The Financial Services Commission of Korea has levied record fines totaling KRW27.17bn (USD19.5) against two UBS AG affiliates—formerly Credit Suisse—for illegal short selling. This action represents the largest penalties since Korea’s strict regulations against naked short selling were enacted in April 2021. Credit Suisse AG and Credit Suisse Singapore were fined KRW16.9bn and KRW10.23bn, respectively, marking some of the highest fines imposed under these regulations. The violations occurred when both entities engaged in selling securities without the required recall, with Credit Suisse AG illegally shorting about KRW60.33bn worth of stocks and Credit Suisse Singapore shorting KRW35.28bn worth. Additionally, six firms and one individual were fined a combined KRW284.2m won for improper reporting of short positions.