South Korea’s presidential office rejected the possibility of resuming short-selling next month on Wednesday, telling reporters that it will extend the ban that was originally set to expire in the first half of this year. The presidential office stated that short selling will not resume until a “reliable system” is established to prevent illegal practices and protect investors.

The announcement contradicts Financial Supervisory Service (FSS) governor Lee Bok-hyun, who expressed last Thursday his personal hope for a partial resumption of short-selling in June. The presidential office clarified that this was not the government’s official stance and that comprehensive measures, including tax benefits and improved corporate governance, are being developed to support listed companies.