South Korean financial regulator is reviewing three foreign brokerages for possible breach of domestic capital markets regulations.
The Financial Supervisory Service (FSS) is investigating into derivative product sales of Credit Suisse Group AG (CSGN), Goldman Sachs Group and Royal Bank of Scotland’s local operations.
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The FSS is investigating whether Goldman Sachs has sold foreign bonds in the domestic market through its Hong Kong unit, which does not have any license to sell such products directly in South Korea.
The regulator will also examine whether the firms abide by local capital market rules.
Regulators are also focusing their review on Goldman’s sale of Malaysian state-backed securities to domestic investors including Korea Investment Corp, the country’s sovereign wealth fund.
The probe began in late August and is expected to last for another week.
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By GlobalData
