Regarding the SMBC Nikko Securities market manipulation incident, the Financial Services Agency will order the company to suspend the problematic business for three months on the 7th, and will issue a business improvement order to strengthen the internal control system. solidified.
Six executives of SMBC Nikko Securities and the company were indicted for market manipulation in violation of the Financial Instruments and Exchange Act, alleging that they made illegal transactions to maintain the stock price of a specific stock.
In response, the Financial Services Agency decided to order the company to suspend the problematic business for three months on the 7th.
In addition, we will issue a business improvement order to the company, citing inadequacies in the examination and management system for monitoring trading trends.
On the other hand, apart from the indicted case, it was revealed that SMBC Nikko Securities violated the law with Sumitomo Mitsui Banking Corporation of the same group and shared information on corporate acquisitions multiple times. We plan to issue a business improvement order for this as well.
In response to the series of problems, the Financial Services Agency plans to take an unusual disposition to order parent company Sumitomo Mitsui Financial Group to take necessary measures to improve the operations of its subsidiaries.