Financial Supervisory Service Conducts Regular Inspections of Mirae Asset Global Investments and KTB Securities

Request for Preliminary Data... Main Inspection to Begin After Chuseok

[Asia Economy Reporter Hwang Yoon-joo] The Financial Supervisory Service (FSS) plans to conduct regular inspections of Mirae Asset Global Investments and Korea Investment & Securities in the second half of the year.

According to financial authorities on the 31st, the FSS will carry out a regular inspection of Mirae Asset Global Investments after the Chuseok holiday.

The FSS is reported to have recently requested preliminary documents for the main inspection from Mirae Asset Global Investments. The upcoming regular inspection is expected to focus mainly on alternative investments such as overseas real estate and businesses related to exchange-traded funds (ETFs).

Previously, the FSS conducted a regular inspection of Samsung Asset Management. Although the initial plan was to inspect Mirae Asset Global Investments first due to its rapid growth in the ETF market over a short period, the FSS started with Samsung Asset Management following complaints related to crude oil futures ETFs during the COVID-19 pandemic. Recently, as real estate project financing (PF) risks have increased, businesses related to this area have also been designated as inspection targets.

Regarding asset management companies, regular inspections will be conducted only for Samsung Asset Management (first half) and Mirae Asset Global Investments (second half), while small and medium-sized asset managers will be subject to ad hoc inspections if issues arise.

For securities firms, Korea Investment & Securities is the target of the regular inspection. Korea Investment & Securities is also preparing after receiving a preliminary document request from the FSS. The firm was fined for violating short-selling restriction regulations. In the first half of the year, Kiwoom Securities underwent a regular inspection.

A securities industry official stated, "Regular inspections review not only specific issues but also the overall business operations," adding, "Korea Investment & Securities is expected to be closely examined on short-selling-related matters, which have recently become an issue."

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