Tokyo Stock Exchange Imposed A Penalty On AIZAWA SECURITIES CO., Ltd.

TSE imposed a penalty on AIZAWA SECURITIES CO., LTD. ("AIZAWA SECURITIES") of JPY 5 million fine for conclusion of a contract to manage a discretionary account.

3 staff of AIZAWA SECURITIES concluded contracts with clients to manage discretionary accounts, which enabled them to decide whether to purchase or sell, issues, volume and price without obtaining individual consent from the clients.

The conduct above was found to be AIZAWA SECURITIES' violation of the Article 42 (1) (v) of the Securities Exchange Law.