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FSS launches special investigation team

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Financial Supervisory Service (FSS) Governor Yoon Suk-heun speaks during a ceremony marking the launch of a special investigation team that will look into capital market irregularities, at the FSS' headquarters in Yeouido, Seoul, Thursday. / Courtesy of FSS
Financial Supervisory Service (FSS) Governor Yoon Suk-heun speaks during a ceremony marking the launch of a special investigation team that will look into capital market irregularities, at the FSS' headquarters in Yeouido, Seoul, Thursday. / Courtesy of FSS

By Kim Bo-eun

The Financial Supervisory Service (FSS) and the prosecution launched a 16-member special investigation team to look into irregularities in the capital market with a ceremony held Thursday at the FSS headquarters on Yeouido, Seoul.

The chief prosecutor of the Seoul Southern District Prosecutor's Office named 15 FSS officials and one from the Financial Services Commission as members of the taskforce a day earlier

Five FSS officials and the FSC official will work at the southern district office while the rest will be based at the FSS.

The team is comprised of lawyers, accountants and digital forensic experts that are experienced at looking into illegal market practices. They completed a training course that was held from May through June.

They will look into urgent cases that the Securities and Futures Commission (SFC), under the FSC, considers important and have been referred to the prosecution. They include false corporate disclosures, insider trading and stock price manipulation.

A prosecutor will oversee the team, which will report the results of investigations to the SFC.

Previously, the SFC reviewed reports from FSS officials and if it decided to seek criminal charges, the FSS needed to file a complaint with prosecutors, who then had to request a court order to search and seize the suspect's assets. This slowed down the investigation procedure.

"We believe being able to search and seize communication records will allow us to deal with unlawful trading practices swiftly and contribute to rooting out such practices," an FSS official said.

The financial regulator and prosecution will operate the team for two years, after which they will assess its performance and adopt improvements if necessary.


Kim Bo-eun bkim@koreatimes.co.kr


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