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Financial watchdog slaps fines for 63 disclosure violations
By KH디지털2Published : Feb. 23, 2017 - 16:16
South Korea's state financial watchdog said Thursday it has taken punitive steps against listed firms here for a total of 185 violations related to disclosure-related rules last year.
It marks a sharp increase from 126 cases discovered in 2015 and 63 a year earlier, according to the Financial Supervisory Service.
The FSS added it has imposed 2.2 billion won ($1.9 million) in fines in connection with 63 cases in 2016.
Other administrative measures taken under the Financial Investment Services and Capital Markets Act include restrictions on new securities offerings and official warnings.
Stricter monitoring and a more efficient probe system appear mainly attributable to the rise in the number of reported cases, said the FSS.
"Some unlisted companies failed to fully understand public offering standards, which mainly resulted in the considerable growth in the violations," it added. (Yonhap)
