Tokyo Stock Exchange, Inc. (TSE) and Osaka Exchange, Inc. (OSE) have taken disciplinary action against MIKI SECURITIES CO., LTD, and have requested the company to submit a business improvement report. These measures were determined based on the results of the deliberations by Japan Exchange Regulation.
The Exchanges have imposed censure on MIKI SECURITIES.
The company had posted operating losses for four consecutive years from the fiscal year ended March 2017 to the fiscal year ended March 2020, in part due to a decline in the number of accounts because of an aging customer base. Against this backdrop, given the strong U.S. market conditions, the company had been focusing mainly on sales of U.S. stocks since April 2020 under the leadership of the management team.
The company was aware that at least 18 of its customers did not have…
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