Seoul: The head of the oversight body for the local stock market announced that the agency will intensify its crackdown on stock manipulation and accounting flaws. Kwon Dae-young, leader of the Securities and Futures Commission under the Financial Services Commission (FSC), emphasized the commitment to penalizing illegal and unfair practices that compromise market principles.
According to Yonhap News Agency, Kwon Dae-young, who also holds the position of vice chairman of the FSC, stated that the agency will update regulations to align with the rapid changes in market conditions. The financial authorities in the country have been advocating for a zero-tolerance approach to actions that undermine market integrity, including stock price manipulation and the abuse of dominant market positions.
In an earlier statement, President Lee Jae Myung emphasized the need for strict measures against stock manipulation and unfair trading practices, as part of a broader strategy to enhance the local financial market. From October, those engaging in illegal stock trading will face fines amounting to twice their unjust gains, while the monitoring system will shift focus from trading accounts to individual traders.
Under a new "one-strike-out" policy, stock manipulators will be prohibited from participating in the capital market for up to five years. This measure will restrict their ability to trade financial investment products and disqualify them from holding executive positions in listed companies.