Big Headline from
@Business_Korea
"Illegal Short Selling to Face Maximum Life Sentence with Amended Capital Markets Act"
"Under the new law, individuals who make illicit gains of more than 5 billion won (approximately $3.79 million) through illegal short selling will face aggravated penalties, with prison sentences of up to life imprisonment.
....As part of the amendment, institutional investors will now be legally required to establish an electronic short selling system, and both institutional and corporate investors must implement internal control standards as a legal obligation.
Approximately 101 companies, which account for 92 percent of domestic short selling transactions, will be required to establish these electronic systems.
These firms will also have to report stock balance information and over-the-counter (OTC) transactions to the exchange, adding to their compliance obligations for the newly implemented central monitoring system...."
businesskorea.co.kr/news/art…
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