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

The duration for probing unfair trading in the stock market is anticipated to decrease from the previous average of 12-15 months to approximately 6-7 months.

This change follows a directive issued by President Lee Jae-myung a month ago, instructing the eradication of unfair trading practices. This led to the creation of the financial authorities' joint response initiative, '주가조작 근절 합동대응단.'

During a briefing 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 of the Financial Services Commission, announced plans to establish a joint response team. This team will bring together the Financial Services Commission, Financial Supervisory Service, and the Korea Exchange within the exchange itself.

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The joint response team does not hold independent sanctioning power but aims to improve case management skills at the Korea Exchange to expedite case handling. Previously, detection, investigation, and sanction phases were spread across various institutions, leading to delays. The objective is to minimize redundant procedures through collaboration, thereby creating a more efficient system.

An official from the financial authority noted that speeding up investigations into unfair trading will play a significant role in protecting investors and restoring market trust. Additionally, the system will allow for a more robust and quicker response to significant issues such as stock price manipulation.