Financial Services Commission Conducts On-Site Investigation of Shinpung Pharmaceutical for Insider Trading Allegations
Announcement of Unfair Trade Response System Reform on Listed Company Investigation Day
Showing Market Enforcement Commitment
On the 21st, the Financial Services Commission (FSC) launched an investigation into allegations that executives and employees of Shinpung Pharmaceutical used undisclosed information. At the same time, the chairman of the FSC's Securities and Futures Commission announced the 'Capital Market Unfair Trading Response System Improvement Plan,' which is interpreted as a strong indication of the market's commitment to cracking down on unfair trading.
According to the financial investment industry on the 22nd, the FSC's Capital Market Investigation Team conducted an on-site investigation at Shinpung Pharmaceutical's headquarters on the morning of the previous day (21st). The FSC is looking into allegations that executives and employees traded stocks using undisclosed information such as clinical trial results during the period of sharp fluctuations in Shinpung Pharmaceutical's stock price.
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Meanwhile, the FSC reorganized its response system the previous day to effectively crack down on unfair trading activities such as stock price manipulation. The system will now operate with the FSC's Securities and Futures Commission at the center, collaborating with the Financial Supervisory Service, stock exchanges, and, if necessary, the Seoul Southern District Prosecutors' Office. In particular, financial authorities will be able to freeze the accounts of suspects involved in stock price manipulation, similar to investigative agencies. Additionally, they announced plans to enhance the utilization of the investigation organization's compulsory investigation rights, on-site investigation rights, and seizure rights.
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