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[Apha Biz=(Chicago) Reporter Paul Lee] When issuing derivatives-linked securities (DLS), the fines imposed on securities firms for violating their obligation to submit securities reports amounted to some 6 billion won in a year and a half, the report showed.
According to the financial investment industry and financial authorities on the 30th, NH Investment & Securities received the highest penalty of 3.3597 billion won on five occasions, followed by Shinhan Investment & Securities with 2.117 billion won and KB Securities with 1.223 billion won.
In particular, according to the results of a meeting of the Securities and Futures Commission released last week, NH Investment & Securities and KB Securities were fined KRW 1.223 billion at once, exceeding KRW 1 billion.
Under the Capital Markets Act, securities reports must be submitted to encourage more than 50 investors to apply for newly issued securities, and the financial authorities judged that these securities firms avoided regulations on public offerings by issuing identical DLSs several times.
According to the minutes of the 12th Securities and Futures Commission released last week, NH Investment & Securities recommended subscriptions to 24 DLSs from August 2018 to November 2019, recruiting 953 people (407.7 billion won). However, in the process, the declaration was not submitted three times. The main agent, KB Securities, was fined for arranging these DLSs that could not be sold because no securities reports were submitted.
AlphaBIZ 폴 리(hoondork1977@alphabiz.co.kr)
