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Upon the recommendation by the Securities and Exchange Surveillance Commission (SESC) on December 15, 2023, the Financial Services Agency today issues administrative actions against SBI SECURITIES Co., Ltd. (hereinafter "the Company"), pursuant to Article 52 and Article 51 of "Financial Instruments and Exchange Act" as follows.
- Business Suspension Order
Regarding securities initially publicly offered (IPO securities), the acceptance of entrustment related to their purchase and sales that are accompanied with solicitation by the Company on the day of the IPO is suspended from January 12, 2024 to January 18, 2024.
- Business Improvement Order
(1) Implementing measures such as the followings so as to ensure sound and appropriate operation of the business:
(i) Clarify where responsibilities lie, including managerial responsibilities, in light of the administrative actions;
(ii) Promptly develop and steadily implement an effective business improvement plan, that include strengthening of the business management framework and internal control environment, based on an analysis of the fundamental causes of the actions taken by the Company identified in the SESC recommendation.
(2) Reporting the business improvement plans mentioned in (1) above in writing by February 13, 2024.
(3) Reporting the implementation status mentioned in (2) above in writing, within 15 days from the end of April 2024, and every three months thereafter.
- Contact
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Supervisory Bureau, Securities Business Division, Financial Services Agency
+81(3)3506-6000 (ext. 3967, 2977)
