Financial Services Commission Suspends Private Fund Operations of Hana Bank and NH Investment & Securities over Optimus Sales

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[Asia Economy Reporter Ji Yeon-jin] On the 2nd, the Financial Services Commission held a regular meeting and decided to impose a 3-month suspension of new private collective investment securities brokerage business and a fine of 5.272 billion KRW on NH Investment & Securities for violating the Capital Markets Act related to the Optimus Fund.

Regarding Hana Bank, it was suspended from new custody business for 3 months due to violating the obligation to prohibit transactions between collective investment assets under custody during the custody business process.

NH Investment & Securities is the largest distributor of the Optimus Fund, and Hana Bank is the custodian responsible for trading and managing the assets of the Optimus Fund.

Optimus Asset Management stated in its investment proposal that it directly or indirectly invested in public institution sales bonds, but it was revealed that there was no investment in public institution sales bonds. The Financial Services Commission judged that NH Investment & Securities violated the prohibition on unfair solicitation, failed to verify explanation contents, and violated investment advertisement procedures related to the Optimus Fund.

Sanctions against Jung Young-chae, CEO of NH Investment & Securities, will be taken by the Financial Supervisory Service.

Regarding the violation of the obligation to establish internal control standards under the Financial Companies Governance Act related to NH Investment & Securities, a comprehensive judgment will be made after legal review of judicial decisions and comparative deliberation of related agenda items.

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