법인 대표이사의 시세조종행위 등 불공정거래 행위에 대한 적발·조치 (3건) — English Edition
Foreign investors watch Korean enforcement trends as closely as they watch the rules themselves. This is the Securities and Futures Commission’s own account of three unfair trading cases it acted on at its 17th meeting of 2026 — including a case in which the manipulator is described as having deliberately worked the thinner quotation book of NXT, the alternative trading system that opened alongside the Korea Exchange in 2025, to move the price shown on the consolidated display. The Financial Services Commission and the Financial Supervisory Service publish these summaries after each regular SFC meeting. They are issued in Korean only.
| Section | Subject |
|---|---|
| Summary | What the SFC resolved, and the statutory definitions of the two offences |
| Case 1 | Use of material non-public information by a party negotiating to acquire part of a listed company’s shares, and by the acquaintances he told — notification to the Prosecutors’ Office |
| Case 2 | Manipulation exploiting thin quotations on NXT — criminal complaint, with the regulators’ four-step worked example and both order books |
| Case 3 | Two years and five months of manipulation across 11 accounts by a company’s largest shareholder and representative director, plus failure to file a bulk holding report — criminal complaint |
| Points to note | Who is exposed to criminal liability, the penalties, the patterns the regulators say they detect, and the channels for reporting unfair trading |
The Korean original is translated in full, including the three case diagrams, the cautionary section, the reporting channels and the contact details for the responsible officers. The three diagrams were images in the Korean PDF; they have been redrawn in English rather than reproduced, so that every label could be translated. The quotation figures are those printed in the original, which states that they are an illustrative example and bear no relation to any particular stock.
No one is named. The regulators identify the parties and the stocks only by letters, stating that they are not disclosed in view of the effect on the investigation. Nothing has been added here that would identify them.
A translator’s note on Korean enforcement procedure — what the Securities and Futures Commission is, how notification (통보), a criminal complaint (고발) and an administrative penalty surcharge (과징금) differ, and why a referral records a suspicion rather than a finding — appears on its own page, explicitly labelled as no part of the regulators’ announcement. The official text begins after it.
The actions reported are referrals made on suspicion. Whether charges follow is for the prosecution, and whether the conduct is proved is for the courts. Nothing in the document should be read as a finding that any person committed an offence.
Tell us who you are and the complete PDF is yours — 8 pages, A4 PDF.
Thank you — your download is ready.
Prepared by H&S Partners, a licensed Korean law office.
Download the PDFIf the download does not begin, right-click the button and choose “Save link as”.
Advisory
H&S Partners is a licensed Korean law office. If you need advice on how the Financial Investment Services and Capital Markets Act applies to your trading, your compliance programme or an investigation — or a professional translation of a Korean document you cannot find here — we would be glad to hear from you.
Request advice →A lawyer replies personally, usually within one business day. Sending an enquiry does not create a lawyer–client relationship.