Defendant Name:
SMBC Nikko Securities America, Inc.
Defendant Type:
Subsidiary of Public Company
Public Company Parent:
Sumitomo Mitsui Financial Group, Inc.
SIC Code:
6726
CUSIP:
86562M20
Document Reference:
34-98075
Document Details
Legal Case Name
In the Matter of SMBC Nikko Securities America, Inc.
Document Name
Order Instituting Administrative and Cease-and-Desist Proceedings, Pursuant to Sections 15(b) and 21C of the Securities Exchange Act of 1934, Making Findings, and Imposing Remedial Sanctions and a Cease-and-Desist Order
Document Date
08-Aug-2023
Document Format
Administrative Proceeding
Allegation Type
Broker Dealer
Document Summary
On August 8, 2023, the SEC instituted settled administrative and cease-and-desist proceedings against SMBC Nikko Securities America, Inc., stating: "These proceedings arise out of the widespread and longstanding failure of SMBC employees throughout the firm, including at senior levels, to adhere to certain of these essential requirements and the SMBC’s own policies. Using their personal devices, these employees communicated both internally and externally by personal text messages, or other text messaging platforms such as WhatsApp and Signal (“off-channel communications”)."
Disgorgement & Penalty Information
Resolutions
Cease and Desist Order
Censured
Compliance Related Independent Consultant
Cooperation Before the Resolution
Remedial Acts or Efforts Before the Resolution
Monetary Penalties:
Civil Penalty
Individual:
$9,000,000.00
Shared:
