(Provisional Translation)
June 24, 2005
Financial Services Agency

Administrative action on
Crédit Agricole Indosuez Securities (Japan) Limited , Tokyo Branch

1. Acts of failing to identify customers and keep identification records at the time of opening transaction accounts

The Securities and Exchange Surveillance Commission (SESC) conducted an inspection of Crédit Agricole Indosuez Securities (Japan) Limited, Tokyo Branch (hereafter ''the Branch''), and found the following violation of the ''Law on Customer Identification and Retention of Records by Financial Institutions, and Prevention of Fraudulent Use of Deposit Accounts'' (hereafter ''the Customer Identification Law''). The SESC recommended on June 17, 2005 the Commissioner of the Financial Services Agency (FSA) to take a disciplinary action against the Branch.

From February 26, 2003, to January 21, 2005, in the course of business, the Branch opened transaction accounts for several corporate clients, without confirming identity of such corporate clients as well as the natural persons responsible for the transactions on such clients' end or keeping their identification records.

The acts above are found to have violated Paragraphs 1 and 2 of Article 3, and Paragraph 1 of Article 4 of the Customer Identification Law .

2. Administrative action on the Branch

On the basis of the above findings, the FSA today issued the following corrective orders to the Branch based on Article 9 of the Customer Identification Law.

(1) Corrective Orders

1. Violations of the Customer Identification Law must be corrected.
2. Locus of the responsibilities must be clarified.
3. Compliance by all the officers and employees must be enhanced.
4. Customer control system including thorough customer identification, and preparation and retention of customer identification records must be established and kept effective.

(2) Submission of a report to the FSA on the implementation of the above measures by July 22, 2005.