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Financial Regulators to Freeze Accounts over Illicit Market Activity

Written: 2023-09-21 14:31:13Updated: 2023-09-21 15:09:40

Financial Regulators to Freeze Accounts over Illicit Market Activity

Photo : YONHAP News

Financial authorities are pushing for measures to quickly freeze accounts involved in stock price manipulation and other suspected illegalities.

The announcement was made on Thursday as the Financial Services Commission held a ceremony commemorating the tenth anniversary of the launch of the Capital Market Investigation Team at the Seoul Government Complex, along with the Financial Supervisory Service, the Seoul Southern District Prosecutors’ Office and the Korea Exchange.

With the new measures, investigative personnel will be granted the right to execute compulsory and on-site investigations as well as the right to seize data.

To encourage active reporting of unfair transactions, the limit on reward payments will increase from a maximum of two billion won, or some one-point-five million U.S. dollars, to three billion won.

The latest move is set to significantly strengthen the collaboration system between the exchanges, financial authorities and the prosecution.

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