South Korea says this can impose fines on two global banks for quick-selling violations

© Reuters

SEOUL (Reuters) – South Korea’s financial regulator on Sunday acknowledged it plans to impose penalties on two unnamed global funding banks it’s a ways investigating.

The Financial Services and products Commission acknowledged it chanced on two global funding banks were engaged in the practice of bare instant-selling transactions, which involves selling shares without borrowing them first.

The FSC did no longer title their names.

South Korea has been widening a probe into global funding banks to weed out illegal instant-sellers from the local stock market after it imposed a stout ban on instant-selling in November by the cease of June 2024.

In December, it acknowledged it would elegant two unnamed global funding banks and one local brokerage 26.5 billion won ($20.2 million) in total for bare instant-selling.

($1 = 1,313.2200 won)