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Japanese securities watchdog recommends punitive measures for six brokerages

By Takehiko Kumakura ( February 22, 2016, 06:00 GMT | Insight) -- Japan’s Securities and Exchange Surveillance Commission has urged the Financial Services Agency to punish six brokerages in connection with sales of securities issued by an investment firm that subsequently went bankrupt. The development is the latest in an ongoing scandal that has recently forced yet another brokerage to shut down. The six companies — Jyoko Securities, Kyowa Securities, Takematsu Securities, Tahara Securities, Rokuwa Securities and Okinawa Securities — had failed adequately to check the financial condition of the issuing firm and had promoted its securities as safe investments.Japan’s Securities and Exchange Surveillance Commission has urged the Financial Services Agency to punish six brokerages in connection with sales of securities issued by an investment firm that subsequently went bankrupt. The development is the latest in an ongoing scandal that has recently forced yet another brokerage to shut down....

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