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[Apha Biz=(Chicago) Reporter Paul Lee] According to the Financial Supervisory Service (FSS) on the 31st, the Securities and Futures Commission imposed fines and fines of 9.8 billion won on 26 places for violating regulations on short selling related to the Capital Markets Act (170 trillion won) in the first half of this year (January to June). The fines were 8.7 billion won for 23 places and 1.1 billion won for three places.
A fine has been imposed on illegal short selling for the first time this year since the earlier tightened revision of the Capital Markets Act took effect in April 2021. The Securities and Futures Commission fined UBS Securities 2.18 billion won and ESK Asset Management 3.87 billion won at a regular meeting presided over by Securities and Futures Commission Chairman Kim So-young (vice chairman of the Financial Services Commission) on March 8.
UBS Securities violated the restriction on naked short selling by submitting a sale order for 27,374 common shares (7.329 billion won) that it did not own in 2021. ESK Asset Management violated restrictions on naked short selling by placing sales orders for 210,744 common shares (25.14 billion won) not owned by the fund in 2021
Since then, the Securities and Futures Commission has imposed fines on more than 10 financial investment companies, including French asset management firm AUM Investment, on charges of illegal short selling. At the 11th regular meeting on May 30, 18 companies and individuals who violated net holding balances or restrictions on short selling were caught and fined 737.8 million won and 236.25 million won.
AlphaBIZ 폴 리(hoondork1977@alphabiz.co.kr)
