South Korea’s Financial Supervisory Service is directly surveying individual and corporate professional investors who joined Mirae Asset Securities’ SpaceX subscription after the brokerage secured no shares for clients. The survey examines how private bankers contacted customers, whether they disclosed the possibility of non-allocation and which employees handled solicitation. The FSS is also reviewing whether branches encouraged ordinary retail investors to register as professional investors, a practice restricted under current regulations. The examination has entered its third month after an on-site review from June 5 to July 16 and the subsequent summons of about 150 branch employees for in-person questioning. Mirae Asset’s labor union, which issued a second statement on the 17th after one on the 16th, plans an outdoor rally, demonstration and march to protest what it calls an intensive and procedurally questionable inspection of hub branches. It will survey questioned employees, document inspection duration, document requests, personal-information demands and disciplinary requests, and cooperate with the National Assembly so alleged abusive inspections can be discussed during its parliamentary audit of government agencies. The union says employees outside Seoul were required to travel to the head office in Centre 1, sometimes for more than one or two hours, and wait there despite already working until 8 p.m. after the Korea Exchange extended trading hours. Mirae Asset refunded all SpaceX subscription deposits and is reviewing compensation and other trust-restoration measures. The dispute has put the FSS’s supervisory practices under increased scrutiny and could influence standards for securities firms arranging overseas unlisted-company offerings.