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| TITLE | Supreme Court Decision 2015Du2994 Decided August 1, 2018【Revocation of Disposition Imposing Penalty Surcharge】 [full Text] |
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| Summary | |
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[1] Meaning of “material fact” under Article 429(1)1 of the former Financial Investment Services and Capital Markets Act [2] In a case where “major shareholder” is indicated as a nominal shareholder in a securities registration statement albeit the person owning the relevant shares in one’s account and the nominal shareholder are different, whether it constitutes “making a false description regarding a material fact in a securities registration statement” as prescribed by Article 429(1)1 of the former Financial Investment Services and Capital Markets Act (affirmative) Whether this legal doctrine is likewise applicable in cases where an issuer that submits a securities registration statement for the purpose of subscription or sale of securities is a foreign entity established according to the relevant foreign law (affirmative in principle) |
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