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South Korea fines JPMorgan, Nomura, UBS and Morgan Stanley for short selling breaches

South Korea's Financial Services Commission (FSC) has imposed fines totaling 2.14 billion won ($1.6 million) on four major investment banks—JPMorgan, Nomura, UBS, and Morgan Stanley—for engaging in naked short selling, which is illegal in the country. The fines were distributed as follows: Nomura received the largest penalty at 580 million won, followed by Morgan Stanley at 570 million won, UBS at 560 million won, and JPMorgan at 430 million won. This action comes as part of South Korea's efforts to crack down on illegal short selling practices, with the FSC also planning to introduce an electronic monitoring system to better detect such violations. The banks involved have either acknowledged the breaches or are in the process of reviewing the fines, with some expressing regret and others stating they are cooperating with the authorities.

Read the Full Reuters Article at:
[ https://www.reuters.com/business/finance/south-korea-fines-jpmorgan-nomura-ubs-morgan-stanley-short-selling-breaches-2025-02-13/ ]