Bloomberg reports that the Financial Supervisory Service informed Goldman Sachs of its plans and will determine the penalty after hearing an explanation from the Wall Street firm, Cho Gook Hwan, director-general at the regulator, said by phone Thursday.
The penalty and the number of employees to be sanctioned will be decided later in a committee meeting, Cho said.
Three foreign brokerages have been under investigation as part of a review of derivative sales and other operations for compliance with local rules, the FSS said in September. A month later, it said it completed its investigation of Goldman Sachs. Credit Suisse and Royal Bank of Scotland were also being inspected, MoneyToday reported in September.
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