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The Securities and Exchange Surveillance Commission (SESC) conducted
the inspection of ING Bearings Securities Japan limited Tokyo
branch (ING Bearings) based on the provisions of the Securities
and Exchange Law (SEL) and found legal violations described below.
The SESC sent recommendation to the Minister of Finance to take
disciplinary action against ING Bearing pursuant to Article 191)
of Ministry of Finance Establishment Law on May 26, 1998.
(Sale of securities without owning such securities )
(short-sell) from May 1997 to December 1997.
As for the orders of these short-sells (70 cases), all of them
was not marked as 'short' (Violation of Article 26-2 1) or 3)
of Enforcement Order of the SEL), moreover, 17 cases out of them
was effected at below the price at which last sale hereof was
effected (Violation of Article 26-3 1)of said order ).
(Violation of Article 162 (1) 1 of SEL)
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