South Korea’s Financial Supervisory Service is seeking what appears to be the equivalent of subpoena power in the US so that it can crack down on stock market crimes such as insider trading. The FSS specifically wants the authority to monitor the e-mail of suspicious traders and to check their phone call history, the Korea Times reports.
“For now, our ability to examine suspicious traders is limited as we are not allowed to access their e-mail details or phone records,” Ko Chan-tae of the FSS said. “Suppose someone is spreading rumors online to manipulate stock prices. Currently, we can do nothing to find him or her on our own,” he said.
According to the the Korea Times, the FSS is jockeying to obtain the aforementioned rights, which are already “given to the Securities and Exchange Commission of the United States. “
The FSS has reportedly has sought the rights to check e-mail and phone records for years, however. Obstacles have included the need to revise laws and civic groups’ concerns about privacy violations.