Lee Eoung-won and Lee Chan-jin: "We sincerely apologize for the single-stock leverage ETF incident"

Lee Eoung-won, Chairman of the Financial Services Commission, and Lee Chan-jin, head of the Financial Supervisory Service, apologized on the 29th regarding the single-stock leverage ETF (exchange-traded fund) incident, stating, "As the ultimate responsible person for the financial authorities, we are sorry."

Lee Eoung-won and Chairman Lee publicly apologized during the National Assembly's Political Affairs Committee's work report session that day for the expansion of market volatility and damage to investor trust caused by single-stock leverage ETFs.

Lee said, "As the ultimate responsible person for the financial authorities, we feel sorry for not adequately meeting expectations in terms of public trust in various ways."

Chairman Lee also stated, "From the perspective of the Financial Supervisory Service, we have been closely monitoring the flow related to this incident and are realizing the magnitude of our responsibility," adding that he apologized by saying, "We are sorry."

Chairman Lee said, "(Regarding the ETF) volatility was already expanding at the time when the securities registration statement was accepted," and added, "We currently feel a certain level of responsibility and are doing our utmost to reduce volatility in this regard."