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Financial authorities have postponed the disciplinary action decision against the securities firms that sold the Lime funds until next month. The next committee will be held on the 9th of next month.
According to the financial authorities on the 26th, the Securities and Futures Committee (Jungseon Committee) under the Financial Services Commission approved a plan for additional fines for the three securities companies (Shinhan Financial Investment, Daeshin Securities and KB Securities), which sell lime, but they could not conclude. The Jeungseon Committee is expected to open on the 9th of next month for further discussion.
The previous day, the Jeungseon Committee only ruled on imposing a fine for violating the Capital Markets Act. The Financial Services Commission plans to face sanctions against the CEO and the institutions of securities firms in the future. In particular, it seems that the battle between the securities firms and the Financial Supervision Service has been heated over the adequacy of the level of fines.
The Jeungsun Committee said: “We have heard the views of the inspection office responsible for the Financial Supervision Service and Securities Firms respectively” and said: “We have decided to continue discussions at the next Jeungsun Committee.”
On September 10, the Financial Supervisory Service held a sanctions review committee and decided to impose sanctions on three securities firms for violations of the capital markets law. Fines are known to range from tens of millions of won to billions of billions, depending on the brokerage firm.
At present, the sanctioning decision FSS ▲ severe disciplinary action such as “ suspension of employment ” or “ disclaimer notice ” against the managing directors of securities firms ▲ partial suspension of institutional activity (Shinhan Investment Corp. KB Securities) ▲ closure of Banpo WM Center (Daeshin Securities).
However, on this day, the penalties for executives and institutions other than fines were not discussed. Normally, fines and penalties for securities firms are subject to the increase and commission upfront, but the penalties for executives and institutional suspension are deliberated and resolved by the Financial Services Commission. For this reason, the regular meeting of the Financial Services Commission, which will take place next month, is expected to be the “main game” rather than the Jeungseon Committee, which only supports fines.
In particular, the suspension of the work of the three CEOs or the censorship warnings are severe disciplinary actions that restrict employment in financial companies for 3-5 years, so these CEOs should attend regular meetings of the Financial Services Commission and making active calls. KB Securities CEO Park Jung-lim, the only disciplinary entity to hold a position in office, it becomes difficult to renew a new mandate or challenge the bank manager when severe punishment is confirmed.
If the severe disciplinary action is notified and takes effect, it is possible that a lawsuit will take place between the financial authorities and the CEO, such as in the case of a derivative linked fund (DLF).
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