ뚵덗ꥷ꒧ꗟꩫ꣒ꅁ꧳닄ꑔ뚵ꧺꥷ뷕덂ꗳ럭ꑈ꙰ꕄ녩ꚳ때껄녯멍빐꒧귬ꙝꅁ럭ꑈꛛ녯뒣끟ꯅꝩ뷕덂때껄멍빐뷕덂꒧뙄ꅃꛓ뒣끟ꯅꝩ뷕덂때껄멍빐뷕덂꒧뙄꒧귬ꝩꅁ꙰결귬뷕덂ꗓ뷐ꑈꅁꛛ녯Ꙙ꣖끟뙄ꅆ꙰결귬뷕덂ꗳ꒧곛맯ꑈꅁꭨ귬뷕덂ꗓ뷐ꑈꕩ꧳꣤땻Ꟈ꒤뒣끟뙄ꅁꕈꭋꑀꚸ룑ꡍ꿉ꅁ닅Ꙙ뙄덞롧샙귬ꭨꅃ?ꕼꅂ?닄ꕼ뚵냑ꛒ뙭십ꖫ뷕룑뇸꣒닄ꑇꑑ꒻뇸닄ꑇ뚵꒽깠꿉덂뉺ꩫ닄ꑔꑑꑀ뇸덗ꥷꅁꧺꥷ뒣끟ꯅꝩ뷕덂때껄멍†††빐뷕덂꒧뙄꒧듁뚡ꅃ?결ꭏ앀떽띎닄ꑔꑈ꒧ꝑ꽱ꅁ겸냑ꛒꗁ뙄덞ꩫ 187
뫴믚뫴룴쏒꣩ꗦ꧶뙂듛꒧곣ꡳ 닄꒭ꛊ륳꒻뇸꒧ꗟꩫ꣒ꅁ꧳닄꒭뚵ꧺꥷ뷕덂때껄멍빐뷕덂꒧뙄꒧Ꝑꡍ꒣뱶암떽띎닄ꑔꑈ꣺꒧앶ꝑꅃ?닄ꑇꑑꑃ뇸?ꗁꗳꑷ쎴쓝꧳ꩫ끼ꅁꙢꝐꡍ뵔ꥷꭥ뷕덂ꚨ꯶쏒꣩듁덦ꗦ꧶ꪧ쒳ꗳ걊롧뷕덂ꚨꗟꅁꚳꗟꅁꣃ롧ꩫ끼껖ꥷꅁ뗸결꧳뷕덂ꚨꗟ껉멍Ꙟ쏶꿉ꪧ삳ꑷꚳ껄뇆룑ꅁꕂ뷕덂ꚨꗟ뭐ꗁ뵔끟뙄ꅃ?ꥷꝐꡍ꣣ꚳꙐꑀ껄ꑏꅁꛛ꒣녯ꙁ쓲ꛦ뙄덞땻Ꟈꅁ겸냑럓뙭십뷕룑뇸꣒닄ꑇꑑ꒭뇸덗ꥷꅁꧺꥷꗁꗳꑷ쎴쓝꧳ꩫ끼ꅁꙢꝐꡍ뵔ꥷꭥ뷕덂ꚨꗟꅁ뗸결꧳뷕룑ꚨꗟ껉멍Ꙟ끟뙄ꅃ?닄ꑇꑑꑋ뇸?ꭏ앀뻷멣결뫻앀꒽꽱ꅁ꧳꣤뎹땻꧒ꥷꗘꪺ뵤돲ꑀꅂ?쏒꣩듁덦ꖫ돵ꅁꙝ룪ꑈꗦ꧶ꑈ꓀꒺ꅁ맯꧳덹ꚨꙨ볆쏒꣩룪ꑈ듁덦ꗦ꧶ꑈ꣼뒲ꅁ맯꧳Ꙑꑀ맪귬ꙝ꧒ꓞ끟꒧ꙀꙐ띬띬깠꒧Ꙑꑀ쏒꣩ꅂ듁덦ꗳꅁ녯ꗑꑇꑑꑈꕈꑗ깠ꅁꗑ꧳귓ꝏꡄ쁶Ꙣ셼쏒ꅂ꽁덞땻Ꟈ쏒꣩룪ꑈ듁덦ꗦ꧶ꑈ뇂뭐뙄덞ꗲ뗴맪뙏ꗎꑗꅁꦹꦹꙝꑏ뙱ꚳ궭ꛓꡄ쁶띎쑀꒣걉앶ꯡꅁꕈꛛꑶ꒧ꙗ롱ꅁ끟뙄뒣ꕉꗲ뗴ꅃ쏒낪ꅁꕂꑀꖹꚳ륈ꩫꛦ결땯ꗍꅁ뷐ꡄ앶ꑈ꣩룪ꑈ듁덦ꗦ꧶ꑈ녯꧳ꢥ뗼앇뷗닗떲ꭥ결뷐ꡄ띬깠뷟쁶ꛓꗽꯡ꓀ꝏꙖꩫ끼뙄룟냝닗떲ꭥꅁ멍Ꙟ뙄덞ꗲ뗴맪걉앶꒧뇂덞ꅁ맯ꩫ끼ꛓꢥꗧ걏ꡉ궫굴뻡ꅃ결듁뙄뭐ꅁꣃ덱ꪾꩫ끼ꗲ뗴깸ꅃ?덞ꅂꗲ뗴롧샙ꅁ듮뮴덞닖ꅁ땯뒧ꭏ앀뻷ꭏ앀뻷멣ꭥ뚵덗ꥷ끟뙄뒣ꕉꗲ뗴ꯡꅁ녯ꗑ멣꒧ꕜ꿠ꅁ겸냑ꛒ껸뙏ꭏ앀ꩫ닄꒭ꑑ꣤ꕌꙝꙐꑀ쏒꣩듁덦ꗳ꣼띬깠꒧쏒꣩뇸ꛦ걆뙄덞ꩫ닄ꑔꑑ꒭뇸꒧ꗟꩫ꣒ꅁ룪ꑈ듁덦ꗦ꧶ꑈ뇂뭐뙄덞ꗲ뗴맪걉앶ꅁ꧳꒹덜ꭏ앀뻷멣결뫻앀꒽꽱ꅁ꧳꣤뎹땻꧒닄ꑀ뱦ꢥ뗼앇뷗닗떲ꭥ룟냝닗떲ꭥꅁ쉘녩삳ꥷꗘꪺ뵤돲꒺ꅁ녯롧ꗑꑇꑑꑈꕈꑗ꒧쏒꣼Ꝑꡍꗲ뗴뚵꒧셮ꧺꅃ?꣩룪ꑈ듁덦ꗦ꧶ꑈ뇂뭐뙄덞ꗲ뗴ꭥꑇ뚵뙄덞ꗲ뗴맪걉앶꒧뇂뭐ꅁ삳ꕈꓥ껑결맪걉앶ꅁ끟뙄뒣ꕉꗲ뗴ꅁ겸꧳닄ꑀ뚵꒧ꅃ?ꧺꥷꅃ?ꗲ뗴ꩫ닄ꕼ뇸꒧덗ꥷꅁ꧳ꭏ앀뻷멣닄ꑀ뚵ꑇꅂ?ꭏ앀뻷멣ꖻ뇸덗ꥷꅁ끟뙄뒣ꕉꗲ뗴닄ꑇ뚵덗ꥷ끟뙄쉘녩삳꣼Ꝑꡍ뚵꒧셮ꧺꯡꅁ결ꭋꝑ꣤ꕌ덑깠ꑈꣃ껗뷐ꡄ뷟쁶껉ꅁ꒣빁ꗎ꒧ꅃ?닅Ꙙ뙄덞롧샙꒧굮ꡄꅁ겸꧳닄ꑇ뚵ꧺꥷꭏ앀뻷멣녯롧꣤ꕌꙝꙐꑀ쏒꣩ꅂ듁덦ꗳ꣼깠꒧쏒꣩룪ꑈ듁덦ꗦ꧶ꑈ뇂뭐뙄덞ꗲ뗴맪걉앶ꅁꗑꭏ앀뻷멣쉘녩삳꣼Ꝑꡍꗲ뗴뚵꒧셮ꧺꅃ?ꑔꅂ?닄ꑔ뚵ꧺꥷ뙄덞ꗲ뗴맪걉앶꒧뇂뭐ꅁ삳ꕈꓥ껑결꒧ꅁꕈ쇗ꝋꪧ쒳ꅃ?ꕼꅂ?결듁많엩뙄덞뚶ꝑ뙩ꛦꅁꣃꛒ뱻맪냈ꑗꗲ뗴뇸듚꒧곹ꥷꅁ겸꧳닄ꕼ뚵ꧺꥷꭏ앀뻷멣뒣끟많엩뙄덞꒣빁ꗎꗲ뗴ꩫ닄ꕼ뇸ꅁ삳낱ꓮ뙄덞땻Ꟈ꒧덗ꥷꅃ?닄ꑇꑑꑅ뇸?쏒꣩룪ꑈ듁덦ꗦ꧶ꑈꭥ뇸닄ꑀ뚵멍Ꙟꑀꅂ?닄ꑀ뚵ꧺꥷ쏒꣩룪ꑈ듁덦ꗦ꧶ꑈ멍뙄덞ꗲ뗴맪걉앶꒧뇂뭐ꅁ룓뎡꓀뙄덞ꗲꙞ뙄덞ꗲ뗴맪걉앶ꅁꩫ끼ꗲ뗴깸삳낱뗴땻Ꟈ럭땍낱ꓮꅁ룓쏒꣩룪ꑈ듁덦ꗦ꧶ꑈꓮ룓뎡꓀꒧뙄덞땻Ꟈꅁ쏒꣩룪ꑈ듁덦삳ꝙ셮ꧺ꧓꣼뙄덞ꗲ뗴ꅁꩫ끼ꗲ뗴깸ꗧ녯ꗦ꧶ꑈ삳ꝙ셮ꧺ꧓꣼뙄덞ꗲ뗴ꅁꩫ끼ꗧ슾앶ꥒ룓쏒꣩룪ꑈ듁덦ꗦ꧶ꑈ꧓꣼뙄녯ꥒ쏒꣩룪ꑈ듁덦ꗦ꧶ꑈ꧓꣼뙄덞덞ꗲ뗴ꅃ?ꗲ뗴ꅁꕈ귝압쏒꣩룪ꑈ듁덦ꗦ꧶ꑈꭏ앀뻷멣ꭥ뇸덗ꥷ끟뙄뒣ꕉꗲ뗴ꯡꅁꙝ뎡귬ꑷ끟뙄뒣ꕉꗲ뗴꒧앶꽱ꅝ꙰꒤쉟껉꓀쏒꣩룪ꑈ듁덦ꗦ꧶ꑈ멍Ꙟ뙄덞ꗲ뗴껄ꅞꅃ?맪걉앶꒧뇂뭐ꅁ교꣤빬뎡꓀꒣ꢬꑇꑑꑈꅁ꒴ꑇꅂ?냲꧳뙄덞ꙷꥷ룛ꭈ귬ꭨꅁ겸꧳닄ꑇ뚵ꧺ녯둎꣤빬뎡꓀쑾쓲뙩ꛦ뙄덞ꗲ뗴ꅃ??ꥷꭏ앀뻷멣뒣끟ꖻ뇸뙄덞ꗲ뗴ꯡꅁ셡ꙝ뎡꓀룪ꑈꗦ꧶ꑈ멍Ꙟ뙄덞ꗲ뗴맪걉앶ꅁ교꣤ꑈ볆꒣ꢬꑇꑑꑈꅁ꒴녯둎꣤빬뎡꓀쑾쓲뙩ꛦ뙄덞ꗲ뗴ꅃ?닄ꑔꑑ뇸??ꙕ쏒꣩룪ꑈ듁덦ꗦ꧶ꑈ꧳닄ꑇꑑꑋ뇸닄꯶뷐ꡄ앶껸럀껉껄ꅁꗁꩫ닄ꑀꛊꑇꑑꑋ뇸덗ꑀ뚵닄ꑇ뚵꒧띬깠뷟쁶뷐ꡄ앶ꅁ꣤껉껄삳귓ꥷꅁꛛ뷐ꡄ앶ꕩꛦ꣏껉끟뫢ꅁ꙰ꙕ귓쏒꣩룪ꝏ군뫢ꅃ??ꑈ듁덦ꗦ꧶ꑈ띬깠뷟쁶뷐ꡄ앶꒧끟뫢쉉꒣Ꙑꅁ꣤껉껄ꝑ꽱ꅁ삳돦뽗귓ꝏ군뫢ꅁ겸ꧺꥷ꒧ꅃ? 188
뿽ꑇ 쏒꣩룪ꑈ듁덦ꗦ꧶ꑈꭏ앀ꩫ꿳껗 닄ꑔꑑꑀ뇸?ꭏ앀뻷멣둎쏒꣩룪ꑈ듁덦ꗦ꧶ꑈ뇂뭐뙄ꑀꅂ?꯶ꭏ앀뻷멣뒣끟닄ꑇꑑꑋ뇸뙄덞ꗲ뗴덞ꗲ뗴맪걉앶꒧ꗳꅁꚳ결ꑀ꓁뙄덞ꗲ뗴ꭙꕈꛛꑶ꒧ꙗ롱결럭ꑈꅁ귬ꭨꑗ삳ꚳ결ꛦ결꒧앶ꅃ쏒꣩룪ꑈ듁덦ꗦ꧶ꑈ녯궭꣮ꑀ꓁뙄덞ꗲ뗴ꛦ결꒧앶ꅁ결맪믚ꑗ꒧뛅꣤결뇋뇳ꅂ뭻뿕ꅂ멍Ꙟꥍ룑ꅃ?앶ꑈ꒴결쏒꣩룪ꑈ듁덦ꗦ꧶ꑈꅁꛓ쏶ꭥ뚵쏒꣩룪ꑈ듁덦ꗦ꧶ꑈ꒤ꑀꑈ꧒결꒧꧳뇋뇳ꅂ뭻뿕ꅂ멍Ꙟꅂꥍ룑꒧ꛦ결ꅃ쏶ꭙ궭꣮ꅁ꣤껄ꑏ꒣꧳꣤ꕌ쏒꣩룪ꑈ듁덦ꗦ럭ꑈ꒧앶꽱곆륤ꅁ쏒꣩룪ꑈ듁덦ꗦ꧶ꑈꅃ?꧶ꑈꛛ녯꒩ꕈ궭꣮ꅁ겸꧳닄ꑀ뚵ꧺꥷ꒧ꅃ?닄ꑀ뚵꒧궭꣮ꅁ삳꧳닄ꑇꑑꑋ뇸닄ꑔ뚵꒧ꓥ껑ꑇꅂ?닄ꑇ뚵ꧺꥷ쏒꣩룪ꑈ듁덦ꗦ꧶ꑈ꒤꒺ꫭꧺꅁꕈ껑ꪬ뒣ꕘ꧳ꩫ끼ꗲ뗴깸ꅃ?ꑀꑈ꧒결꒧궭꣮ꅁ꣤껄ꑏ꒣꧳꣤ꕌ쏒꣩룪ꑈ듁덦ꗦ꧶ꑈꅃ?ꑔꅂ?닄ꑔ뚵ꧺꥷ쏒꣩룪ꑈ듁덦ꗦ꧶ꑈ꧒결꒧궭꣮ꅁ삳꧳뇂뭐뙄덞ꗲ뗴맪걉앶꒧ꓥ껑꒺ꫭꧺꅁꕈ껑ꪬ룼ꧺ궭꣮꒧띎ꚮꅁ뒣ꕘ꧳ꩫ끼ꗲ뗴깸ꅁꕈꝋꪧ쒳ꅃ?닄ꑔꑑꑇ뇸?쏒꣩룪ꑈ듁덦ꗦ꧶ꑈ맯꧳닄ꑇꑑꑋ뇸뙄ꑀꅂ?닄ꑀ뚵ꧺꥷ쏒꣩룪ꑈ듁덦ꗦ꧶ꑈ녯덞꒧Ꝑꡍ꒣ꩁꅁ녯꧳ꭏ앀뻷멣ꑗ뙄듁뚡ꦡ몡ꛛꛦ뒣끟ꑗ뙄꒧굮ꗳ껉듁ꅃ?ꭥꅁ멍Ꙟ뙄덞맪걉앶꒧뇂뭐ꅁꩫ뒣끟ꑗ뙄ꅃ?ꑇꅂ?닄ꑇ뚵ꧺꥷꭏ앀뻷멣삳녎뙄덞ꗲ뗴꒧ꭏ앀뻷멣꧳ꚬ꣼ꝐꡍꝐ쉟껑ꖿꖻꯡꅁ삳ꝙ녎떲ꩇ걏ꝟ뒣끟ꑗ뙄꒧띎ꚮꅁ뺨덴ꕈ껑궱꣤떲ꩇ덱ꪾ쏒꣩룪ꑈ듁덦ꗦ꧶ꑈꅁꣃ삳꧳ꓨꚡ덱ꪾ쏒꣩룪ꑈ듁덦ꗦ꧶ꑈꅁ귚쏒ꑃꓩ꒺녎걏ꝟ뒣끟ꑗ뙄꒧띎ꚮꕈ껑궱덱ꪾ쏒꣩룪ꑈ듁덦ꗦ꧶ꑈꚭ뇄ꛦꙝ삳놹꣩룪ꑈ듁덦ꗦ꧶ꑈꅃ?걉ꅁꕈꭏ믙꣤앶꽱ꅃ?닄ꑔꑑꑔ뇸?ꭏ앀뻷멣삳녎닄ꑇꑑꑋ뇸뙄덞ꗲ뗴떲ꩇ꧒꯶ꭏ앀뻷멣결쏒꣩룪ꑈ듁덦ꗦ꧶ꑈ뒣끟뙄녯꒧뷟쁶ꅁꚩ낣뙄덞ꗲ뗴ꖲ굮뙏ꗎꯡꅁ꓀ꝏ덞뒣ꕉꗲ뗴ꅁ꿂쓝ꩁ냈꒧꧊뷨ꅁꭄꕈ샧ꝑ결ꗦꕉ뇂뭐뙄덞ꗲ뗴맪걉앶꒧쏒꣩룪ꑈꗘꪺꅁꣃ결꣏룪ꑈꗦ꧶ꑈ꧶꧳ꝑꗎ많엩뙄듁덦ꗦ꧶ꑈꅁꣃ꒣녯뷐ꡄ돸륓ꅃ?덞ꅂꗲ뗴꣮ꯗꅂ겸ꧺꥷꭏ앀뻷멣삳녎뙄덞ꅂꗲ뗴떲ꩇ꧒녯꒧뷟쁶ꅁꚩ낣뙄덞ꗲ뗴ꖲ굮뙏ꗎꯡꗦꕉ룪ꑈꗦ꧶ꑈꅁꣃ꒣녯뷐ꡄ돸륓ꅃ?닄ꑔꑑꕼ뇸?ꭏ앀뻷멣닄ꑇꑑꑋ뇸덗ꥷ뒣끟뙄덞ꅁ셮뷐낲ꑀꅂ?쏒꣩듁덦ꪧ쒳꒧덑깠ꑈ뒣끟띬깠뷟쁶뙄ꚩꧣꅂ낲덂꓀껉ꅁ삳쓀ꧺ뷐ꡄ낲ꚩꧣꅂ낲덂덞ꅁꭙ결뛱룉띬깠ꅁ놩냲꧳뉻ꛦꗁ뙄덞꓀꒧귬ꙝꅃ?꣮ꯗꭙꪧꪧ쒳뗪엥곛럭껉뚡ꓨ꿠Ꝑꡍꥷꩫ끼녯둎ꭏ앀뻷멣ꭥ뚵셮ꧺꅁ결ꝋ꣑뻡ꭏ꒧뗴囹ꅁꕛ깠ꑈ굙닦늣ꅁ덑깠ꑈ셡꣏돌ꯡ돓뙄ꥷꅃ?Ꝑꡍ뵔ꥷꅁꦹꦹ뛈꣺녯ꑀ꿈뛅앶뻌쏒ꅁ덑깠ꑈ꒧띬ꖢ때녱녯맪뷨몡ꢬꅆ결ꚹꅁꭏ앀뻷멣꧳뒣끟많엩뙄덞ꭥꅁꚳ셮뷐ꭏꗾ땻Ꟈ꒧ꖲ굮ꅆ놩ꭏꗾ땻Ꟈꗁ뙄덞ꩫ닄꒭ꛊꑇꑑ꒻뇸꒧덗ꥷ닄꒭ꛊꑔꑑꑔ뇸럇ꗎ꒭ꛊꑇꑑ꒻뇸덗ꥷ꒧떲ꩇꅁ낲ꚩꧣꅂ낲덂꓀귬ꭨꑗ삳쓀ꧺ꣤귬ꙝꅁ쇶ꖼ쓀ꧺꛓ덷꣑뻡ꭏꯡ낲ꚩꧣꅂ낲덂꓀꒧ꅃ결꣏ꭏ앀뻷멣띖궫ꛒ뙱ꕩꛦ꧊ꅁꣃ쇗ꝋ결때꽱꒧ꭏꗾ땻Ꟈꅁ겸꧳닄ꑀ뚵ꧺꥷꭏ앀뻷멣셮뷐ꭏꗾ땻Ꟈ껉ꅁ삳쓀ꧺ뷐ꡄ뭐ꭏꗾ땻Ꟈ꒧귬ꙝꅃ?ꑇꅂ?ꭏ앀뻷멣뒣끟많엩뙄덞꒧ꕜ꿠ꅁꙢ꣏룪ꑈꗦ꧶ꑈ꒧띬깠꿠샲녯룉쁶ꅁ뙩ꛓ륆꣬꣮뗴꒣ꩫꅁꣃ쎭ꥷ롧샙ꅂ뿄꾴Ꟈ꒧ꕜ꿠ꅂ꣣곛럭꒧꒽꽱꧊ꅁꕂ얳꧳많엩뙄덞꧒녯ꡄ쁶꒧썂곛럭륤ꑪꅁ굙맪냈ꑗꭏꗾ땻Ꟈ뚷쎺꿇뙄덞볐ꪺꑔ꓀꒧ꑀ꒧뻡ꭏꅁ꺣꒴결곛럭ꑪ꒧볆썂ꅁ녎꣓셮뷐믢Ꙟ뻡ꭏꅁꥼ뚷곛럭껉ꓩꅁ꺣덹ꚨꭏ앀냲륂Ꝁꑗ꒧ꝸ쏸ꅃ겸꧳닄ꑇ뚵ꧺꥷꩫ끼꧳ꭏ앀뻷멣ꑷ쓀ꧺ뷐ꡄꭏꗾ땻Ꟈ꒧귬ꙝꯡꅁ녯결ꝋ꣑뻡ꭏ꒧뗴ꥷꅃ?닄ꑔꑑ꒭뇸?ꭏ앀뻷멣닄ꑇꑑꑋ뇸ꥷ뒣끟뙄덞ꑗ뙄ꅁ꣤ꑀꅂ?꯶쏒꣩듁덦ꗦ꧶땯ꗍ륈ꩫꛦ결껉ꅁ꣤꧒ 189
뫴믚뫴룴쏒꣩ꗦ꧶뙂듛꒧곣ꡳ 뙄덞볐ꪺ썂믹썂륏띳뭏맴ꑀ믵꒸뎡꓀ꅁꝋ덹ꚨ꒧띬ꖢ곛럭뱳ꅁ둎ꙕ귓룪ꑈꗦ꧶쎺뗴Ꝑ뙏ꅃꕌ덹럭ꑈ뒣끟ꑗ뙄돓뙄뵔ꥷꅁꑈꛓꢥꅁ쇶ꕩ꿠뛈걏ꑰ썂ꪺ끝늣띬깠ꅁ륷쎺꒧뗴Ꝑ뙏ꚩ낣ꗑ꣤굴뻡꒧뙏ꗎꯡꅁ땯쇙륈ꩫ꒧ꑈꙝꚹ샲녯썥ꑪ꒧ꝑ꽱ꅁ꒣뛈맯꒧ꅁ둎꣤뙄덞볐ꪺ썂믹썂륏뭏맴ꑀ믵꒸뎡ꫀ라덹ꚨ꒣꒽ꖭꅁꙐ껉뱶암꣬뻣귓뿄ꅂ꓀꒧뗴Ꝑ뙏ꅁ맯ꭏ앀뻷멣ꝋ꒩끬쎺ꅃ?롧샙ꖿ럭꾴Ꟈꪺ뫻꯹ꅁꙝꚹꭏ앀뻷멣뒣끟뙄덞낣ꭏ앀룪ꑈꗦ꧶귓ꑈ꒧ꝑ꽱ꕾꅁꗧꚳ뵔ꭏ룪샴맒ꅁ땯깩ꫀ라롧샙꒧띎롱ꅃ?ꑇꅂ?ꭏ앀뻷멣ꑷꛛꑶꙗ롱뒣끟띬깠뷟쁶뙄덞꒧볐ꪺ믹썂ꅁꕩ꿠곆륤ꅁ굙ꕏꭏ앀뻷멣꙰볆륷쎺륤썂꒧뗴Ꝑ뙏ꅁ꺣녎꒣돓굴닼ꅁ녎꣓꙰ꙝ뙄덞떲ꩇ돓뙄샲녯뷟쁶ꅁꭏ앀뻷멣걇녯ꛛ꧒ꚬ꣺꒧뷟쁶꒤ꅁꚩ낣ꚹ떥뗴Ꝑ뙏ꯡꅁꙁꗦꕉ뇂뭐뙄덞맪걉앶꒧쏒꣩룪ꑈ듁덦ꗦ꧶ꑈꅃ귕ꭏ앀뻷멣뇑뙄ꅁꭨ뚷ꛛꛦ굴뻡ꚹ떥륷쎺꿇꒧뗴Ꝑ뙏ꅃ결뿅뙱ꭏ앀뻷멣꧒꣣꒧꒽꽱꧊ꅁꣃ땯뒧룪ꑈꗦ꧶ꑈꡄ쁶뙄덞꒧쁾륈ꩫ띬깠뛱룉ꕜ꿠ꅁ겸냑럓껸뙏ꭏ앀ꩫ닄꒭ꑑꑇ뇸덗ꥷꅁꧺꥷꭏ앀뻷멣닄ꑇꑑꑋ뇸덗ꥷ뒣끟뙄덞ꑗ뙄ꅁ꣤볐ꪺ썂믹썂뙗륌ꑀ믵꒸뎡꓀녯ꝋ쎺뗴Ꝑ뙏ꅃꕴ결쇗ꝋꕌ덹럭ꑈ맯꧳뙄덞떲ꩇ꒣ꩁ뒣끟ꑗ뙄ꛓꭏ앀뻷멣뇑뙄껉ꅁꭏ앀뻷멣믝굴뻡ꗾ썂뙄덞뙏ꗎ꒧꒣ꝑ놡ꅁ겸꧳ꯡ걱덗ꥷꅁꕌ덹럭ꑈ뒣끟ꑗ뙄돓뙄뵔ꥷꅁ륷쎺꒧뗴Ꝑ뙏ꚩ낣ꗁ뙄덞ꩫ닄ꑋꑑ뇸ꛜ닄ꑋꑑꑇ뇸덗ꥷ삳ꗑ꣤굴뻡꒧뙏ꗎꯡꅁ땯쇙꒧ꅁꕴ둎뙗륌띳뭏맴ꑀ믵꒸뎡꓀뗴Ꝑ뙏ꅁ맯ꭏ앀뻷멣ꝋ꒩끬쎺ꅃ?닄ꑔꑑ꒻뇸?ꭏ앀뻷멣닄ꑇꑑꑋ뇸뒣끟뙄덞ꑗ뙄ꅁ쓀ꧺꑀꅂ?결꣏쏒꣩룪ꑈ듁덦ꗦ꧶ꑈꚭꓩ샲녯뇏ꙢꝐꡍ뵔ꥷꭥ꒣결냵ꛦꅁ꺣꣼쏸ꕈꧨ쁶쏸ꕈ샙ꅁꣃꭐ꣏ꭏ앀뻷멣띖궫셮뷐낲냵ꛦꅁ쇗군뫢꒧띬깠ꅁꩫ끼삳꣤셮뷐ꯅꝩ귣꒩ꝋ꣑뻡ꝋꭉ깠뛅냈ꑈ꒧앶ꝑꅁ겸ꧺꥷꭏ앀뻷멣ꭏ꒧낲냵ꛦꅃ?ꖻꩫ뒣끟뙄덞셮뷐낲냵ꛦ껉ꅁ삳쓀ꧺ낲냵ꛦ꒧귬ꙝꅃ?ꑇꅂ?ꭏ앀뻷멣뒣끟많엩뙄덞꒧ꕜ꿠ꅁꙢ꣏룪ꑈꗦ꧶ꑈ꒧띬깠꿠샲녯룉쁶ꅁ뙩ꛓ륆꣬꣮뗴꒣ꩫꅁꣃ쎭ꥷ롧샙ꅂ뿄꾴Ꟈ꒧ꕜ꿠ꅁ꣣ꚳ곛럭꒧꒽꽱꧊ꅁꕂ얳꧳많엩뙄덞꧒녯ꡄ쁶꒧썂곛럭륤ꑪꅁ굙맪냈셮뷐녪꣮냵ꛦ믝쎺꿇뙄덞볐ꪺꑔ꓀꒧ꑀ꒧뻡ꭏꅁ꺣꒴결곛럭ꑪ꒧볆썂ꅁ녎꣓셮뷐믢Ꙟ뻡ꭏꅁꥼ믝곛럭껉ꓩꅁ꺣덹ꚨꭏ앀냲륂Ꝁꑗ꒧ꝸ쏸ꅃ겸냑ꛒꗁ뙄덞ꩫ닄ꑔꛊꑅꑑ뇸덗ꥷꅁꧺꥷꩫ끼둎ꭏ앀뻷멣ꑷ쓀ꧺ뷐ꡄꭏꗾ땻Ꟈ꒧귬ꙝꯡꅁ삳ꯅꝩ귣꒩ꝋ꣑뻡ꭏ꒧낲냵ꛦꅃ?닄ꑔꑑꑃ뇸?쏒꣩냓ꩫꕏ꧳뿄뻷멣꧒뙽덝꒧ꚳ쏶꙳꧱ꑀꅂ?꯶ꗘꭥ쏒꣩냓ꙝ꒣Ꙑ띾냈믝굮ꕈꛛꑶꙗ롱ꯈꓡ듚뚵녍ꓡꅁ뭐꣤ꛛꚳ끝늣ꅁ삳꓀ꝏ뽗ꗟꅃ?꧳믈ꛦ뙽덝ꚳ쏶룪ꑈ듚뚵ꚬꕉ꒧녍ꓡꅁ쏒꣩냓낣결꣤ꯈꓡ뿬뉺ꖲ뚷ꓤꕉ꒧듚뚵ꕾꅁ꒣ꚳꑕꙃꙕ뫘ꅇ?녯ꛛꭥ뚵녍ꓡ뒣꣺듚뚵ꅃ?ꅝꑀꅞ?꧳뚰꒤ꗦ꧶ꖫ돵ꦱ쁙ꖫ돵결쏒꣩냓둎꣤ꛛꚳ끝늣꧒굴뛅냈ꅁ꣤뛅앶ꑈ꒣녯룪ꑈ뿬뉺뙒뷦늼믹듚ꚬꕉ꒧맯닄ꑀ뚵녍ꓡ듚뚵뷐ꡄꚩꧣꛦ꣏꣤ꕌ앶ꝑꅃ?ꅵꗦ돎녍ꓡꅶꅵ떲뫢녍ꓡꅶꅃ?ꅝꑇꅞ?결룪ꑈ뿬뉺ꗓ쇊ꑗꖫꅂꑗ쉤늼꒤엒쎺꿇늼믹듚꒧ꅵꗓ쇊ꚳ믹쏒꣩ꕎꚬꕉ녍ꓡꅶꅵꗓ쇊듚 190
뿽ꑇ 쏒꣩룪ꑈ듁덦ꗦ꧶ꑈꭏ앀ꩫ꿳껗 뚵ꕎꚬ녍ꓡꅶꅃ?ꅝꑔꅞ?결뭻쇊앶쏒꯹ꚳꑈ뿬뉺뷐ꡄ뱩곹듚뚵ꚬꕉ꒧ꅵ앶쏒뱩곹듚뚵ꕎꚬꕉ녍ꓡꅶꅃ?ꖼ꣓끴Ꙙ띾냈땯깩ꅁꗧꕩ꿠덝ꗟ꣤ꕌ녍ꓡꅃꑗ뙽녍ꓡꭙ녍결쏒꣩룪ꑈ뙩ꛦ쏒꣩ꗦ꧶꧒뙽덝꒧녢ꓡꅁ룓녢ꓡ꒧듚뚵ꚳ꣤꽓ꥷꗎ덾ꅁꕂꚡꑗ쇶ꕈ쏒꣩ꙗ롱꙳꧱ꅁ결맪뷨ꑗ삳결쏒꣩룪ꑈ꧒ꚳꅁ결ꢾꓮ쏒꣩냓ꡰꛛ꺿ꗎ녍ꓡ듚뚵ꅁ겸냑ꛒ쏒꣩ꗦ꧶ꩫꑑꑋ뇸꒧ꑇꅂ듁덦ꗦ꧶ꩫ닄꒭ꑑꑀ뇸닄ꑃꑑ뇸꒧ꗟꩫ뫫꾫ꅁ꧳닄ꑀ뚵ꧺꥷ쏒꣩냓꧳뿄뻷멣꧒뙽덝꒧꙳꧱ꯈꓡ듚뚵녍ꓡꅁ삳뭐꣤ꛛꚳ끝늣꓀ꝏ꙳꧱ꅃ?ꑇꅂ?닄ꑇ뚵냑ꛒ듁덦ꗦ꧶ꩫ닄ꑃꑑꑀ뇸꒧덗ꥷꅁꧺꥷ쏒꣩냓낣결꣤ꯈꓡ뿬뉺ꖲ뚷ꓤꕉ꒧듚뚵ꕾꅝ꙰ꗦ돎떲뫢듚뚵꒧ꚬꕉꅂꗓ쇊늼덂뉺뙏뭻쇊믹듚꒧ꚩ쎺ꓤꕉ뭻쇊앶쏒뱩곹꒧듚뚵떥ꅞꅁ꒣녯ꛛ녍ꓡ뒣꣺듚뚵ꅃ?ꑔꅂ?결쇗ꝋꭥ뙽녍ꓡ듚뚵비쏒꣩냓뛅앶ꑈ걤ꯊꅁ겸냑ꛒ듁덦ꗦ꧶ꩫ닄ꑃꑑ뇸닄ꑇ뚵꒧ꗟꩫ꣒ꅁ꧳닄ꑔ뚵ꧺꥷ쏒꣩냓뿄뻷멣꒧뛅앶ꑈꅁ꒣녯맯ꯈꓡ녍ꓡ뷐ꡄꚩꧣꛦ꣏꣤ꕌ앶ꝑꅃ?닄ꑔꑑꑋ뇸?쏒꣩냓륈ꭥ뇸닄ꑇ뚵꒧덗ꥷꅁ꣤결ꛦ결꒧맯륈닄ꑔꑑꑃ뇸닄ꑇ뚵덗ꥷꅁ삳덂ꕈꙄ굴덤ꑈ덂ꑔ꙾ꕈꑕꚳ듁깻ꙄꅂꧫꟐꅂ곬꣖뭀ꅃꕴꣃ냑ꛒ쏒꣩ꗦ꧶ꩫ닄ꑀꛊꑃꑑꑅ뇸덗곬띳뭏맴ꑀ믵꒸ꕈꑕ뭀ꅃ?ꥷꅁ덂뭀꣤결ꛦ결꒧굴덤ꑈꅃ?닄ꑔꑑꑅ뇸?ꭏ앀뻷멣맯꧳ꕄ뫞뻷쏶닄ꑑ꒻뇸꧒결꒧ꥒꑀꅂ?닄ꑀ뚵냑ꛒ쏒꣩ꗦ꧶ꩫ닄ꑀꛊ꒻ꑑꑔ뇸ꅂꕏꅁ꒣끴Ꙙꅁꭏ앀냲꒧뫞뉺ꅂ륂ꗎ륈듁덦ꗦ꧶ꩫ닄ꑀꛊ뇸덗ꥷꅁ둎ꭏ앀뻷멣맯닄ꑑꑅ뇸닄ꑇꑑ뇸꒧덗ꥷꅁꕄ뫞뻷쏶녯ꕈ꧳ꕄ뫞뻷쏶닄ꑑ꒻뇸꧒결꒧ꥒꕏꅁ꒣ꥒꕏ룑낣꣤뢳ꅂ뫊맮ꑈꅂ롧뉺ꑈꅂ꣼뚱ꑈ끴Ꙙꅁꭏ앀냲꒧뫞뉺ꅂ륂ꗎ륈닄ꑑ꒧슾냈ꅃ?ꑅ뇸닄ꑇꑑ뇸꒧덗ꥷꅁꕄ뫞뻷쏶녯룑ꭏ앀뻷멣뢳ꅂ뫊맮ꑈꅂ롧뉺ꑈꅂ꣼뚱ꑈ뷕낣꣤뢳ꅂ뫊맮ꑈꅂ롧뉺ꑈ꣼뚱ꑈ꒧슾덂ꥥ귻라륈닄ꑋ뇸닄ꑇ뚵꧒ꥷ뷕덂뿬ꩫ냈ꅃ?덗ꥷ꒧룪껦뇸ꗳ꒣녯결꒧ꛦ결ꅁꕄ뫞뻷쏶ꑇꅂ?닄ꑇ뚵냑ꛒ듁덦ꗦ꧶ꩫ닄ꑀꛊ륳ꑀ뇸덗녯ꕈꥒꕏ룑낣꣤슾냈ꅃ?ꥷꅁ맯꧳ꭏ앀뻷멣꒧뢳ꅂ뫊맮ꑈꅂ롧뉺ꑈꅂ꣼뚱ꑈ뷕덂ꥥ귻라ꥥ귻륈닄ꑋ뇸닄ꑇ뚵꧒ꥷ뫞뉺덗ꭨꅁ닄ꑇꑑꑇ뇸닄ꑇ뚵꧒ꥷ뷕덂뿬ꩫ덗ꥷ꒧룪껦뇸ꗳ꒣녯결꒧ꛦ결ꅁꕄ뫞뻷쏶녯룑낣꣤슾냈ꅃ?닄ꕼꑑ뇸?ꚳꑕꙃ놡꒧ꑀꅁ덂띳뭏맴ꑑꑇ롕꒸ꕈꑗ꒻ꑀꅂ?닄ꑀ뚵ꧺꥷ쏒꣩꣤곛쏶돦ꛬꖼ덗ꥷꑑ롕꒸ꕈꑕ뭀쇬ꅇ?쎺꿇뒣벷듚ꅁ쏒꣩냓륈닄ꑔꑑꑃ뇸ꑀꅂ?ꖼ닄ꑑꑋ뇸닄ꑀ뚵닄ꑀ듚닄ꑇ듚덗닄ꑀ뚵덗ꥷꅁ삳덂ꕈ뭀쇬ꅃ?ꥷ쎺꿇뒣벷듚ꅃ?ꑇꅂ?닄ꑇ뚵냑ꛒ땼꺽뵝뱸ꩫ닄ꕼꑑ꒭뇸ꅂ꒽ꕱꑇꅂ?륈닄ꑔꑑꑃ뇸닄ꑀ뚵꒧덗ꥷꅃ?ꩫ닄ꑀꛊꑅꑑ꒭뇸ꅂ쏒꣩ꗦ꧶ꩫ닄ꑀꛊꑃꚳꭥ뚵놡ꅁ롧ꕄ뫞뻷쏶덂뭀쇬ꅁꣃ덤ꕏ궭듁ꑑꑋ뇸닄ꑇ뚵듁덦ꗦ꧶ꩫ닄ꑀꛊꑑꑅ뇸뿬뉺ꅆꦡ듁꒴꒣뿬뉺ꅁ녯쑾쓲궭듁ꕏ꣤뿬꒧ꗟꩫ꣒ꅁ맯꧳륈닄ꑀ뚵덗ꥷꅁ녯덳뉺ꅁꣃ꯶ꚸ덳쓲ꙕ덂띳뭏맴ꑇꑑꕼ롕꒸ꕈꑗꑀ쓲덂뭀ꪽꛜ뿬뉺결ꓮꅃ?ꛊꑇꑑ롕꒸ꕈꑕ뭀쇬ꛜ뿬뉺결ꓮꅃ?닄ꕼꑑꑀ뇸?ꖻꩫ걉ꛦꓩ듁ꅁꗑꛦ걆끼ꥷ꒧ꅃ?ꑀꅂ?덗ꥷꖻꩫ꒧걉ꛦꓩ듁ꅃ?ꑇꅂ?ꙝꖻꩫ뉯꽁ꭏ앀뻷멣꒧덝ꗟꅁ뚷ꚳꑀꥷ꒧럇돆듁뚡ꅁ겸ꧺꥷꖻꩫ꒧걉ꛦꓩ듁ꗑꛦ걆끼ꕴꥷ꒧ꅃ? 191
뫴믚뫴룴쏒꣩ꗦ꧶뙂듛꒧곣ꡳ ? 192
뿽ꑔ ꒤냪ꑪ뎰ꅭ뫴ꑗ쏒꣩ꥥꚫ볈ꛦ뫞뉺뿬ꩫꅮ 뿽ꑔ ꒤냪ꑪ뎰ꅭ뫴ꑗ뗽꣩ꥥꚫ볈ꛦ뫞뉺뿬ꩫꅮ (꒤냪뗽꣩뫊럾뫞뉺ꥥ귻라 AREA ꗾ냪) [2000 03 30] 닄ꑀ뎹?셠ꭨ 닄ꑀ뇸? 결꓁맪ꭏ앀룪ꝑ꽱ꅁꢾ굓궷쁉ꅁꕛ녪뫴ꑗ뗽꣩ꥥꚫꅝꕈꑕ슲뫙 “뫴ꑗꥥꚫꆨꅞꪺ뫞뉺ꅁꭏ뗽냪뗽꣩ꖫ돵낷녤땯깩ꅁ뭳ꥷꖻ뿬ꩫꅃ † 닄ꑇ뇸? 뫴ꑗꥥꚫ걏뗽꣩꒽ꕱ덱륌꒬셰뫴ꅁꙖꙢꖻ뻷멣뙽ꓡꪺ룪뒣꣑ꗎꑟꑕ륆뗽꣩ꗦ꧶ꕏꅂ샲꣺ꚨꗦ떲ꩇꪺꑀ뫘ꩁ냈ꓨꚡꅃ? †? 닄ꑔ뇸? ꖻ뿬ꩫ꒤ꪺ꒬셰뫴걏ꙝ꽓뫴꣤ꕌ쏾덎ꚡꪺ덱ꗎ꧊꒽Ꙁ 군뫢뻷덱ꭈ뫴떸ꅁ꒣ꕝ걁뗽꣩꒽ꕱ꾲ꗎ꒽Ꙁ덱ꭈ덝걉ꯘ덝ꪺ녍ꗎꑟꥥꚫ띾냈ꪺ륱룜벷뢹뫴꣤ꕌꚡꪺ군뫢뻷뫴떸ꅃ † 닄ꕼ뇸? 뫴ꑗꥥꚫꪺ뗽꣩결ꑗ껼뗽꣩ꗦ꧶꧒ꅂ뉠Ꙡ뗽꣩ꗦ꧶꧒놾땐ꪺ뗽꣩ꅃ ? 닄꒭뇸? 뫴ꑗꥥꚫ삳뿭둠꒽뙽ꅂ꒽ꖭꅂ꒽ꖿꥍ룛맪ꭈꗎꅂꙷꗾ낪껄ꪺ귬ꭨꅃ † 닄ꑇ뎹?띾냈덗굓† † 닄꒻뇸? Ꙣ뗽꣩꒽ꕱꙘꩫ샧띾돵꧒ꩫ뙽ꓡꪺ룪ꅁ롧ꖻꑈꗓ뷐뿬뉺곛쏶ꓢ쓲Ꙛꅁꓨ꿠뙩ꛦ뫴ꑗꥥꚫꅃ† † 뗽꣩꒽ꕱꙢ결룪뿬뉺뫴ꑗꥥꚫ곛쏶ꓢ쓲껉ꅁ삳굮ꡄ룪뒣꣑ꢭꗷ뗽ꧺ귬ꗳꅁꣃꙖ룪뒣꣑뗽맪뗽꣩꒽ꕱꢭꗷꅂ룪껦ꪺ뗽ꧺꟷ껆ꅃ롔ꓮꕎ뉺뿬뉺뫴ꑗꥥꚫ곛쏶ꓢ쓲ꅃ † 닄ꑃ뇸? 뗽꣩꒽ꕱ삳뭳ꥷ녍ꪺ띾냈ꑵꝀ땻Ꟈꅁ덗굓뫴ꑗꥥꚫꅁꣃ뭐ꯈꓡꖻꑈ쎱굱녍ꪺ껑궱ꣳ쒳ꅁꣳ쒳삳ꧺ뵔싹ꓨꪺꩫꯟ덤ꗴꅁꣃꕈꅭ궷쁉뒦ꗜ껑ꅮꪺꚡꅁꙖ룪룑쓀곛쏶궷쁉ꅃ† † 193
뫴믚뫴룴쏒꣩ꗦ꧶뙂듛꒧곣ꡳ 닄ꑋ뇸? 뙽깩뫴ꑗꥥꚫꪺ뗽꣩꒽ꕱꅁꖲ뚷결뫴ꑗꥥꚫꯈꓡ뒣꣑ꖲ굮ꪺ듀ꕎꗦ꧶ꓨꚡꅃ† 닄ꑅ뇸? 뗽꣩꒽ꕱ삳ꥷ듁Ꙗ뙩ꛦ뫴ꑗꥥꚫꪺ룪뒣꣑껑궱맯녢돦ꅃ † 닄ꑑ뇸? 뙽깩뫴ꑗꥥꚫ띾냈ꪺ뗽꣩꒽ꕱ롔ꓮꪽ놵Ꙗꯈꓡ뒣꣑군뫢뻷뫴떸륱룜ꚡꪺ룪신녢ꩁ냈ꅃ롔ꓮ뙽깩뫴ꑗ뗽꣩신ꚫ뫞띾냈ꅃ † 닄ꑔ뎹?덎덗굓? † 닄ꑑꑀ뇸 뗽꣩꒽ꕱꖲ뚷ꛛꕄꡍ떦뫴ꑗꥥꚫ꡴닎ꪺꯘ덝ꅂ뫞뉺ꥍ뫻앀ꅃꚳ쏶룪룪녢ꓡꅂ늼녢ꓡꅂꢭꗷ쏑ꝏ떥볆뻚ꪺ땻Ꟈ꡴닎꒣녯ꚫ뫞Ꙣ뗽꣩꒽ꕱꪺꙘꩫ샧띾돵꧒꒧ꕾꅃ ? 닄ꑑꑇ뇸 뗽꣩꒽ꕱ삳꫶꣺쑙껦ꅂꞹ떽ꪺ덎놹걉ꅁ뵔ꭏ뫴ꑗꥥꚫ꡴닎ꥍ꣤ꕌ띾냈꡴닎Ꙣ덎ꑗ륪싷ꅃ롔ꓮ덱륌뫴ꑗꥥꚫ꡴닎ꪽ놵던냝ꗴ꛳뗽꣩꒽ꕱꪺ꒺뎡띾냈꡴닎ꅃ† † 닄ꑑꑔ뇸 뗽꣩꒽ꕱꖲ뚷녎ꖼꗓ뷐뫴ꑗꥥꚫꪺ룪ꪺ꧒ꚳ룪껆뭐뫴ꑗꥥꚫ꡴닎뙩ꛦ덎륪싷ꅃ ? 닄ꑑꕼ뇸 뫴ꑗꥥꚫ꡴닎삳ꚳꞹ떽ꪺ꡴닎ꙷꗾꅂ볆뻚돆ꗷꥍ걇믙꯬뷆ꓢ걱ꅃꙢ덎ꥍ뫞뉺ꑗ굮뵔ꭏꯈꓡꗦ꧶볆뻚ꪺꙷꗾꅂꞹ뻣뭐럇뵔ꅃꯈꓡꗦ꧶ꕏ볆뻚ꛜ ꓖ삳ꭏ꙳15꙾ꅝ꒹덜꣏ꗎ꿠듁ꭏ꙳ꪺꅂꑀꚸ꧊뱧ꑊꪺ륱ꑬ꒶뷨ꅞꅃ† † 닄ꑑ꒭뇸 뗽꣩꒽ꕱ삳ꙷ뇆ꖻ돦ꛬ녍띾ꑈ귻굴덤뫞뉺ꅂ뫊럾뫴ꑗꥥꚫ꡴닎ꪺ륂ꛦꅁꣃꯘꗟꞹ떽ꪺ덎뫞뉺뭳ꯗꥍ꒺뎡뭳곹뭳ꯗꅃ 닄ꑑ꒻뇸 뫴ꑗꥥꚫ꡴닎삳ꕝꝴ맪껉뫊놱ꥍꢾ굓ꭄꩫ던냝ꪺꕜ꿠덝걉ꅆ삳Ꞵ떽꙳쁸뫴ꑗꥥꚫ꡴닎ꪺ쏶쇤덮ꗳꅝ꙰뫴떸뻞Ꝁ꡴닎ꅂ볆뻚깷뫞뉺꡴닎ꅂ뫴떸뫊놱꡴닎ꅞꪺꓩꟓꓥꗳꅂ뱦군끏뿽ꅃ 194
뿽ꑔ ꒤냪ꑪ뎰ꅭ뫴ꑗ쏒꣩ꥥꚫ볈ꛦ뫞뉺뿬ꩫꅮ 닄ꑑꑃ뇸 Ꙣ꒬셰뫴ꑗ뛇뿩ꪺ륌땻꒤ꅁꖲ뚷맯뫴ꑗꥥꚫꪺꯈꓡꭈ꺧ꅂꗦ꧶ꕏ꣤ꕌ뇓띐ꭈ꺧뙩ꛦꕩ빡ꪺꕛ녋ꅃ? 닄ꑑꑋ뇸 뗽꣩꒽ꕱ삳꫶ꗎꕩ빡ꪺ덎뫞뉺놹걉ꅁꖿ뵔쏑ꝏ뫴ꑗ룪ꪺꢭꗷꅁꢾꓮꗩꭟꯈꓡꢭꗷ뗽꣩꒽ꕱꢭꗷꅆꖲ뚷ꚳꢾꓮꙚꝟ뭻ꪺ덎놹걉ꅃ 닄ꑑꑅ뇸 뗽꣩꒽ꕱ삳껚뻚ꖻ꒽ꕱꪺ꣣엩놡ꩰꅁ꫶꣺덎ꥍ뫞뉺놹걉ꅁ궭뭳ꡃꛬ룪덱륌뫴ꑗꥥꚫꪺ돦떧ꥥꚫ돌ꑪ썂ꅂ돦귓ꗦ꧶ꓩ돌ꑪꚨꗦ셠썂ꅃ 닄ꑇꑑ뇸 뫴ꑗꥥꚫ꡴닎꒤ꚳ쏶볆뻚뛇뿩ꙷꗾꅂꢭꗷ쏑ꝏ떥쏶쇤덎늣ꭾ삳 덱륌냪깡앶ꯂ뻷멣ꪺꙷꗾ꧊듺뗻ꅆ뫴ꑗꥥꚫ꡴닎뫻앀뫞뉺뭳ꯗ삳덱륌냪깡앶ꯂ뻷멣ꪺꙷꗾ꧊뭻뗽ꅆ꽁꡴닎ꙷꗾ껖ꓟ띾냈ꪺ덮ꗳ삳ꗑ닄ꑔꓨ꒽뗽뻷멣ꅝ싹ꓨ뭻ꕩꪺ뻷멣ꅞꚫ뫞땻Ꟈ랽ꕎ뵘ꖲ굮ꪺ뵳쒶샴맒ꅃ † 닄ꕼ뎹?ꭈ꺧앓? † 닄ꑇꑑꑀ뇸 뗽꣩꒽ꕱ삳뒣꣑ꑀ귓ꥷꪺ꒬셰뫴꾸쉉ꅁꝀ결뫴ꑗꥥꚫꪺꑊꑦ뫴꾸ꅃ 닄ꑇꑑꑇ뇸 뗽꣩꒽ꕱ삳Ꙣꑊꑦ뫴꾸ꥍꯈꓡ닗뫝덮ꗳꑗ뙩ꛦ궷쁉뒦ꗜꅃ뒦ꗜꪺ궷쁉ꛜꓖ삳ꕝ걁ꅊ † ꙝꙢ꒬셰뫴ꑗ뛇뿩귬ꙝꅁꗦ꧶ꕏꕩ꿠라ꕘ뉻꒤쉟ꅂ낱륹ꅂꦵ뿰ꅂ볆뻚뿹뭾떥놡ꩰꅆ † 뻷멣룪ꪺꢭꗷꕩ꿠라덑ꗩꭟꅆ † ꛦ놡ꭈ꺧꣤ꕌ뗽꣩ꭈ꺧ꅁꚳꕩ꿠ꕘ뉻뿹뭾뭾뻉ꅆ † 뗽꣩뫊뫞뻷쏶뭻결믝굮앓ꪺ꣤ꕌ궷쁉ꅃ † 닄ꑇꑑꑔ뇸 뗽꣩꒽ꕱ뙽깩뫴ꑗꥥꚫ띾냈ꪺꙐ껉ꅁ꙰Ꙗꯈꓡ뒣꣑뗽꣩ꗦ꧶ꪺ ꛦ놡ꭈ꺧ꅁ삳볐쏑ꛦ놡ꪺ땯ꖬ껉뚡몢Ꙛ껉뚡ꅆ꙰Ꙗꯈꓡ뒣꣑뗽꣩ꭈ꺧ꅁ삳뮡ꧺꭈ꺧꣓랽ꅃꣃ삳뒣ꗜ룪맯ꛦ놡ꭈ꺧뗽꣩ꭈ꺧떥뙩ꛦ껖맪ꅃ † 닄꒭뎹?룪껦ꗓ뷐 † 닄ꑇꑑꕼ뇸 195
뫴믚뫴룴쏒꣩ꗦ꧶뙂듛꒧곣ꡳ 샲녯꒤냪뗽뫊라륻땯ꪺꅭ롧샧뗽꣩띾냈덜ꕩ뗽ꅮꪺ뗽꣩꒽ꕱꅁꕩꙖ꒤냪뗽뫊라ꗓ뷐뙽깩뫴ꑗꥥꚫ띾냈ꅃꖼ롧꒤냪뗽뫊라럇ꅁꗴ꛳뻷멣꒣녯뙽깩뫴ꑗꥥꚫ띾냈ꅃ ? ? 닄ꑇꑑ꒭뇸 샲녯뫴ꑗꥥꚫ띾냈룪껦ꪺ뗽꣩꒽ꕱꕩꙢ꣤륆꣬ꅭ뗽꣩롧샧뻷멣샧띾뎡ꭈ꺧꡴닎덎뫞뉺덗굓ꅮ굮ꡄꪺ뗽꣩샧띾뎡뙽깩뫴ꑗꥥꚫ띾냈ꅃ 닄ꑇꑑ꒻뇸 뗽꣩꒽ꕱꕈꕾꪺ꣤ꕌ뻷멣ꅁ꒣녯뙽깩엜곛뙽깩뫴ꑗꥥꚫ띾냈 ꅃ뗽꣩꒽ꕱ꒣녯ꕈꓤꕉ엜곛ꓤꕉꗦ꧶ꓢ쓲뙏ꪺꓨꚡ뭐뒣꣑덎ꩁ냈ꭈ꺧ꩁ냈ꪺꭄ뗽꣩꒽ꕱꙘꝀ뙽깩뫴ꑗꥥꚫ띾냈ꅃ 닄ꑇꑑꑃ뇸 뗽꣩꒽ꕱꗓ뷐뙽깩뫴ꑗꥥꚫ띾냈ꅁ믝꣣돆ꕈꑕ뇸ꗳꅊ 1ꅂꯘꗟꑆ덗굓ꪺ꒺뎡띾냈뭐ꭈ꺧꡴닎뫞뉺뭳ꯗꅆ 2ꅂ꣣ꚳꑀꥷꪺ꒽ꕱ꿅ꪺ덎궷쁉놱뭳꿠ꑏꅆ 3ꅂꯘꗟꑆꑀꓤ쎭ꥷꪺꅂ낪꿀뷨ꪺ덎뫞뉺뚤ꗮꅆ 4ꅂꙢ륌ꕨ꣢꙾꒺ꖼ땯ꗍ궫ꑪ덎걇ꅃ † 닄ꑇꑑꑋ뇸 뗽꣩꒽ꕱꗓ뷐뫴ꑗꥥꚫ띾냈ꅁ삳Ꙗ꒤냪뗽뫊라뒣ꗦꑕꙃꟷ껆ꅊ † 1ꅂ 뙽깩뫴ꑗꥥꚫ띾냈ꪺꗓ뷐껑ꅝ믝ꕛ뭜꒽뎹ꅞꅆ 2ꅂ ꅭ롧샧뗽꣩띾냈덜ꕩ뗽ꅮ뷆Ꙍꗳꅆ † 3ꅂ ꅝ꒽ꕱ꿅ꅞ꓀뫞덎ꪺ굴덤ꑈꪺ슲뻺ꅆ † 4ꅂ 뫴ꑗꥥꚫ꡴닎녍슾뫞뉺뫻앀ꑈ귻ꙗ돦슲뻺ꅆ † 5ꅂ 냵ꛦꅭ뗽꣩롧샧뻷멣샧띾뎡ꭈ꺧꡴닎덎뫞뉺덗굓ꅮꪺ놡ꩰ뛗돸ꅆ 6ꅂ 뫴ꑗꥥꚫ띾냈ꪺ뫞뉺뭳ꯗꅆ † 7ꅂ군릺뙽깩뫴ꑗꥥꚫ띾냈ꪺ꓀ꓤ뻷멣ꙗ돦ꅁ꒺깥ꕄ굮ꕝ걁덱ꭈꙡꝽꅂ굴덤ꑈꥭꙗꅂ셰꡴ꓨꚡꅂꙢ뗽꣩ꗦ꧶꧒ꪺ라귻ꕎ뵘뙽깩뫴ꑗꥥꚫ띾냈ꪺ깵ꛬꅝ꓀ꓤ깵ꛬꅞꕎ뵘떥ꅆ ? 8ꅂ뭐ꯈꓡ쎱굱뫴ꑗꥥꚫꣳ쒳굓ꖻꅂꅭ궷쁉뒦ꗜ껑ꅮ굓ꖻꙖꯈꓡ뒣꣑ꪺ꣤ꕌꚳ쏶뫴ꑗꥥꚫꪺ꧒ꚳ룪껆ꅆ † 9ꅂ뫴ꑗꥥꚫ꡴닎ꪺ슲굮꡴닎꓀꩒돸ꝩꥍ꡴닎덝군돸ꝩꅁ꣤꒺깥ꕄ굮ꕝ걁ꅊ뫴떸떲멣ꅂ맪껉뫊놱ꅂꢭꗷ쏑ꝏꅂ뛇뿩ꕛ녋ꅂ볆꙲쎱ꙗꅂ뫴떸륪싷ꅂ궷쁉ꢾ굓떥 ꓨ궱뿭둠ꪺ덎볐럇덎맪뉻떦늤ꅂ뫴떸덱ꭈꓨꚡ뫴떸놵ꑊꓨꚡ떥ꅁꣃ뒣꣑ 슲굮ꪺ뫴떸떲멣ꥍꕜ꿠맏ꅆ 10ꅂ꡴닎듺룕돸ꝩꅁꕝ걁꡴닎깰귈깥뙱ꅂ암삳뭐ꦵ뿰볐ꅂ깥뿹꿠ꑏꅂꕩ빡꧊ꚳ쏶꡴닎끴롭ꪺ궫굮볆뻚떥ꅆ 196
뿽ꑔ ꒤냪ꑪ뎰ꅭ뫴ꑗ쏒꣩ꥥꚫ볈ꛦ뫞뉺뿬ꩫꅮ 11ꅂ꡴닎걇믙껉ꪺ삳ꯦꓨ껗ꅁꕝ걁ꭈ꺧뛇벽신늾ꥥꚫꓨꚡꅂ볆뻚꡴닎꯬뷆놹걉떥ꅆ † 12ꅂ냪깡앶ꯂ뻷멣뒣꣑ꪺ꡴닎ꅂꚳ쏶늣ꭾꅂ뫞뉺뫻앀뭳ꯗꪺꙷꗾ꧊듺뗻뭻뗽뗽껑꣤ꕌꚳ쏶뷨뙱뫊럾뎡ꪺ뗽껑ꅝ뷆Ꙍꗳꅞꅆ † 13ꅂ꒽ꕱ뙽깩뫴ꑗꥥꚫ띾냈ꪺ꒬셰뫴ꑊꑦ꾸쉉ꙡꝽꅆ † 14ꅂ꒽ꕱ뙽깩뫴ꑗꥥꚫ띾냈ꪺ궷쁉놱뭳ꓨ껗ꅁꕝ걁놱뭳뫴ꑗꥥꚫꚳ쏶궷쁉ꪺ덎ꅂ뫞뉺ꅂ띾냈떥ꓨ궱ꪺ놹걉ꅁ꙰꒽ꕱꛛꥷꪺ뫴ꑗ돦떧ꥥꚫ궭썂돦귓ꗦ꧶ꓩꚨꗦ궭썂떥ꅆ 15ꅂ뫴떸놵ꑊ뒣꣑냓ꅂ꡴닎뚰ꚨ냓ꅂ땷ꗳꥍ덮ꗳ뒣꣑냓ꙗ돦꣤ꕌ쏶셰ꗸ띾 ꙗ돦ꅆ 16ꅂ뫴ꑗꥥꚫ꡴닎꒤ꕄ굮땷ꗳ덮ꗳꪺ덗껦ꮬ뢹ꪩꖻꅆ † ꑗ굺ꟷ껆ꑀꚡꑔꗷ돸끥꒤냪뗽뫊라ꅃ † 닄ꑇꑑꑅ뇸 ꒤냪뗽뫊라ꛛ꣼뉺ꗓ돸ꟷ껆꒧ꓩ끟돌ꑔ귓ꓫ꒺Ꝁꕘꡍꥷꅃ? ? ? 닄ꑔꑑ뇸 ? 샲럇뙽깩뫴ꑗꥥꚫ띾냈룪껦ꪺ뗽꣩꒽ꕱꅁ꫶ꗎ곛Ꙑꪺ덎꡴닎ꥍ 띾냈덗ꭨꅁꙢ귬ꖼ뙽깩뫴ꑗꥥꚫ띾냈ꪺ꓀ꓤ뻷멣뱗ꕛꚹ띾냈껉ꅁ삳ꗑ뗽꣩꒽ꕱ셠뎡녎ꑗ굺ꟷ껆꒤뭐룓꓀ꓤ뻷멣ꚳ쏶ꪺ뎡꓀돸끥꒤냪뗽뫊라돆껗ꅃ† † 닄ꑔꑑꑀ뇸? 샲럇뙽깩뫴ꑗꥥꚫ띾냈ꪺ뗽꣩꒽ꕱꅁ맯ꖿꙢ륂ꛦꪺ뫴ꑗꥥꚫ덎꡴닎뙩ꛦ궫ꑪ꿅맯띾냈뫞뉺뭳ꯗꝀꕘ궫ꑪ귗굱껉ꅁ삳녎ꑗ굺ꟷ껆꒤ꚳ쏶엜꓆ꪺ뎡꓀돸끥꒤냪뗽뫊라돆껗ꅃ † 닄꒻뎹?ꭨ † 닄ꑔꑑꑇ뇸? 샲럇뙽깩뫴ꑗꥥꚫ띾냈ꪺ뗽꣩꒽ꕱꅁ삳ꑟꡃ꙾ꑀꓫ꦳ꭥꙖ꒤냪뗽뫊라돸끥ꖻ꒽ꕱ뙽깩뫴ꑗꥥꚫ띾냈ꪺꑵꝀ셠떲ꅃ † 닄ꑔꑑꑔ뇸? 뗽꣩꒽ꕱ륈ꖻ뿬ꩫꚳ쏶덗ꥷꪺꅁ꒤냪뗽뫊라녎뗸놡론뮴궫ꅁ덂ꕈ쒵ꝩꅂꡓꚬ륈ꩫ꧒녯ꅂ뭀듚ꅂ볈낱뫴ꑗꥥꚫ띾냈떥덂뭀ꅁ놡론쑙궫ꪺꅁꙑ빐뫴ꑗꥥꚫ띾냈덜ꕩꅃ † 닄ꑔꑑꕼ뇸? 뗽꣩꒽ꕱ냵ꛦꖻ뿬ꩫꪺꚳ쏶놡ꩰ꿇ꑊ뗽뫊라맯뗽꣩꒽ꕱꪺ꙾샋굓돲ꅃ † 197
뫴믚뫴룴쏒꣩ꗦ꧶뙂듛꒧곣ꡳ 닄ꑔꑑ꒭뇸? ꖻ뿬ꩫꛛ땯ꖬ꒧ꓩ끟걉ꛦꅃ 198
냑ꛒ룪껆 냑ꛒ룪껆 ꒤ꓥ뎡꓀ ꑀꅂ?껑쑹ꅂ뷗ꓥ 1. ꓽꑨ꣘ꅁ쏒꣩ꗦ꧶ꩫꑗꑀ꿫뙂듛뇸듚꒧곣ꡳꅁ냪ꗟ꒤뾳ꑪ뻇ꩫꯟ뻇곣ꡳ꧒뫓ꑨ뷗ꓥꅁꗁ냪ꑋꑑ꒭꙾꒻ꓫꅃ 2. ꓽꓥꙴꅁ뿄ꩫꅁ꒸럓ꕘꪩ꒽ꕱꅁꑅꑑ꙾꒭ꓫꫬꪩꅃ 3. ꓽ뽁얲ꅁꗁꩫ셠ꭨꅁꗁ냪ꑃꑑꑃ꙾ꑅꓫ꒭ꪩꅃ 4. ꕝ냪늻ꅁ뷗늼뚰꒤ꗦ꧶ꖫ돵꒣ꩫ뻞셡ꛦ결꒧ꗁ덤ꗴꅁ냪ꗟ꒤뾳ꑪ뻇ꩫꯟ곣ꡳ꧒뫓ꑨ뷗ꓥꅁꗁ냪ꑋꑑ꙾꒻ꓫꅃ 5. ꛳ꗾ뱷ꅁ륱ꑬ냓냈ꙷꗾ뻷꣮꒧ꯘꗟꅁ쏒꣩꒽라싹ꓫꕚ닄ꑇꑑ듁ꅁꗁ냪ꑋꑑꑋ꙾꒭ꓫꅃ 6. ꝅ뎷ꧺꅁ쏒꣩ꗦ꧶ꩫꅁ끝많ꩫꑈ꒤뗘ꗁ냪쏒꣩멛듁덦ꖫ돵땯깩냲라ꅁꑇꆳꆳꆳ꙾ꑑꑀꓫꪩꅃ 7. ꩌꑳꗐꅁꙄꩫ덱뷗ꑗꕕꅁ ꑀꑅꑅꑋ꙾ꑀꓫ꒻ꪩꅃ 8. ꩌꑳꗐꅁꙄꩫ덱뷗ꑕꕕꅁ ꑀꑅꑅꑋ꙾ꑀꓫ꒻ꪩꅃ 9. ꩌ냪ꗾꅁ쏒꣩ꗦ꧶ꩫ곣ꡳꅁ꒸럓ꕘꪩ꒽ꕱꅁꑇꆳꆳꆳ꙾ꑅꓫꫬꪩꅃ 10. ꩌ쓁뚯ꅁ덦맴믈ꛦ뻇ꅁꝀꛛꪩꅁꑀꑅꑅꑔ꙾꒻ꪩꑇ꣪ꅃ 11. ꗃꗍꅁ쏒꣩룪ꅂ룪룪끔뭐꒺뵵ꗦ꧶ꅁ끝롧ꩫ뷗뚰—걟ꩋ뇐뇂꒻꾴뗘뷏꾬뙐뷗ꓥ뚰ꅁꑔꗁ껑ꞽꅁꗁ냪ꑋꑑ꒻꙾ꕼꓫꫬꪩꅃ 12. 걉뇒뒭ꅁꗁꩫ셠ꭨꅁꑋꑑꑅ꙾뱗굱ꕼꪩꅃ 13. 덜ꓥ롱ꅁ귓ꑈ룪껆ꭏ앀ꩫ뷗ꅁꑔꗁ껑ꞽꅁꑅꑑ꙾ꑀꓫꪩꅃ 14. 뎯걋ꑳꅁ쏒꣩ꗦ꧶ꩫ뷗ꅁ꒭맏껑ꕘꪩ꒽ꕱꅁꑋꑑ꒭꙾ꑑꑀꓫꪩꅃ 15. 뎯걋ꑳꅂꟵ뇒뷥Ꙙ뗛ꅁ쏒꣩땯ꛦ맪냈뫫뗘—꣮ꯗꅂꩫꕏꅂꮴ곹ꅁ꒭맏껑ꕘꪩ꒽ꕱꅁꑋꑑ꒭꙾ꪩꅃ 16. 뒿ꥻ꙰ꅁ쏒ꗦꩫ귬뉺ꅁꝀꛛꪩꅁꑇꆳꆳꆳ꙾ꑇꓫ 17. 뚾빟ꙴꅁ뫴룴ꩫ냲ꖻ냝썄곣ꡳꅝꑀꅞꅁ뻇ꩌꓥ꓆띾ꚳ궭꒽ꕱꅁꑀꑅꑅꑅ꙾ꑃꓫꫬꪩꅃ 18. 띒녯뗘ꅄ뿺ꯤ볖뗛ꅁ믴ꯤ뷥쒶ꅁ덧냽껉ꕎꅁ껉돸ꓥ꓆ꕘꪩ꒽ꕱꅁꑀꑅꑅ 199
뫴믚뫴룴쏒꣩ꗦ꧶뙂듛꒧곣ꡳ ꑅ꙾ꫬꪩꅃ 19. 럅쒣랽ꅁ쏒꣩ꗦ꧶ꗁꙄꩫꯟ냝썄꒧곣ꡳꅁ끝많ꩫꑈ꒤뗘ꗁ냪쏒꣩멛듁덦ꖫ돵땯깩냲라ꅁ꒤뗘ꗁ냪ꑋꑑ꙾ꑃꓫꅃ 20. 뫴룴꣏ꗎꗇ롯냝썄륷ꢾ놹걉꒧곣ꡳꅁꛦ걆끼곣ꡳ땯깩ꛒ껖ꥥ귻라ꅁꗁ냪ꑋꑑꑅ꙾ꕼꓫ뵳Ꙍꅃ 21. 뱂덳럔ꅁ꒽ꕱꩫ뉺뷗뭐Ꝑꡍ곣ꡳꅝꑀꅞꅁꑀꑅꑅꑃ꙾ꑑꑀꓫꝀꙁꪩꅃ 22. 뱂덳럔ꅁ꒽ꕱꩫ뉺뷗뭐Ꝑꡍ곣ꡳꅝꑇꅞꅁꑀꑅꑅꑋ꙾ꕼꓫꝀꛛꪩꅃ 23. 뿠굞럓ꅁ쏒꣩ꗦ꧶ꩫ덶뇸쓀롱ꅝꑀꅞꇣꅝꕼꅞꅁꑃꑑꑅ꙾닄꒭ꪩꅃ 24. 쏒ꗦꩫ닄ꑀꛊ꒭ꑑ꒭뇸덗ꥷ꒧샋끑뭐ꯘ쒳ꅁꕸꕟꖫ쏒꣩냓띾Ꙑ띾꒽라곣ꡳ군릺ꅁꗁ냪ꑋꑑ꒻꙾ꑑꑀꓫꅃ 25. 쏒꣩멛듁덦ꪧ쒳껗ꗳ뙄덞뙩ꛦ꒧곣ꡳꅁ끝많ꩫꑈ꒤뗘ꗁ냪쏒꣩멛듁덦ꖫ돵땯깩냲라ꥥ끕곣ꡳꅁꗁ냪ꑋꑑꑃ꙾ꑑꑇꓫꅃ ꑇꅂ?듁ꕚ 1. ꧶ꯘꧺꅁꅵ꒽뙽ꕘ믹ꚬ쇊ꅶ(tender offer)뭐ꖫ돵뻞셡 ꕈ과냪쏒ꗦꩫ결꒤ꓟꅁ쏒뫞싸뭸닄ꑑꑃꣷ닄ꑅ듁ꅁꗁ냪ꑋꑑꑋ꙾ꑅꓫꅃ 2. ꩌ냪ꗾꅁ녱ꓩꖻꩫ꒧덗ꥷ샋뗸냪쏒ꗦꩫ닄ꑀꛊ꒭ꑑ꒭뇸뻞셡뇸듚ꅁ걆ꑪꩫ뻇뗻뷗ꅁ닄ꕼꑑꑅ듁ꅁꗁ냪ꑋꑑꑇ꙾ꑑꑇꓫꅃ 3. ꩌ냪ꗾꅁ쏒꣩ꕄ뫞뻷쏶꒧ꛦ걆뷕걤앶ꅁꓫꖹꩫ뻇싸뭸ꅁ닄ꑔꑑꑅ듁ꅁꑀꑅꑅꑋ꙾ꑋꓫ뢹ꅃ 4. ꩌ냪ꗾꅁ쏒꣩ꗦ꧶ꩫ뭐쏒꣩ꛦ걆ꅁ뉈ꚿ뻇돸ꅁ닄ꑔꑑꑔ듁ꅁꗁ냪ꑋꑑꑔ꙾ꑔꓫꅃ 5. 깽꙰뱺ꅁ뿯뻜꧊뒦앓룪끔뭐꒺뵵ꗦ꧶꒧놴끑ꅁ쏒ꗦ룪껆닄ꕼ꒻ꑔ듁ꅁꗁ냪ꑋꑑꑅ꙾ꑑꑀꓫꅃ 6. 꿕ꑀ쓉ꅁ과냪셰ꢹ돌낪ꩫ끼United States v. O'HaganꝐꡍ맯꧳꒺뵵ꗦ꧶덗뵤꒧뷄삻ꅁ쏒뫞싸뭸닄ꑑꑃꣷ닄ꑑ듁ꅁꗁ냪ꑋꑑꑋ꙾ꑑꓫꅃ 7. 닸돓멡ꅁ뷗쏒꣩뚰꒤ꗦ꧶ꖫ돵뻞셡ꛦ결꒧Ꙅ덤ꗴꅁ쏒꣩뿄닄ꑇꑑꑃ듁ꅁꑀꑅꑅꆳ꙾ꅁꅃ 8. 덜듋냳ꅁSSL뭐륱ꑬ쎱뎹ꙷꗾ놹걉ꪺꓱ룻ꅁ쏒ꗦ룪껆닄ꕼ꒻ꑇ듁ꅁꗁ냪ꑋꑑꑅ꙾ꑑꓫꅁ 9. 뎯걋ꑳꯘꗟ룪ꑈꭏ앀ꩫ꣮ꅁ쏒꣩쉤쉩닄ꑔꑑꑋ듁ꅁꗁ냪ꑋꑑꑋ꙾ꑋꓫꅃ 200
냑ꛒ룪껆 10. 뚾빟ꙴꅁꋓ껉ꕎ쏒꣩냓ꩫꯟ궷쁉뭐덗뵤놴끑ꅝꑗꅞꅁ쏒꣩멛듁덦뫞뉺닄ꑑꑋꣷ닄ꑀ듁ꅃ 11. 뚾빟ꙴꅁꋓ껉ꕎ쏒꣩냓ꩫꯟ궷쁉뭐덗뵤놴끑ꅝꑕꅞꅁ쏒꣩멛듁덦뫞뉺닄ꑑꑋꣷ닄ꑇ듁ꅃ 12. 뚾빟ꙴꅁ뷗ꚳ믹쏒꣩뵵ꑗꗦ꧶ꪺ땯깩뭐꣤구ꗍꪺꩫꯟ냝썄ꅁꓫꖹꩫ뻇싸뭸닄꒭ꑑꑋ듁ꅁ2000꙾3ꓫꅁ닄130궶 13. 륰롕꣓ꅁ쏒꣩룪ꑈ꒧ꭏ앀뭐뚰많뙄덞뻉ꑊ꒧ꕩ꿠꧊ꅁꩫ냓뻇돸ꅁꗁ냪ꑋꑑꑔ꙾꒻ꓫꅃ 14. 뱂덳럔ꅁ꒺뎡ꑈꗦ꧶덗뵤꒤꒺뎡껸꺧ꅵ궫ꑪ꧊ꅶ꒧뭻ꥷ냲럇ꅁ걆ꑪꩫ뻇뗻뷗닄꒭ꑑ꒻듁ꅁꗁ냪ꑋꑑ꒭꙾ꑑꑇꓫꅃ ꑔꅂ?뫴룴룪랽 1. 쏒ꗦ꧒뫴룴ꑕ돦쏒꣩냓닎군룪껆ꅁ< 2. 뷐냑ꢣ끝많ꩫꑈ꒤뗘ꗁ냪쏒꣩멛듁덦ꖫ돵땯깩냲라룪ꑈꩁ냈뭐ꭏ앀꒤ꓟ꣼끕뿬뉺꒧곛쏶ꡄ쁶껗ꗳꑀ쓽ꫭꅃ< 3. 쏒듁라ꗾ뉹룪끔뫴쏒ꗦꩫ귗ꖿ곛쏶뮡ꧺꅁ< 4. ꩌ꿀뚳ꅁ뫴룴뱳ꝩ꒧뉻Ꙣ멛ꖼ꣓ꅁ룪떦라MIC녍껗곣ꡳꅃ< 5. NII녍껗뇀냊ꑰ닕ꗾ뉹룪끔뫴< 201
뫴믚뫴룴쏒꣩ꗦ꧶뙂듛꒧곣ꡳ ꕾꓥ뎡꓀ ꑀꅂ?껑쑹ꅂ듁ꕚꅂꝐꡍ 1. Niels B. Schaumann, Gilbert Law Summaries Securities regulation (5th ed 1997) 2. James M. Bartos, Erank D. Dangerard, United States Securities Law a Practical Guide 2 (1992) 3. Richard W. Jennings, Harold Marsh, Jr., John C. Coffee, Jr., Securities Regulation Case and Materials 209(7th ed. 1992) 4. Alan R. Palmiter, Securities Regulation Examples and Explanations ꆱꅝ1st ed. 1998ꅞ 5. Daniel R. Fischel and David J. Ross, Should the Law Prohibit “Manipulation” in Financial Markets?, 105 Harvard Law Review. (1991) 6. Frank H. Easerbrook. Monopoly, Manipulation, and Regulation of Futures Markets, 59 J. Bus. S103(1986) 7. Christine T. Jarmer, International Internet Securities Fraud and SEC Enforcement Efforts, 5 Tul. L. Rev (1999). 8. James M. Bartos, Erank D. Dangerard, United States Securities Law a Practical Guide 2 (1992) 9. SEC V. Texas Gulf Sulphur Co. 401 833(2nd Cir. 1968) 10. Ernst & Ernst v. Hochfelder, 425 . 185(1976) 11. Zweig v. Hearst Corp., 594 (9th Cir. 1979). ꑇꅂ?뫴룴룪랽ꅝꕈꓥ뎹볐썄궺꙲꙲ꗀ뚶Ꟈ뵳뇆ꅞ 1. About Microcap Fraud < 2. Adoption of Amendments to Form S-8 Information Sheet < 3. Adoption of Amendments to Rule 701 < 4. Brian Kerbs, Internet-Related Stock Fraud Cases Increasing < 202
냑ꛒ룪껆 5. Class Action Suit Filed Against Internet Wire and Bloomberg over Emulex Hoax < 6. SEC v. James Sheret, Jr. and Glenn E. Conley, No. CIV 1411 (AGS) (USDC .) < 7. Cyberspace Fraud and Abuse < 8. On-Line Brokerage:Keeping Apace of Cyberspace < or < 9. Empowering Investors in an Electronic Age, May 17th, 2000 < 10. Emulex Web Hoax Not the First…and It Certainly Won’t be The Last. < 11. Internet Enforcement Program About the Office of Internet Enforcemen, < 12. Internet Enforcement Program < 13. Internet-Related Stock Fraud Cases Increasing, Brian Kerbs < 14. Investor Protection in the Age of Technology < 1998/> 15. Investor Protection in the Age of Technology, Remarks at the Third Annual Financial Services and Technology Conference < 16. Micro-Cap Fraud letter to Rep. John Dingell < 17. Microcap Stock: A Guide for Investors < 18. Neil Hare, Internet Financial Chat Rooms Raise Concerns for Regulators, Companies , <? pagename=law/View&c=Article&cid=A10533-1999Nov30&live=true&cst=1&pc=0&pa=0> 19. Online Investors Get 10 Tips from State Securities Regulators, < asp ?rcid=106> 20. Reproposal of Amendments to Rule 15c2-11 < 21. Ronald Hart v. Internet Wire, Inc. and Bloomberg, . < 22. SEC and US Attorney Bring Charges Against 19 Individuals, Including Wall Street Professionals, for $8 Million Insider Trading Scheme First 203
뫴믚뫴룴쏒꣩ꗦ꧶뙂듛꒧곣ꡳ Case Charging Use of Internet To Pass Inside Information < 23. SEC charges 41 people in 13 Actions Invlovimg more than $25 Million in Microcap Fraud < 24. SEC Charges 44 Internet Stock Promoters < 25. SEC Charges 44 Stock Promoters in First Internet Securities Fraud Sweep < 26. SEC charges 82 individuals and Companies in Second Nationwide Microcap Fraud Sweep < 27. SEC Charges Two People With Internet Stock Manipulation Scheme Spams Implied that America Online Had Issued or Endorsed the Recommendations < 28. SEC Conducts First Even Nationwide Internet Securities Fraud Sweep,Charges 44 Stock Promoters in 23 Enforcement Actions < 29. SEC Continues Nationwide Crackdown Against Internet Fraud, Charging 33 Companies and Individuals With Fraud For Manipulating Microcap Stocks < or < 30. SEC Creates Office of Internet Enforcement to Battle Online Securities Fraud < 31. SEC Creates Office of Internet Enforcement to Battle Online Securities Fraud < 32. SEC Forms Unit to Combat Internet Securities Fraud < or < 33. SEC Interpretation: Use of Electronic Media < 34. SEC Litigation Release No. 16399 / January 5, 2000, SEC v. Yun Soo Oh Park a/k/a Tokyo Joe and Tokyo Joe’s Societe Anonyme Corp., (N. D. IL., Cicil Case No 00-C-0049, filed January 5, 2000) < 35. SEC Litigation Release No. 16925 / March 8, 2001 < 36. SEC Litigation release , SEC v. Gary D. Hoke, Jr., Civ. No 99-04262 (LGB)(EX) < > 37. SEC proposes Rule Change to Combat Microcap Fraud < 38. SEC Settles Securities Fraud Action Against "Tokyo Joe" < 204
냑ꛒ룪껆 39. SEC Sues Washington, .-Area Law Students for Internet Price Manipulation Scheme.< 40. SEC Sues Washington, .-Area Law Students for Internet Price Manipulation Scheme < 41. SEC v. Arash Aziz-Golshani, Hootan Melamed & Allen Derzakharian, . District Court for the Central District of California, Civ. Action No. 99-13139 (CBM) (AJWX) (. December 15, 1999) < 42. SEC v. Edward A. Durante (aka Edward Durant), First New Haven Corporation, Burton G. Vishno, Thomas J. Donahue, Investment Resources, Inc., Daniel C. Sanders, Thomas G. Scalzo, Jr., Timothy J. Pinchin, Shareholder Communications Group, LLC., Pacific Corporate Equities, LLC., Jackson L. Morris, Mark E. Gould, Thomas K. Williams, Syncom, International, Inc., and World International Marketing, Inc., Defendants, and Janice Sheeley Durante, Stanley T. Deck, Sr., and Walter J. Zink, Litigation Release (August 2,1999) < 43. SEC v. Families On Line Corporation, Mark C. Thurman, And Robert D. Fiene, Case No. 01-6369-CIV-LENARD (. Fla., filed March 9, 2001) < 44. SEC v. Francis Tribble and Sloane Fitzgerald Civil Action No. 98-8699(RVX)(. Cal. October 27, 1998) < 45. SEC v. Gary D. Hoke, Jr., Civ. No 99-04262 (LGB)(EX) < 46. SEC v. Gary D. Hoke, Jr., Civil Action No. 99-04262 (LBG)(EX)(. Cal.) < 47. SEC v. Heartsoft Inc., Benjamin Shell and Jimmy Butler, Civil Action No. 00-CV-0766-B(m), USDC (ND OK) < 48. SEC v. James Sheret, Jr. and Glenn E. Conley, No. CIV 1411 (AGS)(USDC S. D. N. Y.) < 49. SEC v. Jesse Hogan, . District Court for the Northern District of Illinois, Civ. Action No 00 C 5637 (N. D. Ill. September 14, 2000) < 50. SEC v. John Freeman, James Cooper, Benton Erskine, Anthony Seminara, Norman Lehrman, Linda Karlsen, Timothy Siemers, Norman Grossman, Lawrence Schwartz, Michael Akva, Robert Fricker, Richard Zelman, Bradley Burke, Benjamin Cooper, Chad L. Conner, Deon Benson, Gordon K. Allen, Jr., Jon Geibel, and William H. Borders II, 00 Civ. 1963 (VM) (Southern District of New York) < 51. SEC v. Lazarus R. Long (a/k/a Howard Turney individually and doing business as New utopia,) USDC/NDOK/TULSA CA No. 99CV 205
뫴믚뫴룴쏒꣩ꗦ꧶뙂듛꒧곣ꡳ 0257BU(M) < 52. SEC v. Mark S. Jakob, Civil Action No. EDCV-00-687 VAP (Mcx) (. Cal.) < 53. SEC v. , Inc. and Patrick R. Greene. Sec Litigation Release No. 16919 < 54. SEC v. Inc., et al., Civil Action No. 98-2198-CIV T-26B (M. D. Fl. Tampa Division), available at < 55. SEC v. Sunset Investment Group, Inc., James Brown, Pinnacle Capital Advisors, and Austin Tanner < 56. SEC v. THOMAS CARTER, Civil Action No. CV 00-09457 GHK (SHX) (. Cal.) < 57. Securities Activity on the Internet –A report of the Technical Committee of the International Organization of Securities Commissions < 58. See SEC v. Jason M. Chester and JMAX Online Communications, Inc., No. 8:00-CV1443-T-24F (filed July 17, 2000) < 59. Spams Implied that America Online Had Issued or Endorsed the Recommendations < 60. Speech by SEC Acting Chairman: Raising Capital on the Internet, < 61. The ease and speed of the Internet have made trading—not investing, but trading—easier than ever before.” See Common Sense Investing in the 21st Century Market < 62. The SEC’s enforcement program seeks to promote the public interest by protecting investors and preserving the integrity and efficiency of the securities markets < 63. The SEC's Office of Investor Education and Assistance < 64. . SEC Report to the Congress, The Impact of Recent Technological Advances on the Securities Markets < 65. Use of Electronic Media by Broker-dealers, Transfer Agents, and Investment Advisers for Delivery of Information, Securities Act Release (May 9, 1996)[61 FR 24644] (the 1996 Release) < concept/> 66. Use of Electronic Media for Delivery Purpose, Securities Act Release No. 7233 (Oct. 6, 1995) [60 FR 53458] (the 1995 Release) < 206
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