Four Global IBs Caught for Illegal Short Selling... Final Discussion at the FSC
Financial authorities have additionally uncovered global investment banks (IBs) that deliberately engaged in illegal short selling in the domestic stock market.
According to the financial investment industry on the 12th, the Financial Services Commission's Securities and Futures Commission is scheduled to discuss the scale of fines for illegal short selling by four firms: Nomura Securities, JP Morgan, UBS, and Morgan Stanley.
As a result of last week's Capital Market Investigation Deliberation Committee (Jajoshim), fines are expected to range from tens of billions to several hundred billion won. The final decision on the scale of fines and other measures will be made by the Securities and Futures Commission.
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However, the scale of fines imposed on the global IBs at the Securities and Futures Commission meeting held that day may be reduced. In previous cases of short selling violations, reductions were applied after considering factors such as intentionality and the amount involved. It is reported that the Jajoshim mainly expressed opinions that "reductions should be made in line with past enforcement cases and fairness."
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