Stock price manipulation investigation shortened by up to half... 'Joint Response Team' launched

Traditionally, the investigation duration for cases of unfair trading within the stock market stretched over a period of 12 to 15 months. However, this is set to change as efforts are underway to compress this period to approximately 6 to 7 months.

This initiative comes in response to President Lee Jae-myung's directive issued a month prior, emphasizing the need to "eradicate unfair trading." In alignment with this directive, financial authorities have initiated a specialized task force titled '주가조작 근절 합동대응단' to spearhead these efforts.

During a press conference at the Korea Exchange located in Yeouido, Seoul, on the morning of the 9th, Lee Yoon-soo, a standing member of the Securities and Futures Commission under the Financial Services Commission, announced, "We are initiating a joint response team where the Financial Services Commission, Financial Supervisory Service, and the Korea Exchange will convene in a unified space within the exchange."

.

This newly formed joint response team, while lacking independent sanctioning power, is designed to bolster the capabilities of the Korea Exchange in handling cases swiftly. In the past, the processes of detection, investigation, and sanction were distributed across various institutions, leading to significant delays. By consolidating these stages, the aim is to eliminate repetitive procedures and establish an expedited system.

A representative from the financial authorities elaborated, "By expediting the investigation process for unfair trading, we can provide substantial protection to investors and help restore trust in the market." The official further noted, "This approach will particularly enhance our ability to respond more robustly and quickly to significant incidents such as stock price manipulation."