Global investment bank Credit Suisse affiliates have been fined a record amount for breaching Korea's short selling regulations. The Securities and Futures Commission imposed fines totaling 27.17 billion won ($19.5 million) on two affiliates of UBS AG, formerly Credit Suisse, for illegal short selling amounting to 100 billion won. This marks the largest fine since the penalty system for naked short selling was introduced in April 2021. Credit Suisse AG and Credit Suisse Singapore were fined 16.9 billion won and 10.23 billion won, respectively, making them the highest and third-highest fines ever imposed. The violations involved selling loaned securities to third parties without timely recall from April 2021 to June 2022. Credit Suisse AG engaged in illegal short selling of approximately 60.33 billion won across 20 Korean companies' stocks, while Credit Suisse Singapore illegally shorted stocks worth 35.28 billion won from November 2021 to June 2022. The Securities and Futures Commission also announced fines for six financial firms and one individual investor totaling 284.2 million won for violations in reporting and disclosing short positions. Since April 2021, fines totaling 63.56 billion won have been imposed in 42 cases for violations related to naked short selling, with three global banks identified in the ongoing Financial Supervisory Service investigation accounting for 85 percent of the total fines levied.