Financial Services Commission "Negligence in Registration Duties"... Cancellation of Standard Asset Management Registration

[Asia Economy Reporter Ji Yeon-jin] The Financial Services Commission announced on the 26th, during the 2nd regular meeting, that it has decided to cancel the financial investment business registration and impose sanctions on the executives and employees of Standard Asset Management and Adena Investment Advisory.

Standard Asset Management registered as a general private collective investment business but did not conduct this business, resulting in the cancellation of its general private collective investment business registration. Additionally, due to embezzlement and other misconduct, it decided to dismiss all former executives and employees of Standard and impose a suspension of duties for about three months, along with notifying retirees of illegal and unfair matters.

Adena Investment Advisory also registered for investment advisory and discretionary investment businesses but did not conduct the registered businesses, leading to the cancellation of those business registrations. Furthermore, it failed to submit business reports, resulting in a fine of 92 million KRW.

A Financial Services Commission official stated, "The financial authorities will strictly manage and supervise violations of laws and regulations and apply stern post-sanctions to ensure that the asset management, investment advisory, and discretionary investment industries maintain a sound market order and grow based on investor trust."

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