The prosecution and financial authorities have established a joint task force (TF) to respond to crimes such as stock price manipulation.
On July 17, the Supreme Prosecutors' Office announced the launch of the "TF to Strengthen Response to Unfair Trading in the Capital Market," which includes working-level officials responsible for the review and investigation of unfair trading in the capital market from the Supreme Prosecutors' Office's Anti-Corruption Department, the Financial Services Commission, the Financial Supervisory Service, and the Korea Exchange. The TF held its first meeting at the Supreme Prosecutors' Office the previous day. The TF is scheduled to meet once a month.
The TF includes the head and research officer of the Supreme Prosecutors' Office's Anti-Corruption Division 1, the head and deputy chief prosecutor of the Financial and Securities Joint Investigation Division at the Seoul Southern District Prosecutors' Office, the director and deputy director of the Capital Market Investigation Coordination Division at the Financial Services Commission, the director and team leader of the Investigation Division 1 at the Financial Supervisory Service, and the head and team leader of the Review Division 1 at the Korea Exchange.
This TF was established in line with the government's policy to strictly crack down on stock price manipulation crimes. On June 10, President Lee Jaemyung visited the Korea Exchange in Yeouido, Seoul, and instructed officials to improve the system to swiftly detect unfair trading and to consider expanding organizations and personnel to enable rapid investigations. In addition, the government announced that it would introduce a "one-strike-out" policy for unfair trading in the capital market.
The Supreme Prosecutors' Office stated, "The financial authorities and the prosecution will cooperate to effectively implement the system introduced by the recent amendment to the Capital Markets Act," and added, "We will closely coordinate from the detection stage of stock price manipulation crimes and do our utmost to enforce the 'one-strike-out for stock price manipulation' policy."
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