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The Securities and Exchange Surveillance Commission (SESC) conducted
the inspection of Garban International, Tokyo Branch (Garban)
based on the provisions of the Law on Foreign Securities Firms
(LFSF) and found a legal violation described below.
SESC sent the recommendation to the Financial Reconstruction
Commission (FRC) and the Commissioner of Financial Supervisory
Agency to take disciplinary action against Garban pursuant to
Article 29(1) of FRC Establishment Law on June 21, 2000.
(Bucket Trading)
Between January 1999 and December 1999, with regard to the orders
with acting as a broker on securities trading by many customers,
Garban had executed customer's orders for its own account instead
of acting as a broker to such transaction many times.
(Violation of LFSF 14(1))
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