Delay Again in Review of Lime Sales Brokerage Fines... Impact of COVID-19 Spread

[Image source=Yonhap News]

[Asia Economy Reporter Park Jihwan] The discussion on imposing fines on Lime Asset Management fund distributors has been postponed again.

This is because the Securities and Futures Commission under the Financial Services Commission will hold its meeting via video conference due to the spread of the novel coronavirus infection (COVID-19), making in-person reporting itself difficult.

According to financial authorities on the 15th, the Securities and Futures Commission under the Financial Services Commission, scheduled for 2 p.m. on the 16th, will be held via video conference. A financial authority official stated, "Due to COVID-19, only simple agenda items that do not require statements of opinion will be discussed at this Securities and Futures Commission meeting." As a result, the agenda on imposing fines on securities firms that sold Lime funds will not be presented.

Previously, the agenda for reviewing fines on securities firms that sold Lime funds was originally scheduled to be discussed at the regular meeting on the 9th, but was postponed once due to a COVID-19 confirmation of a Financial Supervisory Service employee.

Once the fine amount is decided at the Securities and Futures Commission meeting, it will be discussed again along with agenda items such as sanctions against current and former CEOs of securities firms and institutional sanctions at the regular Financial Services Commission meeting, followed by the final approval process.

Thus, the imposition of fines on securities firms that sold Lime funds, institutional sanctions on securities firms, and disciplinary actions against current and former CEOs are all expected to be discussed again early next year.

This content was produced with the assistance of AI translation services.