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

The anticipated time frame for investigating misconduct in the stock market is set to be reduced from the present average of 12 to 15 months to approximately 6 to 7 months.

This development aligns with President Lee Jae-myung's recent directive to "eliminate unfair trading," which has led financial authorities to form the ‘주가조작 근절 합동대응단’ response unit.

During a press briefing at the Korea Exchange located in Yeouido, Seoul, on the morning of the 9th, Lee Yoon-soo, a standing member of the Securities and Futures Commission under the Financial Services Commission, announced, "We intend to establish a collaborative response unit where the Financial Services Commission, Financial Supervisory Service, and the Korea Exchange will converge within the same venue."

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Although the joint response team lacks independent sanctioning authority, its primary objective is to enhance the efficiency of the Korea Exchange in expediting the processing of cases. Previously, the separation of detection, investigation, and sanctioning processes across various institutions led to delays. The new strategy involves minimizing redundant procedures through cooperative operations and creating a more efficient system.

An official from the financial authority emphasized, "Speeding up the investigation into unfair trading practices will play a crucial role in protecting investors and restoring market confidence," further noting, "It will particularly enable a more robust and swift reaction to critical incidents such as stock price manipulation."