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| Article 443 (Penal Provisions) |
| (1) | Any of the following persons shall be punished by imprisonment with labor for at least one year or by a fine equivalent to three to five times the profit accrued or loss avoided by a violation: |
| 1. | A person who uses, or allows a third person to use, material nonpublic information related to the business, etc. of a listed corporation in trading specific securities, etc. or any other transaction, in violation of Article 174 (1); |
| 2. | A person who uses, or allows a third person to use, nonpublic information related to commencing or discontinuing a tender offer for stocks, etc., in trading specific securities, etc. related to such stocks, etc. or any other transaction, in violation of Article 174 (2); |
| 3. | A person who uses, or allows a third to use, nonpublic information related to commencing or discontinuing acquisition or disposal of stocks, etc. in bulk in trading specific securities, etc. related to such stocks, etc. or any other transaction, in violation of Article 174 (3); |
| 4. | A person who misleads a third person, in violation of Article 176 (1), into misapprehending that the trading of listed securities or exchange-traded derivatives is escalating, or commits a violation set forth in any subparagraph of Article 176 (1) with intent to mislead the third person into making a wrong judgment; |
| 5. | A person who conducts any act set forth in any subparagraph of Article 176 (2), with intent to induce trading of listed securities or exchange-traded derivatives, in violation of that paragraph; |
| 6. | A person who conducts a series of purchases or sales in connection with listed securities or exchange-traded derivatives or entrusting or being entrusted with such act with intent to fix or stabilize the market price of the listed securities or exchange-traded derivatives, in violation of Article 176 (3); |
| 7. | A person who commits an act set forth in any subparagraph of Article 176 (4) in connection with trading, etc. of securities or derivatives; |
| 8. | A person who commits an act set forth in any subparagraph of Article 178 (1) in connection with trading or other transaction of financial investment instruments (including public offering, private placement, and public sale of securities); |
| 9. | A person who disseminates any rumor, uses any deceptive scheme, coerces any person by violence or threat with intent to trade or make any other transaction of financial investment securities (including public offering, private placement, and public sale of securities) or attempt to skew the market price, in violation of Article 178 (2); |
| 10. | A person who conducts a short sale of listed securities, or entrusts, or is entrusted with such sale in a prohibited manner, in violation of Article 180. |
| (2) | A punishment by imprisonment with labor under paragraph (1) shall be aggravated according to the following categories, if gains accrued or loss avoided by a violation set forth in any subparagraph of paragraph (1) (excluding subparagraph 10) exceeds 500 million won: <Amended on Mar. 27, 2018; Jan. 5, 2021> |
| 1. | If the amount of profit or avoided loss is at least five billion won, imprisonment with labor for between five years and life; |
| 2. | If the amount of profit or avoided loss is at least 500 million won, but not exceeding five billion won, imprisonment with labor for a limited term of at least three years. |
| (3) | Where a person is sentenced to imprisonment with labor under paragraph (1) or (2), suspension of qualifications for not more than ten years may be imposed concurrently. |