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On November 14, 2001, Societe Generale placed a series of a large amount of sell orders of a stock at the limited price for the purpose of making a closing price of the stock lower than the ''strike price'' of the Exchangeable Bond. As a result, the price of the stock went below the strike price at the close.
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.
Trading Suspension upon Societe Generale Securities (North Pacific) Ltd. (2003/12/5)
