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 (“SESC”) 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. (“SMBC Nikko” hereunder, President & CEO: Eiji Watanabe), a wholly-owned subsidiary of Sumitomo Mitsui Banking Corporation (“SMBC” hereunder, President & CEO: Takeshi Kunibe), based on the SESC’s 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.