A dispute has arisen between the Financial Supervisory Service (FSS) and the labor union of Mirae Asset Securities regarding an inspection related to SpaceX investments. The union protested that the FSS demanded personal call records of employees during the inspection, while the FSS stated that it was a normal procedure to verify the registration process of individual professional investors.
According to the financial investment industry on September 18, the FSS recently conducted an inspection at a Mirae Asset Securities branch, focusing on the registration process of individual professional investors related to SpaceX investments. This inspection is a continuation of a previous investigation into SpaceX.
The FSS is particularly examining whether the securities firm encouraged general customers to register as professional investors first. The FSS clarified that securities firms cannot proactively suggest that customers register as professional investors; customers must express their intent to register before the firm can guide them through the necessary procedures.
An FSS official stated, "Securities firms should not ask customers if they want to register as professional investors. Customers must first indicate their intent to register, after which the firm can provide the necessary guidance."
The FSS has repeatedly sought clarification from Mirae Asset Securities regarding the registration process for professional investors but found it challenging to confirm how customers requested registration. Consequently, the FSS began verifying with the employees responsible for the registration process. During this inquiry, some employees reported that customers had initially contacted them via personal mobile phones or KakaoTalk, prompting the FSS to request documentation to verify this information.
The FSS official added, "When we checked with the employees about the registration process, they indicated that customers had reached out first via personal mobile phones or KakaoTalk. Therefore, we asked to see evidence confirming that customers initiated contact, not the personal call records or private information of the employees."
The FSS also refuted claims that the inspection had delayed the relocation schedule of the Center One building. An FSS official remarked, "We heard before the inspection that due to fireworks events and traffic issues, the relocation schedule was uncertain."
Previously, the Mirae Asset Securities union expressed strong opposition to the FSS's inspection methods, arguing that the FSS's demands for personal call records from employees constituted an excessive invasion of privacy. The union insisted that there must be clear legal grounds, necessity, and proportionality for such requests.
They also raised concerns about disruptions to business operations due to the prolonged inspection, stating that employees targeted by the inspection were unable to meet with clients, leading to canceled appointments and normal business interruptions. The union claimed that the FSS inspection had also affected the timeline for relocating to the Center One building in Jung-gu, Seoul.
This dispute stems from the SpaceX 'zero share allocation' incident involving Mirae Asset Securities. The firm had conducted a subscription for SpaceX investments targeting individual and corporate professional investors but ultimately failed to secure the available shares for sale, resulting in no stock allocation for investors. It has been reported that there was a significant increase in customers registering as individual professional investors to participate in the SpaceX investment.
* This article has been translated by AI.
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