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

The time required for probing unfair trading activities within the stock market is anticipated to decrease significantly, transitioning from the existing average duration of 12 to 15 months to a more efficient span of approximately 6 to 7 months.

This development is a direct consequence of an order issued by President Lee Jae-myung a month prior, calling for the elimination of unfair trading practices. In response, financial authorities initiated the establishment of the 'Stock Manipulation Eradication Joint Response Team.'

During a briefing held on the morning of the 9th at the Korea Exchange located in Yeouido, Seoul, Lee Yoon-soo, a prominent member of the Securities and Futures Commission of the Financial Services Commission, declared, "We intend to operate a collaborative response team by bringing together the Financial Services Commission, Financial Supervisory Service, and the Korea Exchange in a consolidated location within the exchange."

.

The joint response team does not possess independent sanctioning authority. Instead, its primary objective is to enhance the capabilities within the Korea Exchange to expedite the processing of cases. In the past, stages of detection, investigation, and sanction were fragmented across different entities, resulting in delays. The new initiative aims to eliminate redundant steps through collaboration and establish a more streamlined and swift system.

An official from the financial authority elaborated, "Speeding up the investigation of unfair trading will play a crucial role in safeguarding investors and reinstating confidence in the market." The official also remarked, "Particularly, it will allow for a more robust and expedited response to significant incidents such as stock price manipulation."