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[이데일리 박정수 기자] On the 17th, Park Yong-jin, a member of the Democratic Party, said, “It is irresponsible to resume short selling without a roadmap for improving the system and preventing illegal activities.” On this day, Rep. Park posted a post on his social network service (SNS), saying,’Are you confident that the financial commission officials who even ignore the Prime Minister are perfect to improve the unfair short selling system?’
First of all, Congressman Park pointed out that the Financial Services Commission has forgotten the role of the financial authorities. The Financial Services Commission pointed out that it is trying to promote financial policy without even a roadmap for short selling policies in a way that fits in with the conclusion of’resuming short selling in March’.
Respondent Park said, “The issue of resumption of short selling is not an issue that can only be decided by the Financial Commission alone.” A decision is made by a vote. “I wonder why the officials of the FSC are doing such a de facto superstitious act.”
Following that, the Financial Services Commission emphasized that it should focus on improving the system of short selling. Rep. Park said, “The Financial Services Commission has come up with measures to improve the short selling system several times in 2013 and 2017, but the market has doubts about its effectiveness,” he said. “The Financial Services Commission also knows this.”
“So, in December of last year, the Financial Services Commission announced that there was a problem with the current market maker system, and that the system for detecting illegal short selling was insufficient,” he said. “These problems announced by the Financial Services Commission have been resolved before resuming short sales in March. I have doubts whether it can be done.”
Therefore, Commissioner Park asked the Financial Services Commission, saying he hoped to create a roadmap for improvements related to short selling announced on December 18th. In particular, he emphasized that it is not just an announcement that it is a plan or a plan, but that what problems will be resolved in detail when and how.
It was also said that the illegal short sale of securities companies should be held jointly liable. Rep. Park said, “It is natural for securities companies that acquire exclusive licenses to make transactions in the market and earn money to block and inspect illegal activities.” You have to take responsibility.”
Above all, he stressed that the Financial Supervisory Service should re-investigate and severely punish the illegal short selling behavior of the confirmed market makers, saying that it was discovered that market makers made illegal short selling during the ban on short selling.
Rep. Park said, “These securities firms that were caught are currently facing punishment, but there are concerns that the’Financial Commission will be punished with a cotton bat’ as well as suspicion of’water supervision’ because it is an illegal act confirmed by the exchange’s self-supervision rather than the Financial Supervisory Service. “You should not try to cover up the illegal activities of the creators, or securities companies, with simple errors or mistakes.”
He added, “As it is judged that the damage was serious only with the information already identified, the contents of the detection should be disclosed and the FSS should fully re-investigate it.”
Meanwhile, he also expressed his views on the political controversy over short selling. Rep. Park said, “There was criticism from securities companies and financial officials regarding the opinion of the National Assembly on whether to resume short selling,” and “Even the power of the people is agreeing with this.”
He emphasized, “It is clearly the duty of the Korean National Assembly member to improve the unfair system,” he said. “We are trying to fix it because we believe there is a problem with the system.”
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