News Release


The Securities and Exchange Surveillance Commission Recommendation to issue an Administrative Action against SMBC Nikko Securities Inc. (1/1)

Sumitomo Mitsui Financial Group, Inc.

Sumitomo Mitsui Banking Corporation

 

The Securities and Exchange Surveillance Commission Recommendation to issue  an Administrative Action against SMBC Nikko Securities Inc.

 

 

Tokyo, April 13, 2012 --- Today, the Securities and Exchange Surveillance Commission (gSESCh) has made a recommendation to the Prime Minister and the Commissioner of the Financial Services Agency to issue an administrative action against SMBC Nikko Securities Inc. (gSMBC Nikkoh hereunder, President & CEO: Eiji Watanabe), a wholly-owned subsidiary of Sumitomo Mitsui Banking Corporation (gSMBCh hereunder, President & CEO: Takeshi Kunibe), based on the SESCfs findings of deficient internal control systems with respect to  undisclosed corporate information and inappropriate solicitation activities by SMBC Nikko.

 

We would like to apologize with deepest sincerity for the inconvenience and concern this has caused to all of our customers and stakeholders.

 

We are responding to the administrative orders by the SESC with profound gravity and will make appropriate efforts to further strengthen our group wide compliance and control systems, so as to prevent the recurrences of the issues addressed by the SESC.

 

 

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