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

An anticipated reduction in the timeframe for probing unfair trading activities within the stock market is projected, decreasing from an average span of 12 to 15 months down to approximately 6 to 7 months.

This development is in direct response to a directive issued by President Lee Jae-myung a month ago, calling for a decisive "eradication of unfair trading," which prompted the financial authorities to initiate the establishment of a collaborative response unit.

During a press briefing conducted 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 within the Financial Services Commission, remarked, "We intend to manage a collective response team where the Financial Services Commission, Financial Supervisory Service, and the Korea Exchange will be centralized within one location at the exchange."

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The newly formed joint response team, while not possessing independent sanctioning powers, is primarily focused on improving the capabilities managed by the Korea Exchange to expedite the handling of cases. Previously, the processes of detection, investigation, and sanction were fragmented across various bodies, leading to delays; the initiative now aims to eliminate unnecessary procedures through cooperative efforts, thereby establishing a more efficient system.

A representative from the financial authorities elucidated, "By hastening the investigation process of unfair trading practices, we aim to substantially bolster investor protection and renew faith in the market," further highlighting, "This will particularly facilitate a more robust and prompt reaction to critical issues such as stock price manipulation."