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To: Baba 2 who wrote (37988)	7/29/1999 12:29:00 PM
From: long-gone	Respond to of 116756

Thursday July 29, 7:14 am Eastern Time Japan FSA orders penalties for CS, Kokusai units TOKYO, July 29 (Reuters) - Japan's Financial Supervisory Agency (FSA) said on Thursday it would order the suspension of some of the Japan operations of four Credit Suisse Group units for violations of Japanese banking regulations. Earlier, the Financial Revitalisation Commission (FRC) said it would revoke the banking licence of another unit specialising in derivatives. The FSA also ordered a halt to some of the operations of Kokusai Asset Management Co Ltd, a unit of second-tier Japanese brokerage Kokusai Securities Co Ltd . Details of the punishment are as follows: CSFP, Tokyo branch Revocation of the Japanese bank licence, which will take effect on November 30. Suspension of the Tokyo operation for the period from August 5 to November 29. Credit Suisse Trust and Banking Co Ltd The business of acquiring new contracts in the following areas is suspended from August 5. -- money claims trusts -- money entrusted, other than money trusts -- securities trusts and specified claim trusts *Suspension of business from August 5 in areas such as trustee business with individual customers, operations related to soliciting new customers and operations related to acting as intermediaries or agents between customers and the parent bank in Switzerland.(cont - see part about criminal charges) biz.yahoo.com & Thursday July 29, 10:12 am Eastern Time S&P affirms Credit Suisse Group ratings (Press release provided by Standard & Poor's) NEW YORK, July 29 - Standard & Poor's today affirmed its ratings on Credit Suisse Group (CSG) and related banking entities. The outlook remains negative. (See list below for all rating actions.) The ratings affirmation follows the announcement of sanctions imposed by Japan's Financial Reconstruction Commission (FRC) and Financial Supervisory Agency (FSA) on CSG entities operating in Tokyo. The Japanese regulators' action concludes an investigation, begun by the FSA in late January 1999, of CSG (cont) biz.yahoo.com