Mirae Asset likely to face fines, disciplinary action over SpaceX allocation fallout: experts

Mirae Asset Securities will likely face penalties ranging from fines to disciplinary measures against executives as financial authorities launch a sweeping investigation into the brokerage’s handling of the failed allocation of SpaceX initial public offering (IPO) shares to Korean investors, industry experts said Tuesday. The Financial Supervisory Service (FSS) has signaled that its open-ended probe will extend well beyond the circumstances surrounding the allocation failure, where the entire Korean allotment of 2.31 million shares was withdrawn without explanation just hours before the Elon Musk-led company’s blockbuster market debut on June 11. The watchdog is expected to scrutinize whether Mirae Asset — which acted as the intermediary between local investors and Goldman Sachs, the deal’s lead underwriter — adequately disclosed investment risks, made misleading promotional claims, maintained appropriate internal approval procedures and exercised sufficient management oversight. FSS is currently reviewing marketing materials provided to clients, subscription procedures and coWeiter zum vollständigen Artikel bei Korea Times Weiter zum vollständigen Artikel bei Korea Times