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FSS reprimands 4 brokerages for illegal rebates

PUBLISHED : April 21, 2017 - 15:32

UPDATED : April 21, 2017 - 15:32

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[THE INVESTOR] Korea‘s financial regulator said April 21 it has decided to reprimand four securities firms for receiving illegal rebates.

The four brokerages were allegedly accused of receiving a total of more than 10 billion won (US$8.80 million) in illegal rebates from the Korea Securities Finance Corp. in return for depositing their customers’ money, according to officials at the Financial Supervisory Service.

Mirae Asset Daewoo will receive a relatively heavier penalty of an “institutional warning” because its employees received a large portion of the illegal rebates.

NH Investment & Securities and Yuanta Securities will be slapped with a relatively lighter penalty of an institutional caution.

The three brokerages and Korea Investment & Securities will also be fined. In addition seven executives and seven officials will receive a caution, the FSS said.

By Alex Lee and newswires (alexlee@heraldcorp.com)

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