Four Major Related Agencies to Operate Emergency Meeting Body for Three Months to Eradicate Unfair Trade Practices
Financial Services Commission, Financial Supervisory Service, Korea Exchange, and Prosecutors Hold 1st Emergency Investigation and Review Agency Council Meeting with Academia and Experts
The Financial Services Commission, the Financial Supervisory Service, the Korea Exchange, and the prosecution?four major related agencies?held the first Emergency Investigation and Deliberation Agency Council (Josimhyeop) meeting together with experts from academia and research institutions, the agencies announced on the 2nd.
This emergency Josimhyeop is part of an emergency response system aimed at intensively cracking down on unfair trading in the capital market throughout this year. Starting this week, it will operate as a meeting body that reviews the overall unfair trading response system two to three times a month.
Kim Jeong-gak, a standing commissioner of the Securities and Futures Commission who presided over the meeting, said, “As emphasized by the FSC, FSS, Korea Exchange, and prosecution, unfair trading in the capital market leads to serious crimes that rob honest ordinary investors and the future of youth,” adding, “The government has a firm and strong will to eradicate this.”
He continued, “Through this emergency Josimhyeop, we plan to examine the unfair trading response systems of major countries and conduct in-depth discussions on improvement measures for the entire unfair trading response system, which proceeds from recognition to deliberation, investigation, and sanctions,” and explained, “Since close cooperation among related agencies is crucial to eradicating unfair trading in the capital market, we will significantly strengthen the inter-agency cooperation system.”
As the emergency Josimhyeop operates during the emergency response period, it will closely discuss the status of planned investigations, joint investigations, special crackdown team operations, and investigation situations to promptly detect various illegal acts and ensure strict sanctions are enforced.
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The emergency Josimhyeop is expected to operate for about three months going forward. It will actively collect diverse opinions from market participants and related experts. Based on the discussions in this emergency Josimhyeop, the four major related agencies plan to prepare “Improvement Measures for the Response System to Eradicate Unfair Trading.”
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