[Korea goyounghun financial newspaper reporter] Financial Supervisory Service said that 23 days in 2016 listed companies a total of 185 cases of violation of disclosure obligations imposed fines of 2.21 billion won for 63 cases of serious. Disclosure obligations violations has tripled in the last two years, 185 cases from 63 cases in 2014.
Fines bugwaaek 13 years 201.39 billion won, 80 million won nine billion in 2014, 6 billion 80 million won in 2015, totaled 2.21 billion won in 2016. For 28 cases, including microfinance IPO-related violations it imposed a fine of 140 million won.
Disclosure Disclosure is published by type of violation is most common with 74 cases (40.0%), the report highlights violations 54 cases (29.2%), and net periodic disclosure in violation of 51 cases (27.6%). Disclosure Violation issued surged more than 10-fold compared to seven last year.
FSS official explained, "was part of a privately held corporation has a number of violations in the state did not understand the conspiracy, including conspiracy based on the small disclosure filing obligations violations of the measures based on more improvements."
Periodic Report violation percentage is increasing every year the number of measures to normal levels or strengthen inspection. Listed companies are in many cases delay the periodic reports submitted did not receive the required documents, review audit reports and audit data delayed submission of the dispute or the company's accounting external audit causal.
A privately held corporation, was a minor violation or submit estimates due to non-disclosure silik large companies due an error number. Highlights Report violation share fell 29.2% year-on-year 51 cases. This is because the case was missing after the exchange disclosure report of 12 March 2015 Exchange Timely Disclosure and Disclosure Form integration between the main points of the report, the Financial Supervisory Service.
Listed companies are also positive asset violations in 22 cases, a privately held corporation is a third-party allocation capital increase of 16 cases related to violation of the most common.
185 cases of violation of the disclosure last year, 95 companies 52 companies are privately held corporation 131 cases, 38 cases KOSDAQ listed companies are 29 companies and securities market listed companies were 16 cases in 14 companies.
FSS side was promoted to the diagnosis and periodic disclosure in violation of the disclosure is a privately held corporation traded and lack of infrastructure such disclosures were issued in violation of privately held corporation.
In addition, when a privately held corporation without share acquisition price, the regulated market to determine the fair price compared to the previous price and the issue price or over-the-counter trading, investment depends only good news that sex information is urged caution.
FSS pointed out that the usual need to prepare a thorough financial management and audit data due to specified investors and increased litigation auditor expansion side as well enhance transparency of accounting in accordance with accounting fraud companies with disclosure obligations. Accounting issues that are controversial or questionable ordered him carefully handled to contact the relevant authorities and external auditors from the beginning.
FSS has presented a new type of disclosure violations in one case Special-purpose acquisition company (SPAC) is a public declaration, the company also balhyeoteum the target company merged entity is subject to pre-merger did indefinite false information to be false. Capital Market Act prohibits SPAC merger establishes the first competition target company to prevent unfair competition with the internal information related to the merger.
Mergers should be taken to promote the company SPAC prior to the merger agreement, if the Company to proceed with the merger after the SPAC's IPO can be sanctioned for administrative violations in the disclosure.
FSS officials said would "deal strictly against malicious violations have described as false or missing important information disclosure obligations in order to avoid the escape of delisting."
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