On July 18, 2002, Nikko Salomon a series of limit and market orders to purchase several issues listed on TSE and/or Osaka Securities Exchange for the purpose of raising closing prices of those issues at the TSE. As a result, the prices of those issues did rise.
The acts above are found to be ''acts of conducting a series of securities transactions intended to create artificial market prices which do not reflect actual states of markets'' stipulated in the Article 4 (iii) of the Ordinance of the Cabinet Office Concerning the Regulations, etc. of Conducts of Securities Companies, and thus to have violated the Article 42 (1) (ix) of the Law as applied by the Article 14 (1) of the Law on Foreign Securities Firms.
