Business Improvement Order by Japan’s Financial Services Agency



Tokyo, 1 February 2019 – CLSA Securities Japan Co., Ltd. (“the Company”) advises that the Financial Services Agency (“the FSA”) has issued a business improvement order to the Company based on Article 51 of Japan’s Financial Instruments and Exchange Law.

This administrative action was based on the recommendation made by the Securities and Exchange Surveillance Commission (“the SESC”) announced on January 25th. The main findings of the SESC relate to deficiencies in the handling of short-sell orders and the performance of trade surveillance.

The Company takes this business improvement order seriously, and will firmly implement remedial measures to prevent recurrence of the similar problems.

CLSA is deeply committed to the Japanese market and to making ongoing improvements to strengthen its internal control system to safeguard client trades. Once again, the Company is deeply sorry for any inconvenience caused to our clients and other concerned parties.