South Korea’s Financial Supervisory Service (FSS) aims to complete its probe into illegal short selling by year-end, announced Governor Lee Bok-hyun. Significant progress has been made, with investigations into several companies nearly complete. Recently, seven more global banks were found to be involved in illegal short selling worth KRW155.6bn (USD113.5m), adding to the KRW55.6bn linked to BNP Paribas and HSBC. The FSS highlighted significant management issues despite companies’ compliance claims. A new system to monitor short selling will be operational early next year. The FSS will visit Hong Kong to discuss local rules. Lee also emphasised the need to delay the financial investment income tax and addressed concerns about a potential real estate financing crisis. He may step down before his tenure ends in June 2024.