Reviewing ′billions of won fine′ on illegal short selling ... Securities & Futures Commission discussion on the 8th

Reviewing 'billions of won fine' on illegal short selling ... Securities & Futures Commission discussion on the 8th: COMPANY / Reporter Kim Jisun / 2023-03-06 05:50:03

This article is translated by AI company Flitto and Alhpa Biz neural machine translation technology

이복현 금감원장. (사진=연합뉴스)

[Alpha Biz=(Chicago) Reporter Kim Jisun] Financial authorities are considering imposing billions of won in fines on foreign financial firms for illegal short selling.

According to the Financial Services Commission and the Financial Supervisory Service on the 5th, the Securities and Futures Commission under the Financial Services Commission will deliberate on a plan to impose fines on two companies, including foreign securities firms and operators, at its regular meeting on the 8th. This is the first case of imposing fines since the revision of the Capital Markets Act took effect in April 2021. The amendment allows a fine of up to 100% of the order amount if illegal short selling is caught.

Earlier, the FSS decided to impose billions of won in fines on these two foreign companies.

The Financial Supervisory Service said in a report for the new year that it will establish and operate a related system for close monitoring of public sales. The appropriateness of the securities firm's public sale process (stock loan, order trust, order execution, follow-up management) will also be reviewed.