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[Alpha Biz=(Chicago) Reporter Paul Lee] Financial authorities have imposed fines on more than 10 securities firms for illegal short selling. In the future, rapid investigation and severe punishment for unfair trading in the capital market, including illegal short selling, are expected to proceed.
According to the financial investment industry on the 21st, the Securities and Futures Commission under the Financial Services Commission imposed fines on more than 10 financial investment companies, including French asset management firm AUM Invest, on charges of illegal short selling. The real names of about 10 companies were not disclosed. These companies are part of the 42 fines mentioned by the Financial Supervisory Service on the 1st of last month, most of which are foreign financial investors.
Earlier, Securities and Futures Commission and SFC imposed a fine of 2.18 billion won on UBS Securities and 3.87 billion won on ESK asset management for violating short selling regulations related to the Capital Markets Act (Article 170) at a regular meeting presided over by Kim So-young (vice chairman of the Financial Services Commission) on March 8. This is the first case of imposing fines since the revision of the Capital Markets Act took effect in April 2021.
AlphaBIZ 폴 리(hoondork1977@alphabiz.co.kr)
