The Financial Supervisory Service (FSS) is enhancing its capabilities to combat unfair trading in capital markets by hiring experienced investigators for the first time since acquiring cognitive investigative authority. Starting in the second half of the year, personnel with investigative experience from the prosecution and police will be assigned to frontline departments, strengthening the link between investigation and prosecution.
According to the FSS, the recruitment of specialized and experienced personnel for levels 4 and 5, which concludes at the end of this month, includes positions focused on investigating unfair trading and financial crimes. The recruitment will include six general investigators and positions in digital forensics. Successful candidates are expected to be assigned to departments handling investigations and prosecutions of unfair trading as early as November.
The general investigation roles will involve tasks related to investigating and collecting evidence for unfair trading and financial crimes, interviewing suspects, applying for warrants, and transferring cases to the prosecution. Applicants must have at least three years of experience in public, economic, financial, or capital market-related investigations. The digital forensics positions will focus on collecting and analyzing digital evidence from computers, servers, and mobile phones, requiring a minimum of three years of relevant investigative experience.
While the FSS has previously focused on hiring legal and accounting professionals, this is the first time it has recruited personnel with direct investigative experience from the prosecution or police as a separate category. This move aligns with the FSS's goal to strengthen its practical capabilities following the acquisition of cognitive investigative authority by its Special Judicial Police for Capital Markets in April.
Previously, cases investigated by the FSS had to go through a process of referral to the prosecution via the Securities and Futures Commission before being assigned to the Special Judicial Police. However, with the new cognitive investigative authority, all cases handled by the FSS can now be transitioned to Special Judicial Police investigations following a decision by the investigation review committee.
It is reported that many of the experienced applicants have previously dealt with capital market crimes at the Southern District Prosecutor's Office in Seoul, raising expectations for the FSS's enhanced capabilities in responding to market manipulation and insider trading cases.
Notably, this recruitment of investigative personnel by the FSS has garnered significant interest from investigators as the government and ruling party are working to reduce the direct investigative functions of the prosecution and are planning to establish a new Serious Crimes Investigation Agency in October, indicating a major overhaul of the investigative system and changes in operations.
An FSS official stated, "Even with cognitive investigative authority, if there are not enough personnel to conduct actual investigations, the effectiveness of the system will be limited. Deploying experienced investigators in the field will significantly enhance our capabilities to respond to unfair trading in capital markets, from investigation to enforcement."
* This article has been translated by AI.
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