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South Korea's Financial Services Commission (FSC) has finalized record penalties totaling around 370 billion won (371.2 billion won in fines plus penalties, or 374.6 billion won including fines and fines) against 13 financial institutions—7 banks and 6 securities firms—for misselling Hong Kong H-index-linked equity-linked securities (ELS), as reported by Yonhap and other outlets on November 4, 2026. The fines were reduced from an initial 1.4 trillion won proposed by the Financial Supervisory Service, and from up to 4 trillion won considered for banks, with bank fines ultimately set at 362 billion won. This marks the largest monetary sanction ever imposed by the FSC, concluding a process that began with a regulatory inspection in November 2023. The Dong-A Ilbo notes the final amount is about 1 trillion won less than the original proposal, while Maeil Business Newspaper reports the bank fines were cut by about 240 billion won from the FSS's June proposal of approximately 600 billion won. Korean media emphasize the record scale, with Chosun Ilbo calling it the "largest ever" and Yonhap highlighting the reduction from the original plan. Reactions from civic groups, such as the Hong Kong ELS Victims' Association, are noted in Kyunghyang Shinmun, which references their past protests, but the documents do not provide current public sentiment beyond the institutional response.