[Alpha Biz=(Chicago) Reporter Paul Lee] Financial authorities have imposed fines of 669.1 million won on NH Investment & Securities Co. and Shinhan Investment & Securities Co., respectively, for violating regulations on submitting securities reports.
According to the Financial Services Commission's decision information on the 13th, the Financial Services Commission imposed fines on NH Investment & Securities and Shinhan Investment & Securities at the third regular meeting.
NH Investment & Securities recommended DLS subscription from July 2017 to September 2019 through Shinhan Investment & Securities, an issuer of derivative-linked securities (DLS). It was a problem because it did not submit five securities reports while raising 262.14 billion won to a total of 680 investors.
Shinhan Investment & Securities is an intermediary who recruits DLSs for NH Investment & Securities or shares recruitment directly or indirectly, and it cannot be recruited because NH Investment & Securities has not submitted a securities report, but it violated it.
This is a matter that imposes fines on issuers and brokers who intentionally avoided regulations on public offerings by dividing the same type of securities into more than one and encouraging less than 49 people to subscribe.
The Financial Supervisory Service earlier submitted a resolution to the Financial Services Commission to impose a fine of 4.015 billion won on NH Investment & Securities and Shinhan Investment & Securities, respectively, and notify the investigative agency of institutions and executives and employees.
However, the Financial Services Commission lowered the fine to 669.1 million won after deliberation by the Capital Market Research Review Committee and resolution by the Securities and Futures Commission (SFC).
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