Financial Violators Banned From Working

Executives caught breaking financial regulations will be banned from working in the financial industry for five to 15 years depending on how serious their illicit acts were, financial authorities said. At present, only those who have been sentenced are not allowed to work for the maximum period of five years in the industry, thi comes as the Financial Services Commission (FSC) announced plans Wednesday to toughen disciplinary measures against financial firms or executives who committed business irregularities such as stock price manipulation, insider trading and embezzlement.
It said this is part of efforts to maintain order in the financial market for efficiency and soundness.
The regulator noted that not only will it sternly penalize such executives under the disciplinary measures, but will also hold companies' major shareholders responsible for violating financial laws.
Furthermore, the regulator plans to disclose the names of financial firms, executives and shareholders who have been disciplined and penalized on the Internet homepages of the commission and the Financial Supervisory Service, a financial investigative body. he official added that the regulatory body will follow the practices of the United States and Britain where their financial authorities also disclose names of offenders on their Internet homepages.
However, it will toughen its disciplinary practices throughout the industry ― not only the banking, securities and insurance sectors but also credit finance, mortgage and other special purpose businesses.
For instance, the commission will immediately respond to a financial holding company that incorporated a subsidiary without prior regulatory notices by enforcing a penalty.
The financial authority plans to submit the final revision on disciplinary measures to the National Assembly by the year's end, after holding a public hearing to gather opinions at the end of this month.