The Securities and Futures Commission under the Financial Services Commission decided to pay 93.7 million won in rewards to a whistleblower who reported unfair trading in the capital market.

The Securities and Futures Commission said on the 2nd that it decided at its 19th meeting on the 29th to pay a reward to a whistleblower who submitted supporting documents related to a group that sought to artificially raise the share price of a particular stock.

The Financial Supervisory Service judged that there were suspicions of unfair trading based on the report. It then launched a planned investigation and referred six suspects to prosecutors for violating the ban on unfair trading and the obligation to report large holdings.

Financial authorities said, “To secure the soundness and trust of the capital market, it is important to detect illegal acts early and block them swiftly,” and added, “For this, voluntary reports by market participants are essential.”

The Financial Services Commission (FSC) pays rewards to whistleblowers whose reports help substantiate allegations to encourage market participants to come forward. Reports can be made anonymously, and to receive a reward, materials proving identity and whistleblower status must be submitted within one year of the report date. The maximum reward is 3 billion won, and payments vary depending on the significance of the unfair act and the whistleblower’s contribution rate.

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