SMBC Nikko to Face Administrative Penalties
Tokyo, Sept. 23 (Jiji Press)--Japan's Securities and Exchange Surveillance Commission plans to recommend that SMBC Nikko Securities Inc. be slapped with administrative penalties for its involvement in stock price manipulation, sources familiar with the matter said Friday.
Based on the recommendation, the Financial Services Agency is expected to impose penalties on the Sumitomo Mitsui Financial Group Inc. <8316> unit, including an order for the company to suspend part of its operations, the sources said.
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