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(Photo= Yonhap news) |
[Alpha Biz= Reporter Kim Sangjin] On the 24th, the Financial Supervisory Service (FSS) imposed fines on SK Securities and Yuanta Securities for failing to fulfill their disclosure and reporting obligations.
According to the FSS, SK Securities provided key information such as estimated sales figures and projected revenues from the U.S. market to a third-party employee of B Asset Management before publicly disclosing its research and analysis report on Company A in April last year. However, SK Securities did not disclose these facts in the report. As a result, SK Securities was fined 20 million Korean Won.
Under the Capital Markets Act, securities firms are required to disclose such actions and the timing of initial disclosures when providing research and analysis reports to the public after initially providing them to third parties.
Yuanta Securities, on the other hand, failed to report a total of 139 instances of opening (15 cases) and closing (124 cases) branches from February 23, 2009, to January 28 last year. This resulted in a fine of 43.2 million Korean Won.
According to regulations, financial investment firms are required to report the establishment or closure of branches or offices to the Director of the Financial Supervisory Service within 45 days after the end of the quarter in which the incident occurred.
AlphaBIZ Kim SangJin(letyou@alphabiz.co.kr)
