The concept of the `Specially Related Person` is one of the legal solution to deal with the problems of negative phenomenon of economy. The concept and the solution are popular in Korean legal system. Korea keeps pushing for reforms in the fields of the financial industry in order to advance the capital market to a global level. The Capital Market Consolidation Act can be a regarded as a landmark for the reform in the history of the Korean economy. The act also includes the provisions on the concept of the `Specially Related Person.` Nevertheless, the provisions concerning the concept have some problems and have been criticised in several legal point of view. Especially speaking, the provisions on the `Specially Related person` who is relative is on the centre of the criticisms to the act. This study is aimed to figure out the problems and device improvement of the provisions. For example, the provisions on the scope of the relatives fail to reflect changes in family institutions according to the trend of increasing nuclear family. It is necessary to reduce the scope of relatives to a certain degree. Furthermore, the provisions stipulating the scope of the relatives are various and it may make confusions. It is thus required to set forth the definition and the specific scope in a certain act. The provisions on the `Specially Related Person` who has the economic relationship may cover the problems in some ways. However, these provisions also have several problems to solve. They are related to the similar provisions in other laws, systemic issues and the concepts of the juridical person or company, etc. Although it will take long time, the problems must be checked in many perspectives. After the checking the questions on the problems, the answer can be produced. The proposals in this study are some parts of them.