Today, Osaka Securities Exchange (hereinafter "OSE") imposed disciplinary action on TAKAGI SECURITIES Co., LTD. (hereinafter the "Firm") pursuant to Rule 42(1)(ix) of the Regulations for Transaction Participants as follows.
Additionally, OSE requested the submission of a business improvement report pursuant to Rule 17 of said Regulations.
The business improvement report shall include:
(1) Reestablishment of business management control system and internal control system, through pursuing the cause of this violation of laws, rules and regulations and introducing preventive measures against recurrence of the violation;
(2) Implementing training, etc. of all officers and employees in order to foster the proper understanding and compliance with the laws, rules and regulations; and
(3) Clarification of the locus of responsibility in light of the disciplinary action.
1.Disciplinary Action
OSE imposed a fine of JPY 1 million on the Firm.
2.Reason for the Disciplinary Action
The firm's condition is acknowledged to be "the inappropriate solicitation including violation of law" as defined in Article 123-1(5) of the Cabinet Order for Enforcement of the Financial Instruments and Exchange Act, based on the Article 40(2) of the Financial Instruments and Exchange Act.