Nomura Slapped with Business Improvement Order

Economy Politics

Tokyo, May 28 (Jiji Press)--Japan's Financial Services Agency on Tuesday issued a business improvement order to Nomura Holdings Inc. <8604> and its Nomura Securities Co. unit for leaking information about the Tokyo Stock Exchange's review of its listing criteria.

The financial industry watchdog concluded that there has been little progress in Nomura's information management and compliance since it was slapped with a business improvement order in 2012 for leaking important undisclosed information including on listed firms' share issue plans.

The FSA ordered Nomura to submit a business improvement plan, which will include steps to clarify the management's responsibilities and preventive measures, by June 4.

Especially, the agency said Nomura does not understand the essence of compliance, urging it to ensure that all executives and employees increase the awareness of the need for compliance.

The latest case is "likely to impair and undermine the credibility for the integrity and fairness of capital markets significantly," the FSA said.

[Copyright The Jiji Press, Ltd.]

Jiji Press