The Securities and Futures Commission Resumes Deliberation on Disciplinary Measures for Lime-Selling Securities Firms

[Asia Economy Reporter Park Jihwan] Discussions on sanctions against securities firms that sold Lime Asset Management products, which were once suspended due to the spread of the novel coronavirus infection (COVID-19), have resumed after about two months.

On the 20th, the Securities and Futures Commission under the Financial Services Commission held a regular meeting in the afternoon and is currently reviewing the agenda to impose fines on Daishin Securities, KB Securities, and Shinhan Financial Investment, the securities firms that sold Lime funds.

Previously, on November 25 last year, the Securities and Futures Commission discussed the sanctions agenda for these securities firms but could not reach a conclusion. Subsequently, the Financial Supervisory Service reported COVID-19 cases, leading to the postponement of the Securities and Futures Commission meeting. As the spread of COVID-19 intensified and face-to-face reporting became difficult, discussions were also suspended for a while. However, judging that the agenda could not be postponed indefinitely, the Securities and Futures Commission is understood to have resumed discussions via video conference.

If the fine agenda is approved at the Securities and Futures Commission meeting today, the sanction procedures against the related securities firms are expected to proceed in earnest.

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