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[Apha Biz=(Chicago) Reporter Paul Lee] Financial supervisory authorities will introduce a system that quickly freezes accounts of suspected capital market unfair trade, including stock price manipulation, at the authorities level.
On the 21st, the Financial Services Commission, along with the Financial Supervisory Service, the Seoul Southern District Prosecutors' Office, and the Korea Exchange, announced plans to improve the unfair trade response system at the Seoul Government Complex. On emergency issues, the chairman of the Securities and Futures Commission is considering freezing the suspect's assets for a certain period of time," said Kim Jung-gak, a standing member of the Securities and Futures Commission.
Financial supervisory authorities believe that if the Securities and Futures Commission has the authority to freeze assets, it will increase the speed of the authorities' initial response. It is possible to prevent further illegal activities by blocking the suspect's account without waiting for a court ruling. It can also prevent concealment of unfair profits.
It will also restrict transactions of financial investment products for up to 10 years for those who engage in unfair trade and push for measures to prevent them from being appointed as executives of listed companies. Those who are confirmed to be sanctioned will also review the system of disclosing their personal information.
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