South Korea Hands Credit Suisse Record Short-Selling Fine
By Kimberley Kao
South Korea has fined Credit Suisse entities the equivalent of $19.6 million for illegal short selling, a record penalty that comes as the country cracks down on practices it views as harmful to public trust in markets.
The country's Securities and Futures Commission fined Credit Suisse AG 16.94 billion won ($12.2 million) and Credit Suisse Singapore KRW10.23 billion for violating short-sale regulations, it said Wednesday. The fines were the largest and third largest, respectively, since penalties against illegal short selling were implemented in 2021, it said.
The violations, which the SFC said took place between 2021 and 2022, involved engaging in so-called naked short selling, which means shorting stocks or betting on falling prices without first borrowing them.
UBS Group, which acquired Credit Suisse last year, didn't immediately respond to a request for comment.
Last month, South Korea extended a ban against short selling through March 2025.
Write to Kimberley Kao at kimberley.kao@wsj.com
(END) Dow Jones Newswires
July 03, 2024 07:28 ET (11:28 GMT)
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