All posts tagged "FSS"
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334EnforcementLime Asset, Shinhan Investment Raided in Hedge Fund Misselling Probe
Investigators were dispatched to both firms to secure computer drives and documents linked to alleged misselling and fraud at both firms.
February 20, 2020 -
274EnforcementFSC Korea to Lower Derivatives Mis-selling Fines for Woori, KEB Hana
The FSC will impose lower penalties than what was recommended by the FSS, citing the two banks’ cooperation and their agreements to compensate clients for damages.
February 17, 2020 -
462EnforcementKorea to Strengthen Regulatory Framework for Hedge Funds
The FSC will cap illiquid investments at 50% for open-ended funds, require them to conduct regular stress tests, raise transparency of complex fund structures, and enhance supervisory monitoring.
February 15, 2020 -
314FeatureFSS Korea Finds Mismanaged Liquidity at More Private Equity Funds
The FSS has identified at least four firms whose funds face potential liquidity crisis risks, similar to Lime Asset Management, which has so far frozen 1.7tr won in assets.
February 4, 2020 -
344Enforcement
FSS Reprimands Woori, Hana Chiefs for Derivatives Mis-Selling
The FSS is also recommending a 20-billion-won penalty be imposed on both banks, and for some of their operations to be suspended for six months.
January 31, 2020 -
646Korea
FSS Korea to Reorganise Consumer Protection Department
The FSS will reorganise its consumer protection department to boost supervision of high-risk financial products, and establish suptech and regtech teams.
January 24, 2020 -
196Enforcement
FSS Korea Probes Fraud Involving Small-cap Stocks
A group of investors is suspected of taking control of small firms, only to then release news designed to inflate share prices or raise more capital to enrich themselves.
January 14, 2020 -
568Enforcement
Nine Korean Banks Face Legal Action for Selling Loss-Making Funds
Investors are reportedly preparing for a suit against banks which sold them loss-making funds from Lime Asset Management without properly disclosing the risks.
January 9, 2020 -
1.0KEnforcement
Korea: Lime Asset Faces Legal Action for Concealing Hedge Fund Losses
Lime Asset Management suspended redemptions in three funds in October. One of them had 240bn won invested with New York-based IIG, which has since been charged with securities fraud.
January 6, 2020 -
688Fintech / RegtechOpen Banking Reveals Security Risks at Korean Fintech SMEs
More than 40 fintech SMEs reportedly could not pass the security checks required for final approval to participate in the open banking initiative.
December 30, 2019
