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

The timeframe for probing unfair trading activities in the stock market is anticipated to decrease from the previous average of 12-15 months to approximately 6-7 months.

This development follows a directive issued by President Lee Jae-myung a month ago to eliminate unfair trading practices, leading to the initiative's launch by financial authorities’ 'Joint Response Team for Eradicating Stock Manipulation'.

During a briefing at the Korea Exchange 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, "The joint response team will function with the Financial Services Commission, Financial Supervisory Service, and the Korea Exchange collaborating in a single location within the exchange."

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While the joint response team does not possess punitive power, its primary objective is to improve the processes managed by the Korea Exchange to expedite case resolutions. Previously, the detection, investigation, and sanctioning stages were scattered across various institutions, causing delays. The initiative aims to streamline these processes through joint efforts and establish a quicker system.

A representative from the financial authority noted, "Speeding up the investigation of unfair trading is expected to significantly enhance investor protection and restore market trust," adding, "This will particularly allow for a more robust and swift response to major incidents, such as stock price manipulation."