Japan regulator punishes two regional banks for 'problematic' risky bond sales
23/06/2023 08:24
TOKYO, June 23 (Reuters) - Japan's Financial Services
Agency (FSA) on Friday said it had imposed business improvement
orders on two regional banks for selling high-risk structured
bonds without providing sufficient information to customers.
Chiba Bank 8331.T and Musashino Bank 8336.T sold
structured bonds to inexperienced clients through Chibagin
Securities, a Chiba Bank subsidiary, the regulator said, calling
these sales "problematic" in terms of investor protection and
saying they must be rectified.
Japan's Securities and Exchange Surveillance Commission
financial watchdog advised the FSA this month to reprimand the
two regional banks which are headquartered near Tokyo.
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(Reporting by Kantaro Komiya; editing by Jason Neely)
((Kantaro.Komiya@thomsonreuters.com; Twitter: @kantarokomiya;))