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"The Capital Markets Act of Korea has a provision expressly recognising the extraterritoriality of the Act. However, the question still remains how far the reach of the Act extends to cover overseas activities. By reference to the discussions in the United States, this article makes recommendations for the effective and reasonable extraterritoriality of the Act. First, this article proposes to amend the current regulation providing the exemptions from the registration requirements for cross-border offerings. Korea and the United States adopted Regulation IPDS and Regulation S, respectively, to clarify the applicability of the registration requirements to primary offerings in offshore transactions. Unlike Regulation S in the United States, Regulation IPDS in Korea may be interpreted to regulate the offshore offerings causing no harm to domestic investors and markets. In order to avoid unreasonable consequences not intended by the legislator, this article suggests that Regulation IPDS be changed to function as a non-exclusive safe harbour rule. Second, this article proposes a two-tiered approach for discerning the extraterritorial scope of the antifraud rules under the Capital Markets Act. Although the Capital Markets Act has various categories of antifraud provisions, it is still unclear to what extent these provisions may be applicable in the context of transnational securities fraud. Through consideration of the merits of the current regulatory structure in the United States, this article suggests that a more restrictive view be taken toward suits initiated by private claimants, but that a more permissive view be taken toward enforcement proceedings by public regulators."

"Penelitian ini bertujuan untuk menjawab mengapa Korea Selatan bersedia untuk membuka sektor agrikulturnya kepada Amerika Serikat di bawah skema KORUS FTA. Padahal pada perjanjian perdagangan bilateral sebelumnya, Korea Selatan tidak memasukkan sektor agrikultur ke dalam klausul setiap perjanjiannya. Untuk memahami perubahan tersebut, penelitian ini menggunakan kerangka analisis two-level game dari Robert Putnam. Metodologi yang digunakan adalah pendekatan kualitatif dengan analisis eksplanatif. Hasil penelitian ini menunjukkan bahwa pada Level I, Amerika Serikat memiliki posisi tawar menawar yang lebih tinggi dan menuntut Korea Selatan untuk membuka sektor sensitifnya sebagai bentuk liberalisasi perdagangan dan negosiator Korea Selata yang US-centered menjadikan strategi negosiasi tidak transparan dalam kesepakatan KORUS FTA. Pada Level II determinan I, terdapat upaya dari organisasi bisnis yang berperan dalam politik domestik Korea Selatan dan mendorong pengesahan KORUS FTA. Pada Level II determinan II, semakin besarnya otonomi badan eksekutif Korea Selatan dan badan legislatif diisi oleh politisi-politisi yang memiliki visi sama dengan eksekutif, sehingga preferensi eksekutif mendominasi dalam proses pengesahan kesepakatan. Untuk itu, KORUS FTA merupakan bentuk perjanjian untuk memperdalam keterikatan baik dari segi ekonomi maupun politik bilateral Korea Selatan dan Amerika Serikat agar mampu beradaptasi di kawasan Asia Timur yang dinamis dan beriorientasi dalam perdagangan internasional. Maka dari itu, penelitian ini menyimpulkan bahwa kesediaan Korea Selatan dalam membuka sektor agrikulturnya terhadap Amerika Serikat di bawah skema FTA merupakan bentuk jaminan dari kompleksitas hubungan Korea Selatan dan Amerika Serikat yang tidak hanya dicapai melalui perekonomian melainkan terdapat unsur keamanan yang saling bergantung dengan negara yang lebih besar.

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This study aims to answer why South Korea is willing to open its agricultural sector to the United States under the KORUS FTA scheme. Whereas in the previous bilateral trade, South Korea did not include the agricultural sector in the clause of every agreement. To understand these changes, this study uses a two-level game analysis framework from Robert Putnam. The methodology used is a qualitative approach with explanative analysis. The results of this study indicate that at Level I, the United States has a higher bargaining position and demands South Korea to open its sensitive sector as a form of trade liberalization and the US-centered South Korean negotiators made the negotiation strategy not transparent in the KORUS FTA agreement. At Level II determinant I, there are efforts from business organizations that play a role in South Korean domestic politics and encourage the ratification of the KORUS FTA. At Level II determinant II, the greater autonomy of the South Korean executive and the legislative is filled with by politicians who have the same vision as the executive, therefore the executive preference dominates in the process of ratifying the agreement. For this reason, the KORUS FTA is a form of agreement to deepen ties both from economic and bilateral political aspects of South Korea and the United States, hence both countries are able to adapt to the dynamic of East Asia region oriented towards international trade. Thus, this study concludes that South Korea’s willingness to open its agricultural sector to the United States under the FTA scheme is a form of guarantee of the complexity of the relationship between South Korea and the United States not only achieved through economic relations, but there is a security matters that is interconnected with a larger country."