FSC chief vows tougher crackdown on stock manipulation

The head of Korea’s financial regulator on Wednesday pledged to step up efforts to crack down on stock manipulation and other unfair trading practices.

Lee Eog-weon, the chairman of the Financial Services Commission (FSC), made the remarks during a ceremony marking the first anniversary of a joint task force established to detect and investigate illegal and unfair stock trading.

The joint task force, comprising officials from the FSC, the Financial Supervisory Service and the Korea Exchange, was launched in July of last year.

“The joint task force has been at the forefront of protecting trust in the capital market by swiftly detecting illegal activities and imposing strict sanctions,” Lee said.

Over the past year, the team has uncovered 10 cases, including one involving journalists, and referred them to prosecutors.

The government plans to expand the task force and grant it greater investigative and enforcement powers to eradicate unfair practices in the capital market.

“We will […] respond even more rigorously [to such methods] through swift detection, strict investigation and zero-tolerance sanctions,” Lee said.

Yonhap