Crime › BNP Paribas' Japan unit ordered to suspend some operations for 2 weeks

Saturday 24th October, 04:35 AM JST TOKYO — The Financial Services Agency ordered the Japanese unit of France’s BNP Paribas on Friday to suspend part of its operations for two weeks from Nov 2 over share-price manipulation and falsely reporting about it. The agency ordered BNP Paribas Securities (Japan) Ltd. to suspend all operations at the firm’s Global Equities and Commodity Derivatives Division on Nov 2-16, taking a step further in imposing a harsher punishment in the wake of the brokerage’s repeated violations. The agency criticized BNP Paribas Securities’ management, saying it ‘‘went too far in making profit and lacked a sense of abiding by the law’’ and urged the firm to strengthen its governance. Yusuke Yasuda, head of the firm, will resign to take responsibility for the issue, the brokerage said. Philippe Avril will... [read full story]                    

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