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[Apha Biz=(Chicago) Reporter Paul Lee] The Financial Services Commission and the Justice Ministry will hold last-minute consultations on a bill to tighten punishment for securities crimes, including the recovery of fines twice the profits earned from stock price manipulation. The method of calculating fines is at issue.
The Financial Services Commission announced on the 21st that it will cancel the revision of the Capital Market and Financial Investment Business Act (Enforcement Decree and Supervisory Regulations of the Capital Markets Act), which was announced on the 18th, as of the 22nd and re-announce the legislation in September.
The revision to the enforcement and supervisory regulations of the Capital Markets Act, which the Financial Services Commission will legislate after discussions with related ministries, will include △ The criteria and procedures for imposing fines △ The method of calculating unfair gains by type of violations △ The criteria and procedures for reducing fines for self-reporting.
The Financial Services Commission will hold in-depth discussions with the Justice Ministry until next month before giving legislative notice reflecting the agreement in the revision. This will enter into force on January 19 next year.
Regarding the sudden cancellation of the pre-announcement of legislation, a Financial Services Commission official said, "There is no disagreement with the Ministry of Justice," and explained, "The opinions 'to efficiently sanction unfair transactions through revised bills in the future and then listen to the public's opinions through pre-announcement of legislation' will be discussed during the discussion of related ministries such as the Ministry of Justice and the Supreme Prosecutors' Office before the pre-announcement of legislation."
Alphabiz Reporter Paul Lee(hoondork1977@alphabiz.co.kr)
