Mondo Visione Worldwide Financial Markets Intelligence

FTSE Mondo Visione Exchanges Index:

Tokyo Stock Exchange Imposed A Penalty On Marusan Securities Co. Ltd.

Date 04/04/2003

TSE imposed a penalty on Marusan Securities Co.Ltd. ("Marusan Securities") of JPY 6 million fine for conclusion of a contract to manage a discretionary account.

14 staff of Marusan 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 Marusan Securities' violation of the Article 42 (1) (v) of the Securities Exchange Law.