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Finance
Samsung Securities clears hurdle for short-term note licence; decision as early as September
A sanction related to Samsung Securities’ hub-branch sales practices that had blocked its entry into the short-term note business has been resolved. South Korea’s Financial Services Commission finalised the institutional penalty as a warning, which is not a disqualifying reason for a short-term finance licence. With the penalty level set, regulators are expected to resume the licensing review. A decision could come as early as the Sept. 9 regular meeting.
Finance
Samsung Securities commercial paper licence seen as green light, Meritz still in fog
Samsung Securities is seen as closer to winning approval to issue short-term commercial paper as regulators consider lowering sanctions linked to sales misconduct at key branches. The Financial Services Commission is expected to decide on the sanctions at its July 31 meeting, and the licence agenda could reach a Sept. 9 meeting. Meritz Securities, meanwhile, has not advanced its application, with prosecutors investigating alleged unfair trading and other issues weighing on timing.
Finance
FSS to fine five banks 1.3 to 1.4 trillion won over mis-selling of Hong Kong ELS
South Korea\'s Financial Supervisory Service decided to impose fines totaling 1.3 trillion to 1.4 trillion won on five banks for mis-selling equity-linked securities tied to the Hong Kong H Index. The amount is 500 billion to 600 billion won below the roughly 2 trillion won previously notified. The regulator also lowered institutional sanctions from a business suspension to a warning and reduced penalties for executives and staff by 1 to 2 levels.
