News Release


The Administrative Action against SMBC Nikko Securities Inc. by the Financial Services Agency of Japan(1/1)

 

April 20, 2012

 

Sumitomo Mitsui Financial Group, Inc.

Sumitomo Mitsui Banking Corporation

 

The Administrative Action against SMBC Nikko Securities Inc.

by the Financial Services Agency of Japan

 

 

Tokyo, April 20, 2012 --- On April 13, 2012, the Securities and Exchange Surveillance Commission (gSESCh) recommended that the Prime Minister and the Commissioner of the Financial Services Agency of Japan (gFSAh) 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). Today, SMBC Nikko was issued a Business Improvement Order by the FSA, based on the FSAfs 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 our deepest sincerity for the inconvenience and concern this has caused to all of our customers and stakeholders.

 

We will respond to the administrative action against SMBC Nikko by the FSA with profound gravity by supervising SMBC Nikkofs compliance measures to prevent reoccurrence and by taking make appropriate efforts to further strengthen our group wide compliance and control system.

 

 

End

 

 

 




To News Release Top Page

Go to top of page