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| (사진=금융위원회) |
[Alpha Biz=(Chicago) Reporter Kim Jisun] Financial authorities have imposed fines of 6 billion won on foreign financial investment firms for violating short selling of SK and EcoproHn stocks.
According to the Financial Services Commission on the 7th, the Securities and Futures Commission (SFC) fined UBS AG and ESK 2.18 billion won and 3.87 billion won, respectively, at the fifth meeting.
In May 2021, UBS AG was found to have placed a sale order for 27,374 SK㈜ common shares (7.3 billion won) that it did not own.
UBS AG explained to the Securities and Futures Commission that it submitted a sale order based on an overstated balance on SK㈜ stocks as it mistakenly entered the borrowing details of other stocks with similar names in the balance management system.
In August 2021, ESK was subject to sanctions for selling 217,744 common shares (25.1 billion won) of EcoproH that are not owned by the fund.
The current Capital Markets Act only recognizes borrowed short selling, and prohibits naked short selling. Since December last year, the Financial Services Commission has also released the name of a corporation caught in illegal short selling.
The issue is the first of its kind since the revision of the Capital Markets Act, which calls for tougher sanctions against violations of public sale regulations.
AlphaBIZ 김지선(stockmk2020@alphabiz.co.kr)
