It has been confirmed that no minutes were taken during a private meeting at the Blue House on January 13, which is identified as the starting point for discussions on the introduction of single-stock leverage exchange-traded funds (ETFs). On that day, Kim Yong-beom, then head of the Blue House Policy Office, held a closed-door meeting with representatives from five securities and asset management firms.
According to materials submitted to Kim Jae-seop, a lawmaker from the People Power Party, by the Presidential Office on October 7, no minutes were recorded for the January 13 meeting.
The Presidential Office stated, "The January 13 meeting was conducted privately to gather various opinions from the industry and field regarding the domestic capital market in a free atmosphere, and it is difficult to disclose the attendees." It added, "As it was a closed meeting, no minutes were taken, making it difficult to provide related materials."
Documents submitted by relevant agencies also did not identify the original proponent of the single-stock leverage ETF. The presentation materials from the Capital Market Research Institute and submissions from the Korea Exchange and Korea Securities Depository did not contain any proposals for the introduction of single-stock leverage ETFs. Executives who attended the meeting also indicated that they did not directly propose the introduction.
The opinions submitted in advance by the five securities and asset management firms that attended the meeting also did not confirm any requests for the introduction of single-stock leverage ETFs.
Lawmaker Kim stated, "Individual investors have suffered losses amounting to trillions of won due to single-stock leverage products, yet there is not a single record from the meeting chaired by the Blue House. The attending institutions also claim they did not propose the introduction."
He continued, "While the Financial Services Commission claims to have made the final decision, it remains unclear who made the initial proposal and what discussions and risk assessments led to that decision. The government must clearly disclose the identity of the original proponent, the discussion process at the Blue House, the risk assessment details, and the circumstances surrounding the final decision to the public."
* This article has been translated by AI.
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