[Infostock Daily=Reporter Park Jeong-Do] The Financial Supervisory Service has imposed sanctions on securities firms that have traded alternative investment assets by paying commissions such as consulting to institutional investors.
According to the financial investment industry on March 22, the Financial Supervisory Service held a sanctions review committee on March 17 to vote on institutional warnings and employee reprimands for Hana Financial Investment.
Meritz Securities received institutional and employee reprimands, and Hyundai Securities received reprimands from employees. These securities companies are expected to be fined after a decision by the Financial Services Commission.
The Financial Supervisory Service has determined that these securities firms have violated Article 68 of the Enforcement Decree of the Capital Markets Act. Under the Capital Markets Act, financial investors should not receive unfair property benefits in relation to their work.
Securities firms make profits in the process of acquiring and reselling total overseas alternative investment assets. At this time, if a securities company should sell assets at a low price below the acquisition cost, it would be handed over to the acquisition cost instead of immediately reflecting the loss process, and the commission was paid to institutional investors in the name of consulting. In this case, institutional investors have received a commission such as consultation even if they purchase at the acquisition cost, so they have acquired assets at the desired discount rate.
The Financial Supervisory Service has decided that brokerage firms have not traded institutional investors and alternative investment assets at a fair price through unrealized consultation. It seems to be trading higher than the market price, and it seems that distortions in securities firms' accounting process may occur.
The Financial Supervisory Service has imposed sanctions on alternative investment transactions that have been practiced through theme inspections since last year.
Reporter Park Jeong-Do newface0301@naver.com
