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(Update) Japan FSA Issues Biz Improvement Order to Mizuho

(Update) Japan FSA Issues Biz Improvement Order to Mizuho

   Tokyo, Sept. 22 (Jiji Press)--Japan's Financial Services Agency issued on Wednesday a business improvement order to Mizuho Bank, which was hit by a series of system failures this year, and its parent, Mizuho Financial Group Inc. <8411>, under the banking business law.
   The government agency sprang into action as it took seriously the bank repeatedly causing system failures and being unable to completely determine the cause of the glitches.
   In an unusual administrative action, the financial regulator will enhance its supervision of Mizuho Bank's computer system management, without waiting for the results of its ongoing probes, with the aim of thoroughly preventing further glitches from happening.
   The FSA ordered Mizuho Bank to "reassess and review" scheduled system upgrades and updates because such system-related works tend to lead to glitches, and to secure "an appropriate management framework," including for responding to customers in the event of a glitch, if any upgrades or updates are carried out. Mizuho Financial was ordered to "verify" the measures at the core banking unit.
   The group was urged to submit a report on these matters to the FSA by Oct. 29.

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AFP-JIJI PRESS NEWS JOURNAL


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