The Securities Disciplinary Committee Fails to Conclude Sanctions on Lime-Selling Securities Firms... To Reconsider on the 9th of Next Month

[Asia Economy Reporter Park Ji-hwan] The Securities and Futures Commission under the Financial Services Commission reviewed disciplinary measures against securities firms that sold Lime Asset Management funds but postponed the decision.

On the 25th, the Securities and Futures Commission announced that it reviewed the imposition of fines on Shinhan Financial Investment, Daishin Securities, and KB Securities but did not reach a conclusion. Further discussions are expected to continue at the Securities and Futures Commission meeting on the 9th of next month.

On this day, the Securities and Futures Commission conducted a review of the fines imposed on these securities firms for violations of the Capital Markets Act. Sanctions against the CEOs and institutions of the securities firms will be handled later by the Financial Services Commission.

Earlier, at the Financial Supervisory Service’s disciplinary review committee meeting held on the 10th, partial suspension of business was imposed on Shinhan Financial Investment and KB Securities, while Daishin Securities was ordered to close its Banpo WM Center in Seoul. Additionally, the committee recommended imposing fines amounting to several hundred million won to the Financial Services Commission.

The Securities and Futures Commission reviews the imposition of fines and penalties, and the level of sanctions against institutions and employees will be decided at the regular meeting of the Financial Services Commission, which is the next step.

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