Lee Chan-jin, head of the Financial Supervisory Service (FSS, financial market regulator), urged the CEOs of 23 securities companies to increase shareholder returns and social contributions while strengthening risk management and investor protection. The appeal came as the securities industry reported record-high performance and the KOSPI index rose more than 60% from the beginning of the year. Lee said first-half net profits for the industry nearly matched the previous full-year result, even as volatility made conditions difficult for many individual investors. He said shareholder-return efforts such as buybacks remained below market expectations and called for benchmarks covering dividends, similar to those used by general companies. The FSS said year-end cash dividend payout ratios were 11% at Mirae Asset Securities, 27.1% at Kiwoom Securities, 35.5% at Samsung Securities, 27.3% at NH Investment & Securities and 51% at Daishin Securities. Lee also pointed to a large social-contribution gap: domestic banks spent 2.2 trillion Korean won last year, compared with approximately 50 billion Korean won by domestic securities firms. He called for stronger liquidity management, especially at firms reliant on short-term funding, and advance preparation for the adjusted liquidity ratio system scheduled to take effect next year. He also urged executives to address false or exaggerated advertising and hidden cost transfers in financial investment products.