Together with Democratic Party lawmaker Park Yong-jin. yunhap news
Rep. Park Yong-jin of the Democratic Party, a member of the National Assembly’s political affairs committee, said on whether to extend the’prohibition of short selling’ that will end on March 15, “it is correct to extend the period of banning short selling at the current level.”
Rep. Park held a press conference at the National Assembly Communication Hall on the 24th, saying, “Before the resumption of short selling, there must be strengthening the obligation to verify securities companies and strengthening punishment for illegal short selling.”
Rep. Park said, “Of the illegal short selling monitoring measures announced by the Financial Services Commission in December last year,’building a short selling monitoring system’ is only a post-treatment visit,” said Rep. “The securities companies themselves built a preliminary monitoring system, and whether the securities companies own’borrowed stocks’ “After confirming, we have to have our own system that enables sell orders.”
Through this, illegal short selling, such as non-borrowing short selling, is blocked at the source, and the possibility of forgery or falsification of evidence is prevented in advance, and the brokerage brokerage can also be punished.
Rep. Park announced a plan to pass an amendment to the Capital Markets Act in the near future and pass it at an extraordinary National Assembly in February.
Respondent Park said, “Because the short selling system is complete or the date is set without a fixed roadmap, it is an irresponsible attitude to resume,” he said. “Trust, the largest foundation of the capital market, is shaking and there is anxiety. It plays a role in removing it.” Not only the financial authorities, but also the securities company,” he said.
Regarding the voice that the party should allow short selling to only some of the stocks with the highest market capitalization, he said, “It’s similar to the stocks that can be short-selled in Hong Kong style. The situation is a little different from Hong Kong. It is the priority to build trust to ensure peace of mind.”
Reporter Kim Hyun-joo [email protected]
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