[Alpha Biz=(Chicago) Reporter Kim Jisun] Financial authorities have imposed fines of 280 million won on four asset management companies that violated their disclosure obligations.

According to the financial sector on the 4th, the Financial Supervisory Service imposed a fine of 283.6 million won on Stick Alternative, Melon, Atman and Rainmaker Asset Management, believing that they violated their obligation to disclose under the Capital Market Act.

The Capital Markets Act stipulates that if a financial company dismisses an executive, it should report it to the Financial Services Commission within seven business days and disclose it on its Internet website. However, Stick Alternative Asset Management was fined 31.6 million won for not reporting and disclosing it in 2019 and 2021.

Stick Alternative Asset Management did not report the appointment and dismissal of compliance officers and risk management officers within seven business days, and also managed collective investment assets in violation of the collective investment rules. Melon, Atman, and Rainmaker Asset Management were also notified of fines of 108 million won, 120 million won and 24 million won, respectively, for failing to disclose the reasons for not exercising their voting rights.

 

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