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Provisional Translation

Ad Hoc Press Conference by SUZUKI Shunichi, Minister of State for Financial Services


(Fryday, October 7, 2022, 4:31 pm to 4:36 pm)

[Questions and answers:]


The business improvement order includes language on striving to clarify management responsibilities; what does this refer to specifically?


The business improvement order issued to SMBC Nikko Securities as part of this administrative action calls for it to clarify management responsibilities in light of the market manipulation accusations. We believe that SMBC Nikko Securities needs to identify the root causes of the problems as well as the management responsibilities for these, and take appropriate measures based on this clarification. We urge SMBC Nikko Securities to regard this matter seriously and consider on its own initiative specific measures to clarify management responsibilities.


Does this mean that you are not asking for resignations?


We are asking that the company take the initiative in reviewing the matter, and we have requested that SMBC Nikko Securities address this matter seriously and adopt proactive approaches in considering how best to resolve the issues at hand.


This business suspension order is a very serious one, and I think this is the first time in more than ten years that a market gatekeeper has been issued such an order. I believe such wrongdoing has occurred in the past in this company, so how do you frankly view these recurrences?


FSA’s view is that parties who are supposed to be fair and impartial have acted in an unacceptable manner.
This kind of behavior may cause the public to lose confidence in the securities industry, so we are taking very strict measures to deal with this situation, and we hope that the company will make the necessary improvements to regain the public’s trust.

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