(June 26) – Reuters is reporting that TD Securities Inc. is being suspended for a week by Japan’s Financial Supervisory Agency.
Reuters says the FSA will suspend all operations at the Tokyo branch of TD Securities Inc. from July 3 to July 7 for breaching firewall regulations between the bank and the brokerage. Reportedly TDSI conducted “non-brokerage activities on behalf of the Tokyo branch of TD Bank”, breaching FSA rules. It addition to the suspension TDSI has been ordered to correct the deficiencies.
An unnamed official at TDSI in Tokyo is quoted as saying, “We take this matter seriously. We will respond in a sincere manner.”
TDSI isn’t alone in the penalty box either. BNP Paribas Securities Ltd. was suspended for three days earlier this month, and Deutsche Securities Ltd. was banned from the OTC derivatives business for six months for securities infractions.