South Korea says it will impose fines on two global banks for short-selling violations

South Korea says it will impose fines on two global banks for short-selling violations

© Reuters

SEOUL (Reuters) – South Korea’s monetary regulator on Sunday stated it prepares to enforce charges on 2 unnamed worldwide financial investment banks it is examining.

The Financial Services Commission stated it discovered 2 international financial investment banks were engaged in the practice of naked short-selling deals, which includes selling shares without obtaining them.

The FSC did not recognize their names.

South Korea has actually been broadening a probe into worldwide financial investment banks to weed out prohibited short-sellers from the regional stock exchange after it enforced a complete restriction on short-selling in November through completion of June 2024.

In December, it stated it would fine 2 unnamed international financial investment banks and one regional brokerage 26.5 billion won ($20.2 million) in overall for naked short-selling.

($1 = 1,313.2200 won)

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