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Regulator sanctions South Korean brokerage staff for trading rule violations

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Regulator sanctions South Korean brokerage staff for trading rule violations

South Korea's Financial Supervisory Service imposed penalties on 11 current and former employees of Korea Investment & Securities Co. Ltd. over violations of employee trading rules, Newsis News Agency reported March 16.

Under the Financial Investment Services and Capital Markets Act, employees of financial companies must use accounts under their own names registered with their employer for personal trading purposes and report transactions to their company every quarter.

According to the FSS, eight former and current employees of Korea Investment & Securities used someone else's account for personal trading and did not report their trading activity. Three others used their own account but failed to file quarterly reports.

The FSS imposed sanctions including job suspensions, pay cuts and fines. The FSS had earlier identified similar cases at other South Korean securities companies and imposed penalties.