FSS Replaces Head of Special Short Selling Investigation Team... "Steps Down After Three Months"

The Financial Supervisory Service (FSS) will replace the head of the Special Short Selling Investigation Team one week before the resumption of short selling.

According to financial authorities on the 24th, the FSS plans to dismiss Park Jaeyoung, head of the Special Short Selling Investigation Team, from his position on the 25th through an occasional personnel reshuffle and appoint Seo Hyunjae, currently the head of the Asset Management General Team at the Asset Management Supervision Bureau, as his successor.

Head Seo is an expert in capital market systems and investigations, and the department head replacement is expected to minimize any work disruption.

In the regular personnel reshuffle last December, the FSS reassigned 74 out of 75 department heads. At that time, Park, who was a senior team leader, was promoted from the Securities Trading Supervision Team of the Capital Market Supervision Bureau to department head. He will be stepping down after about three months. An FSS official said, "Due to health reasons," declining to provide further details.

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