SECURITIES AND EXCHANGE SURVEILLANCE COMMISSION
Press Release |
March 6, 2001
The Securities and Exchange Surveillance Commission (SESC)
conducted an inspection of CIBC World Markets (Japan) Inc., Tokyo Branch (CIBC),
based on provisions of the Law on Foreign Securities Firms (LFSF), and found
legal violations described below.
Today, the SESC sent a recommendation to the
Prime Minister and the Commissioner of Financial Services Agency (FSA) to take a
disciplinary action against CIBC pursuant to Article 20(1) of the FSA
Establishment Law.
Solicitation with promise of special profit
(Violation of a Ministerial Ordinance, Article 50 (1) (vi) of the Security and
Exchange Law, including the application of Article 17 (1) of the LFSF prior to
the amendment of December 1st 1998 is applied.)