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

Currently, the process of investigating inequitable trading activities within the stock market extends over a period ranging from 12 to 15 months. However, new measures are being implemented to cut this timeframe to a more efficient span of six to seven months.

This strategic decision emanates from a directive issued by President Lee Jae-myung about a month ago, mandating the elimination of unfair trading practices. Consequently, financial authorities have initiated the launch of a Joint Response Team, known as '주가조작 근절 합동대응단,’ to spearhead this effort.

During an informative session at the Korea Exchange situated in Yeouido, Seoul, on the morning of the 9th, Lee Yoon-soo, a prominent member of the Securities and Futures Commission linked to the Financial Services Commission, articulated the plan. He stated, "Our strategy involves setting up a joint response unit wherein representatives from the Financial Services Commission, Financial Supervisory Service, and the Korea Exchange will converge within the premises of the exchange."

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Although the joint response team does not possess independent sanctioning power, its primary objective is to refine and enhance the procedures managed by the Korea Exchange, thereby expediting the processing of cases. Historically, the stages of detection, investigation, and sanctioning were distributed among various entities, leading to procedural delays. Through collaborative operations, the plan aims to eliminate repetitive processes and establish an accelerated system.

An official from the financial authority highlighted the potential impact of these changes, stating, "By speeding up the investigation of unfair trading, we significantly bolster investor protection and help restore trust in the market.” The official further remarked, “This approach will particularly empower us to respond more robustly and swiftly to significant events such as stock price manipulation.”