Credit Suisse Japan to be disciplined over mishandling earnings

Credit Suisse Securities (Japan) is to be disciplined by the Financial Services Agency (FSA) for misusing the firm's non-public earnings information to solicit customers; the FSA apparently found insufficient internal controls in handling such material information.

TOKYO -- The Financial Services Agency plans to discipline Credit Suisse Securities (Japan) for misusing a company's nonpublic earnings information to solicit customers.

The Japanese financial watchdog is expected to issue an order as soon as early this week for the brokerage to thoroughly review the incident and craft safeguards to prevent a recurrence. The FSA apparently found deficient internal controls in handling such material information.