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South Korea's financial regulator has finalized record penalties totaling around 370 billion won ($276 million) against seven banks and six securities firms for mis-selling Hong Kong H-index equity-linked securities (ELS). The Financial Services Commission confirmed 371.2 billion won in fines plus penalties, with the total including administrative fines reaching 374.6 billion won, the largest monetary sanction it has ever imposed, according to Yonhap and Chosun Ilbo. The bank fines were reduced from an initially considered 4 trillion won to 362 billion won after multiple adjustments, Chosun Ilbo reports. The penalties stem from violations of the Financial Consumer Protection Act during the sale of these products.