SMBC Nikko slapped with partial suspension order

Jiji Press

11:05 JST, October 8, 2022

TOKYO (Jiji Press) — The Financial Services Agency on Friday ordered SMBC Nikko Securities Inc. to suspend some operations for three months over a stock price manipulation case.

The agency also issued a business improvement order to SMBC Nikko over the scandal, which led to the indictment of the company and six executives including a former executive vice president.

Sumitomo Mitsui Financial Group Inc., the parent of SMBC Nikko, received an order calling for the strengthening of its supervisory system.

Furthermore, the FSA ordered Sumitomo Mitsui Financial and Sumitomo Mitsui Banking Corp. to submit materials related to a regulatory violation in which the banking unit shared with the brokerage unit undisclosed information about corporate clients without their consent.