Financial Services Commission Imposes Fines and Penalties on 18 Entities for Short Selling Violations
18 Domestic and International Securities Firms and Asset Management Companies, Along with Individuals, Massively Detected
Fines of 236.25 Million KRW and Penalties of 737.8 Million KRW Imposed
The financial authorities have uncovered a large number of violations involving 18 domestic and foreign securities firms, asset management companies, and individuals who breached short-selling regulations.
According to the Financial Services Commission on the 31st, the Securities and Futures Commission held its 11th regular meeting and identified 18 companies and individuals who violated short-selling regulations, imposing fines totaling 236.25 million KRW and penalties amounting to 737.8 million KRW.
Shinhan Investment Corp. delayed reporting the net short-selling balance for 99 stocks from July 2018 to June last year. Value System Asset Management delayed reporting the net short-selling balance for 30 stocks from July 2018 to June 2019.
The Securities and Futures Commission imposed fines of 36 million KRW on Shinhan Investment Corp., 24 million KRW on Value System Asset Management, and additionally fined Samsung Hedge Asset Management 30 million KRW, Link Asset Management 66 million KRW, Beyond Asset Management 6 million KRW, and individual Choi Ki-yoon 66.75 million KRW.
Penalties were imposed on companies engaging in naked short selling.
PickTech violated short-selling restrictions by placing a reserved sell order for 4,500 shares of LG without recognizing that the number of shares held had decreased to 4,102 due to a stock consolidation. Quantin Asset Management submitted a sell order from an account that did not hold the relevant shares.
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PickTech was fined 69.9 million KRW, K-Pin Asset Management 1 million KRW, KGT Asset Management 1.3 million KRW, Core Asset Management 300,000 KRW, Quantin Asset Management 305.9 million KRW, PFM 286.1 million KRW, PAM 14.19 million KRW, Dawon Asset Management 900,000 KRW, OCBC 100,000 KRW, StoneX 2.6 million KRW, Julius Baer 3.7 million KRW, Evolve 2.8 million KRW, and Korea Alternative Investment Asset Management 4.1 million KRW in penalties.
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