Securities & Exchange Surveillance Commission

Press Release

28th June 2001

The Second International Internet Surf Day

On 27th June 2001, the Technical Committee of the International Organization of Securities Commissions (IOSCO) announced the implementation of the Second Internet Surf Day which carried out on 23rd April 2001.

Forty-one securities regulators from 34 countries, including the Securities & Exchange Surveillance Commission, simultaneously identified illegal securities activities on the Internet. In total, approximately 27,000 websites were surveyed by the participating regulators, and amongst them, about 2,400 websites have been reported to the IOSCO for follow-up review.

Compared with the First Internet Surf Day in 2000, the number of participating regulators was significantly increased from 21 up to 41 for the Second Surf Day. Moreover, those participating regulators actively exchanged cross-border-related information with one another on the very Surf Day or the following couple of days.

Mrs Ginko SATO, Chairman of the SESC said as follows:

Such an international initiative as Internet Surf Day is a effective means to survey cross-border illegal securities transactions.
We shall further strengthen our commitments to the daily Internet surveillance activity and co-operation with overseas colleague-regulators via the IOSCO and other occasions.

As a result of the Second Surf Day, the SESC surveyed 1,888 websites, and amongst them, 21 websites including 7 of cross-border related were identified for follow-up review. Those 21 fishy websites could be categoried as follows:

(1)Solicitating to investment on non-public stocks, IPO stocks or overseas stocks, in most cases with the implication of a future's rise in stock prices 7 websites

(2)Advertising high-yield financial products, including offshore funds 7 websites

(3)Spreading groundless rumours about specific stocks 6 websites

(4)Unregistered securities business 1 website

As part of the SESC's commitments to international co-operation, some of those websites involving cross-border activity were forwarded to overseas regulators.

Contact Person:

Satoru ARAKI
International Section, SESC
Tel: (81) 3-3581-7868

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