Effective from 1 January 2023, the guidelines are part of the response by the FSS and KOFIA to boost market confidence after a series of hedge fund scandals in Korea.
December 28, 2022The FSS determined that BNK Kyongnam Bank should provide 65 to 75 percent compensation to two investors affected by the collapse of Lime Asset Management.
November 18, 2022Shinhan Bank is being suspended for three months from selling new private equity fund products and fined KRW 5.7 billion.
July 8, 2022The FSS will be led by former prosecutor Lee Bok-hyun, while the FSC will be led by Kim Joo-hyun, who helped guide Korea through the 2008 crisis.
June 21, 2022Investors lost an estimated KRW 1.7 trillion. Lime Asset Management has a reported KRW 520 billion in debt, compared to just KRW 19 billion in assets, which will be liquidated.
February 24, 2022Shinhan Investment and KB Securities were ordered to suspend parts of their operations for six months. Daishin Securities was ordered to close a branch.
November 16, 2021Six industry bodies have filed a joint request asking regulators to grant their boards more autonomy over their internal affairs rather than punishing their executives.
September 16, 2021Daishin Securities is asked to compensate investors up to 80% of losses after it missold funds managed by Lime Asset Management.
August 3, 2021Shinhan Bank's CEO and Shinhan Financial Group's Chairman received lighter punishments than expected over the Lime mis-selling scandal.
April 26, 2021Shinhan Bank has separately been ordered to repay up to 75 percent of investments it sold in Lime's credit insured funds.
April 22, 2021