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To: Rarebird who wrote (52896)	5/18/2000 9:07:00 AM
From: long-gone	Read Replies (1) \| Respond to of 116796

OT(?) fair use: Wednesday May 17, 4:14 am Eastern Time Japan punishes Credit Lyonnais for illicit deals TOKYO, May 17 (Reuters) - Japan's top financial watchdog on Wednesday ordered the Tokyo branch of Credit Lyonnais Securities to suspend stock options transactions from May 19 to 25. The Financial Supervisory Agency (FSA) also said in a statement that it had ordered the branch to improve internal controls. The decision came after Japanese authorities said last month they had found evidence that the branch was involved in illegal stock transactions. Another Japanese watchdog, the Securities and Exchange Surveillance Commission (SESC), said last month it had urged the FSA to impose penalties on the Tokyo branch of Credit Lyonnais Securities as the branch had violated the law on three occasions. In the latest case, in February, the SESC said the branch had provided additional property gains of around 640,000 yen ($5,844) to a customer by artificially changing the sales price of the customer's stock transaction. The FSA statement also said it had ordered the branch to come up with plans to prevent any possible breach in industry regulations in the future. Foreign financial institutions in Japan have come under increasing scrutiny in recent months, as the SESC has grown more aggressive in its surveillance of the financial sector. Earlier this week, the SESC said it recommended the FSA to impose penalties on the Tokyo branch of Deutsche Securities, saying it had evidence the branch had sold products that helped companies hide their financial losses. Last year, Credit Suisse Financial Products, a Credit Suisse subsidiary, lost its business licence in one of the harshest penalties ever imposed on a financial firm in Tokyo. biz.yahoo.com