South Korea’s Securities and Futures Commission announced measures against 16 individuals in four cases involving material nonpublic information linked to tender offers, rights offerings and management buyouts. Company insiders and first-tier recipients were referred or reported to prosecutors, while second- and third-tier recipients faced administrative fines of up to 1.5 times their illicit gains. In the largest case, five executives and employees of a company planning a tender offer and its affiliate allegedly traded shares or passed information to 11 relatives and acquaintances between June 2024 and June 2025, generating illicit profits worth hundreds of millions of won. Six later recipients allegedly earned about 90 million won, or approximately $66,000. The Capital Markets Act provides for at least one year of imprisonment or fines of up to six times illicit gains for insiders who trade on or enable the use of material nonpublic information involving tender offers or large-scale acquisitions and disposals. The SFC also acted in three related cases involving a rights offering, a management buyout and favorable acquisition information. The regulator said it would respond strictly to unfair trading and urged companies to strengthen legal compliance and internal controls.