SEOUL, Two financial firms operating in South Korea were slapped with fines Wednesday for violating short selling rules, the financial regulator said.
The Securities & Futures Commission under the Financial Services Commission (FSC) decided to levy a fine of 2.1 billion won (US$1.6 million) on a financial firm and 3.8 billion won on another firm for illegally shorting stocks on the Seoul bourse.
The identities of the two firms were withheld by the FSC.
It was the first punishment since a tougher law on naked short selling went into effect in April 2021.
Naked short selling, which refers to conducting short selling without actually borrowing the stocks first, is banned in South Korea.
Source: Yonhap News Agency