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FSS punishes 4 securities firms for taking W10b worth rebates
By Son Ji-hyoungPublished : April 21, 2017 - 18:13
The Financial Supervisory Service of Korea announced Friday that it took punitive action against Korea‘s four securities firms for receiving rebates from a securities-financing services company.
The firms -- Mirae Asset Daewoo, NH Investment & Securities, Yuanta Securities Korea and Korea Investment & Securities -- were found to have received rebates in return for depositing customers’ money in the money market wrap run by Korea Securities Finance Corp.
The firms -- Mirae Asset Daewoo, NH Investment & Securities, Yuanta Securities Korea and Korea Investment & Securities -- were found to have received rebates in return for depositing customers’ money in the money market wrap run by Korea Securities Finance Corp.
Combined they took away over 10 billion won ($8.82 million) from KSFC between 2009 and 2015, according to the state-led financial watchdog. They were given in the form of a commission to the brokerage houses, taken from special interests in the customers’ cash management accounts.
The FSS issued the heaviest reprimand of “institutional warning” on Mirae Asset Daewoo due to the size of the rebate, and sent an “institutional caution” on the rest of the three firms. It also proposed the Financial Services Commission levy fines on all four securities firms.
The FSS issued the heaviest reprimand of “institutional warning” on Mirae Asset Daewoo due to the size of the rebate, and sent an “institutional caution” on the rest of the three firms. It also proposed the Financial Services Commission levy fines on all four securities firms.
Meanwhile, under the current regulation, there are no rules to regulate the rebate giver. The financial watchdog is considering taking further action on KSFC.
By Son Ji-hyoung (consnow@heraldcorp.com)
By Son Ji-hyoung (consnow@heraldcorp.com)
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