The Korea Securities Depository said it neither proposed nor discussed single-stock leveraged ETFs at a January 13 closed-door meeting at Cheong Wa Dae. Documents submitted by the Depository and Korea Exchange to the office of People Power Party Representative Kim Jae-sub said neither institution prepared materials or made remarks on the product, while five securities and asset-management executives also said they did not recall such a discussion. Yet former Cheong Wa Dae Policy Office chief Kim Yong-beom reportedly instructed financial authorities to review leveraged ETFs the following day, and regulators began preparing rule changes on January 30. The product launched on May 27, five months after the meeting, and was followed by frequent single-day KOSPI swings of more than 5%, amplifying investor losses. The People Power Party plans to investigate who proposed and approved the product, and why, during next month's parliamentary audit by the National Policy Committee.