Bloomberg News reports that the Securities and Exchange Surveillance Commission will recommend as soon as Friday that the Financial Services Agency penalize Credit Suisse’s Japanese brokerage unit for the alleged rule breach, the people said, asking not to be identified because the matter is confidential.
The FSA will consider imposing a business improvement order, the Nikkei newspaper reported earlier Friday.
The SESC has been investigating Credit Suisse’s local securities unit since October to determine whether the firm has proper internal controls for handling information on publicly traded companies, said the people. An analyst at Credit Suisse gave information to salespeople at the firm on a company’s earnings before they were announced, and the salespeople used it to solicit clients, the Nikkei reported.
To access the complete Bloomberg News article hit the link below: